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

              Monday, February 16, 2015, Vol. 19, No. 47

                            Headlines

2412 GROUP: Voluntary Chapter 11 Case Summary
30DC INC: Incurs $219K Net Loss in Second Quarter
ACTIVECARE INC: Delays Form 10-Q for Dec. 31 Quarter
AETHLON MEDICAL: Has Continuing Losses from Operations
ALLIANCE ONE: Moody's Lowers Corporate Family Rating to Caa1

ALLY FINANCIAL: Inks Underwriting Pact with Citigroup, et al.
ALLY FINANCIAL: Third Point Reports 5.4% Stake as of Dec. 31
ALLY FINANCIAL: To Issue $1.2 Billion Senior Notes
ALTEGRITY INC: Meeting to Form Creditors' Panel Set for Feb. 24
ALTEGRITY INC: Section 341(a) Meeting Scheduled for March 18

AMERICAN EAGLE: Wellington Reports 7% Stake as of Dec. 31
AMPLIPHI BIOSCIENCES: Randal Kirk Reports 25% Stake
ANACOR PHARMACEUTICALS: GlaxoSmithKline Reports 6% Stake at Oct. 30
ANACOR PHARMACEUTICALS: Wellington Reports 8% Stake as of Dec. 31
ANESTHESIA HEALTHCARE: U.S. Trustee Seeks Case Dismissal

ANIXTER INT'L: Business Sale No Impact on Fitch's Ratings
APOLLO MEDICAL: Amends Registration Rights Agreement with NNA
ARCAPITA BANK: RA Holding Approves Redemption of Sukuk Certs.
ARISTA POWER: Paul Packer Reports 9.9% Stake as of Dec. 31
ARRAY BIOPHARMA: Amends Collaboration Agreement with Genentech

ARRAY BIOPHARMA: FMR LLC Reports 8.5% Stake as of Feb. 13
ASR 2401: Secured Holder Wants Court to Bar Cash Collateral Use
ASTRO AB BORROWER: Moody's Assigns Ba3 Issuer Rating
ASTRO AB BORROWER: S&P Assigns Prelim 'B+' Issuer Credit Rating
AUXILIUM PHARMACEUTICALS: Invus Reports 3% Stake as of Dec. 31

BALMORAL RACING CLUB: Files Schedules of Assets and Debts
BANK OF THE CAROLINAS: Wellington Reports 9% Stake as of Dec. 31
BERRY PLASTICS: TIAA-CREF Reports 7.68% Stake as of Dec. 31
BERRY PLASTICS: Vanguard Group Reports 6.4% Stake as of Dec. 31
BION ENVIRONMENTAL: Reports $664,000 Net Loss in Second Quarter

BLACKSANDS PETROLEUM: Warns of Possible Bankruptcy
BOMBARDIER INC: Moody's Lowers Corporate Family Rating to B1
BON-TON STORES: James Berylson Reports 1% Stake as of Dec. 31
BON-TON STORES: Odier No Longer a Shareholder as of Dec. 31
BRAND ENERGY: Bank Debt Trades at 5% Off

BRIAR'S CREEK GOLF: Files for Bankruptcy Protection
BRIAR'S CREEK GOLF: Section 341(a) Meeting Scheduled for March 27
C. WONDER LLC: Seeks to Sell Assets; Auction Set for March 11
CAL DIVE: FMR LLC Reports 6.1% Stake as of Dec. 31
CAL DIVE: Huber Capital Reports 19% Stake as of Dec. 31

CAL DIVE: Rutabaga Capital Stake Down to 0% as of Feb. 12
CAL DIVE: Towle & Co. No Longer Owns Shares as of Dec. 31
CANCER GENETICS: Bank of Montreal Reports 6.6% Stake as of Dec. 31
CAPITOL CITY BANK: First-Citizens Assumes All of Deposits
CASH STORE: Default Status Report Per National Policy 12-203

CASH STORE: Obtains Permission to Change its Name
CEC ENTERTAINMENT: Moody's Affirms 'B2' CFR, Outlook Negative
CEETOP INC: Clement C. W. Chan & Co. Resigns as Accountant
CHA CHA ENTERPRISES: Court Closes Chapter 11 Bankruptcy Case
CHINA GINSENG: Incurs $746,000 Net Loss in Second Quarter

CLIFFS NATURAL: Capital World Reports 9% Stake as of Dec. 31
CLIFFS NATURAL: Teachers Advisors Stake Down to 0.21% as of Dec. 31
CLIFFS NATURAL: TIAA-CREF Reports 1.12% Stake as of Dec. 31
CLIFFS NATURAL: Vanguard Group Reports 5.7% Stake as of Dec. 31
COATES INTERNATIONAL: Two Directors Quit

COMSTOCK MINING: Solus Alternative Reports 3.9% Stake as of Dec. 31
CRYOPORT INC: Cranshire Capital Reports 5.4% Stake as of Dec. 31
CUMULUS MEDIA: Ares Management Owns 4.9% of Class A Shares
D.R. HORTON: Fitch Assigns 'BB+' Rating on New Sr. Notes Due 2020
DANA CORP: Obtains Dismissal of 146 Asbestos Suits in Delaware

DETROIT, MI: Judge Approves Nearly $178-Mil. in Bankruptcy Fees
DETROIT, MI: Judge Steven Rhodes to Retire
DUNE ENERGY: TPG Opportunities Held 13% Stake as of Dec. 31
EAT AT JOE'S: Appoints VP and Assistant General counsel
ENERGY FUTURE: Wants to Hire McElroy Deutsch as Attorney

ENERGY TRANSFER: Bank Debt Trades at 4% Off
EXELIXIS INC: Approves 2015 Base Salaries and Target Bonuses
EXELIXIS INC: State Street Reports 7.8% Stake as of Dec. 31
EXELIXIS INC: Vanguard Group Reports 5.6% Stake as of Dec. 31
FIRST SECURITY: EJF Capital No Longer a Shareholder

FIRST SECURITY: Forest Hill Reports 7% Stake as of Dec. 31
FORTESCUE METALS: Bank Debt Trades at 10% Off
FRAC TECH: Bank Debt Trades at 21% Off
FUEL PERFORMANCE: John Hennessy Reports 6.9% Stake
GELTECH SOLUTIONS: Incurs $1.2 Million Net Loss in 2nd Quarter

GENCO SHIPPING: Apollo Management Reports 15% Stake as of Dec. 31
GENERAL MOTORS: Recalls 81,000 Vehicles for Steering Issue
GEOMET INC: T. Rowe Price Reports 11.6% Stake as of Dec. 31
GLOBALSTAR INC: Whitebox No Longer a Shareholder as of Dec. 31
GREEN EARTH: Techtronic Industries No Longer a Shareholder

GREENFIELD SPECIALTY: S&P Raises CCR to 'BB-'; Outlook Stable
GT ADVANCED: Court Denies Examiner's Plea to Name Case Trustee
GT ADVANCED: Court Rejects Examiner's Plea for Equity Panel
H&E EQUIPMENT: Revolver Upsizing No Impact on Moody's B1 CFR
HANSON BUILDING: S&P Assigns 'B' CCR & Rates $595MM Loan 'B+'

HERCULES OFFSHORE: Reports $154-Mil. Net Loss for Fourth Quarter
HILAND PARTNERS: Moody's Withdraws B1 Corporate Family Rating
HOLDER GROUP SUNDANCE: Section 341(a) Meeting Set for March 9
HORIZON LINES: Beach Point Reports 12.2% Stake as of Dec. 31
HRDRF L.P.: Voluntary Chapter 11 Case Summary

ISTAR FINANCIAL: Apollo Mgt. Reports 7.3% Stake as of Dec. 31
JACKSONVILLE BANCORP: Maltese Capital Reports 9% Stake at Dec. 31
JACKSONVILLE BANCORP: Wellington Reports 8.4% Stake as of Dec. 31
JAMOS CAPITAL: Case Summary & 20 Largest Unsecured Creditors
LAKELAND INDUSTRIES: Renaissance Reports 6% Stake as of Oct. 21

LAKELAND INDUSTRIES: Wellington Reports 6.8% Stake at Dec. 31
LAKELAND INDUSTRIES: Wellington Trust Held 6% Stake at Dec. 31
LAKELAND INDUSTRIES: Wellington Trust Reports 6% Stake at Dec. 31
LATTICE INC: Harold Scattergood Reports 8% Stake as of Feb. 14
LATTICE INC: LCLR Limited Reports 6.46% Stake

LEVEL 3: Southeastern Asset Reports 16% Stake as of Dec. 31
LIBERATOR INC: Posts $198K Net Income in Dec. 31 Quarter
LIONS GATE: Dr. Malone Deal No Impact on Moody's 'Ba3' CFR
LORILLARD INC: MFS Reports 3.7% Stake as of Dec. 31
MAUI LAND: TSP Capital Reports 6.5% Stake as of Dec. 31

MCCLATCHY CO: Posts $303 Million Net Income in Fourth Quarter
MERRIMACK PHARMACEUTICALS: Vanguard Reports 6% Stake as of Dec. 31
METEOR ENTERTAINMENT: Auction of Assets Slated for February 23
MGM RESORTS: Capital World Reports 7.2% Stake as of Dec. 31
MGM RESORTS: Growth Fund Reports 6.7% Stake as of Dec. 31

MGM RESORTS: T. Rowe Price Reports 13% Stake as of Dec. 31
MMRGLOBAL INC: To Join in Appellate Mediation Program
MOTORS LIQUIDATION: Had $835M Assets in Liquidation at Dec. 31
MURRAY ENERGY: Bank Debt Trades at 8% Off
NATIONAL CINEMEDIA: AllianceBernstein Has 4% Stake as of Dec. 31

NATIONAL CINEMEDIA: Vanguard Reports 5.9% Stake as of Dec. 31
NATIONAL JEWISH: Fitch Affirms 'BB+' Rating on 2012/2005 Rev. Bonds
NATIVE WHOLESALE: Feb. 17 Hearing on Motion to Close Case
NEWLEAD HOLDINGS: Ironridge No Longer a 5% Owner as of Feb. 12
NPS PHARMACEUTICALS: Wellington Reports 8.2% Stake as of Dec. 31

ONE FOR THE MONEY: Files Schedules of Assets and Liabilities
PACIFIC DRILLING: Bank Debt Trades at 22% Off
PATHEON INC: Bank Debt Trades at 2% Off
PHOTOMEDEX INC: Paradigm Capital Reports 6% Stake as of Dec. 31
PLANDAI BIOTECHNOLOGY: Incurs $1.3 Million Net Loss in Q2

PLY GEM HOLDINGS: Fred Iseman Reports 69% Stake as of Dec. 31
PLY GEM HOLDINGS: Gary Robinette Reports 1.2% Stake as of Dec. 31
POSITIVEID CORP: Ironridge Global No Longer a 5% Shareholder
PRECISION OPTICS: DAFNA Capital Reports 4.9% Stake as of Dec. 31
PRESSURE BIOSCIENCES: Gets First Purchase Order for Barozyme

QUANTUM CORP: FMR LLC Reports 10.8% Stake as of Feb. 13
QUANTUM CORP: Stifel Presentation Webcast Now Available
QUANTUM FUEL: Prices Public Offering of Common Stock
REDPRAIRIE CORP: Bank Debt Trades at 6% Off
RESEARCH SOLUTIONS: Bristol Reports 26% Stake as of  Dec. 31

RESPONSE BIOMEDICAL: Expands Chinese Distribution Agreement
RETROPHIN INC: Jennison Assoc. Reports 11% Stake as of Dec. 31
RETROPHIN INC: Lombard Odier Reports 6.6% Stake as of Dec. 31
REVEL AC: Court Stays "Free and Clear of Liens" Provision in Sale
REX ENERGY: Moody's Lowers Corporate Family Rating to 'B3'

RICEBRAN TECHNOLOGIES: Cranshire Reports 4.9% Stake as of Dec. 31
RITE AID: T. Rowe Price Reports 11.2% Stake as of Dec. 31
RITE AID: To Acquire EnvisionRx for $2 Billion
RIVERBED TECHNOLOGY: Moody's Assigns B2 Corporate Family Rating
RIVERBED TECHNOLOGY: S&P Assigns Prelim. 'B' CCR; Outlook Stable

ROOSTER ENERGY: S&P Affirms 'CCC-' CCR Then Withdraws Rating
RUBY TUESDAY: S&P Affirms 'B-' CCR & Revises Outlook to Stable
SABINE OIL: Moody's Gives B3 Corp. Family Rating
SALON MEDIA: Incurs $803,000 Net Loss in Third Quarter
SEARS HOLDINGS: Reports 11.7% Stake in Sears Canada as of Dec. 31

SEAWORLD PARKS: Bank Debt Trades at 4% Off
SEQUENOM INC: Vanguard Group Reports 10% Stake as of Dec. 31
SMITHFIELD FOODS: Moody's Raises Corporate Family Rating to Ba3
SPANISH BROADCASTING: Renaissance Holds 6% of Class A Shares
STARDUST HOLDINGS: Moody's Assigns 'B2' Corporate Family Rating

SUN BANCORP: Presented at 2015 Financial Investor Conference
TARGET CANADA: Small Businesses Suffer as Retailer's Checks Bounce
TARGETED MEDICAL: Thomas Wenkart Reports 17% Stake as of Dec. 31
TENET HEALTHCARE: Harris Assoc. Reports 6.1% Stake as of Dec. 31
TENET HEALTHCARE: London Company Reports 4.8% Stake as of Dec. 31

THERAPEUTICSMD INC: Wellington Reports 14% Stake as of Dec. 31
TRACK GROUP: Reports $2.2 Million Net Loss in Dec. 31 Quarter
TRAVELPORT WORLDWIDE: Solus Alternative Reports 5% Stake at Dec. 31
TRUMP ENTERTAINMENT: Committee Seeks Approval to Sue Lenders
UNI-PIXEL INC: Conference Call on Feb. 26 to Discuss Results

VANTAGE DRILLING: Bank Debt Trades at 28% Off
VERDUGO LLC: Case Summary & 13 Largest Unsecured Creditors
VERMILLION INC: George Schuler Reports 13% Stake as of Feb. 11
VERMILLION INC: Registers 11 Million Shares for Resale
VIGGLE INC: Trinity TVL Stake Down to 0.2% as of Dec. 31

VUZIX CORP: AIGH Investment Reports 9.9% Stake as of Dec. 31
VUZIX CORP: Registers 5.8 Million Shares for Resale
WALTER ENERGY: Bank Debt Trades at 35% Off
WEST CORP: FMR LLC Reports 4.8% Stake as of Feb. 13
WESTMORELAND COAL: Lonestar Partners No Longer a Shareholder

WET SEAL: Unsecured Creditors' Meeting Set for Feb. 23
WINLAND OCEAN SHIPPING: Case Summary & 33 Top Unsecured Creditors
WINLAND OCEAN SHIPPING: Files for Chapter 11 Bankruptcy
WPCS INTERNATIONAL: Hudson Bay Reports 9% Stake as of Dec. 31
XRPRO SCIENCES: Michael N. Taglich Reports 10% Stake as of Jan. 31

XRPRO SCIENCES: Robert Taglich Reports 8.7% Stake as of Jan. 31
ZOGENIX INC: Federated Investors Reports 21% Stake as of Dec. 31
[*] Energy Sector Draws Investors in Distressed Securities
[^] BOND PRICING: For the Week From February 9 to 13, 2015

                            *********

2412 GROUP: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: 2412 Group, Inc.
        2412 Minnesota Avenue, SE
        Washington, DC 20020

Case No.: 15-00073

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 12, 2015

Court: United States Bankruptcy Court
       for the District of Columbia (Washington, D.C.)

Judge: Hon. Martin Teel, Jr.

Debtor's Counsel: Richard H. Gins, Esq.
                  THE LAW OFFICE OF RICHARD H. GINS LLC
                  4710 Bethesda Avenue, Suite 204
                  Bethesda, MD 20814
                  Tel: 301-718-1078
                  Email: Richard@ginslaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Bentley V. Plummer, president.

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


30DC INC: Incurs $219K Net Loss in Second Quarter
-------------------------------------------------
30DC, Inc., filed with the U.S. Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $219,000
on $177,000 of total revenue for the three months ended Dec. 31,
2014, compared to a net loss of $406,300 on $207,700 of total
revenue for the same period in 2013.

For the six months ended Dec. 31, 2014, the Company reported a net
loss of $187,000 on $877,000 of total revenue compared to net
income of $330,500 on $2.15 million of total revenue for the same
period a year ago.

As of Dec. 31, 2014, 30DC had $2.62 million in total assets, $2.08
million in total liabilities and $546,823 in total stockholders'
equity.

"No commitments to provide additional funds have been made and
there can be no assurance that any additional funds will be
available to cover expenses as they may be incurred.  If the
Company is unable to raise additional capital or encounters
unforeseen circumstances, it may be required to take additional
measures to conserve liquidity, which could include, but not
necessarily be limited to, issuance of additional shares of the
Company's stock to settle operating liabilities which would dilute
existing shareholders, curtailing its operations, suspending the
pursuit of its business plan and controlling overhead
expenses.  The Company cannot provide any assurance that new
financing will be available to it on commercially acceptable
terms, if at all.  These conditions raise substantial doubt about
the Company's ability to continue as a going concern," according to
the Form 10-Q.

A full-text copy of the Form 10-Q is available for free at:

                         http://is.gd/JuftZw

                           About 30DC Inc.

New York-based 30DC, Inc., provides Internet marketing services
and related training to help Internet companies in operating their
businesses.  It operates in two divisions, 30 Day Challenge and
Immediate Edge.

30DC, Inc., posted net income of $58,900 on $2.79 million of total
revenue for the year ended June 30, 2014, compared to a net loss
of $407,600 on $1.46 million of total revenue for the year ended
June 30, 2013.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2014.  The independent auditors noted that
the Company has accumulated losses from operations since
inception and has a working capital deficit as of June 30, 2014.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


ACTIVECARE INC: Delays Form 10-Q for Dec. 31 Quarter
----------------------------------------------------
ActiveCare, Inc., filed a Form 12b-25 with the U.S. Securities and
Exchange Commission to delay the filing of its quarterly report on
Form 10-Q for the period ended Dec. 31, 2014.  The Company said it
needs additional time to complete the presentation of its financial
statements and the analysis thereof.

                         About ActiveCare

South West Valley City, Utah-based ActiveCare, Inc., is organized
into three business segments based primarily on the nature of the
Company's products.  The Stains and Reagents segment is engaged in
the business of manufacturing and marketing medical diagnostic
stains, solutions and related equipment to hospitals and medical
testing labs.  The CareServices segment is engaged in the business
of developing, distributing and marketing mobile health monitoring
and concierge services to distributors and customers.  The Chronic
Illness Monitoring segment is primarily engaged in the monitoring
of diabetic patients on a real time basis.

The Company's business plan is to develop and market products for
monitoring the health of and providing assistance to mobile and
homebound seniors and the chronically ill, including those who may
require a personal assistant to check on them during the day to
ensure their safety and well being.

ActiveCare reported a net loss attributable to common stockholders
of $16.4 million for the year ended Sept. 30, 2014, compared to a
net loss attributable to common stockholders of $27.5 million for
the year ended Sept. 30, 2013.

As of Sept. 30, 2014, ActiveCare had $5.42 million in total assets,
$10.56 million in total liabilities and a $5.14 million total
stockholders' deficit.

Tanner LLC, in Salt Lake City, Utah, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2014.  The independent auditors noted that
the Company has recurring losses, negative cash flows from
operating activities, negative working capital, negative total
equity, and certain debt that is in default.  These conditions, the
auditors said, among others, raise substantial doubt about the
Company's ability to continue as a going concern.


AETHLON MEDICAL: Has Continuing Losses from Operations
------------------------------------------------------
Aethlon Medical, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $1.6 million on $33,400 of government contract revenue for the
three months ended Dec. 31, 2014, compared with a net loss of $2.27
million on $76,300 of government contract revenue during the prior
year.

The Company's balance sheet at Dec. 31, 2014, showed $3.16 million
in total assets, $1.86 million in total liabilities and total
stockholders' equity of $1.29 million.

The Company incurred continuing losses from operations and has an
accumulated deficit of approximately $80.74 million.  These
factors, among other matters, raise substantial doubt about its
ability to continue as a going concern. A significant amount of
additional capital will be necessary to advance the development of
the Company's products to the point at which they may become
commercially viable.  It intends to fund operations, working
capital and other cash requirements for the fiscal year ending
March 31, 2015 through debt and/or equity financing arrangements as
well as through revenues and related cash receipts under its
government contracts.

A copy of the Form 10-Q is available at:
                              
                       http://is.gd/Fd5JFB
                          
Aethlon Medical, a medical device company, focuses on creating
devices for the treatment of cancer, infectious diseases, and other

life-threatening conditions.  It develops Aethlon Hemopurifier,
a medical device that targets the elimination of
circulating viruses and tumor-secreted exosomes that promote
cancer progression.  The company's Aethlon Hemopurifier is
intended for the treatment of antiviral drug-resistance in
hepatitis-C virus and human immunodeficiency virus infected
individuals; serves as a countermeasure against viral pathogens
not addressed by drug or vaccine therapies; and represents the
therapeutic strategy to address cancer promoting exosomes.  It
also develops exosome-based products to diagnose and monitor
cancer, infectious diseases, and neurological disorders; and is
developing a medical device to reduce the incidence of sepsis in
combat-injured soldiers.  The company was founded in 1991 and is
based in San Diego, California.

Squar, Milner, Peterson, Miranda & Williamson, LLP, expressed
substantial doubt about the Company's ability to continue as a
going concern, citing that the Company has incurred continuing
losses from operations and at March 31, 2014 is in default on
certain debt agreements, has negative working capital of
approximately $14.17 million and an accumulated deficit of
approximately $74.83 million.  A significant amount of additional
capital will be necessary to advance the development of the
Company's products to the point at which they may become
commercially viable.

The Company reported a net loss of $888,000 on $479,000 of
government
contract revenue for the three months ended Sept. 30, 2014,
compared
with a net loss of $3.35 million on $645,000 of government contract

revenue for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $1.09 million

in total assets, $4.38 million in total liabilities, and a
stockholders' deficit of $3.29 million.


ALLIANCE ONE: Moody's Lowers Corporate Family Rating to Caa1
------------------------------------------------------------
Moody's Investor Service downgraded the Corporate Family Rating
(CFR) of Alliance One International, Inc. (AOI) to Caa1 from B3.
Moody's also downgraded the Probability of Default Rating to
Caa1-PD from B3-PD, the senior secured bank credit facility rating
to B1 from Ba3, and the senior secured second lien note rating to
Caa2 from Caa1. At the same time, Moody's changed the company's
Speculative Grade Liquidity Rating to SGL-4 from SGL-3. The outlook
is negative.

The downgrade of AOI's CFR to Caa1 reflects Moody's expectation
that credit metrics will remain weak over the next 12 - 18 months.
This is in spite of the improvement Moody's expects during the
current quarter from higher sales due to shipments that were
delayed from the previous quarter and a reduction in debt from cash
generated by working capital. Moody's expects debt to EBITDA to
decline to around 8.0 times (incorporating Moody's standard
adjustments) by March 31, 2015 from 11.1 times at December 31, 2014
and then begin to increase over the next two quarters as the
company borrows to fund normal working capital during the buying
season.

The lowering of AOI's Speculative Grade Liquidity Rating to SGL-4
reflects weak liquidity and Moody's expectation that the company
will be challenged to meet financial covenants under its revolving
credit facility. The maximum leverage ratio covenant returns to its
original level of 5.85 times in the March 2015 quarter from its
amended level of 7.9 times for the December 2014 quarter and the
minimum interest coverage covenant returns to its original level of
1.9 times in the June 2015 quarter from its amended level of 1.5
times for the December 2014 and March 2015 quarters. In addition,
the company only had $30 million of availability under its
committed revolving credit facility at December 31, 2014. While the
company has enough cash on hand to repay the revolving credit
facility if needed, that would leave the company with minimal cash
balances and one other committed facility, its $250 million account
receivable securitization program that expires in March 2017.

"Very high leverage, a weak liquidity profile, and commencement of
a comprehensive global restructuring program weigh on credit
quality" said Dominick D'Ascoli, Vice President at Moody's.

The following ratings are downgraded:

  Corporate Family Rating Downgraded to Caa1 from B3;

  Probability of Default Rating Downgraded to Caa1-PD from B3-PD;

  Senior Secured Bank Credit Facility Rating Downgraded to B1
  from Ba3;

  Senior Secured Second Lien Note Rating Downgraded to Caa2
  from Caa1;

  Speculative Grade Liquidity Rating Lowered to SGL-4 from SGL-3.

The outlook is negative.

Ratings Rationale

AOI's Caa1 Corporate Family Rating reflects Moody's expectation
that credit metrics will remain weak over the next 12 to 18 months.
Moody's expects debt to EBITDA to remain very high fluctuating
between 8.0 and 9.5 times (including Moody's standard adjustments)
based on seasonal working capital needs. The ratings also reflect
the mature, low margin nature of the leaf tobacco processing
business despite AOI's strong market position, its established
relationships with key tobacco manufacturing customers and its
global procurement and processing network.

The negative outlook reflects Moody's concerns about AOI's very
high leverage, limited financial flexibility, only $30 million of
availability under its committed revolving credit facility, and
little headroom under financial covenants contained in the
company's revolving credit facility agreement.

AOI's rating could be further downgraded if the company's liquidity
profile deteriorates.

Though unlikely in the near term, AOI's ratings could be upgraded
if debt to EBITDA is sustained below 7.5 times, EBITA to interest
expense is sustained above 1.0 times, CFO to net debt is sustained
in the mid-single digit range, and there is a sustained improvement
in the company's liquidity profile. At a minimum the liquidity
profile would need to improve before the outlook was stabilized.

Headquartered in Morrisville, North Carolina, Alliance One
International, Inc. (AOI) is one of the world's leading tobacco
processors and merchants. Its principal products include
flue-cured, burley and oriental tobaccos, which are major
ingredients in cigarettes. Revenue for the last twelve months ended
December 31, 2014 was approximately $1.9 billion.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013. Other methodologies
used include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.



ALLY FINANCIAL: Inks Underwriting Pact with Citigroup, et al.
-------------------------------------------------------------
Ally Financial Inc. entered into an Underwriting Agreement
incorporating Ally's Underwriting Agreement Standard Provisions
(Debt Securities) with Citigroup Global Markets Inc., Goldman,
Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Morgan Stanley & Co. LLC, as representatives of the several
Underwriters, pursuant to which Ally agreed to sell to the
Underwriters $600,000,000 aggregate principal amount of 3.250%
Senior Notes due 2018 and $650,000,000 aggregate principal amount
of 4.125% Senior Notes due 2022.  The Notes were registered
pursuant to Ally's shelf registration statement on Form S-3 (File
No. 333-193070), which became automatically effective on Dec. 24,
2013.

The Underwriting Agreement contains customary representations,
warranties and covenants of the Company, conditions to closing,
indemnification obligations of the Company and the Underwriters,
and termination and other customary provisions.

The Notes will be issued pursuant to an Indenture dated as of as of
July 1, 1982, as supplemented and amended by the first supplemental
indenture dated as of April 1, 1986, the second supplemental
indenture dated as of June 15, 1987, the third supplemental
indenture dated as of September 30, 1996, the fourth supplemental
indenture dated as of January 1, 1998, and the fifth supplemental
indenture dated as of September 30, 1998, between the Company and
The Bank of New York Mellon (successor to Morgan Guaranty Trust
Company of New York), as trustee, and an action of the executive
committee of Ally dated as of Feb. 10, 2015.

A full-text copy of the Underwriting Agreement is available at:

                        http://is.gd/iZQ3U8

                        About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


ALLY FINANCIAL: Third Point Reports 5.4% Stake as of Dec. 31
------------------------------------------------------------
Third Point LLC and Daniel S. Loeb disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission that as of Dec.
31, 2014, they beneficially owned 26,000,000 shares of common stock
of Ally Financial representing 5.42 percent of the shares
outstanding.  A full-text copy of the Schedule 13G is available for
free at http://is.gd/HsMgeU

                       About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


ALLY FINANCIAL: To Issue $1.2 Billion Senior Notes
--------------------------------------------------
Ally Financial Inc. intends to sell $600 million of 3.250% senior
notes due 2018.  Interest on the Notes are due semi-annually, in
arrears on Feb. 13 and Aug. 13 of each year, until maturity,
commencing Aug. 13, 2015.  

Ally also plans to offer $650 million of 4.125% senior notes due
2022.  Interest on the Notes are due semi-annually, in arrears on
Feb. 13 and Aug. 13 of each year, until maturity, commencing Aug.
13, 2015.

Joint Book-Running Managers:   

        Citigroup Global Markets Inc.
        Goldman, Sachs & Co.
        Merrill Lynch, Pierce, Fenner & Smith
           Incorporated
        Morgan Stanley & Co. LLC
  
Co-Managers:   

        Credit Agricole Securities (USA) Inc.
        Lloyds Securities Inc.
        PNC Capital Markets LLC
        Scotia Capital (USA) Inc.
        U.S. Bancorp Investments, Inc.
        CAVU Securities, LLC
        Great Pacific Securities
        Siebert Brandford Shank & Co., L.L.C.
        Telsey Advisory Group LLC
        The Williams Capital Group, L.P.

A full-text copy of the free writing prospectus is available for
free at http://is.gd/fEfhel

                       About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


ALTEGRITY INC: Meeting to Form Creditors' Panel Set for Feb. 24
---------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on Feb. 24, 2015, at 10:30 a.m. in the
bankruptcy case of Altegrity, Inc., et al.

The meeting will be held at:

         The DoubleTree Hotel
         700 King St.
         Wilmington, DE 19801

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

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

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.

As reported in the Troubled Company Reporter on Feb. 9, 2015,
Altegrity, Inc. on Feb. 8 disclosed that it is implementing its
previously disclosed restructuring support agreement ("RSA").
Implementation of the RSA, which is supported by holders of more
than 75 percent of the Company's first lien secured debt and
approximately 95 percent of the Company's second and third lien
secured debt, is expected to significantly deleverage the Company's
balance sheet and improve its capital structure.



ALTEGRITY INC: Section 341(a) Meeting Scheduled for March 18
------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Altegrity, Inc.,
has been set for March 18, 2015, at at 3:00 p.m.

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

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

                        About Altegrity Inc.

Altegrity Inc. provides background investigations for the U.S.
government; employment background and mortgage screening for
commercial customers; technology-driven legal services and software
for data management; and investigative, analytic, consulting, due
diligence, and security services.  Altegrity is principally owned
by investment funds affiliated with Providence Equity Partners.

Altegrity Inc. and 37 of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lease Case No. 15-10226) on Feb. 8, 2015.
Jeffrey S. Campbell signed the petitions as president and chief
financial officer.  The Debtors disclosed total assets of $1.7
billion and total liabilities of $2.1 billion as of June 30, 2014.

M. Natasha Labovitz, Esq., Jasmine Ball, Esq., and Craig A. Bruens,
Esq., at Debevoise & Plimpton LLP serve as the Debtors' counsel.
Joseph M. Barry, Esq., Ryan M. Bartley, Esq.,
and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, act as the Debtors' Delaware and conflicts counsel.  
Stephen Goldstein and Lloyd Sprung, at Evercore Group, LLC, are the
Debtors' investment bankers.  Kevin M. McShea and Carrianne J. M.
Basler, at Alixpartners LLP serve as the Debtors' restructuring
advisors.  Prime Clerk LLC is the Debtors' claims and noticing
agent.  PricewaterhouseCoopers LLP serves as the Debtors'
independent auditors.


AMERICAN EAGLE: Wellington Reports 7% Stake as of Dec. 31
---------------------------------------------------------
Wellington Management Group LLP disclosed in a Schedule 13G filed
with the U.S. Securities and Exchange Commission that as of
Dec. 31, 2014, it beneficially owned 2,254,972 shares of common
stock of American Eagle Energy Corporation representing 7.41
percent of the shares outstanding.

Effective Jan. 1, 2015, Wellington Management Company, LLP, a
registered investment advisor, changed its name to Wellington
Management Group LLP and transferred its United Stated advisory
business to Wellington Management Company LLP, a Delaware limited
liability partnership.  On that date, Wellington Management Company
LLP registered as an investment adviser with the SEC by succeeding
to Wellington Management Group's SEC registration.

A full-text copy of the regulatory filing is available at:

                         http://is.gd/874d3t

                        About American Eagle

Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties.  The Company is primarily focused on extracting
proved oil reserves from those properties.

The Company's balance sheet at Sept. 30, 2014, the Company had
$373 million in total assets, $248 million in total liabilities
and $125 million of stockholders' equity.

                          *     *     *

As reported by the TCR on Aug. 7, 2014, Standard & Poor's Ratings
Services assigned its 'CCC+' corporate credit rating to
Denver-based American Eagle Energy Corp.  "The ratings on American
Eagle
reflect our view of the company's participation in the volatile and
capital-intensive oil and gas E&P industry, and its small and
geographically concentrated asset base in Divide County, N.D.,"
said Standard & Poor's credit analyst Christine Besset.

The TCR reported on Jan. 26, 2015, that Moody's Investors Service
downgraded American Eagle's Corporate Family Rating to 'Ca' from
'Caa1'.

"The downgrade of American Eagle Energy's ratings reflect the
company's weak liquidity profile and unsustainable capital
structure," commented Gretchen French, Moody's vice president.
"With the company facing cyclically low oil prices in 2015 and into
2016, the risk of default or a debt restructuring, including the
potential for a distressed exchange, has increased."


AMPLIPHI BIOSCIENCES: Randal Kirk Reports 25% Stake
---------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission on Feb. 13, 2015, Randal J. Kirk disclosed that as of
Feb. 14, 2014, he beneficially owned 70,785,712 shares of common
stock of
AmpliPhi Biosciences Corporation representing 25.4 percent of the
shares outstanding.  A complete copy of the regulatory filing is
available for free at http://is.gd/TXDuxp

                           About AmpliPhi

AmpliPhi Biosciences Corp. is a biopharmaceutical company that
develops bacteriophage-based therapeutics.  It also develops an
internally generated pipeline of naturally occurring viruses
called bacteriophage (Phage) for the treatment of bacterial
infection, such as drug-resistant strains of bacteria that are
commonly found in the hospital setting.  The company's Phage
discovery also focuses on acute & chronic lung, sinus and
gastrointestinal infections.  AmpliPhi Biosciences was founded in
March 1989 and is headquartered in Glen Allen, Virginia.

The Company reported a net loss of $57.6 million on $325,000 of
total revenue for the year ended Dec. 31, 2013, compared with a
net loss of $1.11 million on $664,000 of total revenue in 2012.

PBMares, LLP, in Richmond, Virginia, 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 had recurring losses from operations and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

As of Sept. 30, 2014, the Company had $28.4 million in total
assets, $17.08 million in total liabilities and $11.3 million in
total stockholders' equity.


ANACOR PHARMACEUTICALS: GlaxoSmithKline Reports 6% Stake at Oct. 30
-------------------------------------------------------------------
GlaxoSmithKline plc disclosed in an amended Schedule 13D filed with
the U.S. Securities and Exchange Commission that as of
Oct. 30, 2014, it beneficially owned 2,771,374 shares of common
stock of Anacor Pharmaceuticals, which represents 6.5 percent of
the 42,897,186 shares of Common Stock as of Oct. 30, 2014.  A
full-text copy of the regulatory filing is available for free at:

                       http://is.gd/CE8062

                   About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

The Company's balance sheet at Sept. 30, 2014, showed $159 million
in total assets, $90.2 million in total liabilities, $4.95 million
in redeemable common stock and $63.4 million in total stockholders'
equity.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $77.02 million on $11.04 million of total revenues
compared to a net loss of $46 million on $8.74 million of total
revenues for the same period in 2013.


ANACOR PHARMACEUTICALS: Wellington Reports 8% Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Wellington Management Group LLP disclosed that
as of Dec. 31, 2014, it beneficially owned 3,576,690 shares of
common stock of Anacor Pharmaceuticals, Inc., representing 8.34
percent of the shares outstanding.

Effective Jan. 1, 2015, Wellington Management Company, LLP, a
registered investment advisor, changed its name to Wellington
Management Group LLP and transferred its United Stated advisory
business to Wellington Management Company LLP, a Delaware limited
liability partnership.  On that date, Wellington Management Company
LLP registered as an investment adviser with the SEC by succeeding
to Wellington Management Group's SEC registration.

A copy of the regulatory filing is available for free at:

                       http://is.gd/CEQGgX

                  About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

The Company's balance sheet at Sept. 30, 2014, showed $159 million
in total assets, $90.2 million in total liabilities, $4.95 million
in redeemable common stock and $63.4 million in total stockholders'
equity.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $77.02 million on $11.04 million of total revenues
compared to a net loss of $46 million on $8.74 million of total
revenues for the same period in 2013.


ANESTHESIA HEALTHCARE: U.S. Trustee Seeks Case Dismissal
--------------------------------------------------------
The United States Trustee for Region 21 seeks an order from the
Bankruptcy Court dismissing the Chapter 11 cases of Anesthesia
Healthcare Partners, Inc., et al., or, in the alternative,
converting the cases under Chapter 7 of the Bankruptcy Code.

The U.S. Trustee points out that although the Chapter 11 cases have
been pending for over eight months, the Debtors have not yet
proposed a Chapter 11 plan, and upon information and belief, they
place the ability to reorganize and do not presently intend to file
a chapter 11 plan.  Furthermore, according to the U.S. Trustee,
there appears to be no possibility that unsecured creditors could
benefit from further administration of the case, because SunTrust
Bank asserts a blanket lien on the Debtors' assets as security for
a claim that, upon information and belief, is substantially greater
than the value of those assets.

Failure or inability to propose a plan within a reasonable period
of time constitutes cause for dismissal or conversion of a chapter
11 case under 11 U.S.C. Sec. 1112(b), the U.S. Trustee maintains.

The U.S. Trustee also notes that the Debtors have filed no monthly
operating reports accounting for their receipts, disbursements and
other operating results since November, 2014.  The U.S. Trustee
avers that the Debtors' failure to file such reports in a timely
manner is violative of their statutory obligations under 11 U.S.C.
Sec. 704(a)(2)& (8), made applicable to them as debtors in
possession by 11 U.S.C. Sections 1106(a)(1) and 1107, and
constitutes cause for dismissal or conversion of the cases under 11
U.S.C. Sec. 1112(b)(4)(F)&(H).

A copy of the Dismissal Motion is available for free at:

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

                   About Anesthesia Healthcare

Anesthesia Healthcare Partners, Inc. and its affiliates filed
Chapter 11 petitions (Bankr. N.D. Ga. Case No. 14-59631) in Atlanta
on May 15, 2014.  The cases are assigned to Judge Wendy L. Hagenau.


The Debtors tapped Theodore N. Stapleton, Esq., at Theodore N.
Stapleton, P.C., in Atlanta, as counsel.  The Debtors also engaged

Carl Marks Advisory Group, Inc., to provide the services of F.
Duffield Meyercord as Chief Restructuring Officer

Sean Lynch of Suwannee, Georgia, the CEO of the company, owns 100%
of the common stock.

In its schedules, Anesthesia Healthcare listed $19,632,440 in total
assets and $11,827,716 in total liabilities.



ANIXTER INT'L: Business Sale No Impact on Fitch's Ratings
---------------------------------------------------------
Fitch Ratings believes the ratings for Anixter International, Inc.
(Anixter) and its wholly owned operating subsidiary, Anixter Inc.,
are unaffected by the proposed sale of the OEM Supply segment
(Fasteners business).

Anixter announced it will sell its Fasteners business (2014
revenues of $939 million, representing 14.6% of total) to American
Industrial Partners for $380 million in cash proceeds, subject to
post closing adjustments.

The company plans to use net cash proceeds for general corporate
purposes, which Fitch believes could include funding near-term debt
maturities. The transaction is subject to customary closing
conditions and Anixter expects the deal will close in the second
quarter of 2015, subject to regulatory approval.

Pro forma for the sale of the lower operating margin Fasteners
business, Fitch expects operating margin will remain near 5.5%
through the intermediate term. In addition, Fitch anticipates
inventory investment intensity will decrease, modestly boosting
annual free cash flow (FCF).

Pro forma for the sale of the Fasteners business and Tri-Ed
acquisition, Fitch expects total debt adjusted for rent expense to
operating EBITDAR is 4.1x. Credit protection measures are weak for
the rating, which reduces headroom for sustained operating
shortfalls. Over the intermediate term, Fitch anticipates adjusted
leverage will fall below 4x as a result of debt reduction and
operating performance.

Fitch estimates pro forma interest coverage (operating EBITDA to
gross interest expense) was approximately 6.3x for the LTM period
and is expected to rise above 7x over the longer term.

KEY RATINGS DRIVERS

The ratings and Outlook reflect Fitch's expectations for stable
operating performance through the intermediate term. Fitch expects
low- single digit organic revenue growth, in 2015 as Anixter
benefits from improving macro trends in North America. These
include growth in IT spending, industrial projects, and the
security business.

Fitch expects stable profitability and forecasts near-term
operating EBITDA margin of approximately 6%. Anixter's cost
reduction plan may lead to higher profitability but this
improvement could be offset by faster long-term growth rates of the
lower margin Enterprise Cabling & Security Solutions (ECS)
business. Significant swings in copper prices and the U.S. dollar
may also impact EBITDA margin.

Fitch believes lower working capital investments in a downturn
would offset lower EBITDA levels, resulting in higher FCF than
during a flat or expanding revenue environment.

Fitch expects the company will use FCF for shareholder returns,
including special dividends or acquisitions. Fitch anticipates
sizeable acquisitions will be at least partly debt financed.

Anixter's ratings and Outlook are supported by the following:

-- Leading market position in niche distribution markets which
    Fitch believes contributes to Anixter's above-average margins
    for a distributor;

-- Broad diversification of products, suppliers, customers and
    geographies which adds stability to the company's financial
    profile by reducing operating volatility;

-- Counter-cyclical inventory that allows the company to generate
    free cash flow in a downturn.

Credit concerns include:

-- Expectations that credit protection measures could remain weak

    from additional debt-financed acquisitions to augment growth in

    adjacent markets or the use of FCF for shareholder returns
    rather than debt reduction;

-- Thin operating margins characteristic of the distribution
    industry, which amplifies movement in credit protection
    measures through the IT cycle;

-- Significant unhedged exposure to copper prices and currency
    prices.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

-- Uses of proceeds from the sale of the Fasteners will be used
    for general corporate purposes including debt repayment.

-- Adjusted Debt to EBITDAR remains below 4x over the
longer-term.

-- Fitch assumes 1% to 2% organic growth as the company benefits
    from a slowly improving macro economy and new project wins.

-- Interest coverage above 7x over the longer-term.

-- Continued utilization of excess cash and FCF for potential
    acquisitions and shareholder-friendly actions.

RATINGS SENSITIVITIES

Negative rating actions could occur if Anixter sustains adjusted
leverage (Total Debt plus 8x annual rent expense to EBITDAR) above
4x likely from a combination of:

-- Market share losses or profit margin contraction, potentially
    from a lower sales mix;
-- Incremental debt financed acquisitions; or
-- Use of FCF for special dividends or other shareholder returns
    instead of debt reduction.

Fitch believes positive rating actions are limited in the absence
of management's commitment to more conservative financial policies,
including a meaningfully lower adjusted leverage target and more
moderate and predictable shareholder returns.

Fitch believes Anixter's liquidity was adequate and consisted of
the following as of January 2, 2015:

-- $92 million of cash and cash equivalents;
-- $338 million available under its revolving credit facility
    and securitization facility;

Total debt as of January 2, 2015 was $1.2 billion and consisted
primarily of the following:

-- $3.8 million outstanding under the unsecured revolver due
    November 2018;
-- $65 million outstanding under the accounts receivable
    securitization program due May 2017;
-- $200 million of unsecured term loan A due November 2018
-- $200 million in 5.95% senior unsecured notes due March 2015
-- $350 million 5.625% senior unsecured notes due May 2019
-- $400 million 5.125% senior unsecured notes due October 2021

Fitch continues to rate Anixter as follows:

Anixter International, Inc.

-- Issuer Default Rating (IDR) 'BB+';

Anixter Inc.

-- IDR 'BB+';
-- Senior unsecured notes 'BB+';
-- Senior unsecured bank credit facility 'BB+'.

The Rating Outlook is Stable.



APOLLO MEDICAL: Amends Registration Rights Agreement with NNA
-------------------------------------------------------------
Apollo Medical Holdings, Inc., entered into a First Amendment and
Acknowledgement with NNA of Nevada, Inc., an affiliate of Fresenius
Medical Care North America, Warren Hosseinion, M.D., and Adrian
Vazquez, M.D.  The Acknowledgement amended some provisions of,
and/or provided waivers in connection with, each of (i) the
Registration Rights Agreement between the Company and NNA, dated
March 28, 2014, (ii) the Investment Agreement between the Company
and NNA, dated March 28, 2014, (iii) the Convertible Note, issued
by the Company to NNA, dated March 28, 2014, and (iv) the Common
Stock Purchase Warrants issued to NNA on March 28, 2014, for the
purchase of up to 5,000,000 shares of the Company's common stock.
The amendments to the Registration Rights Agreement included
amendments with respect to the timing of the filing deadline for a
resale registration statement for the benefit of NNA.

                        About Apollo Medical

Glendale, Calif.-based Apollo Medical Holdings, Inc., provides
hospitalist services in the Greater Los Angeles, California area.
Hospitalist medicine is organized around the admission and care of
patients in an inpatient facility such as a hospital or skilled
nursing facility and is focused on providing, managing and
coordinating the care of hospitalized patients.

Apollo Medical reported a net loss of $4.55 million for the year
ended Jan. 31, 2014, following a net loss of $8.90 million for the
year ended Jan. 31, 2013.

As of Sept. 30, 2014, the Company had $16.05 million in total
assets, $16.6 million in total liabilities, and a $504,000
stockholders' deficit.


ARCAPITA BANK: RA Holding Approves Redemption of Sukuk Certs.
-------------------------------------------------------------
RA Holding Corp. on Feb. 12 disclosed that the Company's
wholly-owned subsidiary, RA Holding Mudareb Limited, has approved
the redemption of $150.00 million of the sukuk certificates issued
pursuant to the Second Amended Joint Plan of Reorganization of
Arcapita Bank B.S.C.(c).

This announcement is for information purposes only and is not an
offer to purchase or a solicitation of an offer to sell
securities.

                     About RA Holding Corp

RA Holding Corp. is the top level holding company in the group
created pursuant to the plan of reorganization of Arcapita Bank
B.S.C.(c) and certain affiliates under chapter 11 of the United
States Bankruptcy Code.

                      About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012.  The Debtors said they do not have the liquidity necessary to
repay a US$1.1 billion syndicated unsecured facility when it comes
due on March 28, 2012.

Falcon Gas Storage Company, Inc., filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.  Falcon Gas
is an indirect wholly owned subsidiary of Arcapita that previously
owned the natural gas storage business NorTex Gas Storage Company
LLC.  In early 2010, Alinda Natural Gas Storage I, L.P. (n/k/a Tide
Natural Gas Storage I, L.P.), Alinda Natural Gas Storage II,
L.P. (n/k/a Tide Natural Gas Storage II, L.P.) acquired the stock
of NorTex from Falcon Gas for $515 million. Arcapita guaranteed
certain of Falcon Gas' obligations under the NorTex Purchase
Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represented the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
served as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-compliant
alternative investments and operates as an investment bank.
Arcapita is not a domestic bank licensed in the United States.
Arcapita is headquartered in Bahrain and is regulated under an
Islamic wholesale banking license issued by the Central Bank of
Bahrain.  The Arcapita Group employs 268 people and has offices in
Atlanta, London, Hong Kong and Singapore in addition to its Bahrain
headquarters.  The Arcapita Group's principal activities include
investing on its own account and providing investment opportunities
to third-party investors in conformity with Islamic Shari'ah rules
and principles.

The Arcapita Group had roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under two
secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100 percent lender consent required to effectuate
the terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the Cayman
Islands, issued a summons seeking ancillary relief from the
Grand Court of the Cayman Islands with a view to facilitating the
Chapter 11 cases.  AIHL sought the appointment of Zolfo Cooper as
provisional liquidator.

As reported in the TCR on Jun 19, 2013, the Bankruptcy Court for
the Southern District of New York entered its Findings of Fact,
Conclusions of Law, and Order confirming the Second Amended Joint
Chapter 11 Plan of Reorganization of Arcapita Bank B.S.C.(c) and
Related Debtors with respect to each Debtor other than Falcon Gas
Storage Company, Inc.

A copy of the Confirmed Second Amended Joint Plan (With First
Technical Modifications) is available at:

          http://bankrupt.com/misc/arcapita.doc1265.pdf      

The effective date of the Debtors' Second Amended Joint Plan of
Reorganization, dated as of June 11, 2013, occurred on Sept. 17,
2013.


ARISTA POWER: Paul Packer Reports 9.9% Stake as of Dec. 31
----------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Paul Packer and his affiliates disclosed that
as of Dec. 31, 2014, they beneficially owned 2,148,288 shares of
common stock of Arista Power which represents 9.99 percent of the
shares outstanding.  

In addition to the reported shares of Common Stock, Paul Packer may
be deemed to beneficially own additional warrants to purchase
71,712 shares of Common Stock.  However, pursuant to the terms of
the warrants, the holder cannot exercise or convert any of the
warrants until such time as the holder would not beneficially own
more than 9.99% of the outstanding Common Stock.

The regulatory filing can be accessed for free at:

                        http://is.gd/jqMfr5

                         About Arista Power

Rochester, N.Y.-based Arista Power, Inc., is a developer,
manufacturer, and supplier of custom-designed power management
systems, renewable energy storage systems, and a supplier and
designer of solar energy systems.

Arista Power reported a net loss of $3.27 million on $2.19 million
of sales for the year ended Dec. 31, 2013, as compared with a net
loss of $3.48 million on $1.99 million of sales for the year ended
Dec. 31, 2012.

The Company's balance sheet at Sept. 30, 2014, showed $2.09
million in total assets, $3.56 million in total liabilities and a
$1.47 million total stockholders' deficit.

EFP Rotenberg, LLP, in Rochester, 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's recurring losses have resulted in an
accumulated deficit and ongoing operation is dependent upon
improved results from operation and additional financing.  These
conditions raise substantial doubt about its ability to continue
as a going concern.

On Dec. 23, 2014, the Company engaged Zwick & Banyai PLLC as its
independent registered public accounting firm.  EFPR resigned
as the Company's independent registered public accountants.

                         Bankruptcy Warning

"We may also seek additional financing to accelerate our growth.
If we raise additional funds through the issuance of equity or
convertible debt securities, the percentage ownership of the
Company held by existing shareholders will be reduced and our
shareholders may experience significant dilution.  In addition,
new securities may contain rights, preferences or privileges that
are senior to those of our common stock.  If we raise additional
capital by incurring debt, this will result in increased interest
expense.  There can be no assurance that acceptable financing
necessary to further implement our plan of operation can be
obtained on suitable terms, if at all.  Our ability to develop our
business could suffer if we are unable to raise additional funds
on acceptable terms, which would have the effect of limiting our
ability to increase our revenues, develop our products, attain
profitable operations, or even may result in our business filing
for bankruptcy protection or otherwise ending our operations which
could result in a significant or complete loss of your
investment," the Company said in the Annual Report for the year
ended Dec. 31, 2013.


ARRAY BIOPHARMA: Amends Collaboration Agreement with Genentech
--------------------------------------------------------------
Array and Genentech, Inc., entered into a Seventh Amendment to the
Drug Discovery Collaboration Agreement which further amends the
Drug Discovery and Collaboration Agreement between the parties
dated Dec. 22, 2003, according to a regulatory filing with the U.S.
Securities and Exchange Commission.  

Under the Seventh Amendment, in exchange for a payment from Array,
Genentech and Array agreed to terminate each party's continuing
rights and obligations with respect to one of the molecular targets
that was the subject of the Collaboration Agreement.  The Seventh
Amendment is contingent upon, and will automatically become
effective as of, the closing of the transactions contemplated by
the encorafenib Asset Transfer Agreement announced by Array on Jan.
23, 2015.

                       About Array Biopharma

Boulder, Colo.-based Array BioPharma Inc. is a biopharmaceutical
company focused on the discovery, development and
commercialization of targeted small-molecule drugs to treat
patients afflicted with cancer and inflammatory diseases.  Array
has four core proprietary clinical programs: ARRY-614 for
myelodysplastic syndromes, ARRY-520 for multiple myeloma, ARRY-797
for pain and ARRY-502 for asthma.  In addition, Array has 10
partner-funded clinical programs including two MEK inhibitors in
Phase 2: selumetinib with AstraZeneca and MEK162 with Novartis.

As of Dec. 31, 2014, the Company had $164 million in total assets,
$178 million in total liabilities and a $13.9 million total
stockholders' deficit.

Array Biopharma incurred a net loss of $85.3 million for the year
ended June 30, 2014, a net loss of $61.9 million for the year ended
June 30, 2013, and a net loss of $23.6 million for the year ended
June 30, 2012.

"If we are unable to generate enough revenue from our existing or
new collaboration and license agreements when needed or to secure
additional sources of funding, it may be necessary to
significantly reduce the current rate of spending through further
reductions in staff and delaying, scaling back, or stopping
certain research and development programs, including more costly
Phase 2 and Phase 3 clinical trials on our wholly-owned or co-
development programs as these programs progress into later stage
development.  Insufficient liquidity may also require us to
relinquish greater rights to product candidates at an earlier
stage of development or on less favorable terms to us and our
stockholders than we would otherwise choose in order to obtain up-
front license fees needed to fund operations.  These events could
prevent us from successfully executing our operating plan and, in
the future, could raise substantial doubt about our ability to
continue as a going concern," according to the quarterly report
for the period ended Sept. 30, 2014.


ARRAY BIOPHARMA: FMR LLC Reports 8.5% Stake as of Feb. 13
---------------------------------------------------------
FMR LLC, Edward C. Johnson 3d and Abigail P. Johnson disclosed in
an amended Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of Feb. 13, 2015, they beneficially owned
11,225,970 shares of common stock of Array Biopharma representing
8.50 percent of the shares outstanding.  A copy of the regulatory
filing is available at http://is.gd/qefAa1

                       About Array Biopharma

Boulder, Colo.-based Array BioPharma Inc. is a biopharmaceutical
company focused on the discovery, development and
commercialization of targeted small-molecule drugs to treat
patients afflicted with cancer and inflammatory diseases.  Array
has four core proprietary clinical programs: ARRY-614 for
myelodysplastic syndromes, ARRY-520 for multiple myeloma, ARRY-797
for pain and ARRY-502 for asthma.  In addition, Array has 10
partner-funded clinical programs including two MEK inhibitors in
Phase 2: selumetinib with AstraZeneca and MEK162 with Novartis.

As of Dec. 31, 2014, the Company had $164 million in total assets,
$178 million in total liabilities and a $13.9 million total
stockholders' deficit.

Array Biopharma incurred a net loss of $85.3 million for the year
ended June 30, 2014, a net loss of $61.9 million for the year ended
June 30, 2013, and a net loss of $23.6 million for the year ended
June 30, 2012.

"If we are unable to generate enough revenue from our existing or
new collaboration and license agreements when needed or to secure
additional sources of funding, it may be necessary to
significantly reduce the current rate of spending through further
reductions in staff and delaying, scaling back, or stopping
certain research and development programs, including more costly
Phase 2 and Phase 3 clinical trials on our wholly-owned or co-
development programs as these programs progress into later stage
development.  Insufficient liquidity may also require us to
relinquish greater rights to product candidates at an earlier
stage of development or on less favorable terms to us and our
stockholders than we would otherwise choose in order to obtain up-
front license fees needed to fund operations.  These events could
prevent us from successfully executing our operating plan and, in
the future, could raise substantial doubt about our ability to
continue as a going concern," according to the quarterly report
for the period ended Sept. 30, 2014.


ASR 2401: Secured Holder Wants Court to Bar Cash Collateral Use
---------------------------------------------------------------
JPMCC 2006-LDP7 Office 2401 LLC, the holder of secured claims
against ASR 2401 Fountainview LP and unsecured claims against ASR
2401 Fountainview LLC, asks the Hon. Letitia Z. Paul of the U.S.
Bankruptcy Court for the Southern District of Texas to prohibit
unauthorized use of cash collateral by the Debtors.

According to the secured holder, the Debtor failed to provide a
proposed budget for cash collateral use during January 2015 or
thereafter.  However, upon assurance from Debtors' counsel that the
Debtors would soon provide a new budget, the parties announced to
the Court that they would work to submit a proposed form of agreed
fourth interim cash collateral order, along with an agreed budget
governing future cash collateral use.

The secured holder said it did not receive a copy of the Debtors'
proposed January 2015 budget until Jan. 14, 2015.  Later that same
day, secured holder, through counsel, informed the LP Debtor of
certain changes to be made to the budget.  The secured holder noted
it still has not been provided with a revised January 2015 budget.
Additionally, given that we are now in the month of February 2015,
the secured holder has also requested a proposed February 2015
budget, which also has yet to be provided.  Since Dec. 31, 2014,
the Debtors have failed to submit acceptable budgets to the secured
holder for further use of cash collateral.  

The Debtors' current financial status and ability to adequately
protect its secured interest, and whether and to what extent the LP
Debtor is currently using its cash collateral, remain unknown, the
secured holder added.

The Debtors tell Judge Paul that they have not used the secured
holder's cash collateral to make any unauthorized payments.  The
Debtors note they acknowledge that there has been a "stutter start"
to the transitioning of management from American Spectrum Realty
Inc. to Preferred Income Partners IV LLC and the property manager,
Jetall Real Estate Development.

The Debtors relate, on Dec. 2 and 3, 2014, they together with
Preferred Income Partners, American Spectrum and ASR Operating
Partnership mediated in an effort to resolve all disputed issues
between them.  As a result of the mediation, on Dec. 16, 2014, the
Debtors filed their expedited motion for order authorizing
Preferred Income Partners to exercise its contractual right to
assume control of ASR 2401 Fountainview and approving the Debtors'
employment of Jetall Real as property manager seeking authority to
have PIP assume the management of the Debtors in possession and the
retention of Jetall as the property manager.

The Debtors say they are confident that these issues have been
resolved and have been working diligently with the secured holder
to resolve any issues with respect to budgets and an agreed cash
collateral order, which the Debtors fully intend to have with them
at the hearing on the motion to prohibit.

The secured holder retained as counsel:

  Sean B. Davis, Esq.
  Joseph G. Epstein, Esq.
  WINSTEAD PC
  1100 JPMorgan Chase Tower
  600 Travis Street
  Houston, Texas 77002
  Tel: (713) 650-8400
  Fax: (713) 650-2400
  Email: sbdavis@winstead.com
         jepstein@winstead.com

                           About ASR 2401

ASR 2401 Fountainview, LP, and ASR 2401 Fountainview, LLC sought
Chapter 11 bankruptcy protection in Houston (Bankr. S.D. Tex. Case
Nos. 14-35322) on Sept. 30, 2014, without stating a reason.

Each debtor, a Single Asset Real Estate as defined in 11 U.S.C.
Sec. 101(51B), estimated assets and debt of $10 million to $50
million.  Each debtor claims to have its principal assets located
at 2401 Fountain View, Houston, Texas.

ASR LP's Chapter 11 case is assigned to Judge Letitia Z. Paul
while ASR LLC's Chapter 11 case is assigned to Judge Marvin Isgur

The Debtors have tapped Christopher Adams, Esq., at Okin Adams &
Kilmer LLP, in Houston, as counsel.

The Debtor disclosed $19,348,658 in assets and $20,715,225 in
liabilities as of the Chapter 11 filing.

The U.S. Trustee notified the Bankruptcy Court of its inability to
appoint an official committee of unsecured creditors in the
Chapter 11 case of ASR Constructors, Inc.

Preferred Income is represented by:

         Hap May
         Two Riverwat, 15th Floor
         Houston, TX 77056
         Tel: (281) 407-5609
         Fax: (932) 201-7574
         E-mail: hapmay@outlook.com

            - and -

         Bryan P. Stevens
         HALLET & PERRIN, P.C.
         1445 Ross Avenue, Suite 2400
         Dallas, TX 75202
         Tel: (214) 953-0053
         Fax: (214) 922-4142
         E-mail: bstevens@halletperrin.com


ASTRO AB BORROWER: Moody's Assigns Ba3 Issuer Rating
----------------------------------------------------
Moody's Investors Service has assigned a Ba3 issuer rating to Astro
AB Borrower, Inc. with a stable outlook. A Ba3 rating was also
assigned to the issuer's $220 million Term Loan Facility (1st lien)
and $40 million Revolving Credit Facility. Finally, the agency
assigned a B1 rating to the issuer's $90 million Term Loan Facility
(2nd lien). The predecessor entity to Astro AB Borrower was
American Beacon Advisors, Inc., which is now wholly owned by the
new entity. The ratings for American Beacon will be withdrawn.

The rating actions follow the announcement that Kelso & Company,
Estancia Capital Management, LLC and each of their respective
affiliates will acquire American Beacon. The transaction is
expected to close in the second quarter of 2015.

American Beacon, formerly owned by American Airlines Group (AAG),
was partially sold to private equity funds managed by Pharos
Capital Group, LLC and TPG Capital in 2008. AAG still retains a
small ownership interest in the company and American Beacon
continues to provide cash and pension management services to its
former parent. The company manages and distributes sub-advised
mutual funds for defined contribution retirement and retail
investors, as well as pension and cash management programs for AAG
and other institutional investors.

Ratings Rationale

Astro AB Borrower will issue $310 million in new debt to finance
the purchase of American Beacon by a new pair of private equity
owners. The transaction should cause no disruption to the company's
current operations, but new resources will be required to
accelerate its strategic growth plans, likely resulting in
sustained levels of increased leverage from changes in corporate
strategy. Moody's notes that by removing uncertainty regarding its
future ownership, the transaction should provide increased
stability to American Beacon's corporate management, franchise and
business strategy. Under the terms of its credit agreement,
American Beacon's existing loans become due and payable upon a
change of a control, and will be termed out using proceeds from the
new issuances aforementioned.

Astro AB Borrower's Ba3 corporate family rating reflects the
company's experienced management team, versatility of its
sub-advisory business model, diversified investment offerings,
superior investment performance and developed distribution network.
These considerations are balanced by the company's high operating
leverage resulting from the imminent transaction as well as Moody's
anticipation that management will employ a more aggressive style to
ramp up scale. The second lien term loan facility rating of B1
reflects additional subordination.

The list of Astro AB Borrower's ratings following the rating action
is as follows:

  LT Corporate Family Ratings: Ba3; Stable

  $220 million Senior Term Loan Facility: Ba3; Stable

  $90 million Term Loan Facility (2nd Lien): B1; Stable

  $40 million Senior Revolving Credit Facility: Ba3; Stable



ASTRO AB BORROWER: S&P Assigns Prelim 'B+' Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its preliminary
'B+' issuer credit rating on Astro AB Borrower Inc. The outlook is
stable.  At the same time, S&P assigned its preliminary 'B+'
issue-level credit rating on the company's proposed $260 million
first-lien senior secured credit facility (comprising a $220
million seven-year, first-lien senior secured term loan and a $40
million five-year revolving credit facility) and a 'B-' issue-level
rating on the company's proposed $90 million, eight-year
second-lien senior secured term loan.  S&P also assigned a
preliminary recovery rating of '3' to the first-lien credit
facility and a preliminary recovery rating of '6' to the
second-lien senior secured term loan.  The ratings are subject to
review upon receipt of final documentation.

S&P's preliminary ratings on Astro are based on its high debt
leverage, its sponsor ownership, and its limited market position.
Several factors, however, offset the company's weaknesses.
Partially, as a result of a low fee structure, the company
maintains extremely good investment performance.  Moreover, the
company maintains stronger EBITDA margins than most asset managers
because of its low operating expenses.

On Nov. 20, American Beacon Advisors Inc. announced that its parent
company, Lighthouse Holdings Inc., reached a definitive agreement
to be acquired by funds affiliated with Kelso & Co. and Estancia
Capital Management.  As a result of the transaction, Astro (a newly
formed holding company) will own 100% of American Beacon. The
transaction is expected to close in the second quarter of 2015.

S&P's 'BB-' issuer credit rating and stable outlook on American
Beacon are not affected by S&P's assignment of preliminary ratings
on Astro.  When the transaction closes, S&P expects to withdraw the
ratings on American Beacon and finalize the ratings on Astro.

Kelso and Estancia are financing the purchase with $310 million of
debt, $340 million of sponsor equity, and $5 million of cash from
the balance sheet.  S&P expects the $40 million revolving credit
facility to be undrawn at close.  As a result of the sponsor
ownership and debt to EBITDA of 5.5x, S&P assess the financial
profile as "highly leveraged."

The outlook on Astro is stable.  It takes into account S&P's view
that the company will operate with a heavy debt burden in the near
future.  S&P also believes the company will maintain a limited
market position, though investment performance and margins will
remain strong.

S&P could raise the rating if the company lowers leverage to less
than 5x and S&P believes it will stay at that level on a sustained
basis.  The company would most likely achieve this through the
required free cash flow sweep.

Alternatively, S&P could lower the rating if the business profile
begins to deteriorate.  Specifically, if some of the strengths that
lead to the favorable adjustment were to deteriorate, including
investment performance, EBITDA margins, and strong cash flow, S&P
would most likely lower the rating.



AUXILIUM PHARMACEUTICALS: Invus Reports 3% Stake as of Dec. 31
--------------------------------------------------------------
As of Dec. 31, 2014, each of Invus Public Equities, L.P., Invus
Public Equities Advisors, LLC, Artal International S.C.A., et al.,
may be deemed the beneficial owner of 1,700,000 shares of common
stock of Auxilium Pharmaceuticals, Inc., held for the account of
Invus Public Equities.  This amount represents 1,700,000 Shares
that the Reporting Persons are entitled to receive upon exercise of
options held for the account of Invus Public Equities.

As of Dec. 31, 2014, each of the Reporting Persons may be deemed
the beneficial owner of approximately 3.2% of Shares outstanding.
There were 50,021,504 Shares outstanding as of Oct. 27, 2014,
according to the Issuer's quarterly report on Form 10-Q, filed Oct.
30, 2014.

A full-text copy of the Schedule 13G is available for free at:

                        http://is.gd/jE5K48

                           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 Sept. 30, 2014, showed $1.14
billion in total assets, $983 million in total liabilities and
total stockholders' equity of $162 million.

                           *     *     *

As reported by the TCR on May 7, 2014, Moody's Investors Service
downgraded the ratings of Auxilium  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.


BALMORAL RACING CLUB: Files Schedules of Assets and Debts
---------------------------------------------------------
Balmoral Racing Club, Inc., filed its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property            $8,431,993
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $892,237
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $79,784,111
                                 -----------      -----------
        TOTAL                     $8,431,993      $80,676,348

A copy of the schedules is available for free at:

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

                     About Balmoral Racing

Balmoral Racing Club, Inc., and Maywood Park Trotting Association,
Inc. operate pari-mutuel wagering at the Balmoral Park and Maywood
Park racetracks in Illinois under a license granted by the State of
Illinois pursuant to the Illinois Horse Racing Act of 1975.

Balmoral Racing Club (Bankr. N.D. Ill. Case No. 14-45711) and
Maywood Park Trotting Association (Bankr. N.D. Ill. Case No.
14-45718) filed for Chapter 11 bankruptcy protection on Dec. 24,
2014, to continue operations into 2015 and protect themselves
against property seizure.  Both cases were consolidated on
Dec. 31, 2014.

Alexander F Brougham, Esq., Chad H. Gettleman, Esq., and Nathan Q.
Rugg, Esq., at Adelman & Gettleman, Ltd., serve as the Debtors'
bankruptcy counsel.  

Neither a trustee nor a committee of unsecured creditors has been
appointed in the Chapter 11 Cases.


BANK OF THE CAROLINAS: Wellington Reports 9% Stake as of Dec. 31
----------------------------------------------------------------
Wellington Management Group LLP disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission that as of Dec.
31, 2014, it beneficially owned 44,710,448 shares of common stock
of Bank of the Carolinas Corporation representing 9.68 percent of
the shares outstanding.  

Effective Jan. 1, 2015, Wellington Management Company, LLP, a
registered investment advisor, changed its name to Wellington
Management Group LLP and transferred its United Stated advisory
business to Wellington Management Company LLP, a Delaware limited
liability partnership.  On that date, Wellington Management Company
LLP registered as an investment adviser with the SEC by succeeding
to Wellington Management Group's SEC registration.

A copy of the regulatory filing is available at:

                        http://is.gd/GGf7OC

                    About Bank of the Carolinas

Mocksville, North Carolina-based Bank of the Carolinas Corporation
was formed in 2006 to serve as a holding company for Bank of the
Carolinas.  The Bank's primary market area is in the Piedmont
region of North Carolina.

Turlington and Company, LLP, in Lexington, North Carolina, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has suffered recurring credit
losses that have eroded certain regulatory capital ratios.  As of
Dec. 31, 2013, the Company is considered undercapitalized based on
their regulatory capital level.  This raises substantial doubt
about the Company's ability to continue as a going concern.

The Company reported a net loss available to common stockholders
of $2.33 million in 2013, a net loss available to common
stockholders of $5.53 million in 2012 and a net loss available to
common stockholders of $29.18 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $396
million in total assets, $350.08 million in total liabilities and
$46.2 million in total stockholders' equity.


BERRY PLASTICS: TIAA-CREF Reports 7.68% Stake as of Dec. 31
-----------------------------------------------------------
TIAA-CREF Investment Management, LLC, disclosed in a Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
Dec. 31, 2014, it beneficially owned 9,073,033 shares of common
stock of Berry Plastics Group, Inc., representing 7.68 percent of
the shares outstanding.  College Retirement Equities Fund- Stock
Account beneficially owned 7,192,670 common shares and Teachers
Advisors, Inc., beneficially owned 1,810,176 common shares as of
that date.  A full-text copy of the regulatory filing is available
at http://is.gd/PAGi2l

                        About Berry Plastics

Berry Plastics Corporation manufactures and markets plastic
packaging products, plastic film products, specialty adhesives and
coated products.  At Jan. 2, 2010, the Company had more than 80
production and manufacturing facilities, primarily located in the
United States.  Berry is a wholly-owned subsidiary of Berry
Plastics Group, Inc.  Berry Group is primarily owned by affiliates
of Apollo Management, L.P., and Graham Partners.  Berry, through
its wholly owned subsidiaries operates five reporting segments:
Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatings
and Specialty Films.  The Company's customers are located
principally throughout the United States, without significant
concentration in any one region or with any one customer.

On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of
the capital stock of Pliant upon Pliant's emergence from
reorganization pursuant to a proceeding under Chapter 11 for a
purchase price of $602.7 million.  Pliant is a leading
manufacturer of value-added films and flexible packaging for food,
personal care, medical, agricultural and industrial applications.
The acquired business is primarily operated in Berry's Specialty
Films reporting segment.

As of Dec. 27, 2014, Berry Plastics had $5.17 billion in total
assets, $5.26 billion in total liabilities, $13 million in
redeemable non-controlling interest, and a $106 million
stockholders' deficit.

                           *     *     *

As reported by the TCR on Jan. 30, 2015, Moody's Investors Service
upgraded the corporate family rating of Berry Plastics Group, Inc.
to B1 from B2.  The upgrade of the corporate family rating reflects
the proforma benefits from the recent restructuring and
acquisitions.

In November 2011, Standard & Poor's Ratings Services affirmed the
'B-' corporate credit rating on Berry and its holding company
parent, Berry Plastics Group Inc.  "The ratings on Berry reflect
the risks associated with the company's highly leveraged financial
profile and acquisition- driven growth strategy as well as its
fair business risk profile," said Standard & Poor's credit analyst
Cynthia Werneth.


BERRY PLASTICS: Vanguard Group Reports 6.4% Stake as of Dec. 31
---------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2014,
it beneficially owned 7,568,567 shares of common stock of Berry
Plastics Group Inc. representing 6.40 percent of the shares
outstanding.

Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of The
Vanguard Group, is the beneficial owner of 127,996 shares or .10%
of the Common Stock outstanding of the Company as a result of its
serving as investment manager of collective trust accounts.

Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of
The Vanguard Group, is the beneficial owner of 10,300 shares or
.0% of the Common Stock outstanding of the Company as a result of
its serving as investment manager of Australian investment
offerings.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/nURHdX

                       About Berry Plastics

Berry Plastics Corporation manufactures and markets plastic
packaging products, plastic film products, specialty adhesives and
coated products.  At Jan. 2, 2010, the Company had more than 80
production and manufacturing facilities, primarily located in the
United States.  Berry is a wholly-owned subsidiary of Berry
Plastics Group, Inc.  Berry Group is primarily owned by affiliates
of Apollo Management, L.P., and Graham Partners.  Berry, through
its wholly owned subsidiaries operates five reporting segments:
Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatings
and Specialty Films.  The Company's customers are located
principally throughout the United States, without significant
concentration in any one region or with any one customer.

On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of
the capital stock of Pliant upon Pliant's emergence from
reorganization pursuant to a proceeding under Chapter 11 for a
purchase price of $602.7 million.  Pliant is a leading
manufacturer of value-added films and flexible packaging for food,
personal care, medical, agricultural and industrial applications.
The acquired business is primarily operated in Berry's Specialty
Films reporting segment.

As of Dec. 27, 2014, Berry Plastics had $5.17 billion in total
assets, $5.26 billion in total liabilities, $13 million in
redeemable non-controlling interest, and a $106 million
stockholders' deficit.

                           *     *     *

As reported by the TCR on Jan. 30, 2015, Moody's Investors Service
upgraded the corporate family rating of Berry Plastics Group, Inc.
to B1 from B2.  The upgrade of the corporate family rating reflects
the proforma benefits from the recent restructuring and
acquisitions.

In November 2011, Standard & Poor's Ratings Services affirmed the
'B-' corporate credit rating on Berry and its holding company
parent, Berry Plastics Group Inc.  "The ratings on Berry reflect
the risks associated with the company's highly leveraged financial
profile and acquisition- driven growth strategy as well as its
fair business risk profile," said Standard & Poor's credit analyst
Cynthia Werneth.


BION ENVIRONMENTAL: Reports $664,000 Net Loss in Second Quarter
---------------------------------------------------------------
Bion Environmental Technologies, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss applicable to common stockholders of
$664,000 on $0 of revenue for the three months ended Dec. 31, 2014,
compared to a net loss applicable to common stockholders of
$739,000 on $0 of revenue for the same period in 2013.

For the six months ended Dec. 31, 2014, the Company reported a net
loss applicable to common stockholders of $1.36 million on $0 of
revenue compared to a net loss attributable to common stockholders
of $2.24 million on $0 of revenue for the same period last year.

As of Dec. 31, 2014, Bion had $4.07 million in total assets, $12.8
million in total liabilities, $24,400 in series B redeemable
convetible preferred stock, and a $8.70 million total deficit.

"[T]he Company is currently not generating significant revenue and
accordingly has not generated cash flows from operations.  The
Company does not anticipate generating sufficient revenues to
offset operating and capital costs for a minimum of two to five
years.  While there are no assurances that the Company will be
successful in its efforts to develop and construct its Projects and
market its Systems, it is certain that the Company will require
substantial funding from external sources.  Given the unsettled
state of the current credit and capital markets for companies such
as Bion, there is no assurance the Company will be able to raise
the funds it needs on reasonable terms," the Company stated in the
Report.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/eadZww

                      About Bion Environmental

Bion Environmental Technologies Inc.'s patented and proprietary
technology provides a comprehensive environmental solution to a
significant source of pollution in US agriculture, large scale
livestock facilities known as Confined Animal Feeding Operations.
Bion's technology produces substantial reductions of nutrient
releases (primarily nitrogen and phosphorus) to both water and air
(including ammonia, which is subsequently re-deposited to the
ground) from livestock waste streams based upon the Company's
operations and research to date (and third party peer review).

In its report on the consolidated financial statements for the
year ended June 30, 2014, GHP Horwath, P.C., expressed substantial
doubt about the Company's ability to continue as a going concern,
citing that the Company has not generated significant revenue and
has suffered recurring losses from operations.

The Company reported a net loss of $5.76 million on $5,900 of
revenue for the fiscal year ended June 30, 2014, compared with a
net loss of $8.25 million on $11,900 of revenue in 2013.


BLACKSANDS PETROLEUM: Warns of Possible Bankruptcy
--------------------------------------------------
Blacksands Petroleum, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K for the year
ended Oct. 31, 2014.

The Company had cash and cash equivalents of $679,000 as of Oct.
31, 2014.  The Company currently does not have sufficient cash to
engage in any further drilling or exploration activities. In
addition, the Company's cash balances are not sufficient to satisfy
its anticipated cash requirements for normal operations, to meet
its immediate accounts payable and other obligations regarding its
indebtedness or capital expenditures for the foreseeable future.
The Company believes that its current cash will allow it to
continue basic operations for the next two months.

"We are experiencing significant liquidity constraints.  If we are
not able to obtain sufficient capital either from the sale of
assets or external sources of investment to fund our immediate
operating requirements, we may determine that it is in the
Company's best interests to seek relief through a pre-packaged,
pre-negotiated or other type of filing under Chapter 11 of the U.S.
Bankruptcy Code," the Company said in the Report.

The Company reported a net loss attributable to common shareholders
of $7.06 million on $1.22 million of oil and gas revenue for the
year ended Oct. 31, 2014, compared to a net loss attributable to
common shareholders of $8.59 million on $1.69 million of oil and
gas revenue during the prior year.

As of Oct. 31, 2014, the Company had $2.19 million in total assets,
$8.66 million in total liabilities and a $6.46 million total
stockholders' deficit.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Oct. 31, 2014.  The independent auditors noted that
the Company has incurred cumulative losses since inception and has
negative working capital, which raises 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/BXHzaq

                    About Blacksands Petroleum

Blacksands Petroleum, Inc., is engaged in the exploration,
development, exploitation and production of oil and natural gas.
The Company focuses on the acquisition and development of
conventional and unconventional oil and gas fields in North
America.


BOMBARDIER INC: Moody's Lowers Corporate Family Rating to B1
------------------------------------------------------------
Moody's Investors Service downgraded Bombardier Inc.'s Corporate
Family rating (CFR) to B1 from Ba3, probability of default rating
to B1-PD from Ba3-PD and senior unsecured ratings to B1 from Ba3.
Moody's also affirmed the company's speculative grade liquidity
rating at SGL-3. Bombardier's long term ratings remain under review
for possible downgrade.

Ratings Rationale

"We lowered Bombardier's ratings to B1 because we view its planned
increase in debt and ongoing execution challenges with continuing
elevated free cash flow consumption as inconsistent with a Ba3
rating, said Darren Kirk, Moody's Vice President and Senior Credit
Officer. "We are continuing Moody's review until we gain confidence
that Bombardier will successfully raise $1.5 billion in debt and
$600 million in common equity to boost its liquidity", added Kirk.
Moody's expects to confirm Bombardier's B1 CFR if the company
executes its financing plans however the rating on its senior
unsecured notes could still be lowered if the company obtains
secured debt with its funding initiatives.

Bombardier's CFR rating is driven by Moody's expectation that the
company's financing plans and ongoing execution challenges will
result in adjusted financial leverage remaining around 8x through
2015 and likely longer. As well, Moody's believes weak order levels
for new aircraft, working capital requirements in its
Transportation division, and the elevated capex needed to complete
the development of the CSeries and Global aircraft platforms will
cause Bombardier's free cash flow consumption to exceed $1 billion
in 2015. While Bombardier's financing plans will further weaken its
financial metrics, its liquidity would improve materially.
Consequently, the company would have significant flexibility to
absorb execution risks associated with bringing the CSeries into
service, when a reduction in capital expenditures will drive
improvement in Bombardier's free cash flow. The company's
significant scale and diversity, strong global market positions,
natural barriers to entry and sizeable backlog levels in both its
business segments favorably influence the rating.

Absent completion of its financing plans, Bombardier's $2.5 billion
of cash and $1.4 billion of available revolvers are adequate to
fund Moody's free cash flow consumption estimate in 2015 and a $750
million debt maturity in January 2016 while respecting minimum
liquidity requirements, albeit with limited cushion. However,
continued covenant compliance through the next year is a concern in
Moody's opinion, which will need to be addressed as part of the
company's financing plans.

Issuer: Bombardier Inc.

  Speculative Grade Liquidity Rating, Affirmed at SGL-3

  Corporate Family Rating, downgraded to B1 Review for Downgrade,
  currently Ba3 Review for Downgrade

  Probability of Default Rating, downgraded to B1-PD Review for
  Downgrade, currently Ba3-PD Review for Downgrade

  Senior Unsecured Regular Bonds/Debentures, downgraded to
  B1/LGD4 Review for Downgrade, currently Ba3/LGD4 Review
  for Downgrade

Outlook Action:

Issuer: Bombardier Inc.

Outlook, Maintained Rating Under Review for Downgrade

Issuer: Broward (County of) FL

Senior Unsecured Revenue Bonds, downgraded to B1/LGD4
Review for Downgrade, currently Ba3/LGD4 Review
for Downgrade

Issuer: Connecticut Development Authority

Senior Unsecured Revenue Bonds, downgraded to B1/LGD4
Review for Downgrade, currently Ba3/LGD4 Review for
Downgrade

Issuer: Dallas-Fort Worth Intl. Airp. Fac. Imp. Corp.

Senior Unsecured Revenue Bonds, downgraded to B1/LGD4
Review for Downgrade, currently Ba3/LGD4 Review for
Downgrade

The principal methodology used in these ratings was Global
Aerospace and Defense Industry published in April 2014. Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Headquartered in Montreal, Quebec, Canada, Bombardier is a globally
diversified manufacturer of business and commercial jets as well as
rail transportation equipment. Annual revenues total roughly $20
billion


BON-TON STORES: James Berylson Reports 1% Stake as of Dec. 31
-------------------------------------------------------------
James Berylson disclosed in a amended Schedule 13G filed with the
U.S. Securities and Exchange Commission that as of Dec. 31, 2014,
he beneficially owned 294,879 shares of common stock of The Bon-Ton
Stores, Inc., representing 1.7 percent of the shares outstanding.
The percentage is calculated based upon the statement in the
Issuer's quarterly report on Form 10-Q, as filed with the SEC on
Dec. 10, 2014, that there were 17,480,523 outstanding shares of
Common Stock of the Issuer as of Nov. 28, 2014.  A copy of the
regulatory filing is available at:

                        http://is.gd/sbKQLk

                       About Bon-Ton Stores

The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 273 stores, which
includes 10 furniture galleries and four clearance centers, in 26
states in the Northeast, Midwest and upper Great Plains under the
Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman,
Herberger's and Younkers nameplates.  The stores offer a broad
assortment of national and private brand fashion apparel and
accessories for women, men and children, as well as cosmetics and
home furnishings.  For further information, please visit the
investor relations section of the Company's Web site at
http://investors.bonton.com   

Bon-Ton Stores reported a net loss of $3.55 million for the fiscal
year ended Feb. 1, 2014, a net loss of $21.6 million for the year
ended Feb. 2, 2013, and a net loss of $12.1 million for the year
ended Jan. 28, 2012.

As of Nov. 1, 2014, the Company had $1.82 billion in total assets,
$1.78 billion in total liabilities, and $48.7 million in total
shareholders' equity.

                           *     *     *

As reported by the TCR on May 15, 2013, Moody's Investors Service
upgraded The Bon-Ton Stores, Inc.'s Corporate Family Rating to B3
from Caa1 and its Probability of Default Rating to B3-PD from
Caa1-PD.

"The upgrade of Bon-Ton's Corporate Family Rating considers the
company's ability to drive modest same store sales growth as well
as operating margin expansion beginning in the second half of 2012
and that these positive trends have continued, with the company
reporting that its same store were positive, and EBITDA margins
expanded, in the first fiscal quarter of 2013," said Moody's Vice
President Scott Tuhy.

As reported by the TCR on May 17, 2013, Standard & Poor's Ratings
Services affirmed the 'B-' corporate credit rating on The Bon-Ton
Stores Inc.


BON-TON STORES: Odier No Longer a Shareholder as of Dec. 31
-----------------------------------------------------------
Lombard Odier Asset Management (USA) Corp disclosed in a Schedule
13G filed with the U.S. Securities and Exchange Commission that as
of Dec. 31, 2014, it has ceased to be the beneficial owner of any
shares of common stock of Bon-Ton Stores, Inc.  Lombard Odier
previously disclosed beneficial ownership of 1,366,194 common
shares or 7.8 percent equity stake as of Dec. 31, 2013.  A copy of
the regulatory filing is available at http://is.gd/IMk3Yf

                       About Bon-Ton Stores

The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 273 stores, which
includes 10 furniture galleries and four clearance centers, in 26
states in the Northeast, Midwest and upper Great Plains under the
Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman,
Herberger's and Younkers nameplates.  The stores offer a broad
assortment of national and private brand fashion apparel and
accessories for women, men and children, as well as cosmetics and
home furnishings.  For further information, please visit the
investor relations section of the Company's Web site at
http://investors.bonton.com   

Bon-Ton Stores reported a net loss of $3.55 million for the fiscal
year ended Feb. 1, 2014, a net loss of $21.6 million for the year
ended Feb. 2, 2013, and a net loss of $12.1 million for the year
ended Jan. 28, 2012.

As of Nov. 1, 2014, the Company had $1.82 billion in total assets,
$1.78 billion in total liabilities, and $48.7 million in total
shareholders' equity.

                           *     *     *

As reported by the TCR on May 15, 2013, Moody's Investors Service
upgraded The Bon-Ton Stores, Inc.'s Corporate Family Rating to B3
from Caa1 and its Probability of Default Rating to B3-PD from
Caa1-PD.

"The upgrade of Bon-Ton's Corporate Family Rating considers the
company's ability to drive modest same store sales growth as well
as operating margin expansion beginning in the second half of 2012
and that these positive trends have continued, with the company
reporting that its same store were positive, and EBITDA margins
expanded, in the first fiscal quarter of 2013," said Moody's Vice
President Scott Tuhy.

As reported by the TCR on May 17, 2013, Standard & Poor's Ratings
Services affirmed the 'B-' corporate credit rating on The Bon-Ton
Stores Inc.


BRAND ENERGY: Bank Debt Trades at 5% Off
----------------------------------------
Participations in a syndicated loan under which Brand Energy &
Infrastructure Services is a borrower traded in the secondary
market at 95.45 cents-on-the- dollar during the week ended Friday,
Feb. 13, 2015, according to data compiled by LSTA/Thomson Reuters
MTM Pricing and reported in The Wall Street Journal.  This
represents an increase of 0.90 percentage points from the previous
week, The Journal relates.  Brand Energy pays 375 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
Nov. 12, 2020, and carries Moody's B1 rating and Standard & Poor's
B rating.  The loan is one of the biggest gainers and losers among
207 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



BRIAR'S CREEK GOLF: Files for Bankruptcy Protection
---------------------------------------------------
Katy Stech, writing for The Wall Street Journal, reported that the
exclusive Golf Club at Briar's Creek near Charleston, South
Carolina, filed for bankruptcy protection on Feb. 9 with a $7.4
million cash offer from investors led by its co-founder, Bob
McNair.

According to the report, court documents showed that officials
haven't been able to persuade more than a handful of people to
build homes on its property as the club, which is spread over more
than 900 acres, has only eight developed housing lots.  Revenue
from membership fees, dues, user fees, food and beverage sales, pro
shop sales and land sales "have not been high enough to sustain its
business," the Journal said, citing the club's court papers.


BRIAR'S CREEK GOLF: Section 341(a) Meeting Scheduled for March 27
-----------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Briar's Creek
Golf, LLC, will be held on March 27, 2015, at 9:30 a.m. at
Charleston.  Proofs of claim are due by June 25, 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.

Briar's Creek Golf, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D.S.C. Case No. 15-00712) on Feb. 9, 2015.   Michael S.
Martin, member, signed the petition.  William McCarthy, Jr., Esq.,
at McCarthy Law Firm, LLC, serves as the Debtor's counsel.  The
Debtor estimated assets of $10 million to $50 million and disclosed
total liabilities of $37.1 million.


C. WONDER LLC: Seeks to Sell Assets; Auction Set for March 11
-------------------------------------------------------------
C. Wonder LLC and its debtor-affiliates ask the Hon. Michael B.
Kaplan of the U.S. Bankruptcy Court for the District of New Jersey
for permission to sell certain of their assets free and clear of
any and all liens, claims, and encumbrances.  Among other things,
the assets include, but are not limited to:

   i) all interests of the Debtors in and to all
      intellectual property, including but not limited to, the C.
      Wonder marks;

  ii) all tangible personal property at the Debtors'  
      corporate offices located at 1115 Broadway, New York,  
      New York; and

iii) certain leases and assumed contracts including, but not
      limited to the agreement of leases for the premises located
      at 1115 Broadway 3rd & 5th Floors in New York, New York
      10010, the International Brand expansion Agreement
      dated June 2, 2014, between C. Wonder Asia Limited and Store
      Specialties, Inc. and the International Brand expansion
      Agreement dated November 2013 between CW Holland LLC
      and AL Tayer Trends LLC.

The Debtors said they have entered into an asset purchase agreement
with Burch Acquisition LLC to purchase the assets for the aggregate
purchase price of $2,080,000, but that sale is subject to higher
and better qualified bids and the Auction.

All interested buyers must file their bids no later than 5:00 p.m.
(Eastern Standard Time) on March 9, 2015, followed by an auction on
March 11, 2015, at 10:00 a.m. (Eastern Standard Time) at the
offices of Cole Schotz P.C., Court Plaza North, 25 Main Street in
Hackensack, New Jersey.

A sale hearing is slated on March 17, 2015, at 1:00 p.m. (Eastern
Standard Time) at the U.S. Bankruptcy Court, Martin Luther King,
Jr., Federal Building, 50 Walnut Street, Third Floor in Newark, New
York.

The successful bidder for the Debtors' assets will be required to
consummate by March 31, 2015, not later than 11:59 p.m. (Eastern
Standard Time).

                           About C. Wonder

Founded by J. Christopher Burch in 2010, C. Wonder is a specialty
retailer with retail stores in the United States.  With
headquarters in New York, the company sells women's clothing,
jewelry, shoes, handbags and other accessories as well as select
home goods under the C. Wonder brand.  The Company maintains two
distribution centers in New Jersey.

The Company opened its first retail store in New York in 2011.  By
2014, the Company had expanded its operations to include 29
locations across 13 states including its flagship location in Soho,
New York.  Amid mounting losses, C. Wonder closed 16 of its retail
stores by the end of 2014.   C. Wonder closed 9 additional stores
in January 2015.  As of the bankruptcy filing, C. Wonder had four
retail stores in the U.S. (Soho, Flat Iron, Time Warner Center and
Manhasset).

C. Wonder LLC and its affiliates sought Chapter 11 bankruptcy
protection (Bankr. D.N.J. Lead Case No. 15-11127) in Trenton, New
Jersey on Jan. 22, 2015.  The cases are assigned to Judge Michael
B. Kaplan.

The Debtors have tapped Cole, Schotz, Meisel, Forman & Leonard,
P.A., as counsel, and Marotta, Gund, Budd & Dzera, LLC, as crisis
management services provider.

As of the Filing Date, the Debtors had assets with a book value of
$43.7 million and liabilities of $61.0 million.


CAL DIVE: FMR LLC Reports 6.1% Stake as of Dec. 31
--------------------------------------------------
FMR LLC, Edward C. Johnson 3d and Abigail P. Johnson jointly filed
a Schedule 13G with the U.S. Securities and Exchange Commission to
report that as of Dec. 31, 2014, they each own 6,065,300 shares of
common stock of Cal Dive which represents 6.1 percent of the shares
outstanding.  Fidelity Low-Priced Stock Fund also disclosed
ownership of 5,824,300 common shares as of that date.

Edward C. Johnson 3d is a director and the chairman of FMR
LLC and Abigail P. Johnson is a director, the vice chairman, the
chief executive officer and the president of FMR LLC.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/4wdwtX

                  About Cal Dive International, Inc.

Cal Dive International, Inc., headquartered in Houston, Texas, is a
marine contractor that provides manned diving, pipelay and pipe
burial, platform installation and salvage, and light well
intervention services to the offshore oil and natural gas industry
on the Gulf of Mexico OCS, Northeastern U.S., Latin America,
Southeast Asia, China, Australia, West Africa, the Middle East, and
Europe, with a diversified fleet of dive support vessels and
construction barges.

As reported by the TCR on Jan. 19, 2015, Cal Dive had decided not
to pay approximately $2.2 million in interest due Jan. 15, 2015, on
its 5.00% convertible senior notes due 2017.  Under the terms of
the indenture governing the Notes, the Company has a 30-day grace
period during which it may elect to make the interest payment
without being in default for non-payment.


CAL DIVE: Huber Capital Reports 19% Stake as of Dec. 31
-------------------------------------------------------
Huber Capital Management, LLC, disclosed in a Schedule 13G filed
with the U.S. Securities and Exchange Commission that as of Dec.
31, 2014, it beneficially owned 19,290,710 shares of common stock
of Cal Dive International Inc. representing 19.57 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/CkCvip

                About Cal Dive International, Inc.

Cal Dive International, Inc., headquartered in Houston, Texas, is a
marine contractor that provides manned diving, pipelay and pipe
burial, platform installation and salvage, and light well
intervention services to the offshore oil and natural gas industry
on the Gulf of Mexico OCS, Northeastern U.S., Latin America,
Southeast Asia, China, Australia, West Africa, the Middle East, and
Europe, with a diversified fleet of dive support vessels and
construction barges.

As reported by the TCR on Jan. 19, 2015, Cal Dive had decided not
to pay approximately $2.2 million in interest due Jan. 15, 2015, on
its 5.00% convertible senior notes due 2017.  Under the terms of
the indenture governing the Notes, the Company has a 30-day grace
period during which it may elect to make the interest payment
without being in default for non-payment.


CAL DIVE: Rutabaga Capital Stake Down to 0% as of Feb. 12
---------------------------------------------------------
Rutabaga Capital Management disclosed in a Schedule 13G filed with
the U.S. Securities and Exchange Commission that as of Feb. 12,
2015, it has ceased to be the beneficial owner of more than five
percent of common stock of Cal Dive International Inc.  A copy of
the regulatory filing is available at http://is.gd/Sy7bSH

                  About Cal Dive International, Inc.

Cal Dive International, Inc., headquartered in Houston, Texas, is a
marine contractor that provides manned diving, pipelay and pipe
burial, platform installation and salvage, and light well
intervention services to the offshore oil and natural gas industry
on the Gulf of Mexico OCS, Northeastern U.S., Latin America,
Southeast Asia, China, Australia, West Africa, the Middle East, and
Europe, with a diversified fleet of dive support vessels and
construction barges.

As reported by the TCR on Jan. 19, 2015, Cal Dive had decided not
to pay approximately $2.2 million in interest due Jan. 15, 2015, on
its 5.00% convertible senior notes due 2017.  Under the terms of
the indenture governing the Notes, the Company has a 30-day grace
period during which it may elect to make the interest payment
without being in default for non-payment.


CAL DIVE: Towle & Co. No Longer Owns Shares as of Dec. 31
---------------------------------------------------------
Towle & Co. disclosed in a Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, it did
not beneficially own any shares of common stock of
Cal Dive International, Inc.  A copy of the regulatory filing is
available for free at http://is.gd/3RhFwQ

                 About Cal Dive International, Inc.

Cal Dive International, Inc., headquartered in Houston, Texas, is a
marine contractor that provides manned diving, pipelay and pipe
burial, platform installation and salvage, and light well
intervention services to the offshore oil and natural gas industry
on the Gulf of Mexico OCS, Northeastern U.S., Latin America,
Southeast Asia, China, Australia, West Africa, the Middle East, and
Europe, with a diversified fleet of dive support vessels and
construction barges.

As reported by the TCR on Jan. 19, 2015, Cal Dive had decided not
to pay approximately $2.2 million in interest due Jan. 15, 2015, on
its 5.00% convertible senior notes due 2017.  Under the terms of
the indenture governing the Notes, the Company has a 30-day grace
period during which it may elect to make the interest payment
without being in default for non-payment.


CANCER GENETICS: Bank of Montreal Reports 6.6% Stake as of Dec. 31
------------------------------------------------------------------
Bank of Montreal reported beneficial ownership, as of Dec. 31,
2014, of 648,861 shares of common stock of Cancer Genetics, Inc.,
which represents 6.67 percent of the shares outstanding.  The
shares are held indirectly by the Reporting Person's subsidiaries,
BMO Asset Management Corp. and BMO Harris Bank N.A.  A copy of the
Schedule 13G is available for free at http://is.gd/X5B2rD

                       About Cancer Genetics

Rutherford, N.J.-based Cancer Genetics, Inc., is an early-stage
diagnostics company focused on developing and commercializing
proprietary genomic tests and services to improve and personalize
the diagnosis, prognosis and response to treatment (theranosis) of
cancer.

Cancer Genetics reported a net loss of $12.4 million in 2013
following a net loss of $6.66 million in 2012.  For the nine
months ended Sept. 30, 2014, the Company reported a net loss of
$11.5 million.  The Company's balance sheet at Sept. 30, 2014,
showed $51.6 million in total assets, $13.6 million in total
liabilities and $38.02 million in total stockholders' equity.


CAPITOL CITY BANK: First-Citizens Assumes All of Deposits
---------------------------------------------------------
Capitol City Bank & Trust Company, Atlanta, Georgia, was closed on
Feb. 13, 2015, by the Georgia Department of Banking & Finance,
which appointed the Federal Deposit Insurance Corporation (FDIC) as
receiver.  To protect the depositors, the FDIC entered into a
purchase and assumption agreement with First-Citizens Bank & Trust
Company, Raleigh, North Carolina, to assume all of the deposits of
Capitol City Bank & Trust Company.

The eight former branches of Capitol City Bank & Trust Company will
reopen during normal business hours.  The failed bank will operate
as Capitol City Bank & Trust, a division of First-Citizens Bank &
Trust Company.  Depositors of Capitol City Bank & Trust Company
will automatically become depositors of First-Citizens Bank & Trust
Company.  Deposits will continue to be insured by the FDIC, so
there is no need for customers to change their banking relationship
in order to retain their deposit insurance coverage up to
applicable limits.  Customers of Capitol City Bank & Trust Company
should continue to use their current branch until they receive
notice from First-Citizens Bank & Trust Company that systems
conversions have been completed to allow full-service banking at
all branches of First-Citizens Bank & Trust Company.

Depositors of Capitol City Bank & Trust Company can continue to
access their money by writing checks or using ATM or debit cards.
Checks drawn on the bank will continue to be processed.  Loan
customers should continue to make their payments as usual.

As of December 31, 2014, Capitol City Bank & Trust Company had
approximately $272.3 million in total assets and $262.7 million in
total deposits.  In addition to assuming all of the deposits of
Capitol City Bank & Trust Company, First-Citizens Bank & Trust
Company agreed to purchase essentially all of the failed bank's
assets.

Customers with questions about the transaction should call the FDIC
toll-free at 1-800-895-3212. The phone number will be operational
Friday evening, Feb. 13, until 9:00 p.m., Eastern Standard Time
(EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from
noon to 6:00 p.m., EST; on Monday from 8:00 a.m. to 8:00 p.m., EST;
and thereafter from 9:00 a.m. to 5:00 p.m., EST. Interested parties
also can visit the FDIC's Web site at
https://www.fdic.gov/bank/individual/failed/capitolcity.html.
The FDIC estimates that the cost to the Deposit Insurance Fund
(DIF) will be $88.9 million.  Compared to other alternatives,
First-Citizens Bank & Trust Company's acquisition was the least
costly resolution for the FDIC's DIF.  Capitol City Bank & Trust
Company is the third FDIC-insured institution in the nation to fail
this year, and the first in Georgia.  The last FDIC-insured
institution closed in the state was Eastside Commercial Bank,
Conyers, on July 18, 2014.



CASH STORE: Default Status Report Per National Policy 12-203
------------------------------------------------------------
The Cash Store Financial Services Inc. provided a default status
report in accordance with the alternative information guidelines in
National Policy 12-203 Cease Trade Orders for Continuous Disclosure
Defaults.

On May 16, 2014, the Company announced that it was not able to file
an interim financial report and interim management's discussion and
analysis for the period ended March 31, 2014, together with the
related certifications of those interim filings (collectively the
"Continuous Disclosure Documents") by May 15, 2014, the deadline
prescribed by securities legislation.

Cease Trade Orders were issued by each of the Alberta Securities
Commission, the British Columbia Securities Commission and the
Ontario Securities Commission on May 30, 2014, June 2, 2014 and
June 18, 2014, respectively.  In accordance with National Policy
12-203, Cash Store Financial will cease issuing default status
reports, however, will continue to issue press releases as
required

Except as disclosed in previous press releases, there have been no
material changes to the information contained in the Default
Announcement nor any other changes required to be disclosed by
National Policy 12-203.

The Company will file the Continuous Disclosure Documents if it is
required to do so by the Ontario Superior Court of Justice
(Commercial List) pursuant to the Cash Store Financial's Companies'
Creditors Arrangement Act ("CCAA") proceedings.

The Monitor has filed with the Court periodic reports, which have
included Cash Store Financial's cash flow projections and other
financial information concerning the Company.  The Monitor's
reports, Court records and other details regarding the Company's
CCAA proceedings are available on the Monitor's Web site at
http://cfcanada.fticonsulting.com/cashstorefinancial/

                     About Cash Store Financial

Cash Store Financial and Instaloans primarily act as lenders to
facilitate short-term advances and provide other financial services
to income-earning consumers who may not be able to obtain them from
traditional banks.  Cash Store Financial also provides
private-label debit cards.

Cash Store Financial is not affiliated with Cottonwood Financial
Ltd. or the outlets Cottonwood Financial Ltd. operates in the
United States under the name "Cash Store".  Cash Store Financial
does not do business under the name "Cash Store" in the United
States and does not own or provide any consumer lending services in
the United States.

Cash Store Financial reported a net loss and comprehensive loss of
C$35.5 million for the year ended Sept. 30, 2013, as compared with
a net loss and comprehensive loss of C$43.5 million for the
year ended Sept. 30, 2012.  As of Sept. 30, 2013, the Company had
C$165 million in total assets, C$166 million in liabilities, and a
C$1.32 million shareholders' deficit.


CASH STORE: Obtains Permission to Change its Name
-------------------------------------------------
The Cash Store Financial Services Inc. has completed the sale of
lease rights and obligations for 45 retail locations across Canada,
together with certain related assets at those locations, to
easyfinancial Services Inc., a subsidiary of easyhome Ltd.  The
Transaction was previously announced on Jan. 19, 2015.

The Company also announced that it has obtained an order from the
Ontario Superior Court of Justice (Commercial List) permitting it
to change its name.  A name change is necessary because the words
"Cash Store" can no longer be used as part of the Company's name,
pursuant to the transaction with National Money Mart Company that
closed on February 6.  As there are certain restrictions in
applicable corporate statutes that limit the ability of the Company
to change its name without a court order, the Court's approval was
requested.  The Court authorized and directed the Company to change
its name and it will do so in due course.  The Court also extended
the Stay Period to March 6, 2015.

Further details regarding the Transaction and pending change to the
Company's name, along with other details regarding the Company's
Companies' Creditors Arrangement Act proceedings, are available on
the Monitor's Web site at
http://cfcanada.fticonsulting.com/cashstorefinancial. Cash Store
Financial will continue to provide updates on its restructuring and
the Transaction as matters advance.

                     About Cash Store Financial

Cash Store Financial and Instaloans primarily act as lenders to
facilitate short-term advances and provide other financial services
to income-earning consumers who may not be able to obtain them from
traditional banks.  Cash Store Financial also provides
private-label debit cards.

Cash Store Financial is not affiliated with Cottonwood Financial
Ltd. or the outlets Cottonwood Financial Ltd. operates in the
United States under the name "Cash Store".  Cash Store Financial
does not do business under the name "Cash Store" in the United
States and does not own or provide any consumer lending services in
the United States.

Cash Store Financial reported a net loss and comprehensive loss of
C$35.5 million for the year ended Sept. 30, 2013, as compared with
a net loss and comprehensive loss of C$43.5 million for the
year ended Sept. 30, 2012.  As of Sept. 30, 2013, the Company had
C$165 million in total assets, C$166 million in liabilities, and a
C$1.32 million shareholders' deficit.


CEC ENTERTAINMENT: Moody's Affirms 'B2' CFR, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service changed the rating outlook for CEC
Entertainment Inc. (CEC) to negative from stable. In addition,
Moody's affirmed CEC's B2 Corporate Family Rating (CFR), B2-PD
Probability of Default Rating (PDR), B1 senior secured bank ratings
and Caa1 senior unsecured note rating. Moody's also assigned CEC a
Speculative Grade Liquidity rating of SGL-1.

Ratings Rationale

The change in outlook to negative reflects CEC's operating
performance and credit metrics which to date have fallen short of
Moody's previous expectations. Weak same store sales performance,
higher lease adjusted leverage and more aggressive financial policy
towards acquisitions all contributed to an inability to reduce
leverage and strengthen coverage since Moody's initial ratings in
February 2014.

The B2 Corporate Family Rating reflects CEC's high leverage and
weak coverage, driven in part by persistently weak same store sales
performance and Moody's concern that soft consumer spending and
competition will continue to pressure earnings and debt protection
metrics. The ratings also incorporate the high seasonality of CEC's
earnings in the first quarter, store concentration in California
and Texas and an aggressive financial policy. The ratings are
supported by CEC's meaningful scale, reasonable level of brand
awareness, and very good liquidity.

Ratings affirmed are;

Corporate Family Rating of B2

Probability of Default Ratings of B2-PD

$150 million guaranteed senior secured revolver rated B1 (LGD3)

$760 million guaranteed senior secured term loan B rated B1 (LGD3)

$255 million senior unsecured notes rated Caa1 (LGD5)

Rating assigned;

Speculative Grade Liquidity rating of SGL-1

The negative outlook reflects CEC's weaker than expected operating
performance and higher lease adjusted debt levels that has resulted
in debt protection metrics that have not improved as previously
expected. The outlook also reflects Moody's view that soft consumer
spending and competitive pressures will make it difficult to
materially improve debt protection metrics through stronger
earnings growth alone over the intermediate term.

The SGL-1 Speculative Grade Liquidity rating indicates a very good
liquidity profile and reflects Moody's view that CEC's operating
cash flows and significant cash balances will be more than
sufficient to support all internal cash requirements including
interest expense, mandatory amortization and capital expenditures.
In addition, its $150 million guaranteed senior secured revolver,
which expires in February 2019 will provide a good source of
external liquidity.

Given CEC's high leverage and weak coverage, a higher rating over
the near term is unlikely. Factors that could result in a stable
outlook include a sustained improvement operating performance with
debt to EBITDA of well under 6.0 times and EBITA to interest in
over 1.5 times. Whereas, an upgrade would require debt to EBITDA of
under 5.0 times, EBITA coverage of interest of over 2.0 times, and
retained cash flow to debt of well over 10% on a sustained basis. A
higher rating would also require maintaining good liquidity.

Ratings could be downgraded in the event credit metrics failed to
strengthen from current levels. Specifically, a downgrade could
occur in the event debt to EBITDA failed to migrate towards 6.0
times or EBITA to interest didn't strengthen to around 1.5 times on
a sustained basis within the next 12 months. A material
deterioration in liquidity for any reason could also result in
negative ratings pressure.

CEC Entertainment, Inc., headquartered in Irving, Texas, owns,
operates, and franchises a total of 577 Chuck E. Cheese stores and
136 Peter Piper Pizza locations that provide family-oriented
entertainment. Annual revenues are approximately $900 million.

The principal methodology used in these ratings was Global
Restaurant Methodology published in June 2011. Other methodologies
used include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.



CEETOP INC: Clement C. W. Chan & Co. Resigns as Accountant
----------------------------------------------------------
Clement C. W. Chan & Co. tendered its resignation as Ceetop Inc.'s
independent registered public accounting firm effective Feb. 6,
2015.  According to a regulatory filing with the U.S. Securities
and Exchagne Commission, Clement C. W. Chan & Co's decision to
resign followed the expiry of audit services Clement C. W. Chan &
Co. provided to the Company as set out in the engagement letter
dated Dec. 14, 2013, and the Company's decision to engage another
independent auditing firm.

Clement C. W. Chan & Co.'s report on the Company's financial
statements for the years ended Dec. 31, 2013, and 2012
respectively, did not contain an adverse opinion or disclaimer of
opinion, and were not qualified or modified as to uncertainty,
audit scope, or accounting principles except that the auditor's
report on the Company's financial statements for the fiscal years
ended Dec. 31, 2013, and 2012 contained a going concern
qualification, noting that there was uncertainty whether the
Company was able to continue as a going concern as it depended on
(1) whether the Company was able to obtain additional funds from
its major shareholder and (2) whether the Company was able to
obtain subsidies from the Government of Guiyang.  

During the Company's two most recent fiscal years ended Dec. 31,
2013, and the interim period through the effective date of Clement
C. W. Chan & Co.'s resignation, (i) , there were no disagreements
between the Company and Clement C. W. Chan & Co. on any matter of
accounting principles or practices, financial statements
disclosure, or auditing scope or procedures.

On Feb. 6, 2015, the Company retained MJF & Associates, APC, to
serve as its principal independent accountant.  The determination
by the Company was made upon approval and recommendation of the
Company's Board of Directors.  

                        About Ceetop Inc.

Oregon-based Ceetop Inc., formerly known as China Ceetop.com,
Inc., owned and operated the online retail platform before 2013.
Due to excessive competition in online retail, the Company has
transformed itself into an integrated supply chain services
provider, and focuses on B to B supply chain management and
related value-added services among enterprises.

Ceetop reported a net loss of $2.88 million in 2013 following a
net loss of $1.39 million in 2012.  As of June 30, 2014, the
Company had $2.50 million in total assets, $545,000 in total
liabilities, all current, and $1.95 million in total stockholders'
equity.

Clement C. W. Chan & Co., in Hong Kong, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company incurred a net loss of $2.89 million for the year ended
Dec. 31, 2013, has accumulated deficit of $8.61 million at
Dec. 31, 2013.  These matters raise substantial doubt about the
Company's ability to continue as a going concern.



CHA CHA ENTERPRISES: Court Closes Chapter 11 Bankruptcy Case
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
issued a final decree closing the Chapter 11 case of Cha Cha
Enterprises LLC.

As reported in the Troubled Company Reporter on Feb. 6, 2015, the
Debtor sought from the Court a final decree closing its Chapter 11
bankruptcy case because the order confirming its plan is now final
and its case has been fully administered.

The TCR said the Debtor has made post-confirmation payments to the
holders of allowed administrative, secured and general unsecured
claims as authorized under its plan.  The Debtor noted it has also
transferred property and assigned leases as contemplated by the
plan.

In addition, the Debtor said it is current on all of its quarterly
post-confirmation financial reports and all U.S. Trustee fees have
been or will be paid prior to submission of the order for a final
decree and to close the case.  There are no outstanding motions,
contested matters, or adversary proceedings.  In sum, the
administration of the estate is essentially complete and the Debtor
does not anticipate the need for further Court jurisdiction over or
intervention in this case.

                    About Cha Cha Enterprises

Cha Cha Enterprises, LLC, is a California limited liability company
formed in 1998 to purchase a fee interest in property located at
1775 Story Road, San Jose, California and a leasehold interest in
property located at 1745 Story Road in San Jose.  Cha Cha's primary
business is the rental of real property.

Cha Cha filed a Chapter 11 petition (Bankr. N.D. Cal. Case No.
13-53894) on July 22, 2013.  The Debtor estimated at least $10
million in assets and liabilities.

An affiliate, Mi Pueblo San Jose, Inc., sought Chapter 11
protection (Case No. 13-53893) on the same day.  The cases are not
jointly administered.


CHINA GINSENG: Incurs $746,000 Net Loss in Second Quarter
---------------------------------------------------------
China Ginseng Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $746,000 on $147,000 of revenues for the three months
ended Dec. 31, 2014, compared to a net loss of $514,000 on $2.48
million of revenues for the same period a year ago.

For the six months ended Dec. 31, 2014, the Company reported a net
loss of $1.31 million on $152,000 of revenues compared to a net
loss of $770,300 on $2.54 million of revenues for the same period
during the prior year.

As of Dec. 31, 2014, China Ginseng had $9.03 million in total
assets, $15.8 million in total liabilities, and a $6.72 million
stockholders' deficit.

"Since our inception in 2004, we have been engaged in the business
of farming, processing, distribution and marketing of fresh
ginseng, dry ginseng, ginseng seeds, and seedlings.   Starting in
August 2010, we have gradually shifted the focus of our business
from direct sales of ginseng to canned ginseng juice and have
started to store our raw material and sell limited self-produced
ginseng.  We also purchase ginseng from outside sources, and then
resell them to generate revenue and those sales are based on the
order from the market.  However, due to the global recession and
local market conditions, demand for ginseng exports declined
beginning in 2008, creating a significant oversupply in China.  All
those factors caused us to have losses in recent years.  In
addition, market of ginseng products is very competitive; we need
to spend capital to promote our new products, and develop our
marketing plan.  There is no assurance that there will be
sufficient demand for our ginseng beverages to allow us to operate
profitably, or at all.  Our auditors have determined that we do not
currently have sufficient working capital necessary and have raised
substantial doubt about our ability to continue as a going concern.
As of Dec. 31, 2014, the cash balance on hand for the Company was
about $132,215," the Company stated in the Report.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/jcZpps

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $4.76 million on $2.61
million of revenue for the year ended June 30, 2014, compared to a
net loss of $3.64 million on $3.56 million of revenue for the year
ended June 30, 2013.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.  The independent auditors noted
that the Company has incurred an accumulated deficit of
$14.2 million since inception, has a working capital deficit of
$11.6 million, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully.  These conditions raise substantial
doubt about its ability to continue as a going concern.



CLIFFS NATURAL: Capital World Reports 9% Stake as of Dec. 31
------------------------------------------------------------
Capital World Investors, a division of Capital Research and
Management Company, is deemed to be the beneficial owner of
14,387,001 shares or 9.2% of the 155,716,932 shares believed to
be outstanding as a result of CRMC acting as investment adviser
to various investment companies registered under Section 8 of
the Investment Company Act of 1940.

Shares reported by Capital World, include 2,521,643 shares
resulting from the assumed conversion of 2,925,000 shares of the
Convertible Preferred Series A 7.00% due Feb. 1, 2016.

A full-text copy of the Schedule 13G as filed with the U.S.
Securities and Exchange Commission is available at:

                        http://is.gd/mcgjME

                   About Cliffs Natural Resources

Cliffs Natural Resources Inc. is a mining and natural resources
company.  The Company is a major supplier of iron ore pellets to
the U.S. steel industry from its mines and pellet plants located in
Michigan and Minnesota.  Cliffs also produces low-volatile
metallurgical coal in the U.S. from its mines located in West
Virginia and Alabama.  Additionally, Cliffs operates an iron ore
mining complex in Western Australia and owns two non-operating iron
ore mines in Eastern Canada. Driven by the core values of social,
environmental and capital stewardship, Cliffs' employees endeavor
to provide all stakeholders operating and financial transparency.

Other information on the Company are available at
http://www.cliffsnaturalresources.com/  

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain of
its affiliates, including Cliffs Quebec Iron Mining ULC commenced
restructuring proceedings in Montreal, Quebec, under the Companies'
Creditors Arrangement Act (Canada).  The initial CCAA order will
address the Bloom Lake Group's immediate liquidity issues and
permit the Bloom Lake Group to preserve and protect its assets for
the benefit of all stakeholders while restructuring and sale
options are explored.

                          *    *     *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'.  The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision of
the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions.  The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported on Dec. 10, 2014, that Moody's Investors Service
downgraded Cliffs Natural Resources Inc.'s Corporate Family Rating
(CFR) and Probability of Default Rating to Ba3 and Ba3-PD
respectively.  The downgrade in the CFR to Ba3 reflects Cliffs'
weak debt protection metrics as evidenced by the EBIT/interest
ratio of 1.1x for the twelve months ended September 30, 2014 and
increasing leverage position.


CLIFFS NATURAL: Teachers Advisors Stake Down to 0.21% as of Dec. 31
-------------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Teachers Advisors, Inc., disclosed that as of
Dec. 31, 2014, it beneficially owned 317,397 shares of common stock
of Cliffs Natural Resources Inc. representing .21 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/VUgyKn

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. is a mining and natural resources
company.  The Company is a major supplier of iron ore pellets to
the U.S. steel industry from its mines and pellet plants located in
Michigan and Minnesota.  Cliffs also produces low-volatile
metallurgical coal in the U.S. from its mines located in West
Virginia and Alabama.  Additionally, Cliffs operates an iron ore
mining complex in Western Australia and owns two non-operating iron
ore mines in Eastern Canada. Driven by the core values of social,
environmental and capital stewardship, Cliffs' employees endeavor
to provide all stakeholders operating and financial transparency.

Other information on the Company are available at
http://www.cliffsnaturalresources.com/  

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain of
its affiliates, including Cliffs Quebec Iron Mining ULC commenced
restructuring proceedings in Montreal, Quebec, under the Companies'
Creditors Arrangement Act (Canada).  The initial CCAA order will
address the Bloom Lake Group's immediate liquidity issues and
permit the Bloom Lake Group to preserve and protect its assets for
the benefit of all stakeholders while restructuring and sale
options are explored.

                          *    *     *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'.  The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision of
the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions.  The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported on Dec. 10, 2014, that Moody's Investors Service
downgraded Cliffs Natural Resources Inc.'s Corporate Family Rating
(CFR) and Probability of Default Rating to Ba3 and Ba3-PD
respectively.  The downgrade in the CFR to Ba3 reflects Cliffs'
weak debt protection metrics as evidenced by the EBIT/interest
ratio of 1.1x for the twelve months ended September 30, 2014 and
increasing leverage position.


CLIFFS NATURAL: TIAA-CREF Reports 1.12% Stake as of Dec. 31
-----------------------------------------------------------
TIAA-CREF Investment Management, LLC, disclosed in an amended
Schedule 13G filed with the U.S. Securities and Exchange Commission
that as of Dec. 31, 2014, it beneficially owned
1,715,033 shares of common stock of Cliffs Natural Resources Inc.
representing 1.12 percent of the shares outstanding.  A full-text
copy of the regulatory filing is available for free at:

                        http://is.gd/MZgFxQ

                   About Cliffs Natural Resources

Cliffs Natural Resources Inc. is a mining and natural resources
company.  The Company is a major supplier of iron ore pellets to
the U.S. steel industry from its mines and pellet plants located in
Michigan and Minnesota.  Cliffs also produces low-volatile
metallurgical coal in the U.S. from its mines located in West
Virginia and Alabama.  Additionally, Cliffs operates an iron ore
mining complex in Western Australia and owns two non-operating iron
ore mines in Eastern Canada. Driven by the core values of social,
environmental and capital stewardship, Cliffs' employees endeavor
to provide all stakeholders operating and financial transparency.

Other information on the Company are available at
http://www.cliffsnaturalresources.com/  

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain of
its affiliates, including Cliffs Quebec Iron Mining ULC commenced
restructuring proceedings in Montreal, Quebec, under the Companies'
Creditors Arrangement Act (Canada).  The initial CCAA order will
address the Bloom Lake Group's immediate liquidity issues and
permit the Bloom Lake Group to preserve and protect its assets for
the benefit of all stakeholders while restructuring and sale
options are explored.

                          *    *     *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'.  The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision of
the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions.  The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported on Dec. 10, 2014, that Moody's Investors Service
downgraded Cliffs Natural Resources Inc.'s Corporate Family Rating
(CFR) and Probability of Default Rating to Ba3 and Ba3-PD
respectively.  The downgrade in the CFR to Ba3 reflects Cliffs'
weak debt protection metrics as evidenced by the EBIT/interest
ratio of 1.1x for the twelve months ended September 30, 2014 and
increasing leverage position.


CLIFFS NATURAL: Vanguard Group Reports 5.7% Stake as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, The Vanguard Group disclosed that as of
Dec. 31, 2014, it beneficially owned 8,869,664 shares of commo
stock of Cliffs Natural Resources Inc. representing 5.78 percent of
the shares outstanding.

Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of
Vanguard Group, is the beneficial owner of 88,804 shares or .05% of
the Common Stock outstanding of the Company as a result of its
serving as investment manager of collective trust accounts.

Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of
Vanguard Group, is the beneficial owner of 10,500 shares or 0% of
the Common Stock outstanding of the Company as a result of its
serving as investment manager of Australian investment offerings.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/veIiBT

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. is a mining and natural resources
company.  The Company is a major supplier of iron ore pellets to
the U.S. steel industry from its mines and pellet plants located in
Michigan and Minnesota.  Cliffs also produces low-volatile
metallurgical coal in the U.S. from its mines located in West
Virginia and Alabama.  Additionally, Cliffs operates an iron ore
mining complex in Western Australia and owns two non-operating iron
ore mines in Eastern Canada. Driven by the core values of social,
environmental and capital stewardship, Cliffs' employees endeavor
to provide all stakeholders operating and financial transparency.

Other information on the Company are available at
http://www.cliffsnaturalresources.com/  

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain of
its affiliates, including Cliffs Quebec Iron Mining ULC commenced
restructuring proceedings in Montreal, Quebec, under the Companies'
Creditors Arrangement Act (Canada).  The initial CCAA order will
address the Bloom Lake Group's immediate liquidity issues and
permit the Bloom Lake Group to preserve and protect its assets for
the benefit of all stakeholders while restructuring and sale
options are explored.

The Company reported a net loss of $8.27 billion in 2014 following
net income of $361.8 million in 2013.

As of Dec. 31, 2014, the Company had $3.19 billion in total assets,
$4.89 billion in total liabilities and a $1.69 billion total
deficit.

                          *    *     *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'.  The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision of
the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions.  The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported on Dec. 10, 2014, that Moody's Investors Service
downgraded Cliffs Natural Resources Inc.'s Corporate Family Rating
(CFR) and Probability of Default Rating to Ba3 and Ba3-PD
respectively.  The downgrade in the CFR to Ba3 reflects Cliffs'
weak debt protection metrics as evidenced by the EBIT/interest
ratio of 1.1x for the twelve months ended September 30, 2014 and
increasing leverage position.


COATES INTERNATIONAL: Two Directors Quit
----------------------------------------
Dr. Richard W. Evans, director and corporate secretary of Coates
International, Ltd., voluntarily retired from his positions with
the Company after more than 20 years of service.  In addition, Dr.
Michael J. Suchar, director has tendered his resignation from the
Board after almost 20 years of service.  Both resignations were
effective as of Feb. 5, 2015.

"Management of the Corporation wishes to express its gratitude for
their many years of distinguished service and contributions over
the years.  Both Dr. Evans and Dr. Suchar have offered to make
themselves available to consult with the Company from time to
time," according to a Form 8-K filed with the U.S. Securities and
Exchange Commission.

                     About Coates International

Based in Wall Township, N.J., Coates International, Ltd.
(OTC BB: COTE) -- http://www.coatesengine.com/-- was
incorporated on Aug. 31, 1988, for the purpose of researching,
patenting and manufacturing technology associated with a spherical
rotary valve system for internal combustion engines.  This
technology was developed over a period of 15 years by Mr. George
J. Coates, who is the President and Chairman of the Board of the
Company.

The Coates Spherical Rotary Valve System (CSRV) represents a
revolutionary departure from the conventional poppet valve.  It
changes the means of delivering the air and fuel mixture to the
firing chamber of an internal combustion engine and of expelling
the exhaust produced when the mixture ignites.

Coates International reported a net loss of $2.75 million on
$19,200 of total revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $4.53 million on $19,200 of total
revenues for the year ended Dec. 31, 2012.

The Company's balance sheet at Sept. 30, 2014, the Company had
$2.74 million in total assets, $8.35 million in total liabilities
and a $5.61 million total stockholders' deficiency.

Cowan, Gunteski & Co., P.A., in Tinton Falls, New Jersey, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company continues to have negative cash
flows from operations, recurring losses from operations, and a
stockholders' deficiency.


COMSTOCK MINING: Solus Alternative Reports 3.9% Stake as of Dec. 31
-------------------------------------------------------------------
Solus Alternative Asset Management LP, Solus GP LLC and Mr.
Christopher Pucillo disclosed that as of Dec. 31, 2014, they
beneficially owned 3,409,828 shares of common stock of
Comstock Mining Inc. representing 3.98 percent of the shares
outstanding.  A copy of the regulatory filing is available at:

                       http://is.gd/vCwKER

                       About Comstock Mining

Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based,
gold and silver mining company with extensive, contiguous property
in the historic Comstock district.  The Company began acquiring
properties in the Comstock in 2003.  Since then, the Company has
consolidated a substantial portion of the Comstock district,
secured permits, built an infrastructure and brought the
exploration project into test mining production.  The Company
continues acquiring additional properties in the Comstock
district, expanding its footprint and creating opportunities for
exploration and mining.  The goal of the Company's strategic plan
is to deliver stockholder value by validating qualified resources
(measured and indicated) and reserves (probable and proven) of
3,250,000 gold equivalent ounces by 2013, and commencing
commercial mining and processing operations by 2011, with annual
production rates of 20,000 gold equivalent ounces.

Comstock Mining reported a net loss available to common
shareholders of $13.3 million on $25.6 million of total revenues
for the year ended Dec. 31, 2014, compared to a net loss available
to common shareholders of $25.4 million on $24.8 million of total
revenues for the year ended Dec. 31, 2013.  The Company reported a
net loss available to common shareholders of $35.1 million in
2011.

As of Dec. 31, 2014, the Company had $46.4 million in total assets,
$24.2 million in liabilities and $22.2 million in total
stockholders' equity.


CRYOPORT INC: Cranshire Capital Reports 5.4% Stake as of Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Cranshire Capital Advisors, LLC, and Mitchell
P. Kopin disclosed that as of Dec. 31, 2014, they beneficially
owned 3,458,716 shares of common stock of Cryoport, Inc.,
representing 5.4 percent of the shares outstanding.  A full-text
copy of the regulatory filing is available at http://is.gd/RaYIoJ

                          About Cryoport

Lake Forest, Calif.-based CryoPort, Inc. (OTC BB: CYRX) provides
comprehensive solutions for frozen cold chain logistics, primarily
in the life science industries.  Its solutions afford new and
reliable alternatives to currently existing products and services
utilized for bio-pharmaceuticals and biologics, including in-vitro
fertilization, cell lines, vaccines, tissue and other commodities
requiring a reliable frozen solution.

Cryoport reported a net loss of $19.56 million on $2.65 million of
revenues for the year ended March 31, 2014, as compared with a net
loss of $6.38 million on $1.10 million of revenues for the year
ended March 31, 2013.

The Company's balance sheet at Dec. 31, 2014, showed $1.87 million
in total assets, $2.98 million in total liabilities, and a
stockholders' deficit of $1.12 million.

KMJ Corbin & Company LLP, in Costa Mesa, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended March 31, 2014.  The independent
auditors noted that the Company has incurred recurring operating
losses and has had negative cash flows from operations since
inception.  Although the Company has cash and cash equivalents of
$369,581 at March 31, 2014, management has estimated that cash on
hand, which include proceeds from convertible bridge notes
received in the fourth quarter of fiscal 2014, will only be
sufficient to allow the Company to continue its operations into
the second quarter of fiscal 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors maintained.


CUMULUS MEDIA: Ares Management Owns 4.9% of Class A Shares
----------------------------------------------------------
Ares Management LLC and Ares Management Holdings L.P. beneficially
owned 11,406,647 shares of Class A common stock of Cumulus Media
Inc. as of Dec. 31, 2014.  The shares represent 4.9 percent based
on an aggregate of 231,555,276 shares of Class A Common Stock
outstanding as of Oct. 21, 2014, as reported by the Issuer on its
Form 10-Q for the period ending Sept. 30, 2014.  A full-text copy
of the Schedule 13G/A is available at http://is.gd/OYL6v5

                         About Cumulus Media

Cumulus Media Inc. (CMLS) combines high-quality local programming
with iconic, nationally syndicated media, sports and entertainment
brands in order to deliver premium choices for listeners, provide
substantial reach for advertisers and create opportunities for
shareholders.  As the largest pure-play radio broadcaster in the
United States, Cumulus provides exclusive content that is fully
distributed through approximately 460 owned-and-operated stations
in 90 U.S. media markets (including eight of the top 10), more
than 10,000 broadcast radio affiliates and numerous digital
channels.  Cumulus is well-positioned in the widening digital
audio space through a significant stake in the Rdio digital music
service, featuring 30 million songs on-demand in addition to
custom playlists and exclusive curated channels.  Cumulus is also
the leading provider of country music and lifestyle content
through its NASH brand, which will serve country fans through
radio programming, NASH magazine, concerts, licensed products and
television/video. For more information, visit www.cumulus.com

Cumulus Media put AR Broadcasting Holdings Inc. and three other
units to Chapter 11 protection (Bankr. D. Del. Lead Case No.
11-13674) in 2011 after struggling to pay off debts that topped
$97 million as of June 30, 2011.

Cumulus Media reported net income attributable to common
shareholders of $165.40 million in 2013 following a net loss
attributable to common shareholders of $54.16 million in 2012.

As of Sept. 30, 2014, the Company had $3.74 billion in total
assets, $3.21 billion in total liabilities and $533.22 million in
total stockholders' equity.

                        Bankruptcy Warning

"The lenders under the Credit Agreement have taken security
interests in substantially all of our consolidated assets, and we
have pledged the stock of certain of our subsidiaries to secure
the debt under the Credit Agreement.  If the lenders accelerate
the required repayment of borrowings, we may be forced to
liquidate certain assets to repay all or part of such borrowings,
and we cannot assure you that sufficient assets will remain after
we have paid all of the borrowings under such Credit Agreement.
If we were unable to repay those amounts, the lenders could
proceed against the collateral granted to them to secure that
indebtedness and we could be forced into bankruptcy or
liquidation," the Company said in the 2013 Annual Report.

                           *     *     *

Standard & Poor's Ratings Services, in September 2014, revised its
rating outlook on Atlanta, Ga.-based Cumulus Media Inc. to stable
from positive.  S&P also affirmed its 'B' corporate credit and
existing debt ratings on the company.

As reported by the TCR on April 3, 2013, Moody's Investors Service
downgraded Cumulus Media, Inc.'s Corporate Family Rating to B2
from B1 and Probability of Default Rating to B2-PD from B1-PD.
The downgrades reflect Moody's view that the pace of debt
repayment and delevering will be slower than expected.  Although
EBITDA for 4Q2012 reflects growth over the same period in the
prior year, results fell short of Moody's expectations.


D.R. HORTON: Fitch Assigns 'BB+' Rating on New Sr. Notes Due 2020
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to D.R. Horton, Inc.'s
(NYSE: DHI) proposed offering of senior unsecured notes due 2020.
This issue will be rated on a pari passu basis with all other
senior unsecured debt.  Net proceeds from the notes offerings will
be used for general corporate purposes.

The Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings for DHI reflect the company's successful execution of
its business model, steady capital structure, and geographic and
product line diversity.  The company was an active consolidator in
the homebuilding industry in the past, but has been much less
acquisitive over the past 10 years and it appears that the company
will continue to be focused principally on harvesting the
opportunities within its current and adjacent markets.

The ratings also reflect the company's relatively heavy speculative
building activity (at times averaging 50%-60% of total inventory
and 58% at Dec. 31, 2014).  Historically, the company built a
significant number of its homes on a speculative basis (i.e. begun
construction before an order was in hand).  DHI successfully
executed this strategy in the past, including during the severe
housing downturn.  Nevertheless, Fitch is somewhat more comfortable
with the more moderate spec targets of 2004 and 2005, when spec
inventory accounted for roughly 35%-40% of homes under
construction.

The Stable Outlook takes into account further moderate improvement
in the housing market in 2015 and the potential for share gains by
DHI and hence volume outperformance relative to industry trends.
The Outlook also considers the company's above-average performance
from credit and operating perspectives during much of the past
housing downturn and so far in the recovery.  DHI was one of the
few public builders profitable in 2010 and 2011.  The company
reported solid profits in 2012, 2013 and 2014, and should report
stronger pretax and net income this fiscal year.  DHI was the
second builder to reverse its substantial federal deferred tax
asset allowance (during FY 2012).

THE COMPANY

D.R. Horton was established in 1978 and completed its initial
public offering in 1992.  DHI has grown quite rapidly since its
beginnings.  From 1978 to 1987 its activities were exclusively in
the Dallas/Ft. Worth area.  The company has entered 77 markets
since then through a combination of 'greenfield' entries and
acquisitions.  Since 1978, DHI has made 20 acquisitions, almost all
of these during the 1994-2002 period.

DHI acquired the homebuilding operations of Breland Homes in August
2012 for $105.9 million in cash.  Breland Homes operated in
Huntsville and Mobile in Alabama and along the gulf coast of
Mississippi.  In October 2013, the company acquired the
homebuilding operations of Regent Homes, Inc. for $34.5 million
cash.  Regent operated in Charlotte, Greensboro and Winston-Salem,
N.C. DHI acquired Crown Communities, the largest builder in
Atlanta, on May 9, 2014.

In calendar 2014, DHI was ranked the largest homebuilder in the
U.S. based on closings and revenues, holding the #1 position based
on home closings since 2002.  The company has made only three
acquisitions since 2003 and it appears that DHI may remain less
acquisitive in the future as it focuses on harvesting the
opportunities within its current and adjacent markets.  The company
operates in 27 states and 79 markets in the U.S. and has 38
homebuilding operating divisions.

IMPROVING HOUSING MARKET

Housing metrics grew in 2014 due to more robust economic growth
during the last three quarters of the year (prompted by improved
household net worth, industrial production and consumer spending),
and consequently, acceleration in job growth slowed (as
unemployment rates decreased to 6.2% for 2014 from an average of
7.4% in 2013), despite modestly higher interest rates, as well as
more measured home price inflation.  A combination of tax increases
and spending cuts in 2013 shaved about 1.5 percentage points (pp)
off annual economic growth, according to the Congressional Budget
Office.  Many forecasters estimate the fiscal drag in 2014 was only
about 0.25%.

Single-family starts in 2014 improved 4.9% to 648,000 as
multifamily volume grew 16.4% to 357,800.  Thus, total starts in
2014 were 1.006 million.  New home sales increased 1.2% to 435,000,
while existing home volume was off 3.1% to 4.93 million largely due
to fewer distressed homes for sale and limited inventory.

New-home price inflation moderated in 2014, at least partially
because of higher interest rates and buyer resistance.  Average
new-home prices rose 5.7% in 2014, while median home prices
advanced approximately 5.5%.

Housing activity is likely to ratchet up more sharply in 2015 with
the support of a steadily growing, relatively robust economy
throughout the year.  Considerably lower oil prices should restrain
inflation and leave American consumers with more money to spend.
The unemployment rate should continue to move lower (5.8% in 2015).
Credit standards should steadily ease moderately throughout 2015.
Demographics should be more of a positive catalyst.  More of those
younger adults who have been living at home should find jobs, and
these 25 to 35 year-olds should provide some incremental elevation
to the rental and starter home markets.

This year single-family starts are forecast to rise about 17.5% to
762,000 as multifamily volume expands about 7% to 383,000.  Total
starts would be in excess of 1.1 million.  New-home sales are
projected to increase 18% to 513,000.  Existing home volume is
expected to approximate 5.14 million, up 4.3%.

New-home price inflation should further taper off with higher
interest rates and the mix of sales shifting more to first-time
homebuyer product.  Average and median home prices should increase
2.2%-2.7%.

FINANCIALS

DHI successfully managed its balance sheet during the housing
downturn and generated significant operating cash flow.  DHI had
been aggressively reducing its debt during the downturn and early
in the recovery.  Homebuilding debt declined from roughly $5.5
billion at June 30, 2006 to $1.58 billion as of Dec. 31, 2011, a
71% reduction.

More recently, DHI has been responding to the stronger housing
market, expanding inventories and increasing leverage. Homebuilding
debt at the end of the fiscal 2015 first quarter was $3.40
billion.

As of Dec. 31, 2014, debt/capitalization was 39.3%. Net
debt/capitalization was 35.4% at the end of fiscal 2015 first
quarter.  Debt-to-EBITDA has improved from 5.7x at Sept. 30, 2012
to 4.0x at Sept. 30, 2013 and 3.3x at Sept. 30, 2014 and Dec. 31,
2014.  Funds from operations (FFO) adjusted leverage was 6.6x at
the end of fiscal 2012 and is currently 4.6x.  Interest coverage
rose from 3.35x at the end of fiscal 2012 to 4.75x in 2013 and 5.9x
at the end of the fiscal 2015 first quarter.  Fitch projects that
debt-to-EBITDA should be just below 3x by the conclusion of 2015.
Fitch also projects that at the end of 2015 interest coverage
should come close to 6.5x.

DHI's earlier debt reduction was accomplished through debt
repurchases, maturities and early redemptions.  Approximately $158
million in debt will mature on Feb. 15, 2015.

DHI has solid liquidity with unrestricted homebuilding cash and
equivalents of $517.7 million as of Dec. 31, 2014.

On Sept. 7, 2012, DHI entered into a new $125 million five-year
unsecured revolving credit facility.  In early November 2012, the
company announced that it had received additional lending
commitments, increasing the capacity of the facility to $600
million.  Currently, the facility size is $975 million with an
uncommitted accordion feature that could increase the size of the
facility to $1.25 billion, subject to certain conditions and
availability of additional bank commitments.

The facility also provides for the issuance of letters of credit
(LOCs).  LOCs issued under the facility reduce available borrowing
capacity.  The maturity date of the facility is Sept. 7, 2019.  At
Dec. 31, 2014, there were $375 million of borrowings outstanding
and $94 million of LOCs issued under the revolving credit
facility.

In early December 2012, DHI declared a cash dividend of $0.15 per
share.  This dividend was in lieu of and accelerated the payment of
all quarterly dividends that the company would have otherwise paid
in calendar 2013.  DHI resumed its normal quarterly cash dividends
in calendar 2014.

REAL ESTATE

DHI spent $2.3 billion on real estate in 2014: $1.4 billion on land
and $0.9 billion on development.  The company expended $2 billion
on land/lots in 2013 and spent about $640 million on development
activities.  DHI purchased $1.1 billion of land and lots in 2012
and spent approximately $300 million on land development.  The
company spent $790 million on land and development activities in
2011, and about $830 million during 2010, compared with $380
million paid in 2009.  During the peak of the housing cycle, DHI
spent $5.2 billion annually.

During the first quarter of fiscal 2015, the company committed
roughly $550 million on real estate activities (55% on land and 45%
on development).  Fitch expects that land and development spending
will approximate $2.2 to 2.4 billion for full-year fiscal 2015 with
almost 60% for land and lots and roughly 40% for development
activities.

DHI maintains a 6.1-year supply of lots (based on LTM deliveries),
67.4% of which are owned and the balance controlled through
options.  The options share of total lots controlled is down
sharply over the past six years as the company has written off
substantial numbers of options and land owners are less inclined to
use options.  Fitch expects DHI to continue adding to its land
position and increasing its community count.  The primary focus
will be optioning (or in some cases, purchasing for cash) or
developing finished lots in relatively small phases, wherein DHI
can get a faster return of its capital.

DHI's cash flow from operations during fiscal 2014 (ending
Sept. 30, 2014) was a negative $661.4 million.  In fiscal 2015,
Fitch expects DHI to be cash flow neutral despite the company
continuing to spend substantial amounts on land and development
activities.

RATING SENSITIVITIES

Future ratings and Outlooks will be influenced by broad housing
market trends as well as company-specific activity, such as:

   -- Trends in land and development spending;
   -- General inventory levels;
   -- Speculative inventory activity (including the impact of high

      cancellation rates on such activity);
   -- Gross and net new order activity;
   -- Debt levels;
    -- Free cash flow trends and uses;
    --DHI's cash position.

Fitch would consider taking further positive rating actions if the
recovery in housing persists or accelerates and DHI shows steady
improvement in credit metrics (such as debt-to-EBITDA leverage
approaching 2x and sustaining at that level), while maintaining a
healthy liquidity position (in excess of $1 billion in a
combination of cash and revolver availability).

Conversely, negative rating actions could occur if the recovery in
housing dissipates and DHI maintains an overly aggressive land and
development spending program.  This could lead to sharp declines in
profitability, consistent and significant negative quarterly cash
flow from operations, and meaningfully diminished liquidity
position (below $500 million).

Fitch currently rates DHI as:

   -- Long-term IDR 'BB+';
   -- Senior unsecured debt 'BB+'.

The Rating Outlook is Stable.



DANA CORP: Obtains Dismissal of 146 Asbestos Suits in Delaware
--------------------------------------------------------------
Judge Eric M. Davis of the Superior Court of Delaware, New Castle
County, granted Dana Companies' motion to dismiss a multi-case
asbestos litigation based on lack of personal jurisdiction, after
holding that (i) Dana Companies was formed under Virginia Law,
which expressly treats limited liability companies and members of
LLCs as separate entities, and (ii) as established in Ali v.
Beachcraft Corp., the Court does not have subject matter
jurisdiction to pierce the corporate veil and the Court has not
been presented with any evidence that clearly shows that Dana
Companies is an alter ego or a mere instrumentality of Dana
Holdings.  The multi-case asbestos litigation involves 146 asbestos
cases.

Dana Companies' predecessor was Dana Corporation, an auto-parts
manufacturer incorporated under the laws of Virginia, which entered
Chapter 11 bankruptcy in 2006.  Dana Corporation was an original
equipment manufacturer and supplier, which meant that their
products would be sold directly to vehicle manufacturers such as
Ford, Chrysler, and John Deere.

The case is IN RE: ASBESTOS LITIGATION, THOMAS ANDERSON, et al.,
Plaintiffs, v. DANA COMPANIES, LLC, Defendant, C.A. NO. 13C-03-076
(Del. Super.).  A full-text copy of Judge Davis' decision dated
Jan. 30, 2015, is available at http://is.gd/oA7YaBfrom
Leagle.com.

A. Dale Bowers, Esquire, Kenneth L. Wan, Esquire, Law Office of A.
Dale Bowers, P.A., Wilmington, Delaware, Attorneys for Plaintiffs.

Joseph Naylor, Esquire, Beth Valocchi, Esquire, Swartz Campbell,
LLC, Wilmington, Delaware, Attorneys for Defendant Dana Companies
LLC.

                         About Dana Corp.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/--

designs and manufactures products for every major vehicle producer
in the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China in the Asia-
Pacific, Argentina in the Latin-American regions and Italy in
Europe.

Dana Corp. and its affiliates filed for Chapter 11 protection on
March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  Corinne Ball,
Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represented the Debtors.  Henry S. Miller at Miller Buckfire &
Co., LLC, served as the Debtors' financial advisor and investment
banker.  Ted Stenger from AlixPartners served as Dana's Chief
Restructuring Officer.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represented the Official Committee of
Unsecured Creditors.  Fried, Frank, Harris, Shriver & Jacobson,
LLP, served as counsel to the Official Committee of Equity
Security Holders.  Stahl Cowen Crowley, LLC, served as counsel to
the Official Committee of Non-Union Retirees.  The Debtors filed
their Joint Plan of Reorganization on Aug. 31, 2007.  Judge Burton
Lifland confirming the Plan, as thrice amended, on Dec. 26, 2007.
The Plan was declared effective Jan. 31, 2008.  Upon emergence,
the Company was renamed as Dana Holding Corporation.


DETROIT, MI: Judge Approves Nearly $178-Mil. in Bankruptcy Fees
---------------------------------------------------------------
Patrick Fitzgerald, writing for the Daily Bankruptcy Review,
reported that U.S. Bankruptcy Judge Steven Rhodes in Michigan
approved the nearly $178 million in fees paid to the army of
lawyers, consultants and other advisers who worked on Detroit's
historic bankruptcy, the most expensive municipal restructuring in
U.S. history.

According to the report, Judge Rhodes said that the fees were fully
disclosed and reasonable based on the complexity of the issues in
the case and the city's extreme financial challenges.  The DBR
report said these professionals billed the following amounts:

     Jones Day               $57,900,000
     Conway MacKenzie        $17,300,000
     Miller Buckfire & Co.   $22,800,000
     Ernst & Young           $20,200,000
     Mediators                  $980,000

The DBR said the mediators' fees did not include the work of U.S.
District Court Judge Gerald Rosen, who worked on the mediations for
free.

                   About the City of Detroit

The City of Detroit, Michigan, weighed down by more than $18
billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit estimated
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by lawyers
at Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The City's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits,
$3.5 billion for underfunded pensions, $1.13 billion on secured
and unsecured general obligations, and $1.43 billion on pension-
related debt, according to a court filing.  Debt service consumes
42.5 percent of revenue.  The city has 100,000 creditors and
20,000 retirees.

The Hon. Steven Rhodes oversees the bankruptcy case.  Detroit is
represented by David G. Heiman, Esq., and Heather Lennox, Esq., at
Jones Day, in Cleveland, Ohio; Bruce Bennett, Esq., at Jones Day,
in Los Angeles, California; and Jonathan S. Green, Esq., and
Stephen S. LaPlante, Esq., at Miller Canfield Paddock and Stone
PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing
the American Federation of State, County and Municipal Employees
and the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.  Lazard Freres & Co. LLC serves as the Retiree Committee's
financial advisor.

The TCR, on Dec. 18, 2014, reported that Detroit has filed a
notice that the effective date of its bankruptcy-exit plan
occurred on Dec. 10, 2014.  U.S. Bankruptcy Judge Steven Rhodes on
Nov. 12, 2014, entered an order confirming the Eighth Amended Plan
for the Adjustment of Debts of the City of Detroit.


DETROIT, MI: Judge Steven Rhodes to Retire
------------------------------------------
Katy Stech, writing for Daily Bankruptcy Review, reported that
Judge Steven Rhodes, in Michigan, who presided over Detroit's
bankruptcy historic case, is retiring after 30 years on the bench.

According to the DBR report, Judge Rhodes, 66, is preparing to hang
up his robe shortly after what many onlookers believed to be his
last major task in Detroit's bankruptcy case: approving the $178
million in fees that lawyers and consultants charged.

                   About the City of Detroit

The City of Detroit, Michigan, weighed down by more than $18
billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit estimated
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by lawyers
at Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The City's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits,
$3.5 billion for underfunded pensions, $1.13 billion on secured
and unsecured general obligations, and $1.43 billion on pension-
related debt, according to a court filing.  Debt service consumes
42.5 percent of revenue.  The city has 100,000 creditors and
20,000 retirees.

The Hon. Steven Rhodes oversees the bankruptcy case.  Detroit is
represented by David G. Heiman, Esq., and Heather Lennox, Esq., at
Jones Day, in Cleveland, Ohio; Bruce Bennett, Esq., at Jones Day,
in Los Angeles, California; and Jonathan S. Green, Esq., and
Stephen S. LaPlante, Esq., at Miller Canfield Paddock and Stone
PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing
the American Federation of State, County and Municipal Employees
and the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.  Lazard Freres & Co. LLC serves as the Retiree Committee's
financial advisor.

The TCR, on Dec. 18, 2014, reported that Detroit has filed a
notice that the effective date of its bankruptcy-exit plan
occurred on Dec. 10, 2014.  U.S. Bankruptcy Judge Steven Rhodes on
Nov. 12, 2014, entered an order confirming the Eighth Amended Plan
for the Adjustment of Debts of the City of Detroit.


DUNE ENERGY: TPG Opportunities Held 13% Stake as of Dec. 31
-----------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, TPG Opportunities Advisors, Inc., David
Bonderman and James G. Coulter disclosed that as of Dec. 31, 2014,
they beneficially owned 9,737,467 shares of common stock of Dune
Energy representing 13.3 percent based on a total of 73,149,359
shares of Common Stock of the Issuer outstanding as of Nov. 13,
2014, as reported on the Issuer's quarterly report on Form 10-Q
filed with the Commission on Nov. 14, 2014.  A copy of the
regulatory filing is available at http://is.gd/nlbbQU

                         About Dune Energy

Dune Energy, Inc. (NYSE AMEX: DNE) -- http://www.duneenergy.com/  

-- is an independent energy company based in Houston, Texas.
Since May 2004, the Company has been engaged in the exploration,
development, acquisition and exploitation of natural gas and crude
oil properties, with interests along the Louisiana/Texas Gulf
Coast.  The Company's properties cover over 90,000 gross acres
across 27 producing oil and natural gas fields.

Dune Energy reported a net loss of $47 million in 2013, a net
loss of $7.85 million in 2012 and a net loss of $60.4 million in
2011.  The Company's balance sheet at Sept. 30, 2014, showed $229
million in total assets, $144 million in total liabilities and
$85.2 million in total stockholders' equity.

"Our primary sources of liquidity are cash provided by operating
activities, debt financing, sales of non-core properties and
access to capital markets.  As previously discussed, the Company
is now subject to a Forbearance Agreement and Fourth Amendment to
the Credit Agreement.  Under the terms of this agreement, we have
a borrowing base set at $40 million.  Pursuant to the terms of the
agreement, so long as we remain in compliance with the terms of
the agreement, Dune has $1 million of borrowing capacity
available.  Nevertheless, this will not provide sufficient
liquidity to continue normal operations absent a longer-term
solution prior to the end of the forbearance period.  "These and
other factors raise substantial doubt about our ability
to continue as a going concern beyond Dec. 31, 2014, should the
Merger with Eos not occur," the Company stated in its quarterly
report for the period ended Sept. 30, 2014.


EAT AT JOE'S: Appoints VP and Assistant General counsel
-------------------------------------------------------
Jennifer Duettra was appointed as Eat at Joe's Ltd.'s vice
president and assistant general counsel for a term of five years.
There was no arrangement or understanding between Ms. Duettra and
any other person pursuant to which she was selected as an officer.
There exists no family relationship between any director, executive
officer, and Ms. Duettra, according to a Form 8-K filed with the
U.S. Securities and Exchange Commission.

Since graduating from Harvard Law School in 2004, Ms. Duettra has
been actively engaged in the practice of law.  Prior to completing
her law studies, Ms. Duettra attended Colorado State University
where in 2001 she was awarded a Bachelor of Arts Degree in Speech
Communication and Political Science.

Since the beginning of the Company's last fiscal year, Ms. Duettra
was not involved in any transaction with any related person,
promoter or control person of the Company that is required to be
disclosed pursuant to Item 404 of Regulation S-K.

Ms. Duettra's duties include, but are not limited to:

   -- providing services and fiduciary duties as are necessary and
      desirable to protect and advance the best interests of the
      Company;

   -- signing agreements, and otherwise committing the Company
      consistent with policies and budgets established by the
      Company.  

The Company agreed to compensate Ms. Duettra with an annual base
salary of $120,000 paid in accordance with the regular payroll
practices of the Company for executives, less such deductions or
amounts as are required to be deducted or withheld by applicable
laws or regulations.  In addition, at the beginning of each
employment year, the Company agreed to issue to Ms. Duettra 250,000
shares of the Company's common stock.  All common stock issued to
Ms. Duettra was agreed to be restricted pursuant to Rule 144, and
contained additional restrictions limiting Ms. Duettra's sales to
no more than 5,000 shares per day for every 250,000 shares of daily
trading volume.  The Company also agreed to pay Ms. Duettra a
signing bonus in the amount of $25,000, and issue to her 500,000
shares of the Company's restricted common stock.

                        About Eat at Joe's

Scarsdale, N.Y.-based Eat at Joe's, Ltd., presently owns and
operates one theme restaurant located in Philadelphia,
Pennsylvania.

Eat at Joe's  reported a net loss of $1.38 million in 2013
following net income of $2.84 million on in 2012.

Robison, Hill & Co., in Salt Lake City, Utah, 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 from operations
raising substantial doubt about its ability to continue as a going
concern.


ENERGY FUTURE: Wants to Hire McElroy Deutsch as Attorney
--------------------------------------------------------
Energy Future Competitive Holdings Company LLC (EFCH) and Texas
Competitive Electric Holdings Company LLC (TCEH) ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ McElroy, Deutsch, Mulvaney & Carpenter, LLP, (MDMC) as their
attorneys to render professional services, under the supervision of
Hugh E. Sawyer, the independent board member of the TCEH Debtors,
in connection with conflict matters.

A hearing is set for March 10, 2015 at 9:30 a.m.(ET) to consider
the Debtors' request.  Objections, if any, are due March 3, 2015 at
4:00 p.m. (ET).

The Debtors say MDMC will not duplicate the efforts of its
co-counsel Munger Tolls & Olson LLP (MTO) but will assist MTO as
its Delaware counsel.  Further, MDMC will not duplicate the efforts
of Kirkland & Ellis LLP (K&E) or Richards, Layton & Finger P.A.
(RLF), whose role in these cases as primary restructuring counsel
on matters, other than with respect to conflict matters, will
remain unchanged.  MDMC will use its reasonable efforts to avoid
unnecessary duplication of services provided by any of the Debtors'
other retained professionals in these chapter 11 cases.

MDMC's professionals and their hourly rates:

   Professionals                Hourly Rates
   -------------                ------------
   Partners and Of Counsel      $450-$600
   Associates                   $230-$375
   Paralegals                   $165-$230

David Primack, Esq., attorney at McElroy, Deutsch, assures the
Court that the firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.

MDMC says it intends to make a reasonable effort to comply with the
U.S. Trustee's requests for information and additional disclosures
as set forth in the Guidelines for Reviewing Applications for
Compensation and Reimbursement of Expenses Filed under Section 330
by Attorneys in Larger Chapter 11 Cases Effective as of Nov. 1,
2013, both in connection with the Application and the interim and
final fee applications to be filed by MDMC in these Chapter 11
cases.  These addresses the questions in Section D.1 of the
Guidelines for Reviewing Applications for Compensation and
Reimbursement of Expenses Filed by Attorneys in Larger Chapter 11
Cases Effective as of November 1, 2013:

   a) Question: Did MDMC agree to any variations from, or
                alternatives to, MDMC's standard or customary
                billing arrangements for this engagement?

      Response: No.

   b) Question: Do any of the professionals in this engagement
                vary their rate based on the geographic location
                of the Debtors' chapter 11 cases?

      Response: No.

   c) Question: Has MDMC represented the Debtors in the 12 months
                prepetition?

      Response: No.

   d) Question: Have the TCEH Debtors approved MDMC's budget and
                staffing plan, and, if so, for what budget period?

      Response: The TCEH Debtors and MDMC in coordination with MTO

                expect

Mr. Primack can be reached at:

   David Primack, Esq.
   McElroy, Deutsch, Mulvaney & Carpenter, LLP
   300 Delaware Ave., Suite 770
   Wilmington, Delaware 19801
   Tel: 302-300-4515
   Fax: (302) 654-4031
   Email: dprimack@mdmc-law.com

                     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 TRANSFER: Bank Debt Trades at 4% Off
-------------------------------------------
Participations in a syndicated loan under which Energy Transfer
Equity LP is a borrower traded in the secondary market at 96.29
cents-on-the-dollar during the week ended Friday, Feb. 13, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 1.47 percentage points from the previous week, The Journal
relates.  The Company pays 250 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Nov. 15, 2019, and
carries Moody's Ba2 rating and Standard & Poor's BB rating.  The
loan is one of the biggest gainers and losers among 207 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.



EXELIXIS INC: Approves 2015 Base Salaries and Target Bonuses
------------------------------------------------------------
The Board of Directors of Exelixis, Inc., upon recommendation of
the Compensation Committee of the Board, approved the 2015 base
salaries and 2015 target cash bonus program and amounts for the
Company's principal executive officer, principal financial officer
and other named executive officers.  The 2015 target cash bonus
program percentages are the same as those for 2014.  Cash bonuses
under the 2015 bonus program are discretionary, but the
Compensation Committee sets bonus targets based on the seniority of
the applicable position and takes into account the achievement of
company-wide and applicable department performance objectives.

The 2015 base salaries and 2015 target cash bonus amounts for each
of the Company's Executive Officers are:
                                                   2015 Target
                                                   Cash Bonus
                                  2015 Annual      (% of 2015    
Executive Officer                Base Salary     Base Salary)
-----------------                -----------    -------------
Michael M. Morrissey, Ph.D.        $800,000           60%
President and CEO
(principal executive officer)

Deborah Burke                      $327,000           45%
Senior Vice President and
Chief Financial Officer
(principal financial officer)

Gisela M. Schwab, M.D.             $550,181           45%
Executive Vice President and
Chief Medical Officer

Pamela A. Simonton, J.D., LL.M.    $340,878           45%
Executive Vice President, Exelixis

On Feb. 5, 2015, the Board determined that cash bonuses would not
be paid to the Company's Executive Officers for their 2014
performance.

                           Equity Awards

The Compensation Committee recommended to the Board, and the Board
approved, the grant of performance-based compensatory stock options
to the Company's Executive Officers under Exelixis' 2014 Equity
Incentive Plan.  The Performance Options were granted to the
Executive Officers to align their focus with key corporate
priorities.

The number of shares subject to the Performance Options granted to
the Executive Officers on Feb. 5, 2015, are:

                                                    Number of
                                                   Shares Subject
                                                  to Performance
Name                                                 Options
----                                             ---------------
Michael M. Morrissey, Ph.D.                          450,000
President and Chief Executive
Officer (principal executive officer)

Gisela M. Schwab, M.D.                               250,000
Executive Vice President and Chief Medical Officer

Deborah Burke                                        175,000
Senior Vice President and Chief Financial Officer
(principal  financial officer)

Pamela A. Simonton, J.D., LL.M.                      125,000
Executive Vice President, Exelixis

Additional information is available for free at:

                       http://is.gd/MbF4FR

                        About Exelixis Inc.

Headquartered in South San Francisco, California, Exelixis, Inc.,
develops innovative therapies for cancer and other serious
diseases.  Through its drug discovery and development activities,
Exelixis is building a portfolio of novel compounds that it
believes has the potential to be high-quality, differentiated
pharmaceutical products.

The Company's balance sheet at Sept. 30, 2014, showed $384 million
in total assets, $442 million in total liabilities and
total stockholders' deficit of $58.5 million.

Exelixis reported a net loss of $245 million in 2013 following
a net loss of $148 million in 2012.


EXELIXIS INC: State Street Reports 7.8% Stake as of Dec. 31
-----------------------------------------------------------
State Street Corporation disclosed in a Schedule 13G filed with the
U.S. Securities and Exchange Commission that as of Dec. 31, 2014,
it beneficially owned 15,244,566 shares of common stock of
Exelixis Inc. representing 7.8 percent of the shares outstanding.
SSGA Funds Management, Inc., also owned 12,270,727 common shares as
of that date.  A copy of the regulatory filing is available for
free at http://is.gd/VOSzal

                         About Exelixis Inc.

Headquartered in South San Francisco, California, Exelixis, Inc.,
develops innovative therapies for cancer and other serious
diseases.  Through its drug discovery and development activities,
Exelixis is building a portfolio of novel compounds that it
believes has the potential to be high-quality, differentiated
pharmaceutical products.

The Company's balance sheet at Sept. 30, 2014, showed $384 million
in total assets, $442 million in total liabilities and
total stockholders' deficit of $58.5 million.

Exelixis reported a net loss of $245 million in 2013 following
a net loss of $148 million in 2012.


EXELIXIS INC: Vanguard Group Reports 5.6% Stake as of Dec. 31
-------------------------------------------------------------
The Vanguard Group disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, it
beneficially owned 11,038,706 shares of common stock of Exelixis
Inc. representing 5.65 percent of the shares outstanding.

Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of
Vanguard Group, is the beneficial owner of 242,503 shares or .12%
of the Common Stock outstanding of the Company as a result of its
serving as investment manager of collective trust accounts.

Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of
Vanguard Group, is the beneficial owner of 11,400 shares or 0% of
the Common Stock outstanding of the Company as a result of its
serving as investment manager of Australian investment offerings.

A copy of the regulatory filing is available for free at:

                       http://is.gd/XLQav0

                        About Exelixis Inc.

Headquartered in South San Francisco, California, Exelixis, Inc.,
develops innovative therapies for cancer and other serious
diseases.  Through its drug discovery and development activities,
Exelixis is building a portfolio of novel compounds that it
believes has the potential to be high-quality, differentiated
pharmaceutical products.

The Company's balance sheet at Sept. 30, 2014, showed $384 million
in total assets, $442 million in total liabilities and
total stockholders' deficit of $58.5 million.

Exelixis reported a net loss of $245 million in 2013 following
a net loss of $148 million in 2012.


FIRST SECURITY: EJF Capital No Longer a Shareholder
---------------------------------------------------
EJF Capital LLC, et al., have ceased to be the beneficial owners of
shares of common stock of First Security Group, Inc., as of Feb.
13, 2015.  The reporting persons previously owned 4,391,481 common
shares or $6.6 percent equity stake as of Dec. 31, 2013.
A full-text copy of the Schedule 13G/A is available at:

                        http://is.gd/DOUcVj

                     About First Security Group

First Security Group, Inc. is a bank holding company headquartered
in Chattanooga, Tennessee.  Founded in 1999, First Security's
community bank subsidiary, FSGBank, N.A. has 26 full-service
banking offices along the interstate corridors of eastern and
middle Tennessee and northern Georgia.  FSGBank --
http://www.FSGBank.com/-- provides retail and commercial banking
services, trust and investment management, mortgage banking,
financial planning, internet banking.

                             *   *    *

This concludes the Troubled Company Reporter's coverage of First
Security until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.


FIRST SECURITY: Forest Hill Reports 7% Stake as of Dec. 31
----------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Forest Hill Capital, L.L.C., and Mark Lee
revealed that as of Dec. 31, 2014, they beneficially owned
4,966,505 shares of common stock of First Security Group which
represents 7.4 percent of the shares outstanding.  A full-text copy
of the regulatory filing is available at http://is.gd/7kCWse

                    About First Security Group

First Security Group, Inc. is a bank holding company headquartered
in Chattanooga, Tennessee.  Founded in 1999, First Security's
community bank subsidiary, FSGBank, N.A. has 26 full-service
banking offices along the interstate corridors of eastern and
middle Tennessee and northern Georgia.  FSGBank --
http://www.FSGBank.com/-- provides retail and commercial banking
services, trust and investment management, mortgage banking,
financial planning, internet banking.

                             *   *    *

This concludes the Troubled Company Reporter's coverage of First
Security until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.


FORTESCUE METALS: Bank Debt Trades at 10% Off
---------------------------------------------
Participations in a syndicated loan under which Fortescue Metals
Group Ltd is a borrower traded in the secondary market at 90.11
cents-on-the-dollar during the week ended Friday, Feb. 13, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
2.40 percentage points from the previous week, The Journal relates.
The Company pays 325 basis points above LIBOR to borrow under the
facility.  The bank loan matures on June 13, 2019, and carries
Moody's Baa3 rating and Standard & Poor's BBB rating.  The loan is
one of the biggest gainers and losers among widely-quoted
syndicated loans in secondary trading in the week ended Friday
among the 207 loans with five or more bids. All loans listed are
B-term, or sold to institutional investors.


FRAC TECH: Bank Debt Trades at 21% Off
--------------------------------------
Participations in a syndicated loan under which Frac Tech Services
Ltd is a borrower traded in the secondary market at 79.30 cents-
on-the-dollar during the week ended Friday, Feb. 13, 2015
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 2.13 percentage points from the previous week, The Journal
relates.  Frac Tech pays 475 basis points above LIBOR to borrow
under the facility.  The bank loan matures on April 3, 2021, and
carries Moody's B2 rating and Standard & Poor's B rating.  The
loan is one of the biggest gainers and losers among 207 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.



FUEL PERFORMANCE: John Hennessy Reports 6.9% Stake
--------------------------------------------------
John M. Hennessy disclosed in an amended Schedule 13G filed with
the U.S. Securities and Exchange Commission on Feb. 13, 2015, that
as of Aug. 22, 2014, he beneficially owned 14,604,916 shares of
common stock of Fuel Performance Solutions, Inc., representing 6.9
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/GWXHNd

                       About Fuel Performance

Fuel Performance Solutions, Inc., was incorporated in Nevada on
April 9, 1996, by a team of individuals who sought to address the
challenges of reducing harmful emissions while at the same time
improving the operating performance of internal combustion
engines, especially with respect to fuel economy and engine
cleanliness.  After the Company's incorporation, its initial focus
was product research and development, but over the past few years,
the Company's efforts have been directed to commercializing its
product slate, primarily DiesoLiFTTM and the PerfoLiFTTM BD-
Series, for use with diesel fuel and bio-diesel fuel blends, by
focusing on marketing, sales and distribution efforts in
conjunction with our distribution partners.  On Feb. 5, 2014, the
Company changed its name from International Fuel Technology, Inc.,
to Fuel Performance Solutions, Inc.

Fuel Performance reported a net loss of $1.39 million on $704,200
of net revenues for the year ended Dec. 31, 2013, as compared with
a net loss of $1.92 million on $335,000 of net revenues during the
prior year.

The Company's balance sheet at June 30, 2014, showed $3.02 million
in total assets, $2.60 million in total liabilities and $413,000
in total stockholders' equity.

MaloneBailey, LLP, in Houston, Texas, 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 loss from operations and has a
working capital deficit.  This factor raises substantial doubt
about the Company's ability to continue as a going concern.


GELTECH SOLUTIONS: Incurs $1.2 Million Net Loss in 2nd Quarter
--------------------------------------------------------------
GelTech Solutions, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $1.17 million on $156,000 of sales for the three months
ended Dec. 31, 2014, compared with a net loss of $2.05 million on
$65,000 of sales for the same period a year ago.

For the six months ended Dec. 31, 2014, the Company reported a net
loss of $2.12 million on $267,000 of sales compared to a net loss
of $3.96 million on $596,000 of sales for the same period during
the prior year.

As of Dec. 31, 2014, the Company had $1.50 million in total assets,
$2.81 million in total liabilities, and a $1.31 million
stockholders' deficit.

"As of December 31, 2014, the Company had an accumulated deficit
and stockholders' deficit of $37,261,903 and $1,313,367,
respectively, and incurred losses from operations of $2,350,156 for
the six months ended December 31, 2014 and used cash in operations
of $2,028,664 during the six months ended December 31, 2014.  In
addition, the Company has not yet generated revenue sufficient to
support ongoing operations.  These factors raise substantial doubt
regarding the Company's ability to continue as a going concern,"
the Company stated in the Report.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/uZvpDX

                           About GelTech

Jupiter, Fla.-based GelTech Solutions. Inc., is a Delaware
corporation organized in 2006.  The Company markets four products:
(1) FireIce(R), a water soluble fire retardant used to protect
firefighters, structures and wildlands; (2) Soil2O(R) 'Dust
Control', its new application which is used for dust mitigation in
the aggregate, road construction, mining, as well as, other
industries that deal with daily dust control issues; (3)
Soil2O(R), a product which reduces the use of water and is
primarily marketed to golf courses, commercial landscapers and the
agriculture market; and (4) FireIce(R) Home Defense Unit, a system
for applying FireIce(R) to structures to protect them from
wildfires.

Salberg & Company, P.A., expressed substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has net cash used in operating activities in 2014 of $5.13
million and has an accumulated deficit of $35.1 million at
June 30, 2014.

The Company reported a net loss of $7.11 million for the fiscal
year ended June 30, 2014, following a net loss of $5.22 million
for the fiscal year ended June 30, 2013.


GENCO SHIPPING: Apollo Management Reports 15% Stake as of Dec. 31
-----------------------------------------------------------------
Apollo Management Holdings GP, LLC, et al., disclosed in an amended
Schedule 13G filed with the U.S. Securities and Exchange Commission
that as of Dec. 31, 2014, they beneficially owned
9,489,342 shares of common stock of Genco Shipping & Trading
Limited representing 15.4 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at:

                         http://is.gd/hZe2Ku

                      About Genco Shipping & Trading

New York-based Genco Shipping & Trading Limited (NYSE: GNK)
transports iron ore, coal, grain, steel products and other drybulk
cargoes along worldwide shipping routes.  Excluding Baltic Trading
Limited's fleet, Genco Shipping owns a fleet of 53 drybulk
vessels, consisting of nine Capesize, eight Panamax, 17 Supramax,
six Handymax and 13 Handysize vessels, with an aggregate carrying
capacity of approximately 3,810,000 dwt.  In addition, Genco
Shipping's subsidiary Baltic Trading Limited currently owns a
fleet of 13 drybulk vessels, consisting of four Capesize, four
Supramax, and five Handysize vessels.

Genco Shipping & Trading sought bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 14-11108) on April 21, 2014, to implement a
prepackaged financial restructuring that is expected to reduce the
Company's total debt by $1.2 billion and enhance its financial
flexibility.  The company's subsidiaries other than Baltic Trading
Limited (and related entities) also sought bankruptcy protection.

Genco, owned and controlled by Peter Georgiopoulos, disclosed
assets of $2.448 billion and debt of $1.475 billion as of Feb. 28,
2014.

Adam C. Rogoff, Esq., and Anupama Yerramalli, Esq., at Kramer
Levin Naftalis & Frankel LLP serve as the Debtors' bankruptcy
counsel.  Blackstone Advisory Partners, L.P., is the financial
advisor.  GCG Inc. is the claims and notice agent.

Wilmington Trust, N.A., in its capacity as successor
administrative and collateral agent under a 2007 credit agreement,
is represented by Dennis Dunne, Esq., and Samuel Khalil, Esq., at
Milbank Tweed Hadley & McCloy LLP.

Credit Agricole Corporate & Investment Bank, as agent and security
trustee under an August 2010 Loan Agreement; Deutsche Bank
Luxembourg S.A., as agent, and Deutsche Bank AG Fillale
Deutschlandgeschaft, as security agent and bookrunner under the
August 2010 Loan Agreement, are represented by Alan Kornberg,
Esq., Sarah Harnett, Esq., and Elizabeth McColm, Esq., at Paul
Weiss Rifkind Wharton & Garrison LLP.  Paul Weiss also represents
the Pre-Petition $100 Million and $253 Million Credit Facilities.

The Bank of New York Mellon, the indenture trustee for Genco's
5.00% Convertible Senior Notes due Aug. 15, 2014, and the
informal group of 5.00% Convertible Senior Notes due August 15,
2014, are represented by Michael Stamer, Esq., and Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP.  Akin Gump
also represents the Informal Convertible Noteholder Group.

Kirkland & Ellis LLP's Christopher J. Marcus, Esq., Paul M. Basta,
Esq., Eric F. Leon, Esq., represent for Och-Ziff Management LP.

Brown Rudnick LLP's William R. Baldiga, Esq., represents an Ad Hoc
Consortium of Equity Holders.

Orrick, Herrington & Sutcliffe LLP's Douglas S. Mintz, Esq.,
Washington, DC, represents Deutsche Bank as Pre-Petition Lender,
and Credit Agricole, Corporate Investment Bank, as Post-Petition
Bankruptcy Lender.

Dechert LLP's Allan S. Brilliant, Esq., represents the Entities
Managed by Aurelius Capital Management, LP.

The U.S. Trustee has appointed an Official Committee of Equity
Security Holders.  The Equity Committee members are Aurelius
Capital Partners, LP; Mohawk Capital LLC; and OZ Domestic
Partners, LP.  It is represented by Steven M. Bierman, Esq.,
Benjamin R. Nagin, Esq., Michael G. Burke, Esq., James F. Conlan,
Esq., and Larry J. Nyhan, Esq., at Sidley Austin LLP.

Genco had filed a motion to disband the Equity Committee,
complaining that it is unnecessary and wasteful of the estates'
resources.


GENERAL MOTORS: Recalls 81,000 Vehicles for Steering Issue
----------------------------------------------------------
Jeff Bennett, writing for The Wall Street Journal, reported that
General Motors Co. is recalling more than 81,000 vehicles over
concerns drivers could experience a sudden loss of their electric
power steering assist.

According to the report, the newest recall is an expansion of a
safety action GM took last year when it recalled 1.3 million
vehicles for EPS issues.  The recall covers 2006-2007 Chevrolet
Malibu and Malibu Maxx vehicles manufactured April 1, 2006, to June
30, 2006, and 2006-2007 Pontiac G6 vehicles manufactured April 18,
2006, to June 30, 2006, the Journal said.

                       About General Motors

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.

                        *     *     *

The Troubled Company Reporter, on Sep. 29, 2014, reported that
Standard & Poor's Ratings Services raised its corporate credit
rating on U.S. automaker General Motors Co. (GM) to 'BBB-' from
'BB+', and revised the outlook to stable from positive.  At the
same time, S&P raised its issue-level rating on GM's unsecured
debt to 'BBB-' from 'BB+' and simultaneously withdrew its '4'
recovery rating on that debt, because S&P do not assign recovery
ratings to the issues of investment-grade companies.

On Oct. 21, 2014, the TCR reported that Fitch Ratings has assigned
a rating of 'BB+' to GM's amended unsecured credit facilities.
Fitch currently rates GM's Issuer Default Rating (IDR) 'BB+'.  The
Rating Outlook is Positive.  Fitch has also affirmed and withdrawn
the 'BB+' IDR of GM's General Motors Holdings LLC (GM Holdings)
subsidiary, as there is no longer any rated debt at the
subsidiary,
and Fitch does not expect the subsidiary to be an active issuer
going forward.  Fitch has also withdrawn GM Holdings' unsecured
credit facility rating of 'BB+' as the subsidiary is no longer a
borrower on the facilities.

The TCR, on Nov. 6, 2014, reported that Fitch Ratings has assigned
a rating of 'BB+' to GM's proposed issuance of senior unsecured
notes.  The existing Issuer Default Rating (IDR) for GM is 'BB+'
and the Rating Outlook is Positive.


GEOMET INC: T. Rowe Price Reports 11.6% Stake as of Dec. 31
-----------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, T. Rowe Price Associates, Inc., disclosed that as of
Dec. 31, 2014, it beneficially owned 5,363,575 shares of common
stock of GeoMet, Inc., representing 11.6 percent of the shares
outstanding.  A copy of the regulatory filing is available at
http://is.gd/9bcUjM

                          About Geomet Inc.

Houston, Texas-based GeoMet, Inc., is an independent energy
company primarily engaged in the exploration for and development
and production of natural gas from coal seams (coalbed methane)
and non-conventional shallow gas.  Its principal operations and
producing properties are located in the Cahaba and Black Warrior
Basins in Alabama and the central Appalachian Basin in Virginia
and West Virginia.  It also owns additional coalbed methane and
oil and gas development rights, principally in Alabama, Virginia,
West Virginia, and British Columbia.  As of March 31, 2012, it
owns a total of 192,000 net acres of coalbed methane and oil and
gas development rights.

Hein & Associates LLP, in Houston, Texas, 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 from operations and has a
net working capital deficiency that raise substantial doubt about
the Company's ability to continue as a going concern.

The Company's balance sheet at Sept. 30, 2014, showed $24.4
million in total assets, $1.06 million in total liabilities, $47.3
million in series A convertible redeemable preferred stock, and a
$23.9 million total stockholders' deficit.


GLOBALSTAR INC: Whitebox No Longer a Shareholder as of Dec. 31
--------------------------------------------------------------
Whitebox Advisors, LLC, et al., disclosed in an amended Schedule
13G filed with the U.S. Securities and Exchange Commission that as
of Dec. 31, 2014, they have ceased to be the beneficial owners of
shares of common stock of GlobalStar Incorporated.  The reporting
persons previously owned 26,552,200 common shares as of Dec. 31,
2013.  A copy of the regulatory filing is available for free at:

                        http://is.gd/9sIPde

                       About Globalstar, Inc.

Globalstar is a leading provider of mobile satellite voice and
data services.  Globalstar offers these services to commercial and
recreational users in more than 120 countries around the world.
The company's products include mobile and fixed satellite
telephones, simplex and duplex satellite data modems and flexible
service packages.  Many land based and maritime industries benefit
from Globalstar with increased productivity from remote areas
beyond cellular and landline service.  Globalstar customer
segments include: oil and gas, government, mining, forestry,
commercial fishing, utilities, military, transportation, heavy
construction, emergency preparedness, and business continuity as
well as individual recreational users.  Globalstar data solutions
are ideal for various asset and personal tracking, data monitoring
and SCADA applications.

Globalstar reported a net loss of $591 million in 2013, a net
loss of $112 million in 2012, and a net loss of $54.9 million
in 2011.

As of Sept. 30, 2014, the Company had $1.31 billion in total
assets, $1.33 billion in total liabilities and a $14.5 million
total stockholders' deficit.


GREEN EARTH: Techtronic Industries No Longer a Shareholder
----------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Techtronic Industries Co. Ltd. disclosed that
as of Dec. 31, 2014, it did not own any shares of common stock of
Green Earth Technologies, Inc.  The reporting person previously
held 27,665,667 common shares or 17.2 percent equity stake as of
Dec. 31, 2013.  The shares previously reported by Techtronic have
been transferred.  A copy of the regulatory filing is available at
http://is.gd/CoEB3Y

                  About Green Earth Technologies

White Plains, N.Y.-based Green Earth Technologies, Inc. (OTC QB:
GETG) -- http://www.getg.com/-- markets, sells and distributes
bio-degradable performance and cleaning products.  The Company's
product line crosses multiple industries including the automotive
aftermarket, marine and outdoor power equipment markets.

Green Earth incurred a net loss of $6.84 million for the year
ended June 30, 2014, compared to a net loss of $6.59 million
for the year ended June 30, 2013.

As of Sept. 30, 2014, the Company had $16.6 million in total
assets, $26.7 million in total liabilities, and a $10.08 million
total stockholders' deficit.

Friedman LLP, in East Hanover, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.  The independent auditors noted
that the Company's losses, negative cash flows from operations,
working capital deficit, related party note in default payable
upon demand and its ability to pay its outstanding liabilities
through fiscal 2014 raise substantial doubt about its ability to
continue as a going concern.


GREENFIELD SPECIALTY: S&P Raises CCR to 'BB-'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Toronto-based GreenField Specialty Alcohols Inc.
to 'BB-' from 'B+'.  The outlook is stable.

In tandem with the upgrade on GreenField, Standard & Poor's raised
its issue-level rating on the company's senior secured first-lien
term loan to 'BB+' (two notches above the long-term corporate
credit rating on GreenField) from 'BB'.  The recovery rating is
unchanged at '1', reflecting S&P's expectation that creditors could
expect very high (90%-100%) recovery in the event of its default.

GreenField is a producer of fuel ethanol and alcohols used in the
consumer care, food, beverage, industrial and chemical processing
sectors, as well as in pharmaceutical/clinical applications.

"The upgrade reflects our expectation that GreenField's credit
measures will strengthen on a sustainable basis due to sizable debt
repayments that we expect to occur in 2015 and beyond," said
Standard & Poor's credit analyst David Fisher.

The company's term loan has an aggressive debt amortization
schedule and is subject to an ECF sweep.  S&P believes GreenField
experienced very strong operating performance in 2014, resulting in
a sizable ECF payment in first-quarter 2015.

Based on S&P's expectation of strengthening credit measures, it has
revised its financial risk profile assessment on GreenField to
"significant" from "aggressive," reflecting S&P's view that the
company will maintain adjusted debt-to-EBITDA between 3x-4x even
under stressed industry conditions and after government incentives
expire in 2016.  This view is bolstered by S&P's expectation that
the company will complete work at its Chatham production facility
before mid-2015 to shift some production capacity to industrial
alcohol from fuel ethanol, as well as execute on its U.S. packaged
alcohol expansion initiative.  The profitability of these specialty
alcohol applications tends to be less volatile than for fuel
ethanol, and S&P believes earnings from the industrial ethanol
segment should be able to support adjusted debt-to-EBITDA below 4x
on a stand-alone basis by the end of 2016, providing a solid buffer
for periods when the fuel ethanol segment is marginally profitable.
This view is predicated on the following assumptions: adjusted
debt outstanding at year-end 2016 of less than C$100 million and
adjusted EBITDA from the industrial alcohol segment of more than
C$30 million, with companywide selling, general, and administrative
(SG&A) expenses covered by fuel ethanol earnings.

S&P's assessment of GreenField's business risk profile as "weak"
primarily reflects very volatile industry conditions in the fuel
ethanol market, which have resulted in GreenField experiencing
periods of weak profitability (excluding government incentives) in
the past, combined with the company's modest scale, limited
geographic and product diversity.  The company is also subject to
risks related to uncertain government-mandated blending volumes.
These weaknesses are in part offset by GreenField's decent cost and
good market positions in the Canadian industrial and fuel ethanol
markets.

GreenField is a leading provider of fuel ethanol in the Canadian
market with an approximate market share of 30%.  The company
benefits from production facilitiesthat are in close proximity to
key Canadian cities and corn-growing regions, resulting in a
transportation cost advantage relative to U.S.-originated ethanol.
Still, fuel ethanol profitability excluding government incentives
has swung widely in recent years, with a sustained period of
depressed earnings (approximately break-even after incorporating
companywide SG&A and excluding government incentives) from
2010-2012.

S&P believes GreenField is well-positioned in the industrial
alcohol space.  It is S&P's understanding that the company has a
greater-than-70% market share in the Canadian bulk alcohol market
and 5% market share in the U.S. bulk alcohol market.  In addition,
S&P understands the company is a leading provider of packaged
alcohols with a market share of 95% in Canada, and an 80% market
share in the U.S. market for small packaged alcohol.  Industrial
alcohols have historically had higher margins and lower earnings
volatilty than fuel ethanol.  In addition, they are subject to
greater barriers to entry given regulatory hurdles and quality
assurance requirements.

The stable outlook reflects S&P's expectation that continued debt
repayment, driven primarily by scheduled debt amortization and
contractual excess cash flow sweeps, and a higher proportion of
earnings from the more stable industrial alcohol segment will
support credit metrics consistent with the rating even under
stressed industry conditions and absent government incentives.  The
outlook incorporates the potential for adjusted debt-to-EBITDA to
weaken to 3x-4x, from less than 2x under our current forecast,
given the inherent volatility in the fuel ethanol segment.

S&P could lower the ratings if it believes that adjusted
debt-to-EBITDA is likely to weaken to more than 4x for a sustained
period, because of increased competition in the industrial alcohol
space or due to substantial spread compression in the fuel ethanol
segment, possibly as a result of changes to blend volumes mandated
by the U.S. EPA.  S&P could also lower the rating if the company's
liquidity position weakened materially.

An upgrade in the near term is unlikely.  However, S&P could
consider it if the company was committed to maintaining very low
debt levels.  Under this scenario, S&P would expect adjusted
debt-to-EBITDA to be less than 1.5x under the assumption that fuel
ethanol is only marginally profitable and excluding all incentives.
In S&P's view, this corresponds with a nominal debt level of less
than C$50 million.



GT ADVANCED: Court Denies Examiner's Plea to Name Case Trustee
--------------------------------------------------------------
The Hon. Henry J. Boroff of the U.S. Bankruptcy Court for the
District of New Hampshire denied motion for the immediate
appointment of a chapter 11 trustee to safeguard the estate of GT
Advanced Technologies Inc. and GT Advanced Equipment Holding LLC
from further gross mismanagement by employed manager Tom Gutierrez
and
cohort filed by T. Richard Faloh, examiner for the Debtors' Chapter
11 cases.

                  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.


GT ADVANCED: Court Rejects Examiner's Plea for Equity Panel
-----------------------------------------------------------
The Hon. Henry J. Boroff of the U.S. Bankruptcy Court for the
District of New Hampshire denied the second request for appointment
of an official committee of equity security holders filed by T.
Richard Faloh, the examiner for the Chapter 11 cases of GT Advanced
Technologies Inc. and GT Advanced Equipment Holding LLC, because
the examiner presented no credible evidence to support his argument
that there is a likely distribution to equity security holders.

Judge Boroff said the examiner's requests betray both a failure to
understand bankruptcy law and procedure and an attempt to use these
proceedings for self-aggrandizement and profit.  There is no
evidence that the examiner's views are representative of the views
of any substantial portion of the equity security holders, Judge
Boroff added.

                  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.


H&E EQUIPMENT: Revolver Upsizing No Impact on Moody's B1 CFR
------------------------------------------------------------
Moody's Investors Service said H&E Equipment Services, Inc.'s
credit agreement amendment increasing the size of its asset-based
revolving credit facility by $200 million to $602.5 million is a
credit positive event but does not impact the company's ratings
including its B1 corporate family rating and its SGL-2 speculative
grade liquidity rating.

H&E is a multi-regional equipment rental company with over 60
locations throughout the West Coast, Intermountain, Southwest, Gulf
Coast, Mid-Atlantic, and Southeast regions of the United States.
H&E is also a distributor for JLG, Gehl, Genie Industries (Terex),
Komatsu, Doosan/Bobcat and Manitowoc, among others. Revenues for
the last twelve months ended September 30, 2014 totaled $1.1
billion.





HANSON BUILDING: S&P Assigns 'B' CCR & Rates $595MM Loan 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
corporate credit rating to Stardust Holdings Inc. (Hanson Building
Products).  The rating outlook is stable.

At the same time, Standard & Poor's assigned its 'B+' issue-level
rating (one-notch higher than the corporate credit rating) to the
company's proposed $595 million first-lien term loan due 2022 and
its 'CCC+' issue-level rating (two-notches lower than the corporate
credit rating) to the company's proposed $300 million second-lien
term loan due 2023.  The recovery rating on the first-lien term
loan is '2', indicating S&P's expectation of substantial (70% to
90%) recovery for lenders in the event of a payment default.  The
recovery rating on the second-lien term loan is '6', indicating
S&P's expectation of negligible (0% to 10%) recovery for lenders in
the event of a payment default.

"The stable outlook on Hanson Building Products reflects our view
that Hanson will remain highly leveraged, with debt to EBITDA of
greater than 5x for 2015, despite expected improvements in the U.S.
and U.K. construction markets," said Standard & Poor's credit
analyst Pablo Garces.  "Our base case scenario assumes the company
will not undertake any large-scale acquisitions or dividends in the
next year."

S&P would consider lowering Hanson's rating if leverage measures
deteriorated to a level that S&P considered on the weak end for the
rating.  Such an event could take place if the company experienced
significantly lower margins due to heightened competition or
challenging operating conditions or if it used additional debt to
finance an acquisition or dividend to its private equity owners.
S&P could also lower the rating if its view of Hanson's fair
business risk profile were negatively affected due to
lower-than-projected performance over the next 12 months.

S&P considers an upgrade unlikely at this stage.  However, S&P
could raise Hanson's rating if it improved and maintained its
credit measures to a level S&P deemed commensurate with an
"aggressive" financial risk profile (less than 5x debt to EBITDA)
and if S&P believed the company's sponsor owners were committed to
pursuing a more conservative financial policy.



HERCULES OFFSHORE: Reports $154-Mil. Net Loss for Fourth Quarter
----------------------------------------------------------------
Hercules Offshore, Inc., reported a net loss of $154 million on
$179 million of revenue for the three months ended Dec. 31, 2014,
compared to a net loss of $101.2 million on $235 million of revenue
for the same period in 2013.

For the 12 months ended Dec. 31, 2014, the Company reported a net
loss of $216 million on $900.25 million of revenue compared to a
net loss of $68.1 million on $858 million of revenue during the
prior year.

As of Dec. 31, 2014, Hercules had $2 billion in total assets, $1.38
billion in total liabilities and $615 million in stockholders'
equity.

John T. Rynd, chief executive officer and president of Hercules
Offshore stated, "The significant decline in crude oil prices
during the fourth quarter exacerbated what was already a
challenging environment in the U.S. Gulf of Mexico and a softening
international drilling market.  Poor industry conditions were
reflected in our fourth quarter utilization rates, and we expect
further weakness in both utilization and dayrates from our drilling
operations in 2015, at least until commodity prices stabilize and
improve from current levels.  Furthermore, International Liftboats
continue to suffer from curtailment of activity in Nigeria, which
we expect will last at least through mid-2015.  In response to the
weaker demand environment, we have accelerated our cost cutting
measures, which included cold stacking five rigs in the U.S. Gulf
of Mexico and several other cost reduction measures across our
organization."

A full-text copy of the press release is available for free at:

                        http://is.gd/gqMBtE

                      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 $68.1 million in 2013, a net loss
of $127 million in 2012 and a net loss of $76.1 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 million in
stockholders' equity.

                           *     *     *

The Troubled Company Reporter reported on April 11, 2013, that
Moody's Investors Service upgraded Hercules Offshore'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.

As reported by the TCR on Dec. 30, 2014, S&P lowered its corporate
credit rating on Hercules Offshore Inc. to 'B-' from 'B'.  The
downgrade reflects S&P's estimate for increased leverage as a
result of lower day-rates and utilization for the company's
offshore rigs, both in the company's Domestic Offshore and
International Offshore segments.  S&P's estimates of lower
utilization and day-rates are a result of S&P's expectation of
decreased offshore drilling given lower oil prices.  S&P now
expects FFO to debt to be below 12% and debt to EBITDA to exceed 5x
in 2015.


HILAND PARTNERS: Moody's Withdraws B1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service, upgraded Hiland Partners LP's senior
unsecured notes to Baa3 and withdrew Hiland's B1 Corporate Family
Rating (CFR), B1-PD Probability of Default Rating and SGL-3
Speculative Grade Liquidity Rating. Hiland's outlook was changed to
stable. These actions conclude the review of January 22nd that was
prompted by Kinder Morgan Inc.'s (KMI, Baa3 stable) planned
acquisition of Hiland. A complete set of actions is as follows:

Upgrades:

Senior unsecured note rating, Upgraded to Baa3 from B2

Ratings Withdrawn:

Corporate Family Rating of B1

Probability of Default Rating of B1-PD

Speculative Grade Liquidity Rating of SGL-3

Outlook Actions:

Outlook changed from rating under review to stable

Ratings Rationale

"Moody's expects that KMI will incorporate Hiland into the
cross-guarantee group of subsidiaries which supports upgrading the
rating to Baa3," said Stuart Miller, Moody's Vice President and
Senior Credit Officer. "Making Hiland part of the cross guarantee
group would be consistent with KMI's recent strategy of
streamlining its corporate structure, providing better financial
visibility to investors and third parties."

The acquisition of Hiland gives KMI its initial footprint in the
Bakken Shale and helps diversify its crude oil transportation
business, improving its business profile. Hiland holds a
first-mover and premier position in the Bakken Shale, primarily in
North Dakota, along with a significant acreage dedication from
Continental Resources (Baa3 stable), the largest acreage holder in
the Bakken. The recent completion of Hiland's Double H Pipeline
provides another outlet for crude production in the core of the
Bakken region, an area in which it is still economic to drill and
produce despite the depressed crude oil prices. Moody's expects
that about 85% of Hiland's cash flow will be fee-based.

Moody's projects Hiland's 2015 EBITDA will be about $225 million
which represents a roughly 13.5x multiple of the $3 billion
purchase price. However, by the end of 2016 as the Hiland assets
are built out, the investment multiple could fall to less than 10x.
The acquisition will be financed initially with 100% debt. KMI will
likely issue equity primarily under its at the market program over
the course of 2015 to manage down its leverage ratio so that the
effect of the Hiland acquisition is credit neutral at worst, and
possibly credit positive when the improved business profile is
factored into the analysis.

Hiland provides midstream energy services, including natural gas
gathering, processing and fractionation, and crude oil gathering
and storage, for companies primarily in the Bakken Shale in North
Dakota and Montana, and to a lesser extent in the Mid-Continent
region in Oklahoma. Hiland's midstream natural gas assets include
more than 2,400 miles of gas gathering pipelines, five natural gas
processing plants, and three fractionation facilities.

Kinder Morgan Inc. is the largest energy infrastructure company in
the United States and third largest energy company overall. KMI's
businesses include natural gas transmission, petroleum product
transportation, liquid and dry-bulk terminals, sales and
transportation of carbon dioxide, and oil production. The company
is headquartered in Houston, Texas.

Moody's has withdrawn the rating for reorganization.

The principal methodology used in these ratings was Global
Midstream Energy published in December 2010.



HOLDER GROUP SUNDANCE: Section 341(a) Meeting Set for March 9
-------------------------------------------------------------
A meeting of creditors in the bankruptcy case of The Holder Group
Sundance, LLC, has been scheduled for March 9, 2015, at 2:00 p.m.
at Young Bldg, Rm 3087.  Creditors have until June 8, 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.

The Holder Group Sundance, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D. Nev. Case No. 15-50157) on Feb. 9, 2015.  The
petition was signed by Harold D. Holder Sr., the manager.  Stephen
R Harris, Esq., at Harris Law Practice LLC serves as the Debtor's
counsel.  The Debtor disclosed total assets of $10.4 million and
total liabilities of $5.08 million as of the bankruptcy filing.


HORIZON LINES: Beach Point Reports 12.2% Stake as of Dec. 31
------------------------------------------------------------
Beach Point Capital Management LP and Beach Point GP LLC disclosed
that as of Dec. 31, 2014, they beneficially owned 5,005,396 shares
of common stock of Horizon Lines, Inc., representing 12.23 percent
of the shares outstanding.  A copy of the Schedule 13G is available
for free at http://is.gd/HaHbeW

                       About Horizon Lines

Horizon Lines, Inc., is a domestic ocean shipping company and the
only ocean cargo carrier serving all three noncontiguous domestic
markets of Alaska, Hawaii and Puerto Rico from the continental
United States.  The company owns a fleet of 13 fully Jones Act
qualified vessels and operates five port terminals in Alaska,
Hawaii and Puerto Rico.  A trusted partner for many of the
nation's leading retailers, manufacturers and U.S. government
agencies, Horizon Lines provides reliable transportation services
that leverage its unique combination of ocean transportation and
inland distribution capabilities to deliver goods that are vital
to the prosperity of the markets it serves.  The company is based
in Charlotte, NC, and its stock trades on the over-the-counter
market under the symbol HRZL.

For the year ended Dec. 22, 2013, the Company reported a net loss
of $31.9 million following a net loss of $94.7 million for the
year ended Dec. 23, 2012.

The Company's balance sheet at Sept. 21, 2014, showed $628 million
in total assets, $690.5 million in total liabilities, and a
$62.2 million total stockholders' deficit.

                           *     *     *

In June 2012, Moody's Investors Service affirmed Horizon Lines'
Corporate Family Rating and Probability of Default Rating at 'Caa2'
and removed the 'LD' ("Limited Default") designation from the
rating in recognition of the conversion to equity of the $228
million of Series A and Series B Convertible Senior Secured notes
due in October 2017 ("Notes").

Moody's said the affirmation of the CFR and PDR considers that
total debt has been reduced by the conversion of the Notes, but
also recognizes the significant operating challenges that the
company continues to face.


HRDRF L.P.: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: HRDRF, L.P.
        P.O. Box 2092
        Norristown, PA 19404

Case No.: 15-10996

Chapter 11 Petition Date: February 12, 2015

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania (Philadelphia)

Judge: Hon. Jean K. FitzSimon

Debtor's Counsel: Jon M. Adelstein, Esq.
                  ADELSTEIN & KALINER, LLC
                  Penn's Court
                  350 South Main Street, Suite 105
                  Doylestown, PA 18901
                  Tel: (215) 230-4250
                  Fax: (215) 230-4251
                  Email: jma@tradenet.net
                         pjg@tradenet.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert J. Fluehr, Sr., managing
partner.

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


ISTAR FINANCIAL: Apollo Mgt. Reports 7.3% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Apollo Management Holdings GP, LLC, and its
affiliates disclosed that as of Dec. 31, 2014, they beneficially
owned 6,734,822 shares of common stock of Istar Financial
representing 7.3 percent of the shares oustanding.  A copy of the
regulatory filing is available at http://is.gd/jfuLo7

                       About iStar Financial

New York-based iStar Financial Inc. (NYSE: SFI) provides custom-
tailored investment capital to high-end private and corporate
owners of real estate, including senior and mezzanine real estate
debt, senior and mezzanine corporate capital, as well as corporate
net lease financing and equity.  The Company, which is taxed as a
real estate investment trust, provides innovative and value added
financing solutions to its customers.

iStar Financial incurred a net loss allocable to common
shareholders of $156 million in 2013, a net loss allocable to
common shareholders of $273 million in 2012, and a net loss
allocable to common shareholders of $62.4 million in 2011.

As of Sept. 30, 2014, the Company had $5.48 billion in total
assets, $4.20 billion in total liabilities, $11.4 million in
redeemable noncontrolling interests, and $1.26 billion in total
equity.

                            *     *     *

As reported by the TCR on June 26, 2014, Fitch Ratings had
affirmed the Issuer Default Rating (IDR) of iStar Financial
at 'B'.  The 'B' IDR is driven by improvements in the company's
leverage, continued demonstrated access to the capital markets and
new sources of growth capital and material reductions in non-
performing loans (NPLs).

As reported by the TCR on Oct. 5, 2012, Standard & Poor's Ratings
Services affirmed its 'B+' long-term issuer credit rating on iStar
Financial.

In October 2012, Moody's Investors Service upgraded the corporate
family rating to 'B2' from 'B3'.  The current rating reflects the
REIT's success in extending near term debt maturities and
improving fundamentals in commercial real estate.  The ratings on
the October 2012 senior secured credit facility takes into account
the asset coverage, the size and quality of the collateral pool,
and the term of facility.


JACKSONVILLE BANCORP: Maltese Capital Reports 9% Stake at Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Maltese Capital Management LLC disclosed that
as of Dec. 31, 2014, it beneficially owned 312,707 shares of common
stock of Jacksonville Bancorp, Inc., representing 9.83 percent of
the shares outstanding.  A copy of the regulatory filing is
available at http://is.gd/ijClMQ

                     About Jacksonville Bancorp

Jacksonville Bancorp, Inc., a bank holding company, is the parent
of The Jacksonville Bank, a Florida state-chartered bank focusing
on the Northeast Florida market with eight full-service branches
in Jacksonville, Duval County, Florida, as well as the Company's
virtual branch.  The Jacksonville Bank opened for business on
May 28, 1999, and provides a variety of community banking services
to businesses and individuals in Jacksonville, Florida.

Jacksonville Bancorp reported a net loss available to common
shareholders of $32.4 million in 2013, a net loss available to
common shareholders of $43.04 million in 2012 and a net loss
available to common shareholders of $24.05 million in 2011.

The Company's balance sheet at Sept. 30, 2014, the Company had
$510 million in total assets, $474 million in total
liabilities and $36.3 million in total shareholders' equity.


JACKSONVILLE BANCORP: Wellington Reports 8.4% Stake as of Dec. 31
-----------------------------------------------------------------
Wellington Management Group LLP disclosed in a Schedule 13G filed
with the U.S. Securities and Exchange Commission that as of
Dec. 31, 2014, it beneficially owned 266,648 shares of common stock
of Jacksonville Bancorp, Inc., representing 8.38 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/rLDvGJ

                    About Jacksonville Bancorp

Jacksonville Bancorp, Inc., a bank holding company, is the parent
of The Jacksonville Bank, a Florida state-chartered bank focusing
on the Northeast Florida market with eight full-service branches
in Jacksonville, Duval County, Florida, as well as the Company's
virtual branch.  The Jacksonville Bank opened for business on
May 28, 1999, and provides a variety of community banking services
to businesses and individuals in Jacksonville, Florida.

Jacksonville Bancorp reported a net loss available to common
shareholders of $32.4 million in 2013, a net loss available to
common shareholders of $43.04 million in 2012 and a net loss
available to common shareholders of $24.05 million in 2011.

The Company's balance sheet at Sept. 30, 2014, the Company had
$510 million in total assets, $474 million in total
liabilities and $36.3 million in total shareholders' equity.


JAMOS CAPITAL: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

      Debtor                                    Case No.
      ------                                    --------
      Jamos Capital, LLC                        15-20186
      7310 Turfway Rd, Suite 550
      Florence, KY 41042

      Jamos Fund I, LP                          15-20187
      7310 Turfway Road, Suite 550
      Florence, KY 41042

Chapter 11 Petition Date: February 12, 2015

Court: United States Bankruptcy Court
       Eastern District of Kentucky (Covington)

Debtors' Counsel: Dennis R. Williams, Esq.
                  ADAMS, STEPNER, WOLTERMANN & DUSING, PLLC
                  40 W Pike Street
                  Covington, KY 41011
                  Tel: (859) 394-6221
                  Email: DWilliams@aswdlaw.com

                                     Total         Total
                                     Assets     Liabilities
                                  -----------   -----------
Jamos Capital, LLC                 $2.99MM        $4.22MM
Jamos Fund I, LP                   $8.76MM        $3.11MM

The petition was signed by Patrick Weir, chief executive
officer/member.

A. A list of Jamos Capital's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/kyeb15-20186.pdf

B. A list of Jamos Fund's 11 largest unsecured creditors is
available for free at http://bankrupt.com/misc/kyeb15-20187.pdf


LAKELAND INDUSTRIES: Renaissance Reports 6% Stake as of Oct. 21
---------------------------------------------------------------
Renaissance Technologies LLC and Renaissance Technologies Holdings
Corporation disclosed in a Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of Oct. 21, 2014, they
beneficially owned 429,402 shares of common stock of Lakeland
Industries, Inc., representing 6.09 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/azUG4A

                      About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, as compared with a
net loss of $377,000 on $96.3 million of sales for the year ended
Jan. 31, 2012.

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that the Company is in default on certain covenants of its
loan agreements at Jan. 31, 2013.

As of Oct. 31, 2014, the Company had $86.8 million in total
assets, $31.8 million in total liabilities and $54.9 million in
total stockholders' equity.


LAKELAND INDUSTRIES: Wellington Reports 6.8% Stake at Dec. 31
-------------------------------------------------------------
Wellington Management Group LLP disclosed in a Schedule 13G filed
with the U.S. Securities and Exchange Commission that as of
Dec. 31, 2014, it beneficially owned 485,000 shares of common stock
of Lakeland Industries, Inc., representing 6.88 percent of the
shares outstanding.

Effective Jan. 1, 2015, Wellington Management Company, LLP, a
registered investment advisor, changed its name to Wellington
Management Group LLP and transferred its United Stated advisory
business to Wellington Management Company LLP, a Delaware limited
liability partnership.  On that date, Wellington Management Company
LLP registered as an investment adviser with the SEC by succeeding
to Wellington Management Group's SEC registration.

A copy of the regulatory filing is available at:

                       http://is.gd/WJcMRK

                     About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, as compared with a
net loss of $377,000 on $96.3 million of sales for the year ended
Jan. 31, 2012.

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that the Company is in default on certain covenants of its
loan agreements at Jan. 31, 2013.

As of Oct. 31, 2014, the Company had $86.8 million in total
assets, $31.8 million in total liabilities and $54.9 million in
total stockholders' equity.


LAKELAND INDUSTRIES: Wellington Trust Held 6% Stake at Dec. 31
--------------------------------------------------------------
Wellington Trust Company, National Association Multiple Common
Trust Funds Trust, Micro Cap Equity Portfolio, disclosed in an
amended Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of Dec. 31, 2014, it beneficially owned 431,000
shares of common stock of Lakeland Industries, Inc., representing
6.12 percent of the shares outstanding.  A full-text copy of the
regulatory filing is available at http://is.gd/YUnmTL

                     About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, as compared with a
net loss of $377,000 on $96.3 million of sales for the year ended
Jan. 31, 2012.

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that the Company is in default on certain covenants of its
loan agreements at Jan. 31, 2013.

As of Oct. 31, 2014, the Company had $86.8 million in total
assets, $31.8 million in total liabilities and $54.9 million in
total stockholders' equity.


LAKELAND INDUSTRIES: Wellington Trust Reports 6% Stake at Dec. 31
-----------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Wellington Trust Company, NA, reported that as of
Dec. 31, 2014, it beneficially owned 485,000 shares of common stock
of Lakeland Industries, Inc., representing 6.88 percent of the
shares outstanding.  A full-text copy of the regulatory filing is
available for free at http://is.gd/RebUBM

                     About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, as compared with a
net loss of $377,000 on $96.3 million of sales for the year ended
Jan. 31, 2012.

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that the Company is in default on certain covenants of its
loan agreements at Jan. 31, 2013.

As of Oct. 31, 2014, the Company had $86.8 million in total
assets, $31.8 million in total liabilities and $54.9 million in
total stockholders' equity.


LATTICE INC: Harold Scattergood Reports 8% Stake as of Feb. 14
--------------------------------------------------------------
Harold F. Scattergood Jr. disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission that as of Feb.14, 2015, he
beneficially owned 4,464,408 shares of common stock of
Lattice Incorporated representing 8.68 percent of the shares
outstanding.  A copy of the regulatory filing is available at:

                        http://is.gd/P0yADm

                         About Lattice Inc.

Pennsauken, New Jersey-based Lattice Incorporated provides
telecommunications services to correctional facilities and
specialized telecommunication service providers in the United
States.

Lattice Incorporated reported a net loss of $1 million on $8.26
million of revenue for the year ended Dec. 31, 2013, as compared
with a net loss of $571,000 on $7.53 million of revenue during the
prior year.

As of Sept. 30, 2014, the Company had $5.57 million in total
assets, $7.48 million in total liabilities, and a $1.91 million
total shareholders' deficit.

Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey,
in Somerset, New Jersey, 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
history of operating losses, has a working capital deficit and
requires additional working capital to meet its current
liabilities.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


LATTICE INC: LCLR Limited Reports 6.46% Stake
---------------------------------------------
LCLR Limited on Feb. 13, 2015, disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission that it is the
beneficial owner of the 2,423,484 shares of common stock of Lattice
Incorporated representing 6.46 percent of the shares outstanding as
of of April 23, 2014.  

On April 23, 2014, LCLR Limited acquired 2,223,484 shares of common
stock of Lattice Inc.

The percentage ownership is based on Lattice Incorporated having
37,501,813 shares outstanding as set forth in its Form 10-Q filed
March 31, 2014, which was the most recent report of Lattice
Incorporated at the time of the Acquisition.

LCLR is a client of 1914 Advisors, a division of Boenning &
Scattergood, Inc.  Pursuant to an agreement with LCLR, 1914
Advisors has the power to dispose of and vote the shares of common
stock set forth in the report.  However, LCLR can rescind that
agreement at any time and vote the shares of common stock set forth
in the report (although LCLR does not rescind those agreements as a
matter of practice).  As such, LCLR and 1914 Advisors may be deemed
to have shared voting and dispositive power over the 2,423,484
shares set forth in this report.  1914 Advisors files a separate
report pursuant to Rule 13d-1(c) with respect to those shares.

Copies of the regulatory filings are available for free at:

                         http://is.gd/fmFDrN
                         http://is.gd/jAo3DO

                          About Lattice Inc.

Pennsauken, New Jersey-based Lattice Incorporated provides
telecommunications services to correctional facilities and
specialized telecommunication service providers in the United
States.

Lattice Incorporated reported a net loss of $1 million on $8.26
million of revenue for the year ended Dec. 31, 2013, as compared
with a net loss of $571,000 on $7.53 million of revenue during the
prior year.

As of Sept. 30, 2014, the Company had $5.57 million in total
assets, $7.48 million in total liabilities, and a $1.91 million
total shareholders' deficit.

Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey,
in Somerset, New Jersey, 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
history of operating losses, has a working capital deficit and
requires additional working capital to meet its current
liabilities.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


LEVEL 3: Southeastern Asset Reports 16% Stake as of Dec. 31
-----------------------------------------------------------
Southeastern Asset Management, Inc., disclosed with the U.S.
Securities and Exchange Commission that at Dec. 31, 2014, it
beneficially owned 54,735,045 shares of common stock of Level 3
Communications Inc. representing 16.3 percent based on 335,961,229
shares of Common Stock outstanding.  A copy of the Schedule 13G is
available for free at http://is.gd/czoTRp

                     About Level 3 Communications

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

For the year ended Dec. 31, 2014, the Company reported net income
of $314 million on $6.77 billion of revenue compared to a net loss
of $109 million on $6.31 billion of revenue during the prior year.

As of Dec. 31, 2014, the Company had $20.9 billion in total
assets, $14.6 billion in total liabilities and $6.36 billion in
stockholders' equity.

                           *     *     *

In June 2014, Fitch Ratings upgraded the Issuer Default Rating
(IDR) assigned to Level 3 Communications, Inc. (LVLT) and its
wholly owned subsidiary Level 3 Financing, Inc. (Level 3
Financing) to 'B+' from 'B'.

"The upgrade of LVLT's ratings is supported by the continued
strengthening of the company's credit profile since the close of
the Global Crossing Limited (GLBC) acquisition, positive operating
momentum evidenced by expanding gross and EBITDA margins, and
ongoing revenue growth within the company's Core Network Services
(CNS) segment and its position to generate meaning FCF," Fitch
stated.

In June 2013, Standard & Poor's Ratings Services raised its
corporate credit rating on Level 3 to 'B' from 'B-'.  "The upgrade
reflects improved debt leverage, initially from the acquisition of
the lower-leveraged Global Crossing in October 2011, and
subsequently from realization of the bulk of what the company
expects to eventually be $300 million of annual operating
synergies," said Standard & Poor's credit analyst Richard
Siderman.

As reported by the TCR on Oct. 31, 2014, Moody's Investors Service
upgraded Level 3's corporate family rating (CFR) to 'B2' from
'B3'.

Level 3's B2 CFR is based on the company's ability to generate
relatively modest free cash flow of between $250 million and $300
million in 2016 and, inclusive of debt which is presumed to be
converted to equity in 2015, to de-lever by approximately 0.5x to
4.8x (Moody's adjusted) by the end of 2016.


LIBERATOR INC: Posts $198K Net Income in Dec. 31 Quarter
--------------------------------------------------------
Liberator, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $198,000 on $4.29 million of net sales for the three months
ended Dec. 31, 2014, compared to net income of $95,100 on $4.21
million of net sales for the same period a year ago.

For the six months ended Dec. 31, 2014, the Company reported net
income of $113,000 on $7.87 million of net sales compared to net
income of $68,200 on $7.49 million of net sales for the same period
during the prior year.

As of Dec. 31, 2014, Liberator had $3.69 million in total assets,
$5.44 million in total liabilities and a $1.75 million total
stockholders' deficit.

As of Dec. 31, 2014, the Company has an accumulated deficit of
$8.31 million and a working capital deficit of $1.13 million.
This, the Company said, raises substantial doubt about to its
ability to continue as a going concern.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/N3WlUW

                         About Liberator Inc.

Atlanta, Georgia-based Liberator is a vertically integrated
manufacturer that designs, develops and markets products and
accessories that enhance intimacy.  Liberator is also a nationally
recognized brand trademark, brand category and a patented line of
products commonly referred to as sexual positioning shapes and sex
furniture.

Liberator disclosed a net loss of $376,000 on $14.7 million of
net sales for the year ended June 30, 2014, compared to a net loss
of $288,000 on $13.8 million of net sales for the year ended June
30, 2013.

Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2014.  The independent
auditors noted that the Company has a net loss of $376,000, a
working capital deficiency of $1.69 million, an accumulated deficit
of $8.42 million and a negative cash flow from continuing
operations of $199,000.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.



LIONS GATE: Dr. Malone Deal No Impact on Moody's 'Ba3' CFR
----------------------------------------------------------
Moody's Investors Service said that Lions Gate Entertainment
Corp.'s ("Lionsgate") announcement that it has entered into a stock
exchange agreement with affiliates of Dr. John C. Malone, will not
impact its Ba3 Corporate Family rating (CFR), SGL-2 Speculative
Grade Liquidity rating or the stable outlook. Lionsgate announced
that it has entered into a stock exchange agreement to exchange
shares representing 3.4% of its common stock for a portion of
Series A and Series B of Starz's common stock held by Dr. Malone
and his affiliates, representing roughly a 4.5% stake in Starz and
14.5% of its voting stock. Further, as part of the exchange
agreement, Lionsgate will appoint Dr. John C. Malone to its Board
of Directors, upon completion of the exchange. In Moody's view, Dr.
Malone's appointment to the company's Board brings to Lionsgate his
significant industry prowess and ingenuity, but also creates some
event risks, given his financial risk tolerance, financial
engineering and history of aggressively using debt to boost equity
returns. However, Lionsgate's rating is at similar rating levels as
other companies in which Dr. Malone has significant influence or
control. Moody's concerns are also tempered by Starz's modest
ownership stake following the exchange and Lionsgate's positive
operating momentum, which has allowed the company to strengthen its
credit metrics and improve financial flexibility over the last two
years. Nevertheless, Dr Malone's presence on Lionsgate's Board does
create minor constraints for material future upward rating
movement, though the outlook is presently stable.

Moody's considers the transaction to be strategically beneficial as
it creates the potential for collaboration between the two
companies. "The deal will enable Lionsgate to boost its revenues
and cash flows as it continues to leverage its production
capabilities to benefit from the increasing demand for content -
specifically original programming, which is what is most important
to Starz," stated Neil Begley, a Moody's Senior Vice President.
"The transaction also bodes well for Starz, which like other
television networks, is increasingly competing with SVOD players
such as Netflix and Amazon, and has been focusing on an
original-content strategy to strengthen its competitive position
and the deal could potentially and informally give Starz early
looks at new original television content projects at Lionsgate,"
added Begley. Of note, Lionsgate has a significant motion picture
production and television programming business and the deal could
allow the film studio to feed its vast library catalogue of titles
into Starz's lineup of programming. Lionsgate's new titles are
contractually locked up in the US with its partially owned (31%)
EPIX premium channel, and its Summit subsidiary production house is
obligated under output contracts with HBO, at least for the next
few years. Lionsgate has deep and numerous international
relationships which could be a further source of collaboration
between the two companies as well.

The partnership between the two companies takes place at a time
when the media landscape continues to evolve, with television
networks and streaming players increasingly being needful of
premium original content to attract consumer interest and drive up
subscription dollars. Lionsgate also owns its stake in EPIX, with
the balance being owned by Viacom Inc. (49%) (Baa2, Stable) and
Metro-Goldwyn-Mayer Inc.(20%) (Ba2, Stable). EPIX, which is a
premium cable network, directly competes with Starz and licenses
library titles and new products from Viacom's Paramount Studio,
Lionsgate and MGM. Notably, the exchange agreement allows the
companies to consider future initiatives, including in Moody's
view, a possible eventual merger of the two premium cable networks
to leverage Starz's broad distribution across the U.S., EPIX's
content catalog consisting of film franchises produced by three
important film studios and Lionsgate's international platform. In
Moody's opinion, such a merger could have good strategic rationale
for all parties as revenue and cost synergies from the deal could
be significant, given the potential for access to exclusive content
and a vast customer base. However, Moody's believe that such a
combination could be accomplished more through a stand-alone joint
venture of EPIX and Starz rather than a stock swap arrangement as
Moody's consider the likelihood to be remote for Viacom and
possibly MGM to swap their stocks and appoint Dr. Malone on their
Board of Directors.

Lions Gate Entertainment Corp., domiciled in British Columbia,
Canada (headquartered in Santa Monica, CA), is a motion picture
studio with a diversified presence in the production and
distribution of motion pictures, television programming, home
entertainment, video-on-demand and digitally delivered content.
Consolidated revenues for LTM 12/31/2014 were about $2.5 billion.



LORILLARD INC: MFS Reports 3.7% Stake as of Dec. 31
---------------------------------------------------
Massachusetts Financial Services Company disclosed in an amended
Schedule 13G filed with the U.S. Securities and Exchange Commission
that as of Dec. 31, 2014, it beneficially owned
13,259,558 shares of common stock (consisting of shares
beneficially owned by MFS or certain other non-reporting entities)
of Lorillard, Inc., representing 3.7 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/wdYw5z

                           About Lorillard

Lorillard, Inc. is the manufacturer of cigarettes in the United
States.  Its Newport is a menthol flavored premium cigarette
brand.  In addition to the Newport brand, its product line has
four additional brand families marketed under the Kent, True,
Maverick and Old Gold brand names.

As of Dec. 31, 2014, Lorillard had $3.50 billion in total assets,
$5.69 billion in total liabilities, and a $2.18 billion total
shareholders' deficit.

                         Pending Litigations

As of Feb. 6, 2015, Lorillard Tobacco is a defendant in
approximately 6,228 product liability cases, including
approximately 636 cases in which Lorillard, Inc. is a co-defendant.
Lorillard, Inc. is a defendant in one case in which Lorillard
Tobacco is not a defendant.  In addition to the product liability
cases, Lorillard Tobacco and, in some instances, Lorillard, Inc.,
are defendants in Filter Cases, Tobacco-Related Antitrust Cases,
and MSA-Related Cases.  According to the Company, these cases,
which are extremely costly to defend, could result in substantial
judgments against Lorillard Tobacco and/or Lorillard, Inc.

Numerous legal actions, proceedings and claims arising out of the
sale, distribution, manufacture, development, advertising,
marketing and claimed health effects of cigarettes are pending
against Lorillard Tobacco and Lorillard, Inc., and it is likely
that similar claims will continue to be filed for the foreseeable
future.  Lorillard Tobacco is a defendant in 61 Filter cases.
Lorillard, Inc. is a co-defendant in two of the 61 Filter Cases
that are pending against Lorillard Tobacco. Lorillard, Inc. is also
a defendant in one additional Filter case in which Lorillard
Tobacco is not a defendant.  Lorillard Tobacco is a defendant in
one Tobacco-Related Antitrust case.  Lorillard, Inc. is not a
defendant in this case.  In addition, several cases have been filed
against Lorillard Tobacco and other tobacco companies challenging
certain provisions of the MSA among major tobacco manufacturers and
46 states and various other governments and jurisdictions, and
state statutes promulgated to carry out and enforce the MSA.

"Punitive damages, often in amounts ranging into the billions of
dollars, are specifically pleaded in a number of cases in addition
to compensatory and other damages.  It is possible that the outcome
of these cases, individually or in the aggregate, could result in
bankruptcy.  It is also possible that Lorillard Tobacco and
Lorillard, Inc. may be unable to post a surety bond in an amount
sufficient to stay execution of a judgment in jurisdictions that
require such bond pending an appeal on the merits of the case.
Even if Lorillard Tobacco and Lorillard, Inc. are successful in
defending some or all of these actions, these types of cases are
very expensive to defend.  A material increase in the number of
pending claims could significantly increase defense costs and have
an adverse effect on our results of operations and financial
condition.  Further, adverse decisions in litigations against other
tobacco companies could have an adverse impact on the industry,
including us," the Company stated in 2014 Annual Report.


MAUI LAND: TSP Capital Reports 6.5% Stake as of Dec. 31
-------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, TSP Capital Management Group, LLC, disclosed
that as of Dec. 31, 2014, it beneficially owned 1,223,379 shares of
common stock of Maui Land & Pineapple Company, Inc., representing
6.5 percent of the shares outstanding.  A copy of the regulatory
filing is available at http://is.gd/Ru28W3

                   About Maui Land & Pineapple Co.

Maui Land & Pineapple Company, Inc. (NYSE: MLP) --
http://mauiland.com/-- develops, sells, and manages residential,
resort, commercial, and industrial real estate.  The Company owns
approximately 23,000 acres of land on Maui and operates retail,
utility operations, and a nature preserve at the Kapalua Resort.
The Company's principal subsidiary is Kapalua Land Company, Ltd.,
the operator and developer of Kapalua Resort, a master-planned
community in West Maui.

Maui Land reported a net loss of $1.16 million on $15.2 million
of total operating revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $4.60 million on $13.57 million of
total operating revenues in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $51.4
million in total assets, $79.08 million in total liabilities and a
$27.7 million stockholders' deficit.

Deloitte & Touche LLP, in Honolulu, Hawaii, 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 recurring negative cash flows from operations
and deficiency in stockholders' equity raise substantial doubt
about the Company's ability to continue as a going concern.


MCCLATCHY CO: Posts $303 Million Net Income in Fourth Quarter
-------------------------------------------------------------
The McClatchy Company reported income from continuing operations of
$303 million on $318million of net revenues for the quarter ended
Dec. 28, 2014, compared to income from continuing operations of
$11.9 million on $338 million of net revenues for the quarter ended
Dec. 29, 2013.

For the 12 months ended Dec. 28, 2014, the Company reported  income
from continuing operations of $376 million on $1.16 billion of net
revenues compared to income from continuing operations of $16.4
million on $1.21 billion of net revenues for the 12 months ended
Dec. 29, 2013.

Pat Talamantes, McClatchy's president and CEO, said, "We took
strategic monetization actions in 2014 that are having an immediate
impact on our company and will benefit us well into the future.
Funds received from the monetization of our investments in
Apartments.com and Cars.com, along with our sale of the Anchorage
Daily News, were put to work in the fourth quarter of 2014 to
reduce approximately $523 million of our outstanding debt. Cash
interest expense will be down by about $40 million in 2015 due to
the recent debt reduction efforts."

Talamantes continued, "Operational results in the fourth quarter
were hampered by the continued sluggishness in the print retail
environment and also reflected a difficult comparison to the 2013
fourth quarter, our strongest quarter for revenue performance in
2013.  Additionally, national advertising remains a challenging
category across the industry for regional newspaper companies.
Digital advertising and audience revenues continued to grow: total
digital-only advertising revenues, excluding the impact of selling
Apartments.com in April of 2014, grew 6.3% in the fourth quarter
and 10.6% for all of 2014 compared to the same periods in 2013, and
audience revenues were up 5.2% in the fourth quarter.  Together
with direct marketing and other non-traditional revenues, revenue
categories other than print newspaper advertising accounted for
over 62% of our total revenues for all of 2014 compared to 59% in
2013."

A full-text copy of the press release is available at:

                        http://is.gd/NvxpDb

                    About The McClatchy Company

Sacramento, Cal.-based The McClatchy Company (NYSE: MNI)
-- http://www.mcclatchy.com/-- is a media company that provides
both print and digital news and advertising services.  Its
operations include 30 daily newspapers, community newspapers,
websites, mobile news and advertising, niche publications, direct
marketing and direct mail services.  Its owned newspapers include,
among others, the (Fort Worth) Star-Telegram, The Sacramento Bee,
The Kansas City Star, the Miami Herald, The Charlotte Observer, and
The (Raleigh) News & Observer.  The Company holds interest in
digital assets which include CareerBuilder, LLC, Classified
Ventures, LLC, HomeFinder, LLC, and Wanderful Media.

The Company reported net income of $18.8 million for the year
ended Dec. 29, 2013, as compared with a net loss of $144,000 for
the year ended Dec. 30, 2012.  The Company's balance sheet at
Sept. 28, 2014, the Company had $2.63 billion in total assets,
$2.31 billion in total liabilities and $318 million in
stockholders' equity.

                           *     *     *

McClatchy carries a 'Caa1' corporate family rating from Moody's
Investors Service.  In May 2011, Moody's changed the rating
outlook from stable to positive following the company's
announcement that it closed on the sale of land in Miami for
$236 million.  The outlook change reflects Moody's expectation
that McClatchy will utilize the net proceeds to reduce debt,
including its underfunded pension position, which will reduce
leverage by approximately half a turn and lower required
contributions to the pension plan over the next few years.

McClatchy Co. carries a 'B-' Corporate Credit Rating from
Standard & Poor's Ratings Services.

As reported by the TCR on April 2, 2014, Standard & Poor's Ratings
Services affirmed all ratings on U.S. newspaper company The
McClatchy Co., including the 'B-' corporate credit rating, and
revised the rating outlook to stable from positive.  The outlook
revision to stable reflects S&P's expectation that the
timeframe for a potential upgrade lies beyond the next 12 months,
and could also depend on the company realizing value from its
digital minority interests.


MERRIMACK PHARMACEUTICALS: Vanguard Reports 6% Stake as of Dec. 31
------------------------------------------------------------------
The Vanguard Group disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, it
beneficially owned 6,616,429 shares of common stock of
Merrimack Pharmaceuticals Inc. representing 6.24 percent of the
shares outstanding.  

Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of The
Vanguard Group, Inc., is the beneficial owner of 123,895 shares or
.11% of the Common Stock outstanding of the Company as a result of
its serving as investment manager of collective trust accounts.

Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of
The Vanguard Group, Inc., is the beneficial owner of 11,900 shares
or .01% of the Common Stock outstanding of the Company as a result
of its serving as investment manager of Australian investment
offerings.

A copy of the Schedule 13G is available for free at:

                         http://is.gd/Rq7Kl7

                           About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $130.7 million in 2013, a net
loss of $91.8 million in 2012 and a net loss of $79.7 million in
2011.

The Company's balance sheet at Sept. 30, 2014, showed $189 million
in total assets, $288 million in total liabilities, $150,000 in
non-controlling interest, and a $99.7 million stockholders'
deficit.


METEOR ENTERTAINMENT: Auction of Assets Slated for February 23
--------------------------------------------------------------
TriplePoint Capital LLC will sell substantially all of the tangible
and intangible asset of Meteor Entertainment Inc. to the highest or
otherwise best qualified bidder at a public auction to be conducted
on Feb. 23, 2015 at 10:00 a.m. (PST) at the offices of McDermott
Will & Emery LLP at 2049 Century Park East Suite 3800 in Los
Angeles, California.

As reported in the Troubled Company Reporter on Feb. 12, 2015, the
auction was originally set for Feb. 21, 2015.  TriplePoint said it
has received an opening bid for the assets for consideration in the
amount of $1,676,507.  Any competing bid at the public auction must
exceed the opening bid in order to be considered by TriplePoint.  

McDermott Will & Emery can be reached at:

  McDermott Will & Emery LLP
  c/o Sarah Steigleder
  2049 Century Park East Suite 3800
  Los Angeles, CA 90067
  Tel: (310) 248 6107


MGM RESORTS: Capital World Reports 7.2% Stake as of Dec. 31
-----------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Capital World Investors revealed that as of Dec. 31,
2014, it beneficially owned 35,876,056 shares of common stock of
MGM Resorts International representing 7.2 percent of the shares
outstanding.  A copy of the regulatory filing is available at:

                         http://is.gd/bsbDKr

                         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
$157 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.


MGM RESORTS: Growth Fund Reports 6.7% Stake as of Dec. 31
---------------------------------------------------------
The Growth Fund of America disclosed in a Schedule 13G filed with
the U.S. Securities and Exchange Commission that as of Dec. 31,
2014, it beneficially owned 33,194,600 shares of common stock of
MGM Resorts International representing 6.7 percent of the shares
outstanding.  A copy of the regulatory filing is available at:

                        http://is.gd/5RtzbE

                         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.


MGM RESORTS: T. Rowe Price Reports 13% Stake as of Dec. 31
----------------------------------------------------------
T. Rowe Price Associates, Inc., revealed in an amended Schedule 13G
filed with the U.S. Securities and Exchange Commission that it
beneficially owned 64,123,305 shares of common stock of MGM Resorts
International at Dec. 31, 2014, representing 13 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/EetzSX

                          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
$157 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.


MMRGLOBAL INC: To Join in Appellate Mediation Program
-----------------------------------------------------
MMRGlobal, Inc., through its wholly owned subsidiary,
MyMedicalRecords, Inc., announced that in their respective
Docketing Statements filed with the Court of Appeals for the
Federal Circuit, MMR, WebMD and Quest Diagnostics confirmed that
they would participate in an Appellate Mediation Program at the
United States Court of Appeals for the Federal Circuit.  On
Feb. 5, 2015, WebMD and Quest Diagnostics filed their respective
Docketing Statements that they were amenable to mediation by the
Appellate Mediation Program.  In the filings, WebMD and Quest
Diagnostics acknowledged that past settlement negotiations with MMR
had occurred following the orders which are the subject of the
appeal, and both agreed that mediation may assist in the efficient
resolution of the matters.  Although assignment to mediation is at
the discretion of the Circuit Executive, once selected,
participation in the mediation program is mandatory.  The
assignment to mediation is not confidential, however, the substance
of any settlement talks or mediation is confidential and may not be
disclosed by any participant.                       

The Company also announced that it plans to report significantly
higher revenue from retailers in its fourth quarter ended Dec. 31,
2014, exceeding total fourth quarter revenues from all sources in
the prior year.  In addition, the Company previously announced that
2014 would be its biggest year since inception.

MMR is currently appealing (Case Nos. 2:13-CV-02538, 2:13-CV-07285
& 2:13-CV-03560 consolidated as 2:13-CV-00631) to the United States
Court of Appeals for the Federal Circuit.  In MMR's
Jan. 28, 2015, Docketing Statement in the appeal, it stated it was
amenable to entry into the Appellate Mediation Program because
"[]the underlying district court orders were issued prior to the
Supreme Court's [January 20, 2015] ruling in Teva Pharm. USA, Inc.
v. Sandoz, Inc., [574 U.S. ___], 2015 U.S. Dist. Lexis 628 (2015),
which directly contradicts the district court's orders."

MMR is a leading provider of secure and easy-to-use Personal Health
Records through its MyMedicalRecords PHR, and MMRPro document
management and imaging systems for healthcare professionals.  The
Company also offers the MyEsafeDepositBox solution which provides
an online site to securely store important legal, financial,
insurance and other important documents as well as medical and
personal health information. MMR's health IT patent portfolio,
which dates back to filings in 2005, currently consists of 13
issued U.S. patents including U.S. Patent Nos. 8,301,466;
8,352,287; 8,352,288; 8,121,855; 8,117,646; 8,117,045; 8,321,240;
8,498,883; 8,626,532, 8,645,161; 8,725,537; 8,768,725 and
8,775,212, as well as additional applications and continuation
applications involving inventions pertaining to Personal Health
Records, Patient Portals and other Electronic Health Record
systems.  In addition to the U.S., MMR has patents issued, pending
and/or applied for in 11 other countries or regional authorities of
commercial interest including Australia, Singapore, New Zealand,
Mexico, Japan, Canada, Hong Kong, China, South Korea, Israel and
Europe.

Although the Company's primary focus is as a provider and licensor
of health information technology products and services, it has a
growing list of patents related to cancer- fighting anti-CD20
monoclonal antibodies under the title, "Antibodies and Methods For
Making and Using Them," issued in the U.S., Mexico, Australia and
South Korea with patents pending in the U.S., Australia, Brazil,
Canada, China, Hong Kong, India, Europe, Japan and Korea.  The
Company also holds additional patents pertaining to a B-cell
idiotype vaccine worldwide.

                          About MMRGlobal

Los Angeles, Calif.-based MMR Global, Inc. (OTC BB: MMRF)
-- http://www.mmrglobal.com/-- through its wholly-owned operating
subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-
use online Personal Health Records (PHRs) and electronic safe
deposit box storage solutions, serving consumers, healthcare
professionals, employers, insurance companies, financial
institutions, and professional organizations and affinity groups.

MMRGlobal reported a net loss of $7.63 million in 2013, as
compared with a net loss of $5.90 million in 2012.

Rose, Snyder & Jacobs LLP, in Encino, 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 has incurred significant operating losses and
negative cash flows from operations during the years ended
December 31, 2013 and 2012.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


MOTORS LIQUIDATION: Had $835M Assets in Liquidation at Dec. 31
--------------------------------------------------------------
Motors Liquidation Company GUC Trust filed with the U.S. Securities
and Exchange Commission its quarterly report for the period ended
Dec. 31, 2014.

At Dec. 31, 2014, Motors Liquidation had $905.40 million in total
assets, $69.49 million in total liabilities and $835.91 million in
net assets in liquidation.

The GUC Trust's sources of liquidity are principally the funds it
holds for the payment of liquidation and administrative costs, and
to a significantly lesser degree, the earnings on those funds
invested by it.  The GUC Trust holds those funds as cash and cash
equivalents and also invests such funds in marketable securities,
primarily corporate commercial paper and municipal commercial paper
and demand notes, as permitted by the Plan and the GUC Trust
Agreement.

During the nine months ended Dec. 31, 2014, the GUC Trust's
holdings of cash and cash equivalents increased approximately $10.6
million from approximately $14.9 million to approximately $25.5
million.  The increase was due primarily to dividends received on
holdings of New GM Common Stock of $12.6 million and proceeds from
the maturity and sale of marketable securities in excess of
reinvestments of $12.3 million, offset in part by cash paid for
liquidation and administrative costs of $9.4 million, cash paid for
distributions of $3.5 million and cash paid for Residual Wind-Down
Claims of $2 million.

During the nine months ended Dec. 31, 2014, the funds invested by
the GUC Trust in marketable securities decreased approximately
$12.3 million, from approximately $44.4 million to approximately
$32.1 million.  The decrease was due primarily to reduced
re-investments of cash in marketable securities in order to fund
cash needs during the period.  The GUC Trust earned approximately
$52,000 in interest income on those investments during the period.

As of Dec. 31, 2014, the GUC Trust held approximately $57.6 million
in cash and cash equivalents and marketable securities.

A full-text copy of the Form 10-Q is available for free at:

                         http://is.gd/wi2j7q

                      About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.


MURRAY ENERGY: Bank Debt Trades at 8% Off
-----------------------------------------
Participations in a syndicated loan under which Murray Energy is a
borrower traded in the secondary market at 92.30 cents-
on-the-dollar during the week ended Friday, Feb. 13, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 0.80 percentage points from the previous week, The Journal
relates.  Murray Energy pays 425 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Nov. 21, 2019, and
carries Moody's B1 rating and Standard & Poor's BB rating.  The
loan is one of the biggest gainers and losers among 207 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.



NATIONAL CINEMEDIA: AllianceBernstein Has 4% Stake as of Dec. 31
----------------------------------------------------------------
AllianceBernstein LP reported with the U.S. Securities and Exchange
Commission that as of Dec. 31, 2014, it beneficially owned
2,518,861 shares of common stoc of National Cinemedia representing
4.1 percent of the shares outstanding.  A full-text copy of the
Schedule 13G/A is available at http://is.gd/YH3QmD

                       About National CineMedia

National CineMedia, Inc., is the holding company of National
CineMedia, LLC.  NCM LLC operates the largest digital in-theatre
network in North America, allowing NCM to distribute advertising,
Fathom entertainment programming events and corporate events under
long-term exhibitor services agreements with American Multi-Cinema
Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal
Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment
Group; and Cinemark USA, Inc., a wholly owned subsidiary of
Cinemark Holdings, Inc.  NCM LLC also provides such services to
certain third-party theater circuits under "network affiliate"
agreements, which expire at various dates.

As of Sept. 25, 2014, National CineMedia had $994 million in
total assets, $1.19 billion in total liabilities and a $200.2
million total deficit.

                            *    *    *

As reported by the TCR on March 24, 2011, Standard & Poor's
Ratings Services raised its corporate credit ratings on
Centennial, Colorado-based National CineMedia Inc. and
operating subsidiary National CineMedia LLC (which S&P analyzes on
a consolidated basis) to 'BB-' from 'B+'.  "The 'BB-' corporate
credit rating reflects S&P's expectation that NCM's EBITDA growth
will enable the company to continue to de-lever over the
intermediate term despite its aggressive dividend policy," said
Standard & Poor's credit analyst Jeanne Shoesmith.


NATIONAL CINEMEDIA: Vanguard Reports 5.9% Stake as of Dec. 31
-------------------------------------------------------------
The Vanguard Group disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, it
beneficially owned 3,627,038 shares of common stock of
National CineMedia Inc. representing 5.95 percent of the shares
outstanding.

Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of
Vanguard Group, is the beneficial owner of 78,935 shares or .12% of
the Common Stock outstanding of the Company as a result of its
serving as investment manager of collective trust accounts.

Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of
Vanguard Group, is the beneficial owner of 4,600 shares or 0% of
the Common Stock outstanding of the Company as a result of its
serving as investment manager of Australian investment offerings.

A full-text copy of the regulatory filing is available at:

                       http://is.gd/4cYv6E

                      About National CineMedia

National CineMedia, Inc., is the holding company of National
CineMedia, LLC.  NCM LLC operates the largest digital in-theatre
network in North America, allowing NCM to distribute advertising,
Fathom entertainment programming events and corporate events under
long-term exhibitor services agreements with American Multi-Cinema
Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal
Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment
Group; and Cinemark USA, Inc., a wholly owned subsidiary of
Cinemark Holdings, Inc.  NCM LLC also provides such services to
certain third-party theater circuits under "network affiliate"
agreements, which expire at various dates.

As of Sept. 25, 2014, National CineMedia had $994 million in
total assets, $1.19 billion in total liabilities and a $200.2
million total deficit.

                            *    *    *

As reported by the TCR on March 24, 2011, Standard & Poor's
Ratings Services raised its corporate credit ratings on
Centennial, Colorado-based National CineMedia Inc. and
operating subsidiary National CineMedia LLC (which S&P analyzes on
a consolidated basis) to 'BB-' from 'B+'.  "The 'BB-' corporate
credit rating reflects S&P's expectation that NCM's EBITDA growth
will enable the company to continue to de-lever over the
intermediate term despite its aggressive dividend policy," said
Standard & Poor's credit analyst Jeanne Shoesmith.


NATIONAL JEWISH: Fitch Affirms 'BB+' Rating on 2012/2005 Rev. Bonds
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the following
revenue bonds issued by the Colorado Health Facilities Authority on
behalf of National Jewish Health (NJH):

-- $22,640,000 series 2012 fixed-rate bonds;
-- $10,700,000 series 2005 variable-rate demand bonds (VRDBs).

The series 2005 VRDBs are secured by a letter of credit (LOC; UMB
Bank, National Association).

The Rating Outlook is Stable.

SECURITY

Pledge of gross revenues (excluding restricted charitable donations
and grants) and a debt service reserve fund.

KEY RATING DRIVERS

WEAK 2014 FINANCIAL RESULTS: NJH posted a $12.3 million operating
loss (a negative 6% operating margin) in the fiscal year ended June
30, 2014, a decline from 2013. Through the six-month interim period
ended Dec. 31, 2014, NJH narrowed operating losses to a negative
4.9% operating margin.

ST. JOSEPH HOSPITAL JOA: In December 2014, NJH established
inpatient services at the newly opened campus of St. Joseph
Hospital (SJH), an acute care hospital in downtown Colorado that is
part of the Sisters of Charity of Leavenworth Health System (SCLHS;
revenue bonds rated 'AA-'). The move was part of a joint operating
agreement (JOA) signed with SJH and SCLHS in August 2014. Under the
JOA, NJH and SJH revenues in Colorado will be combined, with NJH
receiving a fixed percentage of the JOA's operating income. While
there is some uncertainty regarding the future income from this
arrangement, Fitch views the JOA as a credit positive, believing it
can accrue material financial benefits to NJH by providing access
to a larger patient base, reducing capital needs (NJH was planning
for a new inpatient tower), and helping to spread fixed costs.

LEVERAGING OF HIGHLY SPECIALIZED SERVICES: The JOA with SJH is a
major part of NJH's strategy to expand its clinical presence via
agreements with both regional and national providers, with the goal
of leveraging its status as a national leader in the treatment of
complex respiratory diseases and related illnesses. Over the last
two years, NJH has signed agreements with Banner Health (revenue
bonds rated 'AA-'), Icahn School of Medicine at Mount Sinai
(affiliated with Mount Sinai Hospital, revenue bonds rated 'A'),
and Rocky Mountain Children's Hospital. Fitch views this strategy
positively, believing it can further enhance NJH's national
reputation while providing additional revenue opportunities.

ADEQUATE MTI MADS COVERAGE: Coverage of maximum annual debt service
(MADS) as calculated by Fitch has historically been weak and was a
very low 0.6x in fiscal 2014. However, MADS coverage as calculated
under the Master Trust Indenture (MTI) continues to be satisfactory
and was 2.1x in 2014.

RATING SENSITIVITIES

FINANCIAL IMPROVEMENT EXPECTED: Fitch believes the SJH JOA and
other affiliation activities should lead to clinical revenue growth
over 12 to 24 months. An improvement in NJH's operating
profitability coupled with a rebuilding of its balance sheet could
result in a return to the investment-grade rating category.

ADEQUATE MTI COVERAGE OF DEBT: The Stable Outlook is predicated
upon Fitch's expectation that NJH will continue producing
sufficient net income available for debt service as calculated
under the MTI. A deterioration in debt service coverage as per the
MTI from 2014 levels could pressure the rating.

CREDIT PROFILE

NJH is a national referral medical institute engaged in patient
care, medical research, and teaching, primarily in the areas of
respiratory, cardiac, allergic, and immunologic medicine. NJH has
historically provided most of its services on an outpatient basis,
but the majority of NJH's inpatient services are provided at SJH's
new hospital beginning December 2014. Total revenue for fiscal year
ended June 30, 2014 was $204.9 million.

Weak 2014 Results

As anticipated at the time of Fitch's review, fiscal 2014
profitability was weak with a negative 6% operating margin compared
to a negative 4.4% and negative 4% in fiscal 2013 and 2012
respectively. Profitability in fiscal 2014 was largely impacted by
growing expenses as the organization invested heavily in its
clinical and research programs and physicians. Losses from research
also continued to dilute profitability. Management is implementing
plans to reduce the research subsidy to below $20 million over the
next three years (from $22 million-$23 million historically)
through expanding/diversifying funding sources, targeted
recruitments, and developing its intellectual property group, which
Fitch believes is reasonable.

Management is projecting profitability to improve in fiscal 2015,
supported by the enhanced clinical operations at the new facility
(2015 covers 11 months under the JOA). Profitability was improved
year-over-year through the six month interim period ended Dec. 31,
2014, with a negative 4.9% operating margin compared to a negative
9.6% operating margin in the same prior year period. Fitch believes
that the various strategic partnerships will begin yielding
financial benefits in the next 12 to 24 months.

Joint Operating Agreement with St. Joseph Hospital

Effective August 2014, NJH formed a JOA with SJH, and began
admitting patients at SJH's new hospital in December 2014, which is
located just two miles from NJH's existing main campus. Under the
JOA, NJH will receive a fixed percentage of NJH and SJH's combined
Colorado operating income including both inpatient and outpatient
activities (but excluding foundation activity). For the first 24
months, NJH will receive a certain minimum level of operating
income from the JOA.

Fitch is concerned that the agreement ties NJH's portion of the
income to the total JOA operations, to clinical services much
beyond the services that NJH has historically provided. Net patient
service revenues have historically contributed about 60% of NJH's
total operating revenues, so the JOA is a fundamental change in
NJH's revenue and income stream. Mitigating this concern is the
credit strength of the SCLHS, a large 'AA' category health system,
and that recent financial results show that SJH has been
profitable.

Further mitigating near term concerns is the contractual obligation
to distribute a minimum amount of operating income over the first
two years. The financial benefits will be immediate as the amount
to be distributed from the JOA is higher than what NJH has
historically generated in operating income from clinical
operations. Fitch will be better able to assess the JOA after the
two year period, but believes the near-term risks in the JOA are
very manageable at the current rating level.

Over the medium term, Fitch believes that the JOA has the potential
to yield material clinical and financial advantages to NJH that has
the potential to return NJH's rating to investment grade. NJH
should be able to capitalize on revenue growth opportunities by
having access to a larger network and being able to offer its
patients a fuller continuum of care. Research should benefit as
well through increased access to patients and clinical trials.
Financial reporting should remain relatively similar to prior
years, as assets and liabilities will remain separate.

Other Strategic Partnerships

In addition to the JOA, NJH has entered into several other
partnerships in the last year with regional and national healthcare
providers. During 2014, NJH worked with the Icahn School of
Medicine at Mount Sinai to establish the Mount Sinai-National
Jewish Health Respiratory Institute. The Institute opened in
January 2015. This joint venture marked NJH's first venture outside
Colorado, and capitalizes on the NJH brand, intellectual capital,
recruiting platform, and clinical expertise. Management expects the
financial benefits to accrue after the first year.

Over the last year, NJH also signed an agreement to provide
electronic intensive care (nightly ICU coverage) for Banner Health
(a multi-state system) and an agreement to provide pediatric
pulmonology, allergy, and immunology services at Rocky Mount
Children's Hospital in Colorado. The increased affiliation activity
reflects NJH's strategy to expand its national presence leveraging
its highly specialized expertise in respiratory services. Fitch
positively views NJH's strategy to maintain its presence in a
consolidating market increasingly dominated by large systems, and
expects the organization to continue pursuing various
partnerships.

Solid Development Activity and Manageable Capital Needs

Philanthropy activity is a credit strength, with annual fundraising
levels of over $20 million. NJH is currently in the process of
completing its largest campaign yet, with the goal of raising an
additional $150 million that includes $100 million to fund a center
for outpatient health, $20 million for an institute for lung health
(research space), and $30 million for targeted faculty
recruitments. Capital projects will be evaluated once sufficient
amount of funds are raised.

Outside of the larger projects contingent upon fundraising success,
capital plans are manageable and have been helped by NJH admitting
to the new facility as part of the JOA. The annual capital budget
is expected to be approximately $3.5 million to $4 million going
forward, which is significantly below depreciation around $10
million. NJH's expansion projects outside of Colorado typically
require little to no capital investments. The lower capital
spending should help NJH preserve cash.

Decline in Liquidity

Unrestricted cash and liquidity declined year-over-year driven by
negative cash flows and in part due to campaign pledges that have
been committed but not yet received. However, liquidity and
leverage indicators remain adequate for the rating category with
73.7 days cash on hand, 7.4x cushion ratio, and 77.4% cash to
debt.

DEBT PROFILE

Total outstanding debt as of Dec. 31, 2014 was $52.9 million, which
included $44.6 million in bonds and capital leases and $8.3 million
drawn on an operating line of credit. Fitch treats the line of
credit as long-term debt based on NJH's intentions to leave it
outstanding for the foreseeable future. The bonds and capital
leases are 77% fixed rate and 23% floating rate. The $11.1 million
series 2005 variable-rate demand bonds are supported by an LOC from
UMB bank that renews automatically (current expiration date is
March 1, 2015).

Fitch uses a MADS figure of $5.5 million, which occurs in 2016. Per
Fitch's calculations, coverage of MADS by EBITDA was a very low
0.6x in fiscal 2014, down from 1.4x in 2013. MADS coverage
recovered to 1.5x through the six-month interim period (based on
unrestricted activity). MADS drops to $4 million in 2018. There is
a $6.3 million bullet maturity due in 2017 related to the 2011
Grove School Property Note, which Fitch excludes from MADS due to
management's stated goals to pay off the note with fundraising and
NJH's history of success with philanthropy.

While debt service coverage calculated per Fitch's definition are
concerning, historical debt service coverage under the MTI is
adequate. The MTI allows for inclusion of certain restricted
philanthropic funds (Fitch's calculation only includes
unrestricted) in revenues available and only use debt service on
bonded debt, which was $3.5 million in 2014. Debt service coverage
calculated under the MTI was 2.1x in 2014 and 6.4x in 2013.

DISCLOSURE

NJH covenants to disclose audited financial statements within 150
days of the end of the fiscal year. Quarterly unaudited financial
information is disclosed within 45 days of the close of the first
three quarters of the fiscal year and within 90 days of the close
of the fourth quarter. Financial statements are posted to the
Municipal Securities Rulemaking Board's EMMA system.



NATIVE WHOLESALE: Feb. 17 Hearing on Motion to Close Case
---------------------------------------------------------
The U.S. Bankruptcy Court continued until Feb. 17, 2015, at 2:00
p.m., the hearing to consider debtor Native Wholesale Supply
Company's motion for order directing the closing of its bankruptcy
case.

The States of California, New York, and Oklahoma, responded to the
Debtor's Jan. 13, 2015 motion, stating that the Court must deny the
motion.  The movants also requested that the Debtor be directed to
cooperate with the necessary discovery to resolve the notice of
other dispute.

The Debtor, in its motion, asserted that all payments required
under the Debtor's confirmed plan had been made, that all monthly
reports and payments due to the U.S. Trustee will be current on or
about the date the Court directs the closing of the case, and that
the Debtor wished to close the case in order to obtain the
termination of its obligation to pay approximately $30,000 per
quarter to the U.S. Trustee.

The States are represented by:

         Craig T. Lutterbein, Esq.
         HODGSON RUSS LLP
         The Guaranty Building
         140 Pearl Street, Suite 100
         Buffalo, NY 14202
         Tel: (716) 856-4000

         Karen Cordry, Esq.
         National Association of Attorneys General
         2030 M Street, NW
         Washington DC 20036
         Tel: 20-326-6251

         J. Christopher Kohn, Esq.
         Tracy J. Whitaker, Esq.
         Charles E. Canter, Esq.
         U.S. Department of Justice
         Commercial Litigation Branch
         P.O. Box 875
         Washington, DC 20530
         Tel: (202) 616-2236

              About Native Wholesale Supply Company

Native Wholesale Supply Company is engaged in the business of
importing cigarettes and other tobacco products from Canada and
selling them to third parties within the United States.  It
purchases the products from Grand River Enterprises Six Nations,
Ltd., a Canadian corporation and the Debtor's only secured
creditor.  Native is an entity organized under the Sac and Fox
Nation and has its principal place of business at 10955 Logan Road
in Perrysburg, New York.

Native filed for Chapter 11 bankruptcy (Bankr. W.D.N.Y. Case No.
11-14009) on Nov. 21, 2011.  The Chapter 11 filing was triggered to
resolve an ongoing dispute with the United States government
regarding up to $43 million in assessments made by the government
against the Debtor pursuant to the Fair and Equitable Tobacco
Reform Act of 2004 and the Tobacco Transition Payment Program and
to restructure the terms of payment of any obligation determined
to
be owing by the Debtor to the U.S. under the Disputed Assessment.
The issues pertaining to the Disputed Assessment resulted in two
lawsuits, subsequently consolidated, now pending in the Federal
District Court.

Robert J. Feldman, Esq., and Janet G. Burhyte, Esq., at Gross,
Shuman, Brizdle & Gilfillan, P.C., in Buffalo, N.Y., represent the
Debtor as counsel.

The Company disclosed $30,022,315 in assets and $70,590,564 in
liabilities as of the Chapter 11 filing.

The States of California, New Mexico, Oklahoma and Idaho have
appeared in the case and are represented by Garry M. Graber, Esq.,
and Craig T. Lutterbein, Esq., at Hodgson Russ LLP, in Buffalo, New
York, and Karen Cordry, Esq., National Association of Attorneys
General, in Washington, D.C.

According to a Consensual Disclosure Statement for Joint Consensual
Plan of Reorganization of Native Wholesale Supply Company, and the
States dated March 6, 2014, the Debtor established a Plan Funding
Account at M&T and deposited $5.5 million on Feb. 4, 2014, and an
additional $500,000 was deposited on Feb. 14, 2014.  An additional
$500,000 will be deposited in the Plan Funding Account on each
succeeding 15th day of each month (or the first business day after
the 15th) beginning in March 2014 until the Plan is confirmed.

No trustee, examiner or creditors' committee has been appointed in
the case.



NEWLEAD HOLDINGS: Ironridge No Longer a 5% Owner as of Feb. 12
--------------------------------------------------------------
Ironridge Global IV, Ltd., et al., disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission that as of Feb.
12, 2015, they have ceased to be the beneficial owners of more than
five percent of the outstanding common stock of NewLead Holdings.
A copy of the Schedule 13G is available at:

                       http://is.gd/PX8Imx

                   About NewLead Holdings Ltd.

Based in Athina, Greece, NewLead Holdings Ltd. --
http://www.newleadholdings.com/-- is an international, vertically
integrated shipping company that owns and manages product tankers
and dry bulk vessels.  NewLead currently controls 22 vessels,
including six double-hull product tankers and 16 dry bulk vessels
of which two are newbuildings.  NewLead's common shares are traded
under the symbol "NEWL" on the NASDAQ Global Select Market.

NewLead Holdings reported a net loss of $158 million on $7.34
million of operating revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $403.9 million on $8.92 million of
operating revenues in 2012.

As of June 30, 2014, the Company had $210.7 million in total
assets, $296 million in total liabilities, and a $85.8 million
shareholders' deficit.

EisnerAmper 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 incurred a net loss, negative operating cash
flows, a working capital deficiency, and shareholders' deficiency
and has defaulted under its credit facility agreements.  Those
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


NPS PHARMACEUTICALS: Wellington Reports 8.2% Stake as of Dec. 31
----------------------------------------------------------------
Wellington Management Group LLP disclosed that as of Dec. 31, 2014,
it beneficially owned 8,739,584 shares of common stock of
NPS Pharmaceuticals, Inc., representing 8.18 percent of the shares
outstanding.

Effective Jan. 1, 2015, Wellington Management Company, LLP, a
registered investment advisor, changed its name to Wellington
Management Group LLP and transferred its United Stated advisory
business to Wellington Management Company LLP, a Delaware limited
liability partnership.  On that date, Wellington Management Company
LLP registered as an investment adviser with the SEC by succeeding
to Wellington Management Group's SEC registration.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/56EDWZ

                      About NPS Pharmaceuticals

Based in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:
NPSP) -- http://www.npsp.com/-- is developing new treatment
options for patients with rare gastrointestinal and endocrine
disorders.

NPS Pharmaceuticals reported a net loss of $13.5 million in 2013,
a net loss of $18.7 million in 2012 and a net loss of $36.3
million in 2011.  The Company posted consolidated net loss of
$31.4 million in 2010 and a net loss of $17.9 million in 2009.

The Company's balance sheet at Sept. 30, 2014, showed $282
million in total assets, $151 million in total liabilities and
$131 million in total stockholders' equity.


ONE FOR THE MONEY: Files Schedules of Assets and Liabilities
------------------------------------------------------------
One For The Money LLC filed with the U.S. Bankruptcy Court for the
Southern District of New York its summary of schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $12,500,000
  B. Personal Property           
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $15,125,294
  E. Creditors Holding
     Unsecured Priority
     Claims                                     
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $802,012
                                 -----------      -----------
        TOTAL                    $12,500,000      $15,927,306

A full-text copy of the Debtor's schedules is available for free
at http://is.gd/Tmf5xv

One For The Money, LLC, sought Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 15-10188) in Manhattan on Jan. 28, 2015,
without stating a reason.  The petition was signed by Anthony M.
Marano as managing member.  The Debtor estimated assets and
liabilities of $10 million to $50 million.

Jonathan S. Pasternak and the law firm of DelBello Donnellan
Weingarten Wise & Wiederkehr, LLP, in White Plains, New York, has
been tapped as counsel.

The Debtor's schedules of assets and liabilities and statement of
financial affairs are due Feb. 11, 2015.  The Debtor's Chapter 11
plan is due by Nov. 24, 2015.

The Debtor is owned by the Maranos and the Galassos.  The largest
shareholder is Anthony C. Marano, who owns 42%.


PACIFIC DRILLING: Bank Debt Trades at 22% Off
---------------------------------------------
Participations in a syndicated loan under which Pacific Drilling
Ltd is a borrower traded in the secondary market at 77.95
cents-on-the-dollar during the week ended Friday, Feb. 6, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 0.95 percentage points from the previous week, The Journal
relates. The Company pays 350 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 15, 2018, and
carries Moody's B1 rating and Standard & Poor's B+ rating.  The
loan is one of the biggest gainers and losers among widely-quoted
syndicated loans in secondary trading in the week ended Friday
among the 207 loans with five or more bids. All loans listed are
B-term, or sold to institutional investors.



PATHEON INC: Bank Debt Trades at 2% Off
---------------------------------------
Participations in a syndicated loan under which Patheon Inc. is a
borrower traded in the secondary market at 97.95 cents-on-the-
dollar during the week ended Friday, Feb. 13, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an increase of 0.67
percentage points from the previous week, The Journal relates.
Patheon Inc. pays 325 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Jan. 14, 2021, and carries
Moody's B2 rating and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 207 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



PHOTOMEDEX INC: Paradigm Capital Reports 6% Stake as of Dec. 31
---------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Paradigm Capital Management, Inc., disclosed that as of
Dec. 31, 2014, it beneficially owned 1,230,700 shares of common
stock of PhotoMedex, Inc., representing 6.46 percent of the shares
outstanding.  A copy of the regulatory filing is available at:

                        http://is.gd/QdTpfk

                          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 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 million
in assets, $138 million in total liabilities, and $140 million of
total stockholders' equity.


PLANDAI BIOTECHNOLOGY: Incurs $1.3 Million Net Loss in Q2
---------------------------------------------------------
Plandai Biotechnology, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $1.29 million on $67,100 of revenues for the three
months ended Dec. 31, 2014, compared to a net loss of $3.32 million
on $13,200 of revenues for the same period in 2013.

For the six months ended Dec. 31, 2014, the Company reported a net
loss of $1.86 million on $153,000 of revenues compared to a net
loss of $4.04 million on $240,000 of revenues for the same period a
year ago.

As of Dec. 31, 2014, the Company had $10.9 million in total assets,
$15.7 million in total liabilities and a $4.79 million in equity
allocated to the Company.

The Company stated in the Report that there is substantial doubt
about its ability to continue as a going concern due to recurring
losses and working capital shortages, which means that it may not
be able to continue operations unless it obtains additional
funding.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/zePvRi

                           About Plandai

Based in Seattle, Washington, Plandai Biotechnology, Inc., through
its recent acquisition of Global Energy Solutions, Ltd., and its
subsidiaries, focuses on the farming of whole fruits, vegetables
and live plant material and the production of proprietary
functional foods and botanical extracts for the health and
wellness industry.  Its principle holdings consist of land, farms
and infrastructure in South Africa.

Plandai Biotechnology reported a net loss of $15.5 million on
$266,000 of revenues for the year ended June 30, 2014, compared to
a net loss of $2.96 million on $359,000 of revenues for the year
ended June 30, 2013.

Terry L. Johnson, CPA, in Casselberry, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.

"The Company has incurred a deficit of approximately $26 million
and has used approximately $44 million of cash due to its
operating activities in the two years ended June 30, 2014.  The
Company may not have adequate readily available resources to fund
operations through June 30, 2015.  This raises substantial doubt
about the Company's ability to continue as a going concern," the
auditors noted.


PLY GEM HOLDINGS: Fred Iseman Reports 69% Stake as of Dec. 31
-------------------------------------------------------------
As of Dec. 31, 2014, Frederick J. Iseman, by virtue of his control
of Rajaconda Holdings, Inc., may be deemed to be the beneficial
owner of 48,096,462 shares of common stock of Ply Gem Holdings,
Inc., representing 69.4 percent of the shares outstanding.  The
shares consist of his direct ownership of 25,000 shares of Common
Stock, the 9,985,631 shares of Common Stock held by CI Partnership
I, the 35,709,612 shares of Common Stock held by CI Partnership II
and the 2,376,219 Management Shares.  

As of Dec. 31, 2014, Steven M. Lefkowitz had direct ownership of
10,000 shares of Common Stock.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/PzdNc1

                           About Ply Gem

Based in Cary, North Carolina, Ply Gem Holdings Inc. is a
diversified manufacturer of residential and commercial building
products, which are sold primarily in the United States and
Canada, and include a wide variety of products for the residential
and commercial construction, the do-it-yourself and the
professional remodeling and renovation markets.

Ply Gem Holdings reported a net loss of $79.5 million in 2013, a
net loss of $39.05 million in 2012 and a net loss of $84.5
million in 2011.

The Company's balance sheet at June 28, 2014, showed $1.09 billion
in total assets, $1.18 billion in total liabilities and a $91.4
million total stockholders' deficit.

                           *     *     *

In May 2010, Standard & Poor's Ratings Services raised its
(unsolicited) corporate credit rating on Ply Gem to 'B-' from
'CCC+'.  "The ratings upgrade reflects our expectation that the
Company's credit measures are likely to improve modestly over the
next several quarters to levels that we would consider more in
line with the 'B-' corporate credit rating," said Standard &
Poor's credit analyst Tobias Crabtree.


PLY GEM HOLDINGS: Gary Robinette Reports 1.2% Stake as of Dec. 31
-----------------------------------------------------------------
Gary E. Robinette disclosed in an amended Schedule 13G filed with
the U.S. Securities and Exchange Commission that as of Dec. 31,
2014, he beneficially owned 847,586 shares of common stock of Ply
Gem Holdings representing 1.2 percent of the shares outstanding.  

As a result of a stockholders agreement, Caxton-Iseman (Ply Gem),
L.P., Caxton-Iseman (Ply Gem) II, L.P., Rajaconda Holdings Inc.,
FJI Gloucester LLC and Frederick J. Iseman may be deemed to
beneficially own and share voting and dispositive power over the
shares of Common Stock beneficially owned by the Reporting Person.

A complete copy of the regulatory filing is available at:

                        http://is.gd/ZwpWnB

                           About Ply Gem

Based in Cary, North Carolina, Ply Gem Holdings Inc. is a
diversified manufacturer of residential and commercial building
products, which are sold primarily in the United States and
Canada, and include a wide variety of products for the residential
and commercial construction, the do-it-yourself and the
professional remodeling and renovation markets.

Ply Gem Holdings reported a net loss of $79.5 million in 2013, a
net loss of $39.05 million in 2012 and a net loss of $84.5
million in 2011.

The Company's balance sheet at June 28, 2014, showed $1.09 billion
in total assets, $1.18 billion in total liabilities, and a
$91.4 million stockholders' deficit.

                           *     *     *

In May 2010, Standard & Poor's Ratings Services raised its
(unsolicited) corporate credit rating on Ply Gem to 'B-' from
'CCC+'.  "The ratings upgrade reflects our expectation that the
Company's credit measures are likely to improve modestly over the
next several quarters to levels that we would consider more in
line with the 'B-' corporate credit rating," said Standard &
Poor's credit analyst Tobias Crabtree.


POSITIVEID CORP: Ironridge Global No Longer a 5% Shareholder
------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Ironridge Global IV, Ltd., et al., disclosed
that as of Dec. 31, 2014, they have ceased to be the beneficial
owners of more than five percent of the oustanding shares of common
stock of PositiveID Corporation.  A copy of the regulatory filing
is available at http://is.gd/C0x7MQ

                          About PositiveID

Delray Beach, Fla.-based PositiveID Corporation has historically
developed, marketed and sold RFID systems used for the
identification of people in the healthcare market.  Beginning in
early 2011, the Company has focused its strategy on the growth of
its HealthID business, including the continued development of its
GlucoChip, its Easy Check breath glucose detection device, its
iglucose wireless communication system, and potential strategic
acquisition opportunities of businesses that are complementary to
its HealthID business.

PositiveID reported a net loss attributable to common stockholders
of $13.3 million on $0 of revenue for the year ended Dec. 31,
2013, as compared with a net loss attributable to common
stockholders of $25.30 million on $0 of revenue in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $1.37
million in total assets, $9.03 million in total liabilities, and a
stockholders' deficit of $7.66 million.

EisnerAmper 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 a working capital deficiency and an accumulated
deficit.  Additionally, the Company has incurred operating losses
since its inception and expects operating losses to continue
during 2014.  These conditions, the auditors said, raise
substantial doubt about the Company's ability to continue as a
going concern.


PRECISION OPTICS: DAFNA Capital Reports 4.9% Stake as of Dec. 31
----------------------------------------------------------------
DAFNA Capital Management, LLC, Nathan Fischel and Fariba Ghodsian
disclosed in a regulatory filing with the U.S. Securities and
Exchange Commission that they are the beneficial owners of
311,537 shares of common stock of Precision Optics Corporation
representing 4.98 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/iR3g5l

                       About Precision Optics

Headquartered in Gardner, Massachusetts, Precision Optics
Corporation, Inc., has been a developer and manufacturer of
advanced optical instruments since 1982.  The Company designs and
produces high-quality micro-optics, medical instruments and other
advanced optical systems.  The Company's medical instrumentation
line includes laparoscopes, arthroscopes and endocouplers and a
world-class product line of 3-D endoscopes for use in minimally
invasive surgical procedures.

Precision Optics reported a net loss of $1.16 million on $3.65
million of revenues for the year ended June 30, 2014, compared to
a net loss of $1.78 million on $2.51 million of revenues for the
year ended June 30, 2013.  Precision Optics reported a net loss of
$380,000 for the quarter ended March 31, 2014.

As of Sept. 30, 2014, the Company had $2.24 million in total
assets, $851,000 in total liabilities, all current, and $1.39
million in total stockholders' equity.


PRESSURE BIOSCIENCES: Gets First Purchase Order for Barozyme
------------------------------------------------------------
Pressure BioSciences, Inc., received the first purchase order for
its new Barozyme HT48 High-throughput System.  The Company also
announced the receipt of a request for a quotation for the possible
purchase of a second Barozyme HT48 System; the request came from an
existing European customer.

In September 2014, the Company announced plans to build and ship
nine Barozyme HT48 High-throughput Systems for independent
evaluation.  In November and December 2014, the Company announced
the installation of the first three evaluation systems.  The chosen
sites were (i) a leading U.S. biotechnology company, (ii) Dr.
Radoslav Goldman's laboratory at Georgetown University, (ii) Dr.
William Funk's laboratory at the Feinberg School of Medicine
(Northwestern University).  The purchase order for the Barozyme
HT48 System came from the leading U.S. biotechnology company.  This
Company already owns and routinely uses two NEP2320 Barocycler
instruments.

Dr. Nathan Lawrence, VP of Marketing and Sales of PBI, said: "Our
evaluation sites have done a terrific job of generating very
valuable information in a relatively short period of time.  Early
results show: (i) the Barozyme HT48 works as well in the hands of
independent scientists as it does in our own, (ii) data generated
by the Barozyme HT48 are comparable to data generated by the
NEP2320, when compared using the same pressure and time parameters,
and (iii) data generated using the Barozyme's BaroFlex 8-well
processing strips (which allow the Barozyme HT48 to process up to
six strips or 48 samples simultaneously) compare well with data
generated using the Company's existing NEP2320 MicroTube reaction
vessel (used to process one sample at a time)."

Dr. Lawrence continued: "Based on the results generated by the
evaluation sites, we were able to complete our design optimization
with key modifications to both the software and hardware of the
Barozyme HT48 System.  We believe these improvements will make the
Barozyme HT48 System even more versatile, accurate, and robust in
serving our customer's needs.  Consequently, we believe the
Barozyme HT48 System is now ready for a focused marketing and sales
effort."

Mr. Richard T. Schumacher, president and CEO of PBI said: "We plan
to install three more evaluation systems in the coming weeks: one
at an academic research facility in MA, one at a cancer research
company in CA, and one in a well-known, non-profit research center
in Sweden.  We expect the three new sites, like the existing three
sites, to generate, publish, and present data that we expect will
provide strong support to our Barozyme HT48 sales efforts."
Mr. Schumacher concluded: "Due to the rapid success of the
evaluation program, we have decided to end the program early, after
six installations and not after the planned nine.  This will allow
the upgrade of the last three systems with improvements dictated by
the evaluation data generated thus far, and to have them ready for
sale in the 2015 second quarter. We are excited about this
important transition point for PBI."

                     About Pressure Biosciences

Pressure BioSciences, Inc., headquartered in South Easton,
Massachusetts, holds 14 United States and 10 foreign patents
covering multiple applications of pressure cycling technology in
the life sciences field.

Pressure Biosciences reported a net loss applicable to common
shareholders of $5.24 million on $1.50 million of total revenue
for the year ended Dec. 31, 2013, as compared with a net loss
applicable to common stockholders of $4.40 million on $1.23
million of total revenue in 2012.

As of Sept. 30, 2014, the Company had $1.45 million in total
assets, $3.55 million in total liabilities and a $2.07 million
total stockholders' deficit.

Marcum LLP, in Boston, Massachusetts, 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 had recurring net losses and continues to
experience negative cash flows from operations.  The auditors said
these conditions raise substantial doubt about its ability to
continue as a going concern.


QUANTUM CORP: FMR LLC Reports 10.8% Stake as of Feb. 13
-------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, FMR LLC, Edward C. Johnson 3d and Abigail P.
Johnson disclosed that as of Feb. 13, 2015, they beneficially owned
27,621,362 shares of common stock of Quantum Corp. representing
10.810 percent of the shares outstanding.  A copy of the regulatory
filing is available at http://is.gd/XIam43

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum Corporation incurred a net loss of $21.5 million on
$553 million of total revenue for the year ended March 31,
2014, as compared with a net loss of $52.2 million on $587
million of total revenue for the year ended March 31, 2013.

The Company's balance sheet at Dec. 31, 2014, showed $374 million
in total assets, $451 million in total liabilities and a $76.7
million total stockholders' deficit.


QUANTUM CORP: Stifel Presentation Webcast Now Available
-------------------------------------------------------
A webcast of Quantum's presentation at the Stifel Technology,
Internet and Media Conference (Feb. 10, 2015) is now available in
the Investor Events section of the Company's corporate Web site at
http://www.quantum.com/investors

In addition, a live and archived webcast of Quantum's upcoming
presentation at the Cantor Fitzgerald 2015 Internet and Technology
Conference (Feb. 24, 2015) will also be available in the Investor
Events section.

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum Corporation incurred a net loss of $21.5 million on
$553 million of total revenue for the year ended March 31,
2014, as compared with a net loss of $52.2 million on $587
million of total revenue for the year ended March 31, 2013.

The Company's balance sheet at Dec. 31, 2014, showed $374 million
in total assets, $451 million in total liabilities and a $76.7
million total stockholders' deficit.


QUANTUM FUEL: Prices Public Offering of Common Stock
----------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc., announced the
pricing of an underwritten offering of 4,000,000 shares of its
common stock at a price to the public of $2.50 per share.  Cowen
and Company, LLC, and FBR Capital Markets & Co. are acting as joint
bookrunners for the offering.  The Company has granted the
underwriters a 30-day option to purchase up to an additional
600,000 shares of common stock, solely to cover over-allotments, if
any.

Net proceeds from the sale of the shares after underwriting
discounts and estimated offering expenses are expected to be
approximately $9.13 million.  If the underwriters exercise their
over-allotment option in full, net proceeds from the offering are
expected to be approximately $10.54 million.  The Company intends
to use the net proceeds of the offering for general corporate and
working capital purposes.  The offering is expected to close on
Feb. 18, 2015, subject to customary closing conditions.

                         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
$30.9 million in 2012 and a net loss attributable to common
stockholders of $38.5 million in 2011.


REDPRAIRIE CORP: Bank Debt Trades at 6% Off
-------------------------------------------
Participations in a syndicated loan under RedPrairie Corp is a
borrower traded in the secondary market at 93.90
cents-on-the-dollar during the week ended Friday, Feb. 13, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
0.77 percentage points from the previous week, The Journal relates.
RedPrairie Corp pays 500 basis points above LIBOR to borrow under
the facility.  The bank loan matures on Dec. 12, 2018. The bank
debt carries Moody's B2 and Standard & Poor's B rating.
The loan is one of the biggest gainers and losers among 207 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.



RESEARCH SOLUTIONS: Bristol Reports 26% Stake as of  Dec. 31
------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Bristol Investment Fund, Ltd., disclosed that
as of Dec. 31, 2014, it beneficially owned 4,783,910 shares of
common stock of Research Solutions, Inc., representing 26.8 percent
of the shares outstanding.

Paul Kessler, as (i) manager of the investment advisory firm to
Bristol Fund and (ii) beneficiary of the IRA account through which
Mr. Kessler's shares are held, beneficially owned 10,000 common
shares as of that date.

The aggregate purchase price for the 4,783,910 Shares owned by
Bristol Fund is $1.52 million in cash.  The aggregate purchase
price for the 10,000 Shares owned by Mr. Kessler is $4,100 in
cash.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/2dsaAp

                     About Research Solutions

Research Solutions, Inc. provides research information services
and software to research-intensive industries in the Life Sciences
and other fields.  The Encino, California-based Company delivers
copyrighted copies of published content, including articles from
published journals, to content users in hard copy or electronic
form.

As of Sept. 30, 2014, the Company had $6.49 million in total
assets, $5.70 million in total liabilities and $796,000 in total
stockholders' equity.

The Company reported a net loss of $1.87 million for the fiscal
year ended June 30, 2014, compared with net income of $192,000 for
the year ended June 30, 2013.


RESPONSE BIOMEDICAL: Expands Chinese Distribution Agreement
-----------------------------------------------------------
Response Biomedical Corp. has expanded the scope of its agreement
to distribute its Cardiovascular portfolio of RAMP products with
Shanghai Elite Biotech Co., Ltd.  Effective April 23, 2015,
Shanghai Elite will become the exclusive national distributor in
China for Response's RAMP branded cardiovascular Point of Care
Testing portfolio.

"Response and Shanghai Elite initially entered into a distribution
agreement for certain provinces in Eastern and Southern China in
the fourth quarter of 2013.  Since that time, Shanghai Elite,
through their extensive network of sub-dealers, have demonstrated a
strong commitment to our product line and have exceeded our sales
expectations," commented Dr. Anthony Holler, interim chief
executive officer of Response.  "We are confident in Shanghai
Elite's ability to grow sales in their existing territory as well
as the expanded territory in China for which they will take over
responsibility for from our previous distributor effective April
23, 2015."

Dr. Barbara Kinnaird, chief operating officer of Response added,
"Response owns our own regulatory clearances in China and has an
established regional office in Shanghai, which allows us to
decisively and effectively manage our China distribution channels,
thereby enabling us to better ensure that our distributors are
satisfactorily meeting both their contractual sales commitments,
and our growth expectations.  Shanghai Elite have demonstrated
their willingness to invest the necessary resources to increase
RAMP sales in this important and growing market and we look forward
to continuing to support their marketing efforts to further build
the excellent reputation of the RAMP brand in mainland China."

Under the terms of the Amendment to the Shanghai Elite Distribution
Agreement, Shanghai Elite will have exclusive distribution rights
for Response's RAMP branded cardiovascular POCT portfolio in the
People's Republic of China excluding Taiwan, Hong Kong and Macao
Special Administration Region.  In addition, product pricing levels
and exclusive sales territories are contingent upon the achievement
of certain sales minimums, and Response has committed to providing
certain amounts of marketing support to Shanghai Elite.

                     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.

The Company's balance sheet at Sept. 30, 2014, showed
$12.3 million in total assets, $15.6 million in total liabilities
and total stockholders' deficit of $3.32 million.

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: Jennison Assoc. Reports 11% Stake as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Jennison Associates LLC disclosed that as of
Dec. 31, 2014, it beneficially owned 3,147,293 shares of common
stock of Retrophin, Inc., representing 11.8 percent of the shares
outstanding.  A copy of the regulatory filing is available at
http://is.gd/oMar4P

                        About Retrophin

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.

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," according to the
quarterly report for the period ended Sept. 30, 2014.


RETROPHIN INC: Lombard Odier Reports 6.6% Stake as of Dec. 31
-------------------------------------------------------------
Lombard Odier Asset Management (USA) Corp disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that as of
Dec. 31, 2014, it beneficially owned 1,750,000 shares of common
stock of Retrophin Inc. representing 6.62 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/AAR8zy

                           About Retrophin

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.

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,"
according to the quarterly report for the period ended Sept. 30,
2014.


REVEL AC: Court Stays "Free and Clear of Liens" Provision in Sale
-----------------------------------------------------------------
ACR Energy Partners, LLC and American Cut AC Marc Forgione, LLC, et
al. challenge the Bankruptcy Court's Jan. 8, 2015 Order approving
the sale and purchase of the assets of Revel AC, Inc., et al., free
and clear of liens, claims, and encumbrances pursuant to 11 U.S.C.
Sec. 363(f), on the basis that the Sale Order improperly
dispossessed Appellants of their possessory leasehold interests
under 11 U.S.C. Sec. 365(h), and approved a sale free and clear
without adequately protecting the Appellants' interests under 11
U.S.C. Sections 363(e), and in the absence of any bona fide dispute
under 11 U.S.C. Sec. 365(f)(4).

The beleaguered and now defunct Revel Casino, a $2.4 billion casino
property in Atlantic City, New Jersey, ceased its operations on
Sept. 2, 2014.  As reported by the Troubled Company Reporter, Judge
Burns approved on Jan. 8 the sale of almost all of Revel AC's
assets to Polo North Country Club Inc. for $95.4 million.  Polo
North owned by real estate developer Glenn Straub was the runner-up
at the auction conducted by Revel AC last year.  However, the
winning bidder Brookfield US Holdings LLC, which made a $110
million offer, backed out of the deal.

ACR and the Amenity Tenants were among four groups of appellants
which moved, on an emergent basis, to stay paragraph 14 of the Sale
Order, the provision enabling the Revel assets to be sold free and
clear of Appellants' interests, pending appeal, in order to prevent
the purportedly irrevocable dispossession of their contracted for
property interests, claims, and/or liens, and to prevent a
consummated sale under the Sale Order from rendering their claims
on appeal statutorily moot under 11 U.S.C. Sec. 363(m).  Following
expedited briefing, and a lengthy hearing, the Court denied all
appellants' motions to stay the sale pending appeal on January 21,
2015.

A copy of the Jan. 21 ruling is available at http://is.gd/mkRY8P
from Leagle.com.

The District Court also issued another ruling on January 23,
available at http://is.gd/NgDkpKfrom Leagle.com, denying IDEA
Boardwalk LLC's application for certification pursuant to 28 U.S.C.
Sec. 158(d)(2)(A), for temporary relief pending the Court's
disposition of IDEA's certification request, and for an expedited
hearing.

Meanwhile, the appellant in IDEA Boardwalk, LLC v. Revel AC, Inc.,
Civil Action No. 15-299 (JBS), a related appeal addressed in the
Court's decision, was the sole party which filed a timely notice of
appeal to the Court of Appeals on January 28, 2015, and
subsequently filed an emergency motion to stay and/or for an
expedited appeal before the Court of Appeals.

In a 2-1 Order dated Feb. 6, 2015, the Court of Appeals reversed
the District Court's denial of a stay as to IDEA Boardwalk, LLC,
and directed that paragraph 14 of the Sale Order be stayed to the
extent it pertained to IDEA pending the District Court's
disposition of IDEA's appeal.

The Court of Appeals noted, however, that its Order affected no
other provision of the Sale Order, and that the sale therefore
remained "free to go forward in all other respects."

ACR and the Amenity Tenants now move, on an emergent basis, for
reconsideration of, and/or relief from, the Court's Jan. 21, 2015
decision which had denied a stay, arguing, in essence, that the
Court of Appeals' Feb. 6, 2015 Order reversing the District Court's
January 21, 2015 denial of IDEA Boardwalk's motion to stay pending
appeal in IDEA Boardwalk, LLC v. Revel AC, Inc., Civil Action No.
15-299 (JBS), fundamentally called into question the District
Court's January 21, 2015 ruling as to ACR and the Amenity Tenants.


ACR and the Amenity Tenants submit that the Court of Appeals' Order
in reversing the District Court's denial of stay pending appeal
applies with equal force and effect to them, because their appeals
rely upon a similar, if not identical, legal and factual predicate,
and because the District Court denied Appellants' initial motions
to stay for much the same reasons it denied IDEA's motion.

ACR and the Amenity Tenants argue that a stay pending appeal
should, in equity, be granted as to ACR and the Amenity Tenants.

In a Feb. 10, 2015 decision available at http://is.gd/guieNUfrom
Leagle.com, New Jersey Chief District Judge Jerome B. Simandle
grants ACR and the Amenity Tenants' motions in part, and stays
paragraph 14 of the Sale Order to the extent it pertains to ACR and
the Amenity Tenants, pending the Court's determination of the
pending appeals of ACR, the Amenity Tenants, and IDEA Boardwalk,
and the remainder of the Sale Order is unaffected and the sale may
go forward.

Stuart M. Brown, Esq., Timothy J. Lowry, Esq., R. Craig Martin,
Esq., at DLA Piper LLP (US), represent ACR Energy Partners, LLC.

Warren J. Martin, Jr., Esq., Robert M. Schechter, Esq., Rachel A.
Parisi, Esq., at Porzio, Bromberg & Newman, P.C., represent
American Cut AC Marc Forgione, LLC, Azure AC Allegretti, LLC,
GRGAC1, LLC, GRGAC2, LLC, GRGAC3, LLC, Lugo AC, LLC, Mussel Bar AC,
LLC, PM Atlantic City, LLC, RJ Atlantic City, LLC, and The Marshall
Retail Group, LLC.

Michael J. Viscount, Jr., Esq., John H. Strock, Esq., at Fox
Rothschild LLP, and John K. Cunningham, Esq., Jason N. Zakia, Esq.,
at White & Case LLP, represent Revel AC, Inc.

Stuart J. Moskovitz, Esq., Freehold, N.J., represents Polo North
County Club, Inc.

                          About Revel AC

Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates
Revel, a Las Vegas-style, beachfront entertainment resort and
casino located on the Boardwalk in the south inlet of Atlantic
City, New Jersey.

Revel AC Inc. and five of its affiliates sought bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19, 2014,
to pursue a quick sale of the assets.

The Chapter 11 cases are assigned to Judge Gloria M. Burns.  The
Debtors' Chapter 11 cases are jointly consolidated for procedural
purposes.

Revel AC estimated assets ranging from $500 million to $1 billion,
and the same amount of liabilities.

White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors'
Counsel, and Moelis & Company, LLC, is the investment banker.  The
Debtors' solicitation and claims agent is Alixpartners, LLP.

The prepetition first lenders are represented by Cadwalader,
Wickersham & Taft LLP.  The prepetition second lien lenders are
represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.  The
DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP.

This is Revel AC's second trip to bankruptcy.  The company first
sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 13-16253)
on March 25, 2013, with a prepackaged plan that reduced debt by
$1.25 billion.  Less than two months later on May 15, 2013, the
2013 Plan was confirmed and became effective on May 21, 2013.


REX ENERGY: Moody's Lowers Corporate Family Rating to 'B3'
----------------------------------------------------------
Moody's Investors Service downgraded REX Energy Corporation's
(REXX) Corporate Family Rating (CFR) to B3 from B2, its Probability
of Default Rating (PDR) to B3-PD from B2-PD, its senior unsecured
notes to Caa1 from B3, and its Speculative Grade Liquidity (SGL)
Rating to SGL-4 from SGL-3. The rating outlook has been changed to
negative from stable.

"The downgrade of REXX's ratings reflect the company's weak
interest coverage through 2016 and high capital intensity, which
constrains its liquidity profile," commented Gretchen French,
Moody's Vice President. "The negative outlook reflects the reliance
on potential asset sales and other external sources to fund capital
spending in a cyclically low commodity price environment."

Downgrades:

Issuer: Rex Energy Corporation

  Corporate Family Rating: Downgraded to B3 from B2

  Probability of Default Rating: Downgraded to B3-PD from B2-PD

  $350 million 8.875% senior notes due 2020: Downgraded to Caa1,
  LGD 4 from B3, LGD4

  $325 million 6.25% senior notes due 2022: Downgraded to Caa1,
  LGD4 from B3, LGD4

  Speculative Grade Liquidity Rating: Downgraded to SGL-4 from SGL-
3

Outlook Actions:

Issuer: Rex Energy Corporation

Outlook: Changed to Negative from Stable

Ratings Rationale

REXX's B3 CFR reflects its weak interest coverage, leveraged cash
margins and cash flow coverage of debt through 2016, high capital
intensity, with high levels of spending required in order to hold
core acreage positions by production, and reliance on external
sources of liquidity to fund its spending needs. The rating further
reflects REXX's concentration of reserves and production in the
Appalachian Basin, with the execution risk surrounding its
development program in the Marcellus and Utica Shale plays. Ratings
are supported by the company's growing reserves and production
profile, with sizeable scale relative to its B3 peers, with the
company benefiting from improved well performance and higher
estimated reserves in the Butler County area of Marcellus shale. In
addition, the rating is supported by the company's high level of
operational control of its property base and midstream assets that
present alternative sources of potential liquidity.

REXX's SGL-4 Speculative Grade Liquidity Rating reflects weak
internal cash flow generation through 2016. Despite having an
active commodity hedging program, EBITDA generation in 2015 and
2016 is likely to be significantly lower than 2014 leading to an
increased reliance on external sources to fund capital spending
plans. Constraints on liquidity include an inability to cover
estimated maintenance capital spending with internally generated
cash flow in the current low commodity price environment. Absent
any asset monetization, higher funded debt balances and lower
projected EBITDA will pressure compliance with financial covenants
in 2016. Apart from reducing the 2015 capital spending plans to
$180 million - $220 million from a prior guidance of $325 million -
$375 million, the company is undertaking several efforts to shore
up its liquidity profile, including the potential sale of non-core
assets like Keystone Clearwater services and finding a JV partner
for the acreage in Moraine East; however, the timing and ultimate
proceeds of these transactions are uncertain.

The senior notes' Caa1 rating is one notch below the B3 CFR,
reflecting the contractual subordination to the senior secured
borrowing base revolving credit facility due 2019.

The negative outlook reflects the company's reliance on asset
monetization to fund the reduced 2015 capital spending plans in the
low commodity price environment, weak internal cash flow generation
profile and the potential need to renegotiate financial covenants
in 2016.

The ratings could be downgraded if REXX is unable to improve its
interest coverage and liquidity profile, including the inability to
either sell non-core assets or find a partner for Moraine East
during the first half of 2015 and the maintenance of available
liquidity of at least $100 million.

The outlook could be changed to stable if the company successfully
manages to sell non-core assets, find a JV partner for Moraine
East, and amends the credit agreement to reduce the potential
pressure on financial covenants.

Headquartered in State College, PA, Rex Energy Corporation (REXX)
is an independent, exploration and production (E&P) company with
operations concentrated in the Appalachian and the Illinois
Basins.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.



RICEBRAN TECHNOLOGIES: Cranshire Reports 4.9% Stake as of Dec. 31
-----------------------------------------------------------------
Cranshire Capital Advisors, LLC, and Mitchell P. Kopin disclosed in
an amended Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of Dec. 31, 2014, they beneficially owned
474,421 shares of common stock of RiceBran Technologies
representing 4.9 percent of the shares outstanding.  A full-text
copy of the regulatory filing is available for free at:

                         http://is.gd/UKMzU6

                            About RiceBran

Scottsdale, Ariz.-based RiceBran Technologies, a California
corporation, is a human food ingredient and animal nutrition
company focused on the procurement, bio-refining and marketing of
numerous products derived from rice bran.

RiceBran Technologies reported a net loss of $17.6 million on
$35.05 million of revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $11.1 million on $37.7 million of
revenues for the year ended Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $46.6 million in total
assets, $29.9 million in total liabilities, $3.94 million in
redeemable noncontrolling interest in Nutra SA, and $12.7 million
in total equity attributable to the Company's shareholders.

BDO USA, LLP, in Phoenix, Arizona, 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 from operations
resulting in an accumulated deficit of $219 million at Dec. 31,
2013.  This factor among other things, raises substantial doubt
about its ability to continue as a going concern.


RITE AID: T. Rowe Price Reports 11.2% Stake as of Dec. 31
---------------------------------------------------------
T. Rowe Price Associates, Inc., disclosed in an amended Schedule
13G filed with the U.S. Securities and Exchange Commission that it
beneficially owned 110,158,352 shares of common stock of Rite Aid
Corp. representing 11.2 percent of the shares outstanding.  A copy
of the regulatory filing is available at http://is.gd/fXNYnk

                        About Rite Aid Corp.

Drugstore chain Rite Aid Corporation (NYSE: RAD) --
http://www.riteaid.com/-- is a drugstore chain based in Camp
Hill, Pennsylvania.

Rite Aid disclosed net income of $118 million on $25.4 billion
of revenue for the year ended March 2, 2013, as compared with a
net loss of $369 million on $26.1 billion of revenue for the
year ended March 2, 2012.

As of Nov. 29, 2014, the Company had $7.18 billion in assets, $8.97
billion in liabilities, and a $1.79 billion stockholders' deficit.

                           *     *     *

As reported by the TCR on March 1, 2013, Moody's Investors Service
upgraded Rite Aid Corporation's Corporate Family Rating to B3 from
Caa1 and Probability of Default Rating to B3-PD from Caa1-PD.  At
the same time, the Speculative Grade Liquidity rating was revised
to SGL-2 from SGL-3.  This rating action concludes the review for
upgrade initiated on Feb. 4, 2013.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid Corp., including
the corporate credit rating, which S&P raised to 'B' from 'B-'.

In the April 21, 2014, edition of the TCR, Fitch Ratings has
upgraded its ratings on Rite Aid Corporation (Rite Aid), including
its Issuer Default Rating (IDR) to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


RITE AID: To Acquire EnvisionRx for $2 Billion
----------------------------------------------
Rite Aid and Envision Pharmaceutical Services have entered into a
definitive agreement under which Rite Aid will acquire EnvisionRx,
a portfolio company of leading global private investment firm TPG,
in a transaction valued at approximately $2 billion, which includes
the value of an expected future tax benefit of $275 million.  Under
the terms of the agreement, which has been unanimously approved by
the Boards of Directors of both companies, Rite Aid will pay
approximately $1.8 billion in cash and $200 million in Rite Aid
stock, or approximately 27.9 million shares.

EnvisionRx is a national, full-service pharmacy benefit management
company with projected 2015 calendar year revenues of approximately
$5 billion and projected 2015 calendar year EBITDA in a range of
$150 to $160 million.  The company provides both transparent and
traditional PBM options through its EnvisionRx and MedTrak PBMs,
respectively, as well as pharmacy-related services to clients
across the nation.  EnvisionRx also offers fully integrated
mail-order and specialty pharmacy services through Orchard
Pharmaceutical Services; access to the nation's largest cash pay
infertility discount drug program via Design Rx; an innovative
claims adjudication software platform in Laker Software; and a
national Medicare Part D prescription drug plan through EnvisionRx
Insurance Company’s EnvisionRx Plus product offering.

"The acquisition of EnvisionRx meaningfully expands our health and
wellness offerings, enhancing our ability to provide a higher level
of care to the patients and communities we serve," said Rite Aid
Chairman and CEO John Standley.  "With the addition of EnvisionRx,
we will create a compelling pharmacy offering across retail,
specialty and mail-order channels, enabling us to deliver
cost-effective solutions to employers and health plans while
driving growth and creating long-term value for our shareholders.
We also look forward to welcoming EnvisionRx's proven management
team and talented associates to Rite Aid."

"Combining our comprehensive suite of pharmacy benefit management
services with Rite Aid's established retail healthcare platform is
a natural fit that is increasingly preferred by plan sponsors,"
said EnvisionRx CEO Frank Sheehy.  "Together, we see tremendous
opportunities to provide new and existing customers with an
integrated healthcare offering that will build upon the company's
strong existing platform."

"EnvisionRx's innovative business model has always set it apart
from other PBMs, and as part of a recognized pharmacy leader, will
now be well positioned for further success," said Sharad Mansukani,
chairman of EnvisionRx and senior advisor for TPG.  "TPG believes
EnvisionRx has built a best-in-class company with tremendous
potential, and as a ground-breaking PBM, it has a great future as
part of Rite Aid."

The transaction is expected to be accretive to Rite Aid's earnings
per share in the first full year following the closing of the
transaction.  The transaction is expected to close by September,
2015, subject to regulatory approvals and other customary closing
conditions.

Following the closing, EnvisionRx will operate as a wholly owned
subsidiary of Rite Aid led by Frank Sheehy and current management.
EnvisionRx's headquarters will remain in Twinsburg, Ohio.

In connection with the pending transaction, Rite Aid has obtained
committed financing from Citigroup Global Markets Inc., and BofA
Merrill Lynch, Wells Fargo Securities, LLC and Credit Suisse AG.
Subject to market conditions, Rite Aid expects to finance the $1.8
billion cash portion of the consideration through proceeds from the
issuance of unsecured notes prior to the closing of the
acquisition.

Citigroup Global Markets Inc. served as financial advisor to Rite
Aid and Skadden, Arps, Slate, Meagher & Flom LLP was the company's
legal advisor.  J.P. Morgan served as exclusive financial advisor
to EnvisionRx, and Cleary Gottlieb Steen & Hamilton LLP acted as
its legal counsel.

A copy of the Agreement and Plan of Merger is available at:

                        http://is.gd/ioRsm7

                        About Rite Aid Corp.

Drugstore chain Rite Aid Corporation (NYSE: RAD) --
http://www.riteaid.com/-- is a drugstore chain based in Camp
Hill, Pennsylvania.

Rite Aid disclosed net income of $118 million on $25.4 billion
of revenue for the year ended March 2, 2013, as compared with a
net loss of $369 million on $26.1 billion of revenue for the
year ended March 2, 2012.

As of Nov. 29, 2014, the Company had $7.18 billion in assets, $8.97
billion in liabilities, and a $1.79 billion stockholders' deficit.

                           *     *     *

As reported by the TCR on March 3, 2014, Moody's Investors Service
upgraded Rite Aid Corporation's long term ratings including its
Corporate Family Rating to 'B2' from 'B3'.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid Corp., including
the corporate credit rating, which S&P raised to 'B' from 'B-'.

In the April 21, 2014, edition of the TCR, Fitch Ratings has
upgraded its ratings on Rite Aid Corporation (Rite Aid), including
its Issuer Default Rating (IDR) to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


RIVERBED TECHNOLOGY: Moody's Assigns B2 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned to Riverbed Technology, Inc. a
B2 Corporate Family Rating (CFR) and a B2-PD Probability of Default
Rating (PDR). Moody's also assigned a B1 to Riverbed's proposed
first lien credit facilities consisting of a revolving credit
facility and term loan, and assigned a Caa1 to Riverbed's proposed
senior unsecured notes. The proceeds from the new debt issuances
with about $1.5 billion of sponsor equity will be used to finance
the acquisition of Riverbed by private equity sponsors Thoma Bravo,
LLC and Teachers' Private Capital for approximately $3.6 billion in
an all cash transaction. About $510 million of Riverbed's existing
debt will be refinanced. The ratings outlook is stable.

Ratings Rationale

Riverbed's B2 CFR is driven by Riverbed's very high initial
financial leverage and modest growth prospects. The ratings are
supported by Riverbed's leading position in the WAN Optimization
(WANOp) market and niche position in the fast growing Application
Performance and Network Performance Management markets. Leverage at
closing is estimated between 6.5x and 7x pro forma for certain cost
savings underway and expected shortly after closing as well as
Moody's standard analytical adjustments for operating leases.
However, leverage based on actual September 2014 trailing results
is approximately 8x. Given the high leverage and risks inherent in
the substantial restructuring, the company is considered weakly
positioned in the B2 rating category, with little cushion if the
restructuring falters. Actual leverage should decline towards 6x by
the end of 2016 from the realization of cost synergies and from
modest debt repayments required under its credit agreement.

Riverbed, which developed the WAN Optimization market, is by far
the industry's largest player in this niche market with an
estimated 50% market share and has maintained its leadership
position competing with other larger, resource rich competitors
such as Cisco Systems. Though the WAN Optimization market is
mature, Moody's expect modest overall WAN segment growth. The
ratings are also supported by a history of consistent free cash
flow generation. Moody's anticipate free cash flow to total debt in
the 5% range and interest coverage (EBITDA-Capex/Interest) in the
2x range in 2016.

Liquidity is good based expected cash at closing of $25 million, an
undrawn $100 million revolver and positive free cash flow. Free
cash flow will be reduced but still positive in the first year due
to restructuring and other transaction related costs.

The WAN Optimization market is mature and though growing modestly,
new product sales have slowed in recent years. The slowdown is
driven by significant improvements in network bandwidths and
wireless capabilities and improving application development that
facilitate more efficient application delivery which reduces
latency across networks thus reducing the need for WAN Optimization
products. Though Riverbed's WANOp product sales have declined in
recent years, growth in WANOp service and support revenues have
more than offset the decline. If new product sales continue to
decline however, service and support revenues will eventually
decline as well.

Riverbed has expanded its product portfolio in the high growth
Application Performance (APM) and Network Performance Management
(NPM) markets which currently represent 25% of sales. Riverbed
faced integration issues however after its acquisition of OPNET in
2012 (which added a well regarded APM portfolio) and has not grown
as fast as other APM and NPM industry players. Riverbed's APM and
NPM revenues are expected to grow at mid single digit rates over
the next several years.

The stable outlook is based on Moody's expectation that Riverbed
will reduce the cost structure with only minor disruption to the
business and leverage will decline towards 6x.

Moody's could downgrade Riverbed's ratings if restructuring
materially disrupts the business, liquidity weakens or the company
experiences delays in planned cost saving initiatives such that
leverage remains elevated. Furthermore, the ratings could also be
downgraded if total debt to EBITDA is sustained above 7x and free
cash flow to debt is expected to remain below 5%.

Though unlikely in the near to medium term, Moody's could upgrade
Riverbed's ratings if it sustains growth in the WAN optimization
business and maintains leverage below 5x and free cash flow to debt
greater than 10% of total debt.

Issuer -- Riverbed Technology, Inc. (NEW)

Corporate Family Rating -- B2

Probability of Default Rating -- B2-PD

Senior Secured Revolving Credit Facility -- B1 (LGD3)

Senior Secured 1st Lien Term Loan Facility -- B1 (LGD3)

Senior Unsecured Notes -- Caa1 (LGD5)

Outlook -- Stable

Headquartered in San Francisco, CA, Riverbed is a leading provider
of WAN optimization products and services. The company reported
$1.1 billion in revenue in the last twelve months ended September
30. 2014.

The principal methodology used in these ratings was Global Software
Industry published in October 2012. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.



RIVERBED TECHNOLOGY: S&P Assigns Prelim. 'B' CCR; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
corporate credit rating to San Francisco-based Riverbed Technology
Inc.  The outlook is stable.

At the same time, S&P assigned its preliminary 'B' issue-level
rating and '3' recovery rating to the company's $1.525 billion
first-lien term loan due 2022 and $100 million revolver due 2020.
The '3' recovery rating indicates S&P's expectation for substantial
(50%-70%) recovery in the event of payment default.  S&P also
assigned its preliminary 'CCC+' issue-level rating and '6' recovery
rating to the company's $625 million senior unsecured notes due
2023.  The '6' recovery rating indicates S&P's expectation for
negligible (0%-10%) recovery in the event of payment default.

"Our rating on Riverbed reflects our view of the company's business
risk profile as 'fair' and financial risk profile as 'highly
leveraged,'" said Standard & Poor's credit analyst Kenneth
Fleming.

S&P bases its business risk assessment on Riverbed's continued
reliance on its flagship SteelHead product, which faces limited
growth prospects in a maturing end market, for most of its EBITDA.
The company's strong position in the WAN optimization market, high
contract renewal rates, diverse blue chip customer base, and solid
cash flow generation somewhat offset these risk factors.  The
financial risk assessment incorporates adjusted pro forma leverage
of about 7x 2015 EBITDA.

In S&P's view, Riverbed has "adequate" liquidity.  S&P anticipates
coverage of uses in excess of 1.2x for the next 12 months and
positive net sources over the next 12-24 months, even if the
company's EBITDA declines by 15%.

S&P based the stable outlook on its expectation that the company
will maintain its leadership position in the WAN optimization
market and continue to generate positive FOCF post-acquisition.

S&P could lower the rating if Riverbed fails to maintain its
technology leadership and market share in WAN optimization or if an
inability to execute planned post-leveraged-buyout cost-cuts
precludes the company from reducing leverage to a level approaching
7x over the next 12 months.



ROOSTER ENERGY: S&P Affirms 'CCC-' CCR Then Withdraws Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' corporate
credit and senior secured ratings on Houston-based Rooster Energy
Ltd.  S&P subsequently withdrew the rating at the issuer's request
because the company's public debt offering did not materialize.  At
the time of the withdrawal, the outlook was negative.


RUBY TUESDAY: S&P Affirms 'B-' CCR & Revises Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Maryville, Tenn.-based Ruby Tuesday Inc. to stable from negative
and affirmed the 'B-' corporate credit rating.  At the same time,
S&P affirmed its 'B-' issue-level rating on the company's unsecured
debt.  The'3' recovery rating remains unchanged, indicating S&P's
expectation for meaningful (50% to 70%) recovery in the event of a
payment default or bankruptcy.

"The outlook revision reflects what we see as better margin
performance and improved headroom under the secured revolving
credit facility covenants leading to improved liquidity over the
past two quarters," said credit analyst Mathew Christy.  "We think
margins improved because of better cost management and cost
initiatives, offsetting the lack of consistent improvement in
customer traffic or sales growth.  It is likely that the company
will benefit from these initiatives over the next two quarters, but
continued weak sales trends could hurt profits beyond that point.
Nonetheless, we expect the company to maintain profits and credit
ratios that support our financial risk assessment."

The stable rating outlook on Ruby Tuesday Inc. reflects S&P's
expectation for margin stabilization upon implemented cost saving
initiatives.  S&P's forecast for continued revenue decline could
offset this as the company continues to close restaurants and the
company attempts to bring back its core customer.

Upside scenario

S&P could raise its ratings if the company improves operating
performance and shows consistent revenue and same restaurant sales
growth in conjunction with maintaining recent gains in gross and
EBITDA margins.  This would coincide with a reversal of negative
sales growth trends and an arrested reduction in the restaurant
count.  S&P would also expect credit metrics do not weaken from
current levels.

Downside scenario

S&P could lower its ratings if it believed the company's capital
structure was unsustainable.  This could occur if gross margin
falls more than 150 basis points (bps) and operating costs grow at
a mid-single-digit percent rate, resulting in an EBITDA decline
more than 25% from S&P's forecast for the fiscal year ending
November 2015.  This would likely occur in conjunction with a
sustained declined in revenue.



SABINE OIL: Moody's Gives B3 Corp. Family Rating
------------------------------------------------
Moody's Investors Service affirmed the Forest Oil Corporation B3
Corporate Family Rating (CFR), as well as its B3-PD PDR and SGL-3
Speculative Grade Liquidity Rating. Forest's unsecured notes rating
was downgraded to Caa2 from Caa1. Forest's name was subsequently
changed to Sabine Oil & Gas Corporation (SOGC) following the
December 16, 2014 combination of Sabine Oil & Gas LLC (Sabine LLC)
with Forest. Sabine LLC's B3 CFR, B3-PD PDR and SGL-3 ratings have
been withdrawn. Sabine LLC's Caa2 unsecured notes rating was
confirmed, as was its Caa1 second lien term loan rating. The debt
of Sabine LLC has been assumed by SOGC. This concludes Moody's
ratings review of Sabine LLC, which was placed on review for
upgrade on May 6, 2014.

"The combination of Sabine and Forest joins two companies whose
principal assets in East Texas and the Eagle Ford Shale are highly
complementary, creating a company much larger in size and scale
than the two companies are individually, although one whose
production and reserves remain heavily weighted to natural gas,"
commented Andrew Brooks, Moody's Vice President. "Despite the
transaction requiring no incremental financing, however, weakness
in crude oil and natural gas prices has stressed the cash flow of
the combined companies, and has not facilitated a reduction in the
high debt leverage relative to production and cash flow which
characterized each of the companies individually."

Downgrades:

Issuer: Sabine Oil & Gas Corporation

  Senior Unsecured Regular Bond/Debenture (Local Currency) Jun 15,
  2019, Downgraded to Caa2, LGD5 from Caa1, LGD4

  Senior Unsecured Regular Bond/Debenture (Local Currency) Sep 15,

  2020, Downgraded to Caa2, LGD5 from Caa1, LGD4

Outlook Actions:

Issuer: Sabine Oil & Gas Corporation

Outlook, is Stable

Issuer: Sabine Oil & Gas LLC

Outlook, Changed No Outlook Outstanding From Rating Under Review

Confirmations:

Issuer: Sabine Oil & Gas LLC

Senior Secured Bank Credit Facility (Local Currency), Confirmed
at Caa1, LGD4

Senior Unsecured Regular Bond/Debenture (Local Currency) Feb 15,
2017, Confirmed at Caa2, LGD5, LGD adjusted to LGD5 from LGD6

Affirmations:

Issuer: Sabine Oil & Gas Corporation

  Probability of Default Rating, Affirmed B3-PD

  Speculative Grade Liquidity Rating, Affirmed SGL-3

  Corporate Family Rating (Local Currency), Affirmed B3

Withdrawals:

Issuer: Sabine Oil & Gas LLC

  Probability of Default Rating, Withdrawn , previously rated
  B3-PD

  Speculative Grade Liquidity Rating, Withdrawn , previously
  rated SGL-3

  Corporate Family Rating (Local Currency), Withdrawn ,
  previously rated B3

Ratings Rationale

The business combination of Sabine LLC and Forest was executed
through an all-stock transaction. The combined company was renamed
from Forest Oil Corporation to Sabine Oil & Gas Corporation. SOGC
has assumed the debt of Sabine LLC through a supplemental
indenture, whose combined unsecured notes will rank equivalently
with the former Forest's unsecured notes on a pari passu basis.
SOGC has also assumed Sabine LLC's upsized $700 million second lien
term loan.

The combined companies' production on a pro forma basis at
September 30, 2014 approximates 50,000 barrels of oil equivalent
(Boe) per day, comprised of two-thirds natural gas with the balance
approximately split between crude oil and natural gas liquids
(NGLs). The two companies' principal assets are highly
complementary, establishing a significant combined presence in East
Texas, including a strong presence in the liquids-rich Cotton
Valley Sands. With approximately 64,000 net acres in the Eagle Ford
Shale, where Forest struggled to generate production growth,
combined operations should also build scale and efficiencies.
However, ongoing weakness in natural gas prices and the late-2014
drop in crude and NGL prices will limit opportunities for improved
cash flow and debt reduction, with leverage remaining stubbornly
high, approaching $50,000 per Boe of average daily production.

Moody's expects SOGC to significantly reduce 2015's capital
spending from prior years' levels in an effort to stabilize its
liquidity position, although recognizes that prolonged spending
cuts could prompt a degradation of the company's asset base.
Moody's notes, however, that the combined companies are well-hedged
against commodity price risk in 2015, with hedges covering
virtually all of its run-rate natural gas and about two-thirds of
its crude oil production, which should buffer 2015's cash flow. The
company has no hedges, however, in place for 2016.

The second-lien term loan is secured by a second lien on company
assets, and the unsecured notes are guaranteed on a senior
unsecured basis by the company's operating subsidiaries. The second
lien term loan is rated Caa1, or one-notch below SOGC's B3 CFR,
which Moody's views as more appropriate than the B3 rating derived
under Moody's Loss Given Default (LGD) Methodology, while the
unsecured notes are rated two-notches beneath the CFR. The Caa2
rating on SOGC's senior unsecured notes reflects the subordination
of the senior unsecured notes to SOGC's $1.0 billion secured
revolving credit facility and the second lien term loan's priority
claim to the company's assets. The size of the first and second
lien claims relative to SOGC's outstanding senior unsecured notes
results in the notes being rated two-notches below the B3 CFR under
Moody's LGD Methodology.

SOGC's SGL-3 Speculative Grade Liquidity Rating reflects an
adequate liquidity position through 2015. The company's liquidity
is primarily provided through its amended $1.0 billion secured
borrowing base revolving credit facility under which $406 million
was available and undrawn as of January 15, 2015. The amended
credit facility has a scheduled maturity date which is the earlier
of December 16, 2019 and 91 days prior to the maturity of its
second lien term loan. The second lien term loan is scheduled to
mature December 31, 2018, however, if SOGC's 9.75% unsecured notes
remain outstanding to their scheduled February 15, 2017 maturity
date, the second lien term loan would mature November 16, 2016,
which could stress 2016 liquidity. SOGC's revolving credit facility
provides for a single leverage covenant; first lien debt to EBITDA
not to exceed 3.0x, which Moody's expects compliance with over the
course of 2015.

The stable outlook reflects the size and scale of SOGC's
operations, the complementary nature of the combined companies'
assets and its well-hedged position in 2015, although the absence
of a hedged position in 2016 is concerning. A ratings downgrade
would be considered if liquidity constraints arise, should the
combined companies' production fall below 40,000 Boe per day,
resulting in debt leverage increasing to $60,000 per Boe of average
daily production, or should retained cash flow (RCF) to debt drop
into the low-teens. At its approximate 50,000 Boe per day level of
output, ratings could be upgraded in a more supportive commodity
price environment to the extent debt on production falls below
$40,000 per Boe and RCF to debt approaches 20%.

Sabine Oil & Gas Corporation is an independent exploration and
production company headquartered in Houston, Texas.

Moody's has withdrawn the rating for its reorganization.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.



SALON MEDIA: Incurs $803,000 Net Loss in Third Quarter
------------------------------------------------------
Salon Media Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $803,000 on $1.47 million of net revenue for the three
months ended Dec. 31, 2014, compared with a net loss of $299,000 on
$1.87 million of net revenue for the same period in 2013.

For the nine months ended Dec. 31, 2014, the Company reported a net
loss of $2.88 million on $3.74 million of net revenue compared to a
net loss of $1.46 million on $4.63 million of net revenue for the
same period a year ago.

As of Dec. 31, 2014, the Company had $1.75 million in total assets,
$7.43 million in total liabilities and a $5.67 million total
stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/POAsIW

                         About Salon Media

San Francisco, Calif.-based Salon Media Group (OTC BB: SLNM.OB)
-- http://www.Salon.com/-- is an online news and social
networking company and an Internet publishing pioneer.

Salon Media incurred a net loss of $2.18 million on $6 million of
net revenues for the year ended March 31, 2014, as compared with a
net loss of $3.93 million on $3.64 million of net revenues for the
year ended March 31, 2013.

Burr Pilger Mayer, Inc., in San Francisco, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended March 31, 2014.  The independent
auditors noted that the Company has suffered recurring losses and
negative cash flows from operations and has an accumulated deficit
of $118.7 million as of March 31, 2014.  The auditors said these
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


SEARS HOLDINGS: Reports 11.7% Stake in Sears Canada as of Dec. 31
-----------------------------------------------------------------
Sears Holdings Corporation, Sears Canada Holdings Corp., Sears
International Holdings Corp., and Sears, Roebuck and Co. disclosed
in an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission that as of Dec. 31, 2014, they beneficially
owned 11,962,391 shares of common stock, no par value, of Sears
Canada Inc. representing 11.7 percent of the shares outstanding.
The percent is based upon 101,877,662 Shares outstanding as of Dec.
1, 2014, as disclosed in the Issuer's current report on Form 6-K
that was filed by the Issuer with the SEC on Dec. 2, 2014.  A copy
of the regulatory filing is available for free at:

                        http://is.gd/QMjex4

                            About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

Sears Holdings reported a net loss of $1.36 billion in 2013, a net
loss of $930 million in 2012 and a net loss of $3.14 billion in
2011.  As of Aug. 2, 2014, Sears Holdings had $16.43 billion in
total assets, $15.51 billion in total liabilities and $919 million
in total equity.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  
The rating outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEAWORLD PARKS: Bank Debt Trades at 4% Off
------------------------------------------
Participations in a syndicated loan under which Seaworld Parks and
Entertainment Inc. is a borrower traded in the secondary market at
96.55 cents-on-the-dollar during the week ended Friday, Feb. 13,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 1.36 percentage points from the previous week, The
Journal relates.  Seaworld Parks pays 225 basis points above LIBOR
to borrow under the facility.  The bank loan matures on May 10,
2020, and carries Moody's Ba3 rating and Standard & Poor's BB
rating.  The loan is one of the biggest gainers and losers among
207 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



SEQUENOM INC: Vanguard Group Reports 10% Stake as of Dec. 31
------------------------------------------------------------
The Vanguard Group disclosed in a Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, it
beneficially owned 11,769,245 shares of common stock of Sequenom
Inc. representing 10.02 percent of the shares outstanding.

Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of The
Vanguard Group, is the beneficial owner of 155,686 shares or .13%
of the Common Stock outstanding of the Company as a result of its
serving as investment manager of collective trust accounts.

Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of
Vanguard Group, is the beneficial owner of 21,000 shares or .01% of
the Common Stock outstanding of the Company as a result of its
serving as investment manager of Australian investment offerings.

A full-text copy of the regulatory filing is available at:

                       http://is.gd/0a0AZY

                          About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

Sequenom incurred a net loss of $107.4 million in 2013, a net
loss of $117 million in 2012 and a net loss of $74.1 million in
2011.

As of Sept. 30, 2014, the Company had $135 million in total
assets, $186 million in total liabilities, and a $51.9 million
total stockholders' deficit.


SMITHFIELD FOODS: Moody's Raises Corporate Family Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Smithfield Foods,
Inc., including the Corporate Family Rating (CFR) to Ba3 from B1,
Probability of Default Rating to Ba3-PD from B1-PD, senior
unsecured debt ratings to B1 from B2 and Speculative Grade
Liquidity rating to SGL-1 from SGL-2. The rating outlook is
stable.

The rating upgrades reflect the significant deleveraging Smithfield
has achieved since its 2013 leveraged buyout by WH Group that added
over $900 million of debt and caused debt/EBITDA to rise to
approximately 5.5x. Smithfield has since repaid approximately $700
million of debt and reduced debt/EBITDA to below 3.5x supported by
strong earnings growth in fiscal 2014.

Moody's anticipates that lower hog values, unfavorable foreign
currency and slowing global economies could present headwinds in
the coming year; however, credit metrics are likely to remain in an
acceptable range for the Ba3 CFR.

Rating Rationale

The Ba3 Corporate Family Rating reflects Smithfield's modest
financial leverage and stable operating performance relative to its
high exposure to volatile input prices. The company's concentration
in commodity-like product sales and low product diversity are
balanced against Smithfield's large scale and its global leadership
in hog production and pork processing.

The SGL-1 rating reflects Smithfield's very good liquidity profile
including strong internal cash flows, ample back-up lines and an
asset base that is mostly unencumbered. Leverage covenant cushion
under the company's $1 billion inventory-backed credit facility is
comfortable at over 25% of EBITDA.

Moody's has taken the following rating actions:

SMITHFIELD FOODS, INC.

Ratings upgraded:

  Corporate Family Rating to Ba3 from B1;

  Probability of Default Rating to Ba3-PD from B1-PD;

  $426 million 7.75% senior unsecured notes due 2017 to B1  
  (LGD 4) from B2 (LGD4);

  $452 million 5.250% senior unsecured notes due 2018 to B1
  (LGD 4 from B2 (LGD 4);

  $355 million 5.875% senior unsecured notes due 2021 to B1
  (LGD 4) from B2 (LGD 4);

  $885 million 6.625% senior unsecured notes due 2022 to B1
  (LGD 4) from B2 (LGD 4);

  Speculative Grade Liquidity Rating to SGL-1 from SGL-2.

The rating outlook is stable.

The senior unsecured ratings are one notch below the CFR primarily
due to the higher priority rank of a $1 billion asset-backed
liquidity facility.

If Smithfield is likely sustain to debt/EBITDA below 3.0x, an
upgrade could occur. The ratings could be downgraded if debt/EBITDA
rises above 4.0x. Other events that could trigger a downgrade may
be out of the company's control, including trade disruptions in key
export markets, a disease outbreak or a major oversupply
condition.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013. Other methodologies
used include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Smithfield Foods, Inc., headquartered in Smithfield, Virginia, is
the world's largest pork producer and processor. Moody's estimates
sales for the fiscal year 2014 was approximately $15 billion. Hong
Kong-based parent company WH Group, is an investment holding
company that controls the largest poultry producer in China (Henan
Shuanghui Investment & Development Co., Ltd).



SPANISH BROADCASTING: Renaissance Holds 6% of Class A Shares
------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Renaissance Technologies LLC and Renaissance
Technologies Holdings Corporation disclosed that as of Dec. 31,
2014, they beneficially owned 259,720 shares of Class A common
stock of Spanish Broadcasting System, Inc., representing 6.23
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/nWlAZy

                   About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. -- http://www.spanishbroadcasting.com/-- owns and
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $88.56 million in
2013, as compared with a net loss of $1.28 million in 2012.

As of Sept. 30, 2014, the Company had $461.39 million in total
assets, $529.68 million in total liabilities and a $68.28 million
total stockholders' deficit.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

As reported by the TCR on May 22, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on U.S. Spanish-
language broadcaster Spanish Broadcasting System to 'CCC+' from
'B-'.  "The downgrade reflects our view that the company's current

capital structure is unsustainable, given its inability to redeem
its preferred stock, which was put to the company in October of
2013," said Standard & Poor's credit analyst Chris Valentine.


STARDUST HOLDINGS: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Stardust
Holdings, Inc. (dba Hanson Building Products) including a B2
Corporate Family Rating and B2-PD Probability of Default Rating. In
addition, Moody's assigned a B1 rating to the company's proposed
$595 million senior secured first lien term loan and a Caa1 rating
to its $300 million second lien term loan. The rating outlook is
stable.

The proceeds from the debt issuance along with $414 million of
equity provided by affiliates of Lone Star Funds are used to
complete the acquisition of Hanson Building Products from
HeidelbergCement AG for a total purchase price of about $1.3
billion or 8.1x PF 2014 EBITDA. In conjunction with this
transaction, the company is proposing to enter into a $150 million
asset based revolving credit facility due 2020 with no drawings at
the close of the transaction.

The following rating actions were taken:

  Corporate Family Rating, assigned B2;

  Probability of Default Rating, assigned B2-PD;

  $595 million senior secured first lien term loan due 2022,
  assigned B1 (LGD3);

  $300 million senior secured second lien term loan due 2023,
  assigned Caa1 (LGD5);

Stable outlook

Rating Rationale

The B2 rating takes into consideration Hanson's limited standalone
operating history, negative tangible net worth, and aggressive pro
forma 2014 debt leverage at 5.8x which is relatively high for the
B2 rating category. Furthermore, the B2 rating is stressed by the
weakness in other key credit metrics including debt to
capitalization at 72%, EBITA to interest expense at 1.6x, as well
as limited free cash flow generation. The rating also considers
Hanson's operating volatility through business cycles as it
primarily caters to residential (55%) and non-residential (15%)
construction industries as well as infrastructure industry (30%).

At the same time, Moody's recognizes Hanson's regional
diversification with 50% of sales derived from the US, 37% from UK,
and 13% from Canada. Further, the company's product concentration
in bricks and pipes is offset by its specialized product offering
that has resulted in Hanson capturing a significant share in its
end markets. Currently, Moody's anticipate the company's end
markets to grow over the next 12-18 months providing Hanson with
opportunities to improve key credit metrics.

The stable outlook considers Moody's expectation for improvement in
the company's credit metrics reflecting the positive momentum in
its end-markets.

The ratings could be upgraded if the company de-leverages below 5x
of debt to EBITDA with consistently ample free cash flow generation
and EBITA to interest expense well over 2x. In addition, the
aggressiveness of the company's balance sheet management will be
evaluated in an upgrade decision.

The ratings could be downgraded if Hanson's debt to EBITDA
increases above 6.5x and EBITA to interest expense trends toward
1x; and other key credit metrics begin to deteriorate or fall short
of Moody's expectations. Further, any debt financed activities
including acquisitions and dividends could lead to a ratings
downgrade.

Hanson Building Products is a manufacturer of concrete gravity and
pressure pipe in North America as well as a brick and block
producer in North America and the UK. The company's pro forma
revenues are anticipated to be close to $1.1 billion in 2014.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014. Other methodologies
used include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.



SUN BANCORP: Presented at 2015 Financial Investor Conference
------------------------------------------------------------
Sun Bancorp, Inc., distributed copies of a presentation regarding
the Company to investors and analysts at the Sterne Agee 2015
Financial Institutions Investor Conference.  

The Company's priorities in 2015 are:

   - focus on remediating all regulatory issues

   - complete restructuring plan

   - deploy excess liquidity in the next 2 to 3 quarters

   - launch focused commercial lending strategy

   - introduce new relationship based branch strategy

   - begin execution of 3 year plan to generate sustained
     profitability and achieve peer or better profitability
     metrics

A copy of the presentation is available at http://is.gd/Dt68VY

                         About Sun Bancorp

Sun Bancorp, Inc. (NASDAQ: SNBC) is a bank holding company
headquartered in Vineland, New Jersey, with its executive offices
located in Mt. Laurel, New Jersey.  Its primary subsidiary is Sun
National Bank, a full service commercial bank serving customers
through more than 60 locations in New Jersey.

On April 15, 2010, Sun National Bank entered into a written
agreement with the OCC which contained requirements to develop and
implement a profitability and capital plan which provides for the
maintenance of adequate capital to support the Bank's risk profile
in the current economic environment.

For the year ended Dec. 31, 2014, the Company reported a net loss
available to common shareholders of $29.8 million on $90.2 million
of total interest income compared to a net loss available to common
shareholders of $9.94 million on $105.08 million of total interest
income during the prior year.

As of Dec. 31, 2014, Sun Bancorp had $2.71 billion in total assets,
$2.47 billion in total liabilities and $245 million in total
shareholders' equity.


TARGET CANADA: Small Businesses Suffer as Retailer's Checks Bounce
------------------------------------------------------------------
The Globe and Mail reported that when Target Canada collapsed into
bankruptcy protection in January, hundreds of suppliers like Tanya
Vierhuis felt the fallout.  According to the report, Ms. Vierhuis,
who is a 20-year-veteran market researcher who spends months
working on a major customer-feedback project for the discount
retailer, said a check she received for $18,000 from the retailer
as final payment for her work bounced.

                        About Target Canada

On January 15, 2015, Target Canada Co. and certain entities
commenced court-supervised restructuring proceedings under the
Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as
amended.  On the same day, the Ontario Superior Court of Justice
(Commercial List) granted an order, which, among other things,
provides for a stay of proceedings until February 13, 2015.  The
Stay Period may be extended by the Court from time to time.
Although not Applicants, the protections and authorizations
provided for in the Initial Order have been extended to the
Partnerships.  Also pursuant to the Initial Order, Alvarez &
Marsal
Canada Inc. was appointed as monitor of the business and financial
affairs of the Target Canada Entities.


TARGETED MEDICAL: Thomas Wenkart Reports 17% Stake as of Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Thomas Richard Wenkart disclosed that as of
Dec. 31, 2014, he beneficially owned 4,610,089 shares of common
stock of Targeted Medical Pharma, Inc., representing 17.2 percent
of the shares outstanding.  Derma Medical Systems Inc. also
beneficially owned 4,190,089 shares as of that date.  A copy of the
regulatory filing is available at http://is.gd/MdKbH3

                      About Targeted Medical

Los Angeles, Calif.-based Targeted Medical Pharma, Inc., is a
specialty pharmaceutical company that develops and commercializes
nutrient- and pharmaceutical-based therapeutic systems.

Targeted Medical reported a net loss of $9.33 million on
$9.55 million of total revenue for the year ended Dec. 31, 2013,
as compared with a net loss of $9.58 million on $7.29 million of
total revenue in 2012.

Marcum LLP, in Irvine, CA, 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 significant net losses since its inception, and has
an accumulated deficit of $23.0 million as of Dec. 31, 2013, and
incurred a net loss of $9.34 million and negative cash flows from
operations of $2.047 million for the year ended Dec. 31, 2013.

The Company's balance sheet at Sept. 30, 2014, showed $3.22 million
in total assets, $11.9 million in total liabilities, and a $8.70
million stockholders' deficit.


TENET HEALTHCARE: Harris Assoc. Reports 6.1% Stake as of Dec. 31
----------------------------------------------------------------
Harris Associates L.P. and Harris Associates Inc. beneficially
owned 6,036,077 shares of common stock of Tenet Healthcare
representing 6.1 percent of the shares outstanding, according to a
Schedule 13G filed with the U.S. Securities and Exchange
Commission, a copy of which is available at http://is.gd/xTbnHw

                            About Tenet

Tenet Healthcare Corporation is a national, diversified healthcare
services company with more than 105,000 employees united around a
common mission: to help people live happier, healthier lives.  The
Company operates 80 hospitals, more than 210 outpatient centers,
six health plans and Conifer Health Solutions, a leading provider
of healthcare business process services in the areas of revenue
cycle management, value based care and patient communications.  For
more information, please visit www.tenethealth.com.

Tenet reported a net loss attributable to common shareholders of
$134 million compared to net income attributable to common
shareholders of $141 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $17.3
billion in total assets, $16.05 billion in total liabilities, $396
million in redeemable noncontrolling interests in equity of
consolidated subsidiaries, and $866 million in total equity.

                             *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, B corporate credit
rating from Standard & Poor's Ratings Services and B1 Corporate
Family Rating from Moody's Investors Service.


TENET HEALTHCARE: London Company Reports 4.8% Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, The London Company disclosed that as of
Dec. 31, 2014, it beneficially owned 4,808,903 shares of common
stock of Tenet Healthcare Corp. representing 4.89 percent of the
shares outstanding.  A copy of the regulatory filing is available
at http://is.gd/Vdp3tR

                            About Tenet

Tenet Healthcare Corporation is a national, diversified healthcare
services company with more than 105,000 employees united around a
common mission: to help people live happier, healthier lives.  The
Company operates 80 hospitals, more than 210 outpatient centers,
six health plans and Conifer Health Solutions, a leading provider
of healthcare business process services in the areas of revenue
cycle management, value based care and patient communications.  For
more information, please visit www.tenethealth.com.

Tenet reported a net loss attributable to common shareholders of
$134 million compared to net income attributable to common
shareholders of $141 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $17.3
billion in total assets, $16.05 billion in total liabilities, $396
million in redeemable noncontrolling interests in equity of
consolidated subsidiaries, and $866 million in total equity.

                             *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, B corporate credit
rating from Standard & Poor's Ratings Services and B1 Corporate
Family Rating from Moody's Investors Service.


THERAPEUTICSMD INC: Wellington Reports 14% Stake as of Dec. 31
--------------------------------------------------------------
Wellington Management Group LLP reported in an amended Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
Dec. 31, 2014, it beneficially owned 21,853,582 shares of common
stock of TherapeuticsMD, Inc., representing 14 percent of the
shares outstanding.  

Effective Jan. 1, 2015, Wellington Management Company, LLP, a
registered investment advisor, changed its name to Wellington
Management Group LLP and transferred its United Stated advisory
business to Wellington Management Company LLP, a Delaware limited
liability partnership.  On that date, Wellington Management Company
LLP registered as an investment adviser with the SEC by succeeding
to Wellington Management Group's SEC registration.

A copy of the regulatory filing is available for free at:

                       http://is.gd/FQt3ZT

                       About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

TherapeuticsMD reported a net loss of $28.4 million in 2013, a
net loss of $35.1 million in 2012, and a net loss of $12.9
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $74.6 million
in total assets, $11 million in total liabilities, all current, and
$63.6 million in total stockholders' equity.


TRACK GROUP: Reports $2.2 Million Net Loss in Dec. 31 Quarter
-------------------------------------------------------------
SecureAlert, Inc., d/b/a Track Group., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss attributable to common stockholders of
$2.21 million on $4.62 million of total revenues for the three
months ended Dec. 31, 2014, compared to a net loss attributable to
common stockholders of $1.27 million on $2.65 million of total
revenues for the same period in 2013.

As of Dec. 31, 2014, the Company had $57.2 million in total assets,
$39.5 million in total liabilities, and $17.7 million in total
equity.

The Company said it currently is unable to finance its business
solely from cash flows from operating activities.  During the prior
year, the Company supplemented cash flows to finance the business
from borrowings under a credit facility and from the sale and
issuance of debt and equity securities.  No such borrowings or
sales occurred during the three months ended Dec. 31, 2014.
Together with the receipt of $4.7 million in January 2015,
available cash resources at Dec. 31, 2014 are anticipated to meet
the Company's working capital requirements for the next 12 months.

As of Dec. 31, 2014, the Company had unrestricted cash of
$5.19 million and a working capital surplus of $6.16 million
compared to unrestricted cash of $11.1 million, and a working
capital surplus of $11.3 million as of Sept. 30, 2014.

The Company used cash of $2.78 million for investing activities
during the three months ended Dec. 31, 2014, compared to
$4.16 million of cash used in investing activities in the three
months ended Dec. 31, 2013.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/Cj6pIB

                         About Track Group

Track Group, formerly SecureAlert, is a global provider of
customizable tracking solutions that leverage real-time tracking
data, best-practice monitoring, and analytics capabilities to
create complete, end-to-end solutions.  Visit its Web site
http://www.trackgrp.com/

SecureAlert incurred a net loss attributable to the Company's
common stockholders of $18.9 million for the year ended Sept. 30,
2013, following a net loss attributable to the Company's common
stockholders of $19.9 million for the fiscal year ended Sept. 30,
2012.

Hansen, Barnett & Maxwell, P.C., in Salt Lake City, Utah, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2013.  The independent
auditors noted that the Company has incurred losses, negative cash
flows from operating activities, notes payable in default and has
an accumulated deficit.  These conditions raise substantial doubt
about its ability to continue as a going concern.



TRAVELPORT WORLDWIDE: Solus Alternative Reports 5% Stake at Dec. 31
-------------------------------------------------------------------
Solus Alternative Asset Management LP, Solus GP LLC, and
Christopher Pucillo disclosed in a Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, they
beneficially owned 6,351,714 shares of common stock of
Travelport Worldwide Limited representing 5.23 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/3UMpAf

                     About Travelport Worldwide

Travelport Worldwide Limited is a travel commerce platform
providing distribution, technology, payment and other solutions
for the global travel and tourism industry.

The Company's balance sheet at Sept. 30, 2014, showed $2.99
billion in total assets, $3.20 billion in total liabilities and a
$210 million total deficit.

                           *     *     *

As reported by the TCR on Sept. 8, 2014, Standard & Poor's Ratings
Services raised to 'B-' from 'CCC+' its long-term corporate credit
ratings on U.K.-based travel services provider Travelport
Worldwide Limited and its new wholly owned financing entity,
Travelport Finance (Luxembourg) S.a.r.l. (Travelport Finance).
The outlook is stable.  The rating action follows the completion of
Travelport's debt refinancing, announced on Aug. 4, and reflects
the positive impact this has had on Travelport's credit metrics and
stand-alone credit profile.


TRUMP ENTERTAINMENT: Committee Seeks Approval to Sue Lenders
------------------------------------------------------------
Trump Entertainment Resorts Inc.'s official committee of unsecured
creditors has filed a motion seeking court approval to sue a group
of lenders in behalf of the company.

The move came after an investigation conducted by the committee
shows Trump has assets that are excluded from the lenders'
collateral or, if determined to be subject to the lenders' liens,
are "unperfected and avoidable," according to the court filing.

The committee also believes that certain transactions were
preferential or fraudulent transfers that should be avoided.

"There is a high likelihood of success if [the committee] is
allowed to assert the claims, which could reasonably result in a
recovery that could be used to fund a distribution to unsecured
creditors," said its lawyer, Natasha Songonuga, Esq. at Gibbons
P.C., in Wilmington, Delaware.  

The lenders include Icahn Partners LP, Icahn Partners Master Fund
LP, IEH Investments I LLC, and Icahn Agency Services LLC.

                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, 2014.

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 $286 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 Official Committee of Unsecured Creditors 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.



UNI-PIXEL INC: Conference Call on Feb. 26 to Discuss Results
------------------------------------------------------------
UniPixel, Inc., will hold a conference call on Thursday, Feb. 26,
2015, at 4:30 p.m. Eastern time, to discuss the fourth quarter and
full year ended Dec. 31, 2014.  Financial results will be issued in
a press release prior to the call.

UniPixel management will host the presentation, followed by a
question and answer period.

The call will be webcast live here, as well as via a link in the
Investors section of the company's Web site at
http://www.unipixel.com/investors  
Webcast participants will be able to submit a question to
management via the webcast player.

Date: Thursday, Feb. 26, 2015
Time: 4:30 p.m. Eastern time (3:30 p.m. Central time)
Webcast: http://public.viavid.com/index.php?id=112864

To participate in the conference call via telephone, dial
1-719-457-2653 and provide the conference name or conference ID
5692570. Please call the conference telephone number 10 minutes
prior to the start time so the operator can register your name and
organization.

If you have any difficulty with the webcast or connecting to the
call, please contact Liolios Group at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time
on the same day through March 26, 2015, via the same link above, or
by dialing 1-858-384-5517 and entering replay ID 5692570.

                        About Uni-Pixel Inc.

The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL)
-- http://www.unipixel.com/-- is a production stage company
delivering its Clearly Superior(TM) Performance Engineered Films
to the Lighting & Display, Solar and Flexible Electronics market
segments.

Uni-Pixel reported a net loss of $15.2 million in 2013, a net
loss of $9.01 million in 2012 and a net loss of $8.56 million in
2011.

The Company's balance sheet at Sept. 30, 2014, showed $39.4
million in total assets, $5.25 million in total liabilities and
$34.18 million in total shareholders' equity.


VANTAGE DRILLING: Bank Debt Trades at 28% Off
---------------------------------------------
Participations in a syndicated loan under which Vantage Drilling
Co. is a borrower traded in the secondary market at 72.85
cents-on-the-dollar during the week ended Friday, Feb. 13, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
3.65 percentage points from the previous week, The Journal relates.
The Company pays 400 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Oct. 25, 2017, and carries
Moody's B3 rating and Standard & Poor's B- rating.  The loan is one
of the biggest gainers and losers among widely-quoted syndicated
loans in secondary trading in the week ended Friday among the 207
loans with five or more bids. All loans listed are B-term, or sold
to institutional investors.



VERDUGO LLC: Case Summary & 13 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Verdugo, LLC
        19100 Von Karman Avenue, Suite 900
        Irvine, CA 92612

Case No.: 15-10701

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 12, 2015

Court: United States Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Hon. Scott C Clarkson

Debtor's Counsel: Todd C. Ringstad, Esq.
                  RINGSTAD & SANDERS LLP
                  2030 Main St #1600
                  Irvine, CA 92614
                  Tel: 949-851-7450
                  Email: becky@ringstadlaw.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by James Hurn, vice president.

List of Debtor's 13 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Los Angeles County Tax Collector   Property tax        $166,133

City of Glendale/Finance           Utilities/Electric   $23,697

Kohl Building Maintenance          Trade Debt            $7,664

Rancho Janitorial Supplies         Trade Debt            $1,197

David J. Oden                      Property Manager      $1,046

Joe Reyes Landscape                Trade Debt              $778

Law Offices of Kevin R. Michaels   Legal Fees              $313

DBA JR Builders Hardware           Trade Debt              $301

Curcio Enterprises Inc.            Trade Debt              $278

Universal Protection Services LP   Trade Debt              $260

Arakelian Enterprises Inc.         Trash/Disposal          $217

DFS Flooring Inc.                  Trade Debt              $135

Harvard Business Services          Trade Debt               $50


VERMILLION INC: George Schuler Reports 13% Stake as of Feb. 11
--------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, George Schuler disclosed that as of Feb. 11,
2015, he may be deemed to beneficially own, in the aggregate,
5,740,384 common shares of Vermillion Inc., representing
approximately 13.3% of the Shares outstanding.  This amount
consists of (A) 1,787,536 Shares held by the Tino Trust; (B)
1,787,536 Shares held by the Tanya Trust; (C) 1,787,536 Shares held
by the Therese Trust; (D) 188,888 Shares held by the Continuation
Trust; and (E) 188,888 Shares held by the Grandchildren LLC.  A
copy of the regulatory filing is available for free at
http://is.gd/uXy2us

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion incurred a net loss of $8.81 million in 2013, a net
loss of $7.14 million in 2012 and a net loss of $17.8 million in
2011.

As of Sept. 30, 2014, Vermillion had $18.4 million in total
assets, $5.83 million in total liabilities and $12.6 million in
total stockholders' equity.


VERMILLION INC: Registers 11 Million Shares for Resale
------------------------------------------------------
Vermillion, Inc., filed a Form S-3 registration statement with the
U.S. Securities and Exchange Commission to register the possible
resale of up to 11,111,104 shares of its common stock, $0.001 par
value per share, which includes 4,166,659 shares of its common
stock that may be issued upon the exercise of warrants, by
The Seamark Fund L.P., Oracle Institutional Partners, L.P., Tanya
Eve Schuler Trust, et al.

The shares and the warrants were issued to the selling stockholders
in connection with a previously disclosed Dec. 23, 2014, private
placement.  The Company registered the shares to provide the
selling stockholders with freely tradable securities. Up to
6,944,445 shares may be sold from time to time after the
effectiveness of the registration statement, of which this
prospectus forms a part, and up to 4,166,659 shares may be sold
from time to time after June 23, 2015, which is the date the
warrants pursuant to which such shares may be issued become
exercisable.

The Company will receive no proceeds from any sale by the selling
stockholders of the shares of the Company's common stock covered by
this prospectus, but it has agreed to pay certain expenses relating
to the registration of those shares.  The selling stockholders may
from time to time offer and resell, transfer or otherwise dispose
of any or all of the shares of the Company's common stock covered
by this prospectus through underwriters or dealers, directly to
purchasers or through broker-dealers or agents.

The Company's common stock is traded on The NASDAQ Capital Market
under the symbol "VRML."  On Feb. 10, 2015, the last reported sale
price for the Company's common stock on The NASDAQ Capital Market
was $2.05 per share.

A copy of the Form S-1 is available at http://is.gd/bjmgbo

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion incurred a net loss of $8.81 million in 2013, a net
loss of $7.14 million in 2012 and a net loss of $17.8 million in
2011.

As of Sept. 30, 2014, Vermillion had $18.4 million in total
assets, $5.83 million in total liabilities and $12.6 million in
total stockholders' equity.


VIGGLE INC: Trinity TVL Stake Down to 0.2% as of Dec. 31
--------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Trinity TVL VIII, LLC, and its affiliates
disclosed that as of Dec. 31, 2014, they beneficially owned
36,455 shares of common stock of Viggle Inc. representing 0.2
percent of the shares outstanding.  At Dec. 16, 2013, the Reporting
Persons beneficially owned 6,080,426 shares of
common stock of Viggle Inc. representing 5.2 percent equity stake.
A copy of the regulatory filing is available for free a:

                        http://is.gd/QqGisi

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

As of Dec. 31, 2014, the Company had $72.1 million in total assets,
$51.02 million in total liabilities, $3.75 million in series C
convertible redeemable preferred stock, and $17.4 million in total
stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


VUZIX CORP: AIGH Investment Reports 9.9% Stake as of Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, AIGH Investment Partners, L.L.C., disclosed
that as of Dec. 31, 2014, it beneficially owned 1,103,877 shares of
common stock of Vuzix Corporation representing 9.9 percent based on
11,150,274 shares of common stock of the Company outstanding as
represented in the Issuer's quarterly report on Form 10-Q for the
period ended Sept. 30, 2014.  A copy of the regulatory filing is
available at http://is.gd/qMOLum

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field.  Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

As of Sept. 30, 2014, the Company had $3.94 million in total
assets, $13.9 million in total liabilities and a $9.97 million
stockholders' deficit.

The Company's independent registered public accounting firm, EFP
Rotenberg, LLP, in Rochester, New York, included in its report on
the consolidated financial statements for the years ended Dec. 31,
2013, and 2012 an explanatory paragraph describing the existence
of conditions that raise substantial doubt about the Company's
ability to continue as a going concern, including continued
operating losses and the potential inability to pay currently due
debts.  The Company has incurred a net loss from continuing
operations consistently over the last 2 years.  The Company
incurred annual net losses from its continuing operations of
$10.1 million in 2013 and $4.75 million in 2012, and has an
accumulated deficit of $36.3 million as of Dec. 31, 2013.  The
Company's ongoing losses have had a significant negative impact on
the Company's financial position and liquidity, EFP Rotenberg
said.


VUZIX CORP: Registers 5.8 Million Shares for Resale
---------------------------------------------------
Vuzix Corporation filed with the U.S. Securities and Exchange
Commission a Form S-3 registration statement relating to the public
offering of up to 5,813,332 shares of common stock of the Company
by Intel Corporation, including 4,962,600 shares issuable upon
conversion of outstanding shares of Series A Preferred Stock, and
850,732 shares issuable as dividends on shares of Series A
Preferred Stock.

The selling stockholder may sell common stock from time to time in
the principal market on which the stock is traded at the prevailing
market price or in negotiated transactions.

The Company will not receive any of the proceeds from the sale of
common stock by the selling stockholder.  The Company will pay the
expenses of registering these shares.

The Company's common stock is listed on the NASDAQ Capital Market
under the symbol "VUZI".  The last reported sale price of the
Company's common stock on the NASDAQ Capital Market on Feb. 10,
2015, was $6.83 per share.

A full-text copy of the Form S-3 is available for free at:

                        http://is.gd/WARgIK

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field.  Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

As of Sept. 30, 2014, the Company had $3.94 million in total
assets, $13.9 million in total liabilities and a $9.97 million
stockholders' deficit.

The Company's independent registered public accounting firm, EFP
Rotenberg, LLP, in Rochester, New York, included in its report on
the consolidated financial statements for the years ended Dec. 31,
2013, and 2012 an explanatory paragraph describing the existence
of conditions that raise substantial doubt about the Company's
ability to continue as a going concern, including continued
operating losses and the potential inability to pay currently due
debts.  The Company has incurred a net loss from continuing
operations consistently over the last 2 years.  The Company
incurred annual net losses from its continuing operations of
$10.1 million in 2013 and $4.75 million in 2012, and has an
accumulated deficit of $36.3 million as of Dec. 31, 2013.  The
Company's ongoing losses have had a significant negative impact on
the Company's financial position and liquidity, EFP Rotenberg
said.


WALTER ENERGY: Bank Debt Trades at 35% Off
------------------------------------------
Participations in a syndicated loan under which Walter Energy, Inc
is a borrower traded in the secondary market at 65.30 cents-on-
the-dollar during the week ended Friday, Feb. 13, 2015, according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents an increase of 0.74
percentage points from the previous week, The Journal relates.
Walter Energy, Inc. pays 575 basis points above LIBOR to borrow
under the facility.  The bank loan matures on March 14, 2018.  The
bank debt carries Moody's B3 rating and Standard & Poor's B-
rating.  The loan is one of the biggest gainers and losers among
207 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



WEST CORP: FMR LLC Reports 4.8% Stake as of Feb. 13
---------------------------------------------------
FMR LLC, Edward C. Johnson 3d and Abigail P. Johnson disclosed in
an amended Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of Feb. 13, 2015, they beneficially owned
4,119,955 shares of common stock of West Corporation representing
4.89 percent of the shares outstanding.

Edward C. Johnson 3d is a director and the Chairman of FMR
LLC and Abigail P. Johnson is a director, the vice chairman, the
chief executive officer and the president of FMR LLC.

A copy of the regulatory filing is available at:

                       http://is.gd/ygb5E0

                      About West Corporation

Omaha, Neb.-based West Corporation is a global provider of
communication and network infrastructure solutions.  West helps
manage or support essential enterprise communications with services
that include conferencing and collaboration, public safety
services, IP communications, interactive services such as automated
notifications, large-scale agent services and telecom services.

West Corp posted net income of $143 million in 2013 as compared
with net income of $126 million in 2012.

                          *     *     *

As reported by the TCR on June 21, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on West Corp. to 'BB-'
from 'B+'.  The upgrade reflects Standard & Poor's view that lower
debt leverage and a less aggressive financial policy will
strengthen the company's financial profile.

In the April 4, 2013, edition of the TCR, Moody's Investor Service
upgraded West Corporation's Corporate Family Rating to 'B1' from
'B2'.  "The CFR upgrade to B1 reflects West's shift to a more
conservative capital structure and financial policies as a publicly
owned company," stated Moody's analyst Suzanne Wingo.


WESTMORELAND COAL: Lonestar Partners No Longer a Shareholder
------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Lonestar Partners, L.P., et al., disclosed
that as of Dec. 31, 2014, they have ceased to own shares of common
stock of Westmoreland Coal Company.  The reporting persons
previously held 900,000 common shares or 5.4% equity stake as of
July 11, 2014.  A copy of the regulatory filing is available for
free at http://is.gd/NUwxlN

                      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 $34.5 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.


WET SEAL: Unsecured Creditors' Meeting Set for Feb. 23
------------------------------------------------------
The meeting of creditors of The Wet Seal Inc. is set to be held
Feb. 23, at 10:00 a.m., according to a filing with the U.S.
Bankruptcy Court in Delaware.

The meeting will be held at J. Caleb Boggs Federal Courthouse, 5th
Floor, Room 5209, 844 King Street, in Wilmington, Delaware.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                        About Wet Seal

The Wet Seal, Inc., and three affiliates -- The Wet Seal Retail,
Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC – filed
separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to
15-10084) on Jan. 15, 2015.  The Debtors are a national
multi-channel retailer selling fashion apparel and accessory items
designed for female customers aged 13 to 24 years old.  Wet Seal
listed total assets of $92.8 million and total liabilities of
$103.4 million as of Nov. 1, 2014.  

The Hon. Christopher S. Sontchi presides over the jointly
administered cases.  Maris J. Kandestin, Esq., and Michael R.
Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R.
Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq., and
Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP;
and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel.

FTI Consulting serves as the Debtors' restructuring advisor.  The
Debtors' investment banker is Houlihan Lokey.  The Debtors tapped
Donlin, Recano & Co., Inc. as claims and noticing agent.  

The petitions were signed by Thomas R. Hillebrandt, interim chief
financial officer.

B. Riley, the DIP lender and plan sponsor, is represented by Van C.
Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP.


WINLAND OCEAN SHIPPING: Case Summary & 33 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

        Debtor                                  Case No.
        ------                                  --------
        Winland Ocean Shipping Corporation      15-60007
        c/o Robert E. Ogle
        The Claro Group
        1221 McKinney, Suite 2850

        SkyAce Group Limited                    15-60008

        Plentimillion Group Limited             15-60009

        Fon Tai Shipping Co., Ltd.              15-60010

        Winland Dalian Shipping, S.A.           15-60011

        Won Lee Shipping Co., Ltd.             15-60012

Nature of Business: The Debtors are engaged in the business of
                    international ocean transportation of
                    bulk cargo.

Chapter 11 Petition Date: February 12, 2015

Court: United States Bankruptcy Court
       Southern District of Texas (Victoria)

Judge: Hon. David R Jones

Debtors' Counsel: Matthew Scott Okin, Esq.
                  George Y. Nino, Esq.
                  Ruth E. Piller, Esq.
                  OKIN & ADAMS LLP
                  1113 Vine Street, Suite 201
                  Houston, TX 77002
                  Tel: 713-228-4100
                  Fax: 888-865-2118
                  Emails: mokin@okinadams.com
                          gnino@okinadams.com
                          rpiller@okinadams.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $50 million to $100 million

The petition was signed by Robert E. Ogle, chief restructuring
officer.

Consolidated List of Debtors' 33 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
China Merchants Bank Co. Ltd.      First priority    $25,900,000
19th Floor,                        mortgages on
China Merchants Banks Tower        M.V. Ruie Lee
No. 7088 Shennan Boulevard         and M.V. Fon
Shenzhen, Guangdong 51840          Tai
China

China contact:
zhuweizhong@cmbchina.com
Fax: 86-755-83195040

New York Branch:
535 Madison Avenue, 18th Flr
New York, NY 10022
Tel: 212-753-1801
Fax: 212-753-1319
cserv@ny.cmbchina.com

China CITIC Bank Co. Ltd.          Mortgages on      $19,600,000
Dalian Zhong Shong District        the M.V. Fon
Road #29 7                         Tai and M.V.
7 Guang Chang                      Rui Lee
Dalian
China

New York Branch:
Mr. Peter Zhao
Executive Vice President &
Country Head, USA
410 Park Avenue, 18/F
New York, NY10022
Tel: 212-588-7000
Fax: 212-791-3776/3857
peterzhao@cncbinternational.com
nyb@cncbinternational.com

Rich Forth Investment Limited                         $5,377,900
Luoma Guarden #1703a
Huixisi Street
Chaoyang, Beijing
China
Fax: 86-591- 87541607

Jiangsu Hantong Ship Heavy                            $5,199,484
Industry Co.
Yangzhong, Baqiao, Wanfu
Ligang Town,Tongzhou
Jiangsu Province
China
Attn: Mr. Caishihai
cx@cnhtship.com.cn
Fax: 0513-86760866

Grand Capital International        First priority     $3,205,000
Limited                            ship mortgage in
SinoPac Leasing Corp, 3F           M.V. Winland
9-1 Chien Kuo North Road           Dalian
Taipei, Taiwan
Mr. Andy Chuang
Fax: 888-2-8261222

Sea Carrier Shipping Co. Ltd.                          $3,004,056
Caihong North Road #48
Poteman Building 906-1
Ningbo, Zhejiang 315000
China

Daewoo Logistics Corp.                                 $2,974,782
17th floor,
Daewoo Foundation Building
526.5 GA Namdaemunno
Chung-Gu, Seoul
Korea

Zhoushan Ligang Shipbuilding                           $1,158,926
Co., Ltd.
No. 12 Ligang Shipyard Road
Jintang Town, Dinghai District
Zhoushan City, Zhejiang
Province
China

Dalian Master Well Ship                                  $900,460
Management Co., Ltd.
23F Summit Building,
No. 4 Shanghai Road,
Zhongshan District, Dalian
China

PICC Insurance Company                                   $632,021
Dalian Branch
No. 2 Huanghe Road
Xigang District, Dalian 116011
China
Mr. Yue Bing
Tel: 86-411-8272-4297
yuebing@dal.picc.com.cn
Fax: 86-411-82711005

Fu Jian Xin Yuan Shipbuilding                            $487,804
Company Co., Ltd.
Baimamen, Wanwu Town,
Fu'an City, Fujian Province
China
go@fjhdshipyard.com
business@fjhdshipyard.com
lxd1680@fjhdshipyard.com
huadong-2@sinowagon.com.tw
Fax: 0086-591-26977310

Far East Shipping                                        $341,289
T1-12A Pacific Plaza,
No.35 Donghai West Road,
Qingdao City, Shandong
Province
China
Mr. Gong Wei Chuan
fuerchuanwu@163.com

Sea Hub Trading (HK) Ltd                                 $243,199

Chugoku Marine Paint (HONG KONG) Ltd.                    $194,930

Shanghai FG Marine Engineering Co. Ltd.                  $172,460

Zhenjiang East China Diesel                              $159,422

Engine Fitting Co., Ltd.

Shanghai Weijiao Shipping Co., Ltd.                      $148,182

Feoso Oil (Singapore) Pte Ltd                            $145,974

Asia-Pacific Marine & Power Co., Ltd.                    $134,328

Class NK                                                 $131,599

Jiang Yin Chengxi Chuan Chang                            $131,391
Hang Xiu Gongsi

Yangzhou Prosperous Shipping Co., Ltd.                   $129,756

Sea Hub Trading (HK) Ltd.                                $124,683

Hoi Tung Marine Machinery                                $122,645
Suppliers Ltd.

Nan Tong Rui Tai Chuan Wu Company                        $116,368

Andre Liu & Co.                                          $109,745

Sun Marine Luboil International Ltd.                      $90,326

Malone Bailey LLP                                         $90,000

DMI (Nantong) Ltd.                                        $77,721

CNPC & TAFO Marine Fuel Co Ltd.                           $67,563

K&L Gates LLP                                             $60,000

Cosco Shipyard (YAN TAI) Co., Ltd.                        $41,165

Takahashi Shoujit Co. Ltd.                                $32,152


WINLAND OCEAN SHIPPING: Files for Chapter 11 Bankruptcy
-------------------------------------------------------
Tom Corrigan, writing for Daily Bankruptcy Review, reported that
Winland Ocean Shipping Corp. filed for Chapter 11 bankruptcy
protection after two of its three vessels were confiscated in Asia
late last year.  According to the report, the Texas-based shipping
company and five subsidiaries hope to restructure and reduce their
existing secured debt "to levels that are consistent with the
currently depressed levels of the charter market," the company said
in documents filed with the U.S Bankruptcy Court in Victoria,
Texas.

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services.


WPCS INTERNATIONAL: Hudson Bay Reports 9% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Hudson Bay Capital Management, L.P., and
Sander Gerber disclosed that as of Dec. 31, 2014, they beneficially
owned 7,829,963 shares of common stock issuable upon conversion of
convertible preferred stock of WPCS International Incorporated
representing 9.99 percent of the shares outstanding.
A full-text copy of the regulatory filing is available at:

                        http://is.gd/3RnxKz

               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 $11.2 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 Oct. 31,
2014, the Company had $17.7 million in total assets, $17.3
million in total liabilities and $397,000 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.


XRPRO SCIENCES: Michael N. Taglich Reports 10% Stake as of Jan. 31
------------------------------------------------------------------
Michael N. Taglich disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that as of Jan. 31, 2015, he
beneficially owned 1,449,962 shares of common stock of XRpro
Sciences, Inc., or 10.8 percent of the shares outstanding.  

Mr. Taglich is the co-founder, president and chairman of Taglich
Brothers, Inc., an investment banking firm he co-founded in 1991,
and his principal business is investment banking.
    
A full-text copy of the Schedule 13D is available for free at:

                        http://is.gd/Pe88SY
    
                             About XRpro

Caldera Pharmaceuticals, Inc., amended its certificate of
incorporation to change its name to XRpro Sciences, Inc., effective
Dec. 4, 2014.

Based in Cambridge, Massachusetts, Caldera is a drug discovery and
pharmaceutical services company that is based on a proprietary
x-ray fluorescence technology, called XRpro(R).

Caldera incurred a net loss applicable to common stock of
$5.88 million in 2013, a net loss of $952,000 in 2012, and a net
loss of $2.35 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $3.96 million
in total assets, $3.60 million in total liabilities, $133,000 in
convertible redeemable preferred stock, and $225,000 of
stockholders' equity.


XRPRO SCIENCES: Robert Taglich Reports 8.7% Stake as of Jan. 31
---------------------------------------------------------------
In a Schedule 13D filed with the U.S. Securities and Exchange
Commission, Robert F. Taglich disclosed that as of Jan. 31, 2015,
he beneficially owned 1,160,137 shares of common stock of
XRpro sciences representing 8.7 percent of the shares outstanding.
A copy of the regulatory filing is available for free at:

                         http://is.gd/QzaF5e

                             About XRpro

Caldera Pharmaceuticals, Inc., amended its certificate of
incorporation to change its name to XRpro Sciences, Inc., effective
Dec. 4, 2014.

Based in Cambridge, Massachusetts, Caldera is a drug discovery and
pharmaceutical services company that is based on a proprietary
x-ray fluorescence technology, called XRpro(R).

Caldera incurred a net loss applicable to common stock of
$5.88 million in 2013, a net loss of $952,000 in 2012, and a net
loss of $2.35 million in 2011.

The  balance sheet at Sept. 30, 2014, showed $3.96 million in total
assets, $3.60 million in total liabilities, $133,000 in convertible
redeemable preferred stock, and $225,000 of stockholders' equity.


ZOGENIX INC: Federated Investors Reports 21% Stake as of Dec. 31
----------------------------------------------------------------
Federated Investors, Inc., and its affiliates disclosed that as of
Dec. 31, 2014, they beneficially owned 34,514,700 shares of common
stock of Zogenix, Inc., representing 21.24 percent of the shares
outstanding.  A copy of the Schedule 13G/A is available for free at
http://is.gd/xohIUz

                         About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported a net loss of $80.9 million in 2013, as compared
with a net loss of $47.4 million in 2012.

As of Sept. 30, 2014, the Company had $107.02 million in total
assets, $49.5 million in total liabilities and $57.5 million in
total stockholders' equity.

Ernst & Young LLP, in San Diego, 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 recurring losses from operations and lack of
sufficient working capital raise substantial doubt about its
ability to continue as a going concern.


[*] Energy Sector Draws Investors in Distressed Securities
----------------------------------------------------------
Matt Wirz, writing for The Wall Street Journal, reported that the
oil slump is drawing interest from some of the savviest bargain
hunters on Wall Street.

According to the report, veteran hedge-fund manager Wilbur Ross,
Blackstone Group LP’s GSO Capital Partners and Apollo Global
Management LLC are among those raising funds to buy the battered
stocks, bonds and loans of energy firms following a 54% decline in
New York crude prices since June, while more traditional investors
like Western Asset Management Co. and Seix Investment Advisors LLC
have started funds to help large clients such as endowments and
pension funds to place bets on the ailing energy industry.


[^] BOND PRICING: For the Week From February 9 to 13, 2015
----------------------------------------------------------
  Company               Ticker  Coupon Bid Price  Maturity Date
  -------               ------  ------ ---------  -------------
Allen Systems
  Group Inc             ALLSYS   10.500    34.000     11/15/2016
Allen Systems
  Group Inc             ALLSYS   10.500    34.000     11/15/2016
Alpha Natural
  Resources Inc         ANR       9.750    39.750      4/15/2018
Alpha Natural
  Resources Inc         ANR       6.000    31.000       6/1/2019
Alpha Natural
  Resources Inc         ANR       3.750    36.750     12/15/2017
Alpha Natural
  Resources Inc         ANR       2.375    94.547      4/15/2015
Altegrity Inc           USINV    14.000    38.000       7/1/2020
Altegrity Inc           USINV    13.000    37.625       7/1/2020
Altegrity Inc           USINV    14.000    37.625       7/1/2020
American Eagle
  Energy Corp           AMZG     11.000    42.000       9/1/2019
American Eagle
  Energy Corp           AMZG     11.000    39.000       9/1/2019
Annaly Capital
  Management Inc        NLY       4.000   100.000      2/15/2015
Arch Coal Inc           ACI       7.000    28.500      6/15/2019
Arch Coal Inc           ACI       7.250    26.200      6/15/2021
Arch Coal Inc           ACI       9.875    33.000      6/15/2019
BPZ Resources Inc       BPZ       8.500    20.000      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR      10.000    18.500     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      10.750    22.450       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR      12.750    18.000      4/15/2018
Caesars Entertainment
  Operating Co Inc      CZR       6.500    28.250       6/1/2016
Caesars Entertainment
  Operating Co Inc      CZR       5.750    28.000      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR      10.000    18.875     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR       5.750    29.500      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR      10.750     8.750       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR      10.000    18.625     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      10.750    22.750       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR      10.000    18.625     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      10.000    18.875     12/15/2018
Cal Dive
  International Inc     CDVI      5.000    10.000      7/15/2017
Champion
  Enterprises Inc       CHB       2.750     0.250      11/1/2037
Chassix Holdings Inc    CHASSX   10.000    11.750     12/15/2018
Colt Defense LLC /
  Colt Finance Corp     CLTDEF    8.750    39.500     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF    8.750    38.375     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF    8.750    38.375     11/15/2017
Dendreon Corp           DNDN      2.875    72.250      1/15/2016
Downey Financial Corp   DSL       6.500    10.000       7/1/2014
Endeavour
  International Corp    END      12.000    23.250       3/1/2018
Endeavour
  International Corp    END      12.000     3.250       6/1/2018
Endeavour
  International Corp    END       5.500     3.750      7/15/2016
Endeavour
  International Corp    END      12.000    23.875       3/1/2018
Endeavour
  International Corp    END      12.000    23.875       3/1/2018
Energy & Exploration
  Partners Inc          ENEXPR    8.000    37.750       7/1/2019
Energy Conversion
  Devices Inc           ENER      3.000     7.875      6/15/2013
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU      10.000     9.750      12/1/2020
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU      10.000     9.750      12/1/2020
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU       6.875     3.914      8/15/2017
Exide Technologies      XIDE      8.625     5.000       2/1/2018
Exide Technologies      XIDE      8.625     5.125       2/1/2018
Exide Technologies      XIDE      8.625     5.125       2/1/2018
FBOP Corp               FBOPCP   10.000     1.843      1/15/2009
FairPoint
  Communications
  Inc/Old               FRP      13.125     1.879       4/2/2018
Federal Home
  Loan Banks            FHLB      3.500    98.850      2/22/2033
Fleetwood
  Enterprises Inc       FLTW     14.000     3.557     12/15/2011
GT Advanced
  Technologies Inc      GTAT      3.000    35.000      10/1/2017
Goodrich
  Petroleum Corp        GDP       5.000    41.450      10/1/2032
Goodrich
  Petroleum Corp        GDP       8.875    40.750      3/15/2019
Goodrich
  Petroleum Corp        GDP       8.875    40.750      3/15/2019
Gymboree Corp/The       GYMB      9.125    39.578      12/1/2018
Hartford Life Global
  Funding Trusts        HIG       2.820    99.376      2/15/2015
Hartford Life
  Insurance Co          HIG       4.700    89.500      6/15/2015
James River Coal Co     JRCC     10.000     0.375       6/1/2018
James River Coal Co     JRCC     10.000     0.375       6/1/2018
James River Coal Co     JRCC      3.125     0.254      3/15/2018
Las Vegas Monorail Co   LASVMC    5.500     3.227      7/15/2019
Lehman Brothers
  Holdings Inc          LEH       5.000    12.500       2/7/2009
Lehman Brothers Inc     LEH       7.500     9.125       8/1/2026
MF Global Holdings Ltd  MF        6.250    32.000       8/8/2016
MF Global Holdings Ltd  MF        1.875    32.000       2/1/2016
MF Global Holdings Ltd  MF        3.375    32.000       8/1/2018
MModal Inc              MODL     10.750    10.125      8/15/2020
Molycorp Inc            MCP       6.000    17.500       9/1/2017
Molycorp Inc            MCP       5.500    15.500       2/1/2018
Molycorp Inc            MCP       3.250    15.500      6/15/2016
Momentive Performance
  Materials Inc         MOMENT   11.500     1.875      12/1/2016
Morgan Stanley          MS        0.982    99.875      2/19/2015
NII Capital Corp        NIHD     10.000    45.250      8/15/2016
OMX Timber Finance
  Investments II LLC    OMX       5.540    25.125      1/29/2020
Powerwave
  Technologies Inc      PWAV      2.750     0.125      7/15/2041
Powerwave
  Technologies Inc      PWAV      1.875     0.125     11/15/2024
Powerwave
  Technologies Inc      PWAV      1.875     0.125     11/15/2024
Quicksilver
  Resources Inc         KWK       9.125     8.000      8/15/2019
Quicksilver
  Resources Inc         KWK       7.125     3.700       4/1/2016
Quicksilver
  Resources Inc         KWK      11.000    10.250       7/1/2021
RAAM Global Energy Co   RAMGEN   12.500    32.000      10/1/2015
RadioShack Corp         RSH       6.750    16.750      5/15/2019
RadioShack Corp         RSH       6.750    18.500      5/15/2019
RadioShack Corp         RSH       6.750    94.125      5/15/2019
Sabine Oil & Gas Corp   SOGC      7.250    32.844      6/15/2019
Sabine Oil & Gas Corp   SOGC      9.750    45.250      2/15/2017
Samson Investment Co    SAIVST    9.750    36.000      2/15/2020
Saratoga Resources Inc  SARA     12.500    36.750       7/1/2016
Savient
  Pharmaceuticals Inc   SVNT      4.750     0.225       2/1/2018
Swift Energy Co         SFY       7.125    53.945       6/1/2017
TMST Inc                THMR      8.000     9.800      5/15/2013
Terrestar Networks Inc  TSTR      6.500    10.000      6/15/2014
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU      10.250     9.000      11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU      15.000    14.750       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU      10.500     8.375      11/1/2016
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU      15.000    14.800       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU      10.500     8.000      11/1/2016
Trico Marine Services
  Inc/United States     TRMA      8.125     5.875       2/1/2013
Trico Marine Services
  Inc/United States     TRMA      3.000     2.875      1/15/2027
Tunica-Biloxi
  Gaming Authority      PAGON     9.000    65.250     11/15/2015
US Shale Solutions Inc  SHALES   12.500   467.500       9/1/2017
US Shale Solutions Inc  SHALES   12.500   467.500       9/1/2017
Walter Energy Inc       WLT       9.875    14.750     12/15/2020
Walter Energy Inc       WLT       8.500    15.695      4/15/2021
Walter Energy Inc       WLT       9.875    15.000     12/15/2020
Walter Energy Inc       WLT       9.875    15.000     12/15/2020
Western Express Inc     WSTEXP   12.500    97.000      4/15/2015
Western Express Inc     WSTEXP   12.500    95.875      4/15/2015


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

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 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***