/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150707.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, July 7, 2015, Vol. 19, No. 188 Headlines ANNA'S LINENS: Judge to Consider Approval of Agency Deal July 10 ARIZONA LA CHOLLA: Court Okays Settlement With TFCU BAHA MAR: Concerned About Supreme Court Proceedings Adjournment CHASSIX HOLDINGS: Obtains Court Approval of Restructuring Plan CHASSIX HOLDINGS: Reaches Broad Settlement with Creditors CITADEL ENERGY: Meeting to Form Creditors' Panel Set for July 16 COSMETIC GALLERY: Wins Continued Use of First Bank Collateral CROSBY INTERNATIONAL: Anderson Tobin Okayed as Conflicts Counsel CROSBY INTERNATIONAL: Case Transferred to California CROSBY INTERNATIONAL: Files Schedules of Assets and Liabilities CROSBY INTERNATIONAL: Quiling Selander Approved as General Counsel CROSBY NATIONAL: Ad Hoc Members Committee Taps Marshall as Counsel CW MINING: Partial Summary Judgment in House Ownership Suit Upheld DISCOVERY LABS: Receives NASDAQ Listing Non-Compliance Notice ECHELON CORP: Receives NASDAQ Listing Non-Compliance Notice EMPRESAS OMAJEDE: BPPR Gets More Time to File Amended Claim EMPRESAS OMAJEDE: Oct. 7 Valuation Hearing on Carraizo Properties ERG INTERMEDIATE: May Hold Auction for Assets on July 29 FLEX FINANCIAL: Suit vs. Insurers To Proceed to Jury Trial GAS-MART USA: Files for Chapter 11 to Stop Jumpin' Jimmy's Sale GAS-MART USA: Proposes to Pay CITGO's $1.12 Million Claim GAS-MART USA: Seeks 30-Day Extension to File Schedules GAS-MART USA: Wants to Reject Leases Entered Into in 2004 HNO GREEN: Creditors Have Until Aug. 24 to File Proofs of Claim HNO GREEN: Files Schedules of Assets and Liabilities HORNED DORSET: Hires Garcia-Arregui as Attorneys JW RESOURCES: Proposes Energy Ventures as Sale Advisor JW RESOURCES: Taps Frost Brown Todd as Bankruptcy Counsel LAKELAND DEVELOPMENT: Jason M. Rund Appointed Ch. 11 Trustee LEHMAN BROTHERS: Bid to Dismiss SPV Suit Over Swap Deals Denied LIFE PARTNERS: Court Enters Final Order to Move Claims Bar Date LONG BEACH HOMEMAKERS: Case Summary & 7 Top Unsecured Creditors MAGNETATION LLC: Court OKs Hiring of Blackstone Advisory as Banker MAGNETATION LLC: Creditors' Panel Hires Cooley LLP as Lead Counsel MAGNETATION LLC: Hires Fredrikson & Byron as Special Counsel MAGNETATION LLC: Taps FTI to Provide Chief Restructuring Officer MAGNETATION LLC: UST Objects to Fredrikson & Byron Employment MOLYCORP INC: Seeks to Pay $4.6MM to Essential Suppliers MOLYCORP INC: To Limit Equity Trading to Preserve NOLs MORRIS SCHNEIDER: Atlanta Law Firm Seeks Bankruptcy Protection MORRIS SCHNEIDER: Case Summary & 30 Top Unsecured Creditors NORTEL NETWORK: Bids for Judgment in Tektel vs. Gov't Suit Denied NORTEL NETWORKS: U.S., Bondholders Lose Bid to Upset $7.3B Ruling PINNACLE MINERAL: Voluntary Chapter 11 Case Summary PUERTO RICO ELECTRIC: Bondholders Extend Forbearance Agreement RADIOSHACK CORP: Salus DIP Financing Extended to July 25 RANCH 967: Seeks Nov. 28 Extension of Solicitation Period REED AND BARTON: Court Approves Brown Rudnick as Committee Counsel REED AND BARTON: Court Approves Deloitte FAS as Committee Advisor SABINE OIL: Amends Forbearance Agreement to Revolving Facility SHERSON GROUP: Chapter 15 Case Summary STANDARD REGISTER: Court OKs Polsinelli as Committee Counsel STANDARD REGISTER: Creditors' Panel Taps Zolfo Cooper as Advisors STUART M. LEDIS LLC: Case Summary & 4 Top Unsecured Creditors TRADE SECRET: Buyer Held Liable for $317K Damages Award TROCOM CONSTRUCTION: Hires Cullen and Dykman as Counsel UNIVISION COMMUNICATIONS: Fitch Keeps 'B' IDR Over Debentures Plan WALDRON ENERGY: Toronto Stock Exchange Extends Delisting Review [^] Large Companies With Insolvent Balance Sheet ********* ANNA'S LINENS: Judge to Consider Approval of Agency Deal July 10 ---------------------------------------------------------------- U.S. Bankruptcy Judge Theodor Albert is set to hold a hearing on July 10 to consider final approval of Anna's Linens Inc.'s bid to assume an agency agreement with a joint venture selected to conduct the sale of its assets. The bankruptcy judge earlier gave the retailer interim approval to assume the agreement with a joint venture between Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC. The joint venture emerged as the winning bidder at an auction held last month for the right to liquidate Anna's Linens' assets, beating out the stalking horse bidder Tiger Capital Group LLC and Yellen Partners LLC. The winning bid offers a guaranteed recovery of 111% of the cost value of Anna's Linens' merchandise with a so-called "merchandise threshold" of not less than $61.5 million and not more than $67 million, subject to certain adjustments, court filings show. At the July 10 hearing, Judge Albert will consider whether to approve or not the payment of a breakup fee to the stalking horse bidder and to The Great American Group LLC, which also took part in the auction. Anna's Linens' has proposed to pay the stalking horse bidder a breakup fee of $650,000, plus expense reimbursement of up to $350,000. Meanwhile, the retailer has proposed to pay $250,000 to Great American. Last week, Anna's Linens' official committee of unsecured creditors filed in court an objection to the terms of the sale. The group expressed concern the deal would leave Anna's Linens' estate "administratively insolvent," unable to pay millions of dollars of creditors holding administrative claims. The group also questioned the proposed payment of breakup fees, saying they "do not meet the statutory criteria for administrative expenses that can be put ahead of unsecured creditors." Anna's Linens' also received an objection from tax authorities in Texas and from Welcome Industrial Corp., the retailer's largest unsecured creditor. The tax agencies said they will oppose any move to distribute proceeds from the sale of their collateral unless their claims are paid in full. Welcome Industrial meanwhile seeks clarification that any liens asserted by the company will attach to proceeds from the sale. Both objections have already been resolved, court filings show. About Anna's Linens Anna's Linens is a specialty retailer offering home textiles, furnishings and decor at attractive prices. Headquartered in Costa Mesa, California, operates a chain of 268 company owned retail stores throughout 19 states in the United States (including Puerto Rico and Washington, D.C.) generates over $300 million in annual revenue and employs a workforce of over 2,500 associates. Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 15-13008) in Santa Ana, California, on June 14, 2015. The case is assigned to Judge Theodor Albert. The Debtor tapped Levene, Neale, Bender, Yoo & Brill LLP as counsel. The Debtor estimated assets of $50 million to $100 million and debt of $100 million to $500 million. ARIZONA LA CHOLLA: Court Okays Settlement With TFCU --------------------------------------------------- The Hon. Brenda Moody Whinery of the U.S. Bankruptcy Court for the District of Arizona approved on June 19, 2015, certain settlement agreement dated May 13, 2015, among Arizona La Cholla, L.L.C., Steven L. Nannini, and Tucson Federal Credit Union. As reported by the Troubled Company Reporter on June 1, 2015, the Debtor asked the Court to approve the settlement with its primary creditor, TFCU, and also sought for the dismissal of its bankruptcy case, conditioned on the Court's approval of and completion and implementation of the settlement. Under the settlement, the Debtor would convey two parcels of real estate to TFCU in exchange for TFCU's releasing the Debtor from its guaranty of a promissory note executed by Debtor's manager, Mr. Nannini, in favor of TFCU. Simultaneously, a related Pima County Superior Court lawsuit filed by TFCU against Mr. Nannini would be concluded, except for a deficiency claim by TFCU against Mr. Nannini which would either be settled or litigated in Superior Court as provided in the settlement. Upon settlement approval and implementation by completion of the conveyance of the combined properties, the bankruptcy case would be dismissed. On June 19, the Court found that all parties who were entitled to notice of the Debtor's May 14, 2015 motion to approve the settlement either received notice or waived notice and consented to the motion. The Court further found that the Debtor showed cause to direct that no notice of its amended motion -- a copy of which is available for free at http://is.gd/kNGWrf-- to approve the settlement be sent. The Debtor amended its motion on June 14, 2015, to correct omissions in notice regarding the prior motion. The Debtor requested that TFCU consent to an extension of time for the Debtor to complete the conveyance of certain real property to TFCU. The Debtor simultaneously requested the Court to direct that notice not be sent. The settlement agreement provides that it is void if the Debtor does not by June 22, 2015, authorize the escrow agent to record a certain deed. No person will be prejudiced by granting the motion to approve settlement agreement and requiring further notice will result in the failure of the settlement to the detriment of the Debtor and its primary creditor. No further notice to any party of the Debtor's motion to approve settlement is required. No party has filed an objection to the motion, according to certificates filed by the Debtor's counsel on June 9 and 12. About Arizona La Cholla Arizona La Cholla, L.L.C., filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 14-10254) on July 2, 2014. Steven L. Nannini signed the petition as manager. The Debtor estimated assets and liabilities of at least $10 million. Altfeld & Battaile P.C. serves as the Debtor's counsel. BAHA MAR: Concerned About Supreme Court Proceedings Adjournment --------------------------------------------------------------- Baha Mar on July 2 stated that it is extremely concerned and disappointed that the Supreme Court of the Commonwealth of The Bahamas has decided to adjourn until Tuesday, July 7, the hearing of Baha Mar's application for recognition of the U.S. bankruptcy proceedings. The adjournment by the Bahamian Supreme Court was granted at the joint request of the office of The Attorney General of The Bahamas and The Export-Import Bank of China, the project's lender. Baha Mar said, "This adjournment unfortunately makes it impossible at this time to act on the U.S. Court approvals we received yesterday which would allow us, among other things, to pay salaries and benefits for Baha Mar Citizens as well as pay ordinary course suppliers and vendors for goods and services post the commencement of the Chapter 11 process. The adjournment has very troubling implications for both the Chapter 11 process and our efforts to position Baha Mar to complete construction and open successfully." Baha Mar reported that the Bahamian Supreme Court directed Baha Mar, at the request of the Attorney General, to provide the Government with information necessary for the Government to pay the salaries of the more than 2,200 Baha Mar employees for the period ending July 3, 2015. Baha Mar is complying with this direction, although the company noted that the Government's unorthodox request for the direction appeared redundant in light of the U.S. Court on July 1 granting Baha Mar its DIP financing and approving Baha Mar's motion to operate and fund its payroll in the normal course. Baha Mar continued, "We are doing everything we can to immediately comply with the Supreme Court's direction. It is in Baha Mar employee's interests that the government now fulfills the responsibility it has chosen to take on for this pay period." "The government's objection is quite alarming. As we have made clear all week, time is of the essence for Baha Mar. Having Baha Mar succeed is extremely important to the long-term economic well-being of the country. "We are working as hard as we can on as many fronts as possible to move matters along toward completion and opening of the Baha Mar project. Extensive efforts to reach a compromise with our lender and our contractor have been fruitless and if we are frustrated in taking advantage in The Bahamas of the US Chapter 11 process for very much longer, drastic and regrettable steps, including substantial staff reductions, will have to be taken." More information about Baha Mar's voluntary undertaking of the Chapter 11 process is available at www.bmpathforward.com Information for suppliers and vendors is available at 855-410-7357 (U.S.) or +1-646-795-6963 (International). The court case number is 15-11402. Milbank, Tweed, Hadley & McCloy, LLP and Kobre & Kim, LLP are acting as legal advisors, and Moelis & Company is acting as financial advisor to the filing entities. About Baha Mar Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and their affiliates sought protection under Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del., Case No. 15-11402). Baha Mar owns, and is in the final stages of developing, a 3.3 million square foot resort complex located in Cable Beach, Nassau, The Bahamas. The case is assigned to Judge Kevin J. Carey. The Debtors are represented by Paul S. Aronzon, Esq., and Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq., and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. The Debtors' Delaware counsel are Laura Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton Sweeting O'Brien. The Debtors' special litigation counsel is Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil Fink Howard Avchen & Shapiro LLP. The Debtors' investment banker and financial advisor is Moelis Company LLC. The Debtors' claims and noticing agent is Prime Clerk LLC. CHASSIX HOLDINGS: Obtains Court Approval of Restructuring Plan -------------------------------------------------------------- Chassix Holdings, Inc. on July 2 disclosed that the United States Bankruptcy Court for the Southern District of New York has indicated that it will enter an order confirming the Company's restructuring and recapitalization plan following a hearing held on July 2. "The Court's decision to confirm Chassix's restructuring and recapitalization plan marks an important milestone in our path to emerge from Chapter 11 as a robust, well-capitalized automotive supplier," said Mark Allan, Chassix Chief Executive Officer. "This action brings us closer to financial health as we simultaneously work to implement operational improvements that will enhance production, improve cash flows and better position us to support the significant demand for our products. We sincerely appreciate the ongoing support of our customers and suppliers, as well as the unrelenting dedication of our employees, which together have allowed us to continue our operations in the normal course throughout this process." The Plan, among other things, provides for a debt-for-equity swap that will significantly reduce the Company's outstanding bond debt and debt payment obligations. The Plan also provides for Chassix to have access to $45 million of additional liquidity from an exit financing facility upon its emergence from Chapter 11. Additional information regarding Chassix's restructuring is available at www.chassix.com Court filings and information about the claims process are available at https://cases.primeclerk.com/chassix or by calling Chassix's claims agent, Prime Clerk, at 844-224-1137 (or 917-962-8896 for international calls). Weil, Gotshal & Manges LLP is serving as legal counsel and Lazard Freres & Co. LLC is serving as financial advisor to Chassix. FTI Consulting is providing interim management services to Chassix, including operational evaluation, business plan development and strategy implementation. About Chassix Holdings Chassix is a global manufacturer and supplier of aluminum and iron chassis sub-frame components and powertrain products with both casting and machining capabilities. Based in Southfield, Michigan, Chassix and its subsidiaries operate 23 manufacturing facilities across six countries, providing safety critical automotive components, having content on approximately 64% of the largest platforms in North America. Their product mix maintains an even balance among trucks, minivans and SUVs, as well as small and medium size cars and cross-over vehicles. For the twelve months ended Dec. 31, 2014, the Debtors generated $1.37 billion in revenue on a consolidated basis. As of Dec. 31, 2014, the Debtors had $833 million in assets and $784 million in liabilities on a consolidated basis. Chassix Holdings, Inc., et al., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 15-10578) in Manhattan on March 12, 2015, with a Chapter 11 plan that was negotiated with lenders and customers. Chassix, Inc., disclosed $5,880,354 in assets and $624,719,658 in liabilities as of the Chapter 11 filing. Its parent, Chassix Holdings, Inc., disclosed $0 assets and $165,571,125 in liabilities in its schedules. The Debtors have tapped Weil, Gotshal & Manges LLP, as attorneys; Lazard Freres & Co, LLC, as investment banker; FTI Consulting, Inc. to provide an interim CFO and additional restructuring services; and Prime Clerk LLC, as claims and noticing agent. The Official Committee of Unsecured Creditors appointed in the case has retained Akin Gump Strauss Hauer & Feld LLP as counsel; Teneo Securities LLC as financial advisor; and Kurtzman Carson Consultants LLC as information and noticing agent. CHASSIX HOLDINGS: Reaches Broad Settlement with Creditors --------------------------------------------------------- Tom Corrigan, writing for The Wall Street Journal, reported that Chassix Holdings Inc. reached a broad settlement with its major creditors and Judge Michael Wiles of the U.S. Bankruptcy Court in Manhattan said he would sign off on the auto parts maker's plan, following a day-long hearing in which several of Chassix's financial professionals testified that the plan provides the best path forward for the company. The plan, according to the Journal, has the support of private-equity firm Platinum Equity Advisors, which owns Chassix, as well as holders of the company's secured bonds and about 85% of its unsecured bonds. Under the Plan, and in accordance with the Global Settlement, the holders of Allowed Secured Note Claims will receive their Pro Rata share of approximately 97.5% of the New Common Stock (subject to dilution). In addition, under the terms of the Global Settlement, and in consideration of each of their substantial contributions to the Debtors' Chapter 11 Cases, (a) the Unsecured Noteholders will receive their pro rata share of approximately 2.5% (subject to dilution) of the Reorganized Debtors' New Common Stock and Warrants to purchase an additional 5% of the New Common Stock; and (b) the Platinum Equity Released Parties will receive a release, as set forth in the Plan. The significant features of the Plan include, among other things, (a) approximately $300 million in exit financing including an additional $50 million in new financing to be provided by certain of the Debtors' ecured Noteholders, (b) conversion of approximately $375 million of the Debtors' Secured Notes and approximately $158 million of the Debtors' Unsecured Notes into equity, (c) agreements with the OEM Customers on valuable long term accommodations, and (d) distributions to the Debtors' General Unsecured creditors, subject to certain conditions set forth in the Plan, David J. Woodward, the Interim Chief Financial Officer of Chassix Holdings, Inc., said in a declaration filed in support of confirmation of the Plan. Under the Plan, holders of General Unsecured Trade Claims are expected to recover 35% to 40% of their allowed claim amount, estimated to range from $30 million to $34 million. Holders of Other General Unsecured Claims are expected to recover 10% of their allowed claim amount, the total of which is still undetermined. Christine Pullo, the senior director of solicitation at Prime Clerk LLC, stated in a declaration that holders of claims entitled to vote on the Plan voted overwhelmingly to accept the Plan. A full-text copy of the Tabulation Results is available at http://bankrupt.com/misc/CHASSIXtab0701.pdf About Chassix Holdings Chassix is a global manufacturer and supplier of aluminum and iron chassis sub-frame components and powertrain products with both casting and machining capabilities. Based in Southfield, Michigan, Chassix and its subsidiaries operate 23 manufacturing facilities across six countries, providing safety critical automotive components, having content on approximately 64% of the largest platforms in North America. Their product mix maintains an even balance among trucks, minivans and SUVs, as well as small and medium size cars and cross-over vehicles. For the twelve months ended Dec. 31, 2014, the Debtors generated $1.37 billion in revenue on a consolidated basis. As of Dec. 31, 2014, the Debtors had $833 million in assets and $784 million in liabilities on a consolidated basis. Chassix Holdings, Inc., et al., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 15-10578) in Manhattan on March 12, 2015, with a Chapter 11 plan that was negotiated with lenders and customers. Chassix, Inc., disclosed $5,880,354 in assets and $624,719,658 in liabilities as of the Chapter 11 filing. Its parent, Chassix Holdings, Inc., disclosed $0 assets and $165,571,125 in liabilities in its schedules. The Debtors have tapped Weil, Gotshal & Manges LLP, as attorneys; Lazard Freres & Co, LLC, as investment banker; FTI Consulting, Inc. to provide an interim CFO and additional restructuring services; and Prime Clerk LLC, as claims and noticing agent. The Official Committee of Unsecured Creditors appointed in the case has retained Akin Gump Strauss Hauer & Feld LLP as counsel; Teneo Securities LLC as financial advisor; and Kurtzman Carson Consultants LLC as information and noticing agent. CITADEL ENERGY: Meeting to Form Creditors' Panel Set for July 16 ---------------------------------------------------------------- Andy Vara, Acting United States Trustee for Region 3, will hold an organizational meeting on July 16, 2015, at 2:00 p.m. in the bankruptcy case of Citadel Energy Holdings, LLC, et al. The meeting will be held at: J. Caleb Boggs Federal Building 844 King St., Room 2112 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. COSMETIC GALLERY: Wins Continued Use of First Bank Collateral ------------------------------------------------------------- Judge Andrew B. Altenburg, Jr., of the United States Bankruptcy Court for the District of New Jersey granted Cosmetic Gallery, Inc.'s motion for continued use of the cash collateral securing its prepetition indebtedness from First Bank. First Bank and the Debtor have stipulated that prior to the Petition Date, First Bank made three loans to the Debtor or collaterally guaranteed by the Debtor in the original amounts of $1,000,000 for a loan dated October 2, 2008, $500,000 for a loan dated December 12, 2008, and $434,286 for a loan dated March 30, 2012. The Debtor has reviewed the Pre-Petition Loan Documents and agrees that First Bank has a valid lien on the assets of the Debtor including, without limitation, assets which may be deemed cash collateral. The First Bank financing statement against the Debtor's assets was filed on December 16, 2008, and continued on June 25, 2013. The Debtor has acknowledged and agreed that First Bank has, as of the Petition Date, a valid and subsisting, duly perfected lien and security interest on and in the Pre-Petition Collateral. Judge Altenburg approved the stipulation between First Bank and the Debtor, which stipulation authorized the Debtor to use Cash Collateral to meet its ordinary cash needs in order to maintain and preserve its assets, and continue operation of its business, including, but not limited to, payroll and payroll taxes, insurance, rent, and accounting expenses as reflected in the Cash Collateral Budget. The case is In re: COSMETIC GALLERY, INC., Chapter 11, Debtor, CASE NO. 13-35688 (ABA)(D.N.J.). A full-text of Judge Altenburg, Jr.'s Sixteenth Interim Stipulated Order dated June 29, 2015 available at http://is.gd/sxvXLxfrom Leagle.com. Paul J. Winterhalter, Esq., of Paul J. Winterhalter, P.C. serves as counsel for the Debtors. CROSBY INTERNATIONAL: Anderson Tobin Okayed as Conflicts Counsel ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas authorized the Crosby National Golf Club, LLC, to employ Anderson Tobin, PLLC, as special conflicts counsel. In matters in which the Debtor is adverse to Texas Capital Bank, National Association, the Debtor desires to employ Tobin to act as special, conflicts counsel pursuant to Section 327(e) of the Bankruptcy Code. Texas Capital asserts an outstanding principal balance on the Note of approximately $3,100,000 (secured debt). The Debtor expects Texas Capital to assert that its lien against the proceeds from the real property and improvements results in all income and proceeds in the Debtor's possession constituting the cash collateral of Texas Capital within the meaning of Section 363(a) of the Bankruptcy Code. Tobin will be paid at these hourly rates: Partners $285 - $385 Associates $200 - $250 Paralegals, Law Clerks and Support Staff $150 Tobin will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, a $15,000 retainer to be held in Trust for payment of fees will be provided to Tobin by Escalante Golf, Inc., a non-debtor third party. J. Seth Moore, partner of Tobin, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. About The Crosby National Golf Club The Crosby National Golf Club, LLC, commenced a Chapter 11 bankruptcy case (Bankr. N.D. Tex. Case No. 15-41545) in Ft. Worth, Texas, on April 16, 2015, without stating a reason. The Court transferred the case to the Southern District of California. The Crosby National Golf Club, LLC disclosed $1,478,076 in assets and $32,996,534 in liabilities as of the Chapter 11 filing. The Debtor owns and operates the Crosby National Golf Club which is located within the Crosby Estates at Rancho Santa Fe. The Golf Club has been continuously operated as a for-profit, private eighteen-hole golf course and has been known at all times as the Crosby National Golf Club. It is a California limited liability company and its managing member is Escalante - Crosby National L.P., a Colorado limited partnership. The case is assigned to Judge Russell F. Nelms. Hudson M. Jobe, Esq., and Timothy A. York, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C. represents the Debtor in its restructuring effort. The Crosby Estate at Rancho Santa Fe Master Association (The Crosby HOA) is the master association for the gated residential community and development located in San Diego County including the Debtor's golf club, commonly known as The Crosby National Golf Club. The Debtor and the Crosby HOA have been engaged in disputes and resulting litigation pending in the Superior Court, State of California, County of San Diego, relating to the Debtor's operations of the Club and various rights and obligations of the parties under the Development documents and related agreements. It is represented in the Debtor's case by Joe J. Wielenbinski, Esq., Jay H. Ong, Esq. and Thomas D. Berghman, Esq. at Munsch Hardt Kopf & Harr, P.C. in Dallas, Texas. Texas Capital holds a valid, perfected, secured Claim against the Debtor. A minimum aggregate amount of approximately $3.1 million is owed on the Texas Capital Claim. It is represented by Matthew T. Ferris, Esq. at Winstead PC in Dallas, Texas. CROSBY INTERNATIONAL: Case Transferred to California ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas entered an order transferring the Chapter 11 case of The Crosby National Golf Club, LLC, to the Southern District of California. Crosby Estate at Rancho Santa Fe Master Association (the "Crosby HOA") requested that the Court enter an order transferring the case. Several parties joined in the motion. The Debtor opposed the motion. Texas Capital Bank, National Association, a secured creditor, submitted a reservation of its rights. According to Texas Capital, among other things, the HOA reply alleges that "[the] loan is fraudulent… and is therefore subject to avoidance." Texas Capital asserted that the HOA reply cited no evidentiary support for the Crosby HOA's allegation that the Texas Capital loan is fraudulent or otherwise invalid. Texas Capital disputes the Crosby HOA's characterization of Texas Capital's loan to the Debtor. In its reply to the Debtor's objection, Crosby HOA, the homeowners' association for that certain residential community known as The Crosby Estate at Rancho Santa Fe, located in Rancho, Santa Fe (San Diego County) California, and containing the Crosby National Golf Club, which is owned and operated by The Crosby National Golf Club, LLC, the Debtor, and replied to the Debtor's objection, stated that the Debtor's objection continues to demonstrate its obvious failure to appreciate the best interests of the estate, and a lack of candor before the Court. The Ad Hoc Crosby National Members Committee comprised of certain active members in the Crosby National Golf Club filed a joinder to the transfer motion, stating that if the case were to proceed in Ft. Worth, it would be to the extreme disadvantage or possible exclusion of many of the key creditors and parties-in-interests. The Debtor, in its objection, stated that venue of the case is proper in the Bankruptcy Court for the Northern District of Texas. According to the Debtor, since venue here is proper, great deference is to be accorded to the Debtor's choice. Moreover, since the case is a reorganization, the location of the Debtor's assets is of lesser importance compared to the location of the Debtor's decision-makers, negotiators, lawyers, and financiers as those are the parties that will be doing the most work both in and out of the courtroom to restructure the Debtor. The Debtor is represented by: Hudson M. Jobe, Esq. Timothy A. York, Esq. Quilling, Selander, Lownds, Winslett & Moser, P.C. 2001 Bryan Street, Suite 1800 Dallas, TX 75201 Tel: (214) 871-2100 Fax: (214) 871-2111 The Ad Hoc Crosby National Members Committee is represented by: Joe E. Marshall, Esq. MARSHALL LAW 735 Plaza Boulevard, Suite 200 Coppell, TX 75019 Tel: (972) 393-3900 E-mail: jmarshall@MarshallLaw.net About The Crosby National Golf Club The Crosby National Golf Club, LLC, commenced a Chapter 11 bankruptcy case (Bankr. N.D. Tex. Case No. 15-41545) in Ft. Worth, Texas, on April 16, 2015, without stating a reason. The Crosby National Golf Club, LLC disclosed $1,478,076 in assets and $32,996,534 in liabilities as of the Chapter 11 filing. The Debtor owns and operates the Crosby National Golf Club which is located within the Crosby Estates at Rancho Santa Fe. The Golf Club has been continuously operated as a for-profit, private eighteen-hole golf course and has been known at all times as the Crosby National Golf Club. It is a California limited liability company and its managing member is Escalante - Crosby National L.P., a Colorado limited partnership. The case is assigned to Judge Russell F. Nelms. Hudson M. Jobe, Esq., and Timothy A. York, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C. represents the Debtor in its restructuring effort. The Crosby Estate at Rancho Santa Fe Master Association (The Crosby HOA) is the master association for the gated residential community and development located in San Diego County including the Debtor's golf club, commonly known as The Crosby National Golf Club. The Debtor and the Crosby HOA have been engaged in disputes and resulting litigation pending in the Superior Court, State of California, County of San Diego, relating to the Debtor's operations of the Club and various rights and obligations of the parties under the Development documents and related agreements. It is represented in the Debtor's case by Joe J. Wielenbinski, Esq., Jay H. Ong, Esq. and Thomas D. Berghman, Esq. at Munsch Hardt Kopf & Harr, P.C. in Dallas, Texas. Texas Capital holds a valid, perfected, secured Claim against the Debtor. A minimum aggregate amount of approximately $3.1 million is owed on the Texas Capital Claim. It is represented by Matthew T. Ferris, Esq. at Winstead PC in Dallas, Texas. CROSBY INTERNATIONAL: Files Schedules of Assets and Liabilities --------------------------------------------------------------- The Crosby National Golf Club, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $0 B. Personal Property $1,478,076 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $3,100,000 E. Creditors Holding Unsecured Priority Claims $10,615 F. Creditors Holding Unsecured Non-Priority Claims $29,885,919 ----------- ----------- Total $1,478,076 $32,996,534 A copy of the schedules is available for free at http://bankrupt.com/misc/CrosbyNational_80_SAL_May28.pdf About The Crosby National Golf Club, LLC The Crosby National Golf Club, LLC, commenced a Chapter 11 bankruptcy case (Bankr. N.D. Tex. Case No. 15-41545) in Ft. Worth, Texas, on April 16, 2015, without stating a reason. The Court transferred the case to the Southern District of California. The Crosby National Golf Club, LLC disclosed $1,478,076 in assets and $32,996,534 in liabilities as of the Chapter 11 filing. The Debtor owns and operates the Crosby National Golf Club which is located within the Crosby Estates at Rancho Santa Fe. The Golf Club has been continuously operated as a for-profit, private eighteen-hole golf course and has been known at all times as the Crosby National Golf Club. It is a California limited liability company and its managing member is Escalante - Crosby National L.P., a Colorado limited partnership. The case is assigned to Judge Russell F. Nelms. Hudson M. Jobe, Esq., and Timothy A. York, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C. represents the Debtor in its restructuring effort. The Crosby Estate at Rancho Santa Fe Master Association (The Crosby HOA) is the master association for the gated residential community and development located in San Diego County including the Debtor's golf club, commonly known as The Crosby National Golf Club. The Debtor and the Crosby HOA have been engaged in disputes and resulting litigation pending in the Superior Court, State of California, County of San Diego, relating to the Debtor's operations of the Club and various rights and obligations of the parties under the Development documents and related agreements. It is represented in the Debtor's case by Joe J. Wielenbinski, Esq., Jay H. Ong, Esq. and Thomas D. Berghman, Esq. at Munsch Hardt Kopf & Harr, P.C. in Dallas, Texas. Texas Capital holds a valid, perfected, secured Claim against the Debtor. A minimum aggregate amount of approximately $3.1 million is owed on the Texas Capital Claim. It is represented by Matthew T. Ferris, Esq. at Winstead PC in Dallas, Texas. CROSBY INTERNATIONAL: Quiling Selander Approved as General Counsel ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas authorized The Crosby National Golf Club, LLC, to employ Quilling, Selander, Lownds, Winslett & Moser, P.C., as general counsel. Quilling Selander is expected to, among other thing: (a) furnish legal advice to the Debtor with regard to its powers, duties and responsibilities as a debtor-in- possession and the continued management of its affairs and assets under Chapter 11; (b) prepare, for and on behalf of the Debtor, all necessary applications, motions, answers, orders, reports and other legal papers; (c) prepare a disclosure statement and plan of reorganization and other services incident thereto; (d) investigate and prosecute preference and fraudulent transfers actions arising under the avoidance powers of the Bankruptcy Code; and (e) perform all other legal services for the Debtor which may be necessary herein. Quilling Selander will be paid at these hourly rates: Shareholders $300 - $450 Associates $185 - $275 Paralegals $75 - $125 Quilling Selander received a retainer from the Debtor of $75,000 for prepetition and post-petition fees and costs. As of the Petition Date, Quilling Selander still holds $70,076 as its retainer. Quilling Selander will also be reimbursed for reasonable out-of-pocket expenses incurred. Hudson M. Jobe, shareholder of Quilling Selander, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Quilling Selander can be reached at: Hudson M. Jobe, Esq. QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. 2001 Bryan Street, Suite 1800 Dallas, TX 75201 Tel: (214) 871-2100 Fax: (214) 871-2111 E-mail: hjobe@qslwm.com About The Crosby National Golf Club, LLC The Crosby National Golf Club, LLC, commenced a Chapter 11 bankruptcy case (Bankr. N.D. Tex. Case No. 15-41545) in Ft. Worth, Texas, on April 16, 2015, without stating a reason. The Court transferred the case to the Southern District of California. The Crosby National Golf Club, LLC disclosed $1,478,076 in assets and $32,996,534 in liabilities as of the Chapter 11 filing. The Debtor owns and operates the Crosby National Golf Club which is located within the Crosby Estates at Rancho Santa Fe. The Golf Club has been continuously operated as a for-profit, private eighteen-hole golf course and has been known at all times as the Crosby National Golf Club. It is a California limited liability company and its managing member is Escalante - Crosby National L.P., a Colorado limited partnership. The case is assigned to Judge Russell F. Nelms. Hudson M. Jobe, Esq., and Timothy A. York, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C. represents the Debtor in its restructuring effort. The Crosby Estate at Rancho Santa Fe Master Association (The Crosby HOA) is the master association for the gated residential community and development located in San Diego County including the Debtor's golf club, commonly known as The Crosby National Golf Club. The Debtor and the Crosby HOA have been engaged in disputes and resulting litigation pending in the Superior Court, State of California, County of San Diego, relating to the Debtor's operations of the Club and various rights and obligations of the parties under the Development documents and related agreements. It is represented in the Debtor's case by Joe J. Wielenbinski, Esq., Jay H. Ong, Esq. and Thomas D. Berghman, Esq. at Munsch Hardt Kopf & Harr, P.C. in Dallas, Texas. Texas Capital holds a valid, perfected, secured Claim against the Debtor. A minimum aggregate amount of approximately $3.1 million is owed on the Texas Capital Claim. It is represented by Matthew T. Ferris, Esq. at Winstead PC in Dallas, Texas. CROSBY NATIONAL: Ad Hoc Members Committee Taps Marshall as Counsel ------------------------------------------------------------------ Certain active members of the Crosby National Golf Club (the "Ad Hoc Members Committee") are asking the U.S Bankruptcy Court for the Northern District of Texas for permission to retain Marshall Law to represent their interests in connection with the venue dispute. Joe E. Marshall, Esq., at Marshall Law, told the Court that at it will seek to have its fees and disbursements paid by the Debtor's estate pursuant to Section 503(b)(4) of the Bankruptcy Code. Mr. Marshall can be reached at: MARSHALL LAW 735 Plaza Boulevard, Suite 200 Coppell, Texas 75019 Tel: (972) 393-3900 E-mail: jmarshall@MarshallLaw.net About The Crosby National Golf Club The Crosby National Golf Club, LLC, commenced a Chapter 11 bankruptcy case (Bankr. N.D. Tex. Case No. 15-41545) in Ft. Worth, Texas, on April 16, 2015, without stating a reason. The Court transferred the case to the Southern District of California. The Crosby National Golf Club, LLC disclosed $1,478,076 in assets and $32,996,534 in liabilities as of the Chapter 11 filing. The Debtor owns and operates the Crosby National Golf Club which is located within the Crosby Estates at Rancho Santa Fe. The Golf Club has been continuously operated as a for-profit, private eighteen-hole golf course and has been known at all times as the Crosby National Golf Club. It is a California limited liability company and its managing member is Escalante - Crosby National L.P., a Colorado limited partnership. The case is assigned to Judge Russell F. Nelms. Hudson M. Jobe, Esq., and Timothy A. York, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C. represents the Debtor in its restructuring effort. The Crosby Estate at Rancho Santa Fe Master Association (The Crosby HOA) is the master association for the gated residential community and development located in San Diego County including the Debtor's golf club, commonly known as The Crosby National Golf Club. The Debtor and the Crosby HOA have been engaged in disputes and resulting litigation pending in the Superior Court, State of California, County of San Diego, relating to the Debtor's operations of the Club and various rights and obligations of the parties under the Development documents and related agreements. It is represented in the Debtor's case by Joe J. Wielenbinski, Esq., Jay H. Ong, Esq. and Thomas D. Berghman, Esq. at Munsch Hardt Kopf & Harr, P.C. in Dallas, Texas. Texas Capital holds a valid, perfected, secured Claim against the Debtor. A minimum aggregate amount of approximately $3.1 million is owed on the Texas Capital Claim. It is represented by Matthew T. Ferris, Esq. at Winstead PC in Dallas, Texas. CW MINING: Partial Summary Judgment in House Ownership Suit Upheld ------------------------------------------------------------------ Judge Tena Campbell of the United States District Court for District of Utah, Central Division, affirmed a bankruptcy court's decision granting the motion for partial summary judgment filed by the trustee for C.W. Mining Company in an adversary proceeding concerning the ownership of a house known as the "scale house," which was located at the mine. Charles Reynolds appealed the bankruptcy court's decision in an adversary proceeding concerning ownership of a house known as the "scale house," which was located at the mine. Gary E. Jubber, the Chapter 11 Trustee, claimed that the scale house was part of the bankruptcy estate because CWM had exclusive control of the entire mine property, including the scale house. Mr. Reynolds maintained that he was the rightful owner of the scale house. In addition, Mr. Reynolds filed a counterclaim under the Utah Occupying Claimants Statute, Utah Code Ann. Section 57-6-1, et seq., seeking reimbursement for improvements he allegedly made to the scale house. The Trustee filed a motion for partial summary judgment in the adversary proceeding, requesting a declaration that Mr. Reynolds did not have an ownership interest in the scale house and seeking dismissal of Mr. Reynolds' counterclaim. The bankruptcy court granted the motion on these two issues. Judge Campbell affirmed the bankruptcy court's decision declaring that Mr. Reynolds did not have an ownership interest in the scale house and dismissed the Mr. Reynolds' counterclaim. The sole issue on appeal is whether the bankruptcy court was correct when it dismissed Mr. Reynolds' counterclaim, Mr. Reynolds' ability to invoke the UOCS necessarily involves a determination of whether he was a tenant, Judge Campbell noted. If he was a tenant, he cannot recover under the UOCS. Utah Code Ann. Section 57-6-4(3), Judge Campbell said. Based on a close review of the materials filed by the parties and the applicable law, the court concludes that the bankruptcy court correctly held that Mr. Reynolds was a tenant, which precludes recovery under the UOCS, Judge Campbell held. The appeals case is CHARLES REYNOLDS, Appellant, v. GARY E. JUBBER, Chapter 11 Trustee, Appellee, CASE NO. 2:10-CV-00969-TC (D. Utah). The adversary proceeding is CHARLES REYNOLDS, Appellant, v. GARY E. JUBBER, Chapter 11 Trustee, Appellee, ADVERSARY PROCEEDING NO. 09-02798 (Bankr., D. Utah). The bankruptcy case is In re C.W. MINING COMPANY, Debtor, BANKRUPTCY CASE NO. 08-0105 (Bankr. D. Utah). A full-text copy of Judge Campbell's Memorandum Decision and Order dated June 9, 2015, is available at http://is.gd/p8ls1kfrom Leagle.com. David R. Williams, Esq. -- dwilliams@wklawpc.com -- and Russell S. Walker, Esq. -- rwalker@wklawpc.com -- of WOODBURY & KESLER PC serve as counsel for Appellant Charles Reynolds. John T. Morgan, Esq. -- T.Morgan@usdoj.gov -- of US Trustee's Office serves as counsel for Appellee US Trustee. About C.W. Mining Company C.W. Mining Company ("CWM") was the former owner of a coal mine in Utah. Based in Salt Lake City, Utah, C.W. Mining Co. dba Co-Op Mining Company operated the Bear Canyon Mine in Emery County, Utah, under the terms of a lease with C.O.P. Coal Development Company, which owns the mine. Aquila Inc., Owell Precast, LLC, and House of Pumps, Inc., filed an involuntary Chapter 11 petition (Bankr. D. Utah Case No. 08-20105) on Jan. 8, 2008. In November 2008, the Chapter 11 case was converted to a Chapter 7 liquidation proceeding. Kenneth A. Rushton serves as the Chapter 7 Trustee, and is represented by Brent D. Wride, Esq., at Ray Quinney & Nebeker, in Salt Lake City. Gary E. Jubber later substituted Mr. Rushton as Chapter 7 Trustee. DISCOVERY LABS: Receives NASDAQ Listing Non-Compliance Notice ------------------------------------------------------------- Discovery Laboratories, Inc. on July 1 disclosed that, on June 29, 2015, the Company received a letter from The Nasdaq Stock Market indicating that, because the Company's common stock has not maintained a minimum closing bid price of $1.00 per share over the previous 30 consecutive business days, the Company is no longer in compliance with Nasdaq's Listing Rule 5550(a)(2). This notice of noncompliance has no immediate impact on the continued listing or trading of the Company's common stock on the Nasdaq Capital Market. Under the Nasdaq Listing Rules, the Company has 180 calendar days, or until December 28, 2015, to regain compliance with the Minimum Bid Price Requirement. If during the grace period, the Company's common stock achieves a minimum closing bid price of at least $1.00 per share for a period of at least ten consecutive business days, the Company will regain compliance with the Minimum Bid Price Requirement and its common stock will continue to be eligible for listing on the Nasdaq Capital Market. If the Company does not achieve compliance with the Minimum Bid Price Requirement during the grace period, Nasdaq will provide written notification to the Company that its common stock is subject to delisting. However, if on the last day of the grace period, the Company complies with the market value requirement for continued listing and all other listing standards for initial listing on the Nasdaq Capital Market, and indicates its intention to cure its non-compliance with the Minimum Bid Price Requirement, the Company may be eligible for an additional grace period through June 27, 2016. The Company intends to monitor the closing bid price of its common stock and, if appropriate, consider available options potentially to regain compliance with the Minimum Bid Price Requirement under the Nasdaq Listing Rules. About Discovery Labs Discovery Laboratories, Inc. is a specialty biotechnology company focused on developing aerosolized KL4 surfactant therapies for respiratory diseases. ECHELON CORP: Receives NASDAQ Listing Non-Compliance Notice ----------------------------------------------------------- Echelon Corporation, an independent control networking company for the Industrial Internet of Things (IIoT), on July 1 disclosed that it received a letter from NASDAQ that the Company was not in compliance with NASDAQ Listing Rule 5450(a)(1) because the Company's common stock failed to maintain a minimum closing bid price of $1.00 for 30 consecutive business days. The Company has until December 22, 2015 to regain compliance. In the event the Company does not regain compliance by then, the Company may be eligible for additional time if at that time it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, and provides written notice to NASDAQ of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split if necessary. The letter also states that the NASDAQ staff will provide written notification that the Company has regained compliance if the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days. The NASDAQ notice has no immediate effect on the listing or trading of Echelon's common stock on the NASDAQ Stock Market. The Company intends to actively monitor the bid price for its common stock between now and December 22, 2015, and will consider available options to resolve the deficiency and regain compliance with the minimum bid price requirement. About Echelon Corporation Echelon Corporation is an independent control networking company for the Industrial Internet of Things. Echelon delivers multi-protocol and multi-media elements necessary to design, install, monitor and control industrial-strength 'communities of devices' within the lighting, building automation and Internet of Things markets worldwide. The company develops and sells complete systems and subsystems for target applications, plus system-on-chips (SoCs), embedded software, and commissioning and management tools for OEMs. EMPRESAS OMAJEDE: BPPR Gets More Time to File Amended Claim ----------------------------------------------------------- U.S. Bankruptcy Judge Enrique Lamoutte has given Banco Popular de Puerto Rico 21 more days to file an amended claim against Empresas Omajede, Inc. The extension will allow the Puerto Rican bank to comply with the judge's earlier ruling which granted Empresas Omajede's request for summary judgment on its objection to the claim. Banco Popular's $3.16 million secured claim stemmed from three separate loans it acquired from Westernbank. The claim is secured by real properties owned by Empresas Omajede, including the company's main asset La Electronica Building. Empresas Omajede wanted the amount of the claim reduced by $168,977 and the court order Banco Popular to observe the grace periods for payment of the loans. About Empresas Omajede Empresas Omajede, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012. Nelson E. Galarza serves as financial advisor. The Debtor disclosed $16,718,614 in assets and $4,935,883 in liabilities in its schedules. The Debtor is a Single Asset Real Estate as defined in 11 U.S.C. Sec. 101(51B) with principal assets located at La Electronica Building, 1608 Bori St., in San Juan, Puerto Rico. EMPRESAS OMAJEDE: Oct. 7 Valuation Hearing on Carraizo Properties ----------------------------------------------------------------- U.S. Bankruptcy Judge Enrique Lamoutte is set to hold a hearing on Oct. 7, 2015, to determine the value of Empresas Omajede Inc.'s real properties. Empresas Omajede claims that the properties located in Barrio Carraizo of Trujillo Alto are worth $290,000 based on an appraisal report prepared by Mr. Carlos E. Gaztambide and Associates. Banco Popular de Puerto Rico, a secured creditor of the company, questions the appraisal report, arguing that they should be valued at $70,000, which is the liquidation value of the properties. Empresas Omajede proposes to surrender the properties to Banco Popular under its Chapter 11 reorganization plan. About Empresas Omajede Empresas Omajede, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012. Nelson E. Galarza serves as financial advisor. The Debtor disclosed $16,718,614 in assets and $4,935,883 in liabilities in its schedules. The Debtor is a Single Asset Real Estate as defined in 11 U.S.C. Sec. 101(51B) with principal assets located at La Electronica Building, 1608 Bori St., in San Juan, Puerto Rico. ERG INTERMEDIATE: May Hold Auction for Assets on July 29 -------------------------------------------------------- ERG Intermediate Holdings LLC will hold an auction for most of its assets on July 29 if it receives offers from potential buyers, according to court filings. The auction will take place at the offices of Jones Day, the Texas-based law firm hired by the company to be its bankruptcy counsel. CLMG Corp., the administrative agent for lenders that committed to provide $17.5 million loan to get ERG through bankruptcy, can participate at the auction and purchase the assets by use of a so-called credit bid. A court hearing to consider the sale of the assets to the winning bidder is scheduled for August 3. U.S. Bankruptcy Judge Harlin DeWayne Hale last month approved a bidding process that allowed the company to solicit offers and sell its assets to the highest bidder. The bidding procedures set a July 27 deadline for potential buyers to make an offer. A bid will be considered only if it provides for the purchase of substantially all of the assets and offers ERG not less than $250 million in cash for those assets. Bidders are also required to make a deposit, which is 10 percent of the purchase price to be paid. The bidding procedures allow the company to designate a stalking horse bidder, court filings show. A copy of Judge Hale's order is available without charge at http://is.gd/RHswln Chevron U.S.A. Inc., ERG's largest unsecured creditor, earlier filed an objection, saying its claim would be "adversely affected" by the sale. Chevron's claim includes royalty interests in oil and gas leases previously held by the company and sold to ERG., court filings show. The bidding procedures also drew flak from ERG's official committee of unsecured creditors. The committee believes the proposed sale is merely a vehicle to hand over ERG's assets to the lenders. According to the committee, ERG's decision not to retain investment bankers who could properly conduct a "robust post-petition marketing process" is enough proof that the sale process is a sham. ERG's attorney defended the sale process, saying the company has been attempting to sell the assets since 2012. "Contrary to the picture that the committee has attempted to paint, this Chapter 11 is actually the tail end of a very long sale process...not the beginning," said Tom Howley, Esq., at Jones Day, in Houston, Texas. Mr. Howley also pointed out that the sale process is being run by the company's chief financial officer who is being assisted by AP Services LLC. About ERG Resources ERG Resources, LLC, is a privately owned oil & gas producer that was formed in 1996. Since 2010, ERG Resources and ERG Operating Co. have been primarily engaged in the exploration and production of crude oil and natural gas in the Cat Canyon Field in Santa Barbara County, California. ERG Resources owns 19,027 gross lease acreage in the Cat Canyon Field. ERG Resources also owns and operates oil & gas leases representing 683 gross acres of leasehold located in Liberty County, Texas. The Company's corporate headquarters is located in Houston, Texas. Scott Y. Wood, through two of his affiliates, owns 100% of the membership units in ERG Intermediate Holdings LLC, the parent company. ERG Intermediate Holdings, ERG Resources and three affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 15-31858) on April 30, 2015, in Dallas, Texas. The Debtors tapped Jones Day as counsel; DLA Piper as co-counsel; AP Services, LLC, to provide a CRO; and Epiq Bankruptcy Solutions, LLC. ERG Intermediate estimated $100 million to $500 million in assets and debt. The U.S. Trustee overseeing the Chapter 11 case of ERG Intermediate Holdings LLC appointed five creditors of the company to serve on the official committee of unsecured creditors. FLEX FINANCIAL: Suit vs. Insurers To Proceed to Jury Trial ---------------------------------------------------------- Judge Dale L. Somers of the United States Bankruptcy Court for District of Kansas denied Flex Financial Holding Company's motion to reconsider a memorandum opinion and order rejecting its motion to strike a demand for jury trial in a lawsuit involving insurance coverage. Flex filed an adversary proceeding against OneBeacon Insurance Group LLC and Atlantic Specialty Insurance Company on September 3, 2014, "to determine and resolve the rights and obligations of the parties under the contract of insurance issued by Defendant One Beacon Insurance Group LLC and its member company Atlantic Specialty Insurance Company to Debtor/Plaintiff related to damage to property owned by Debtor/Plaintiff." By Memorandum Opinion and Order Rejecting Plaintiff's Motion to Strike Defendants' Demand for Jury Trial filed on April 13, 2015, the Court found that the Defendants have a constitutional right to trial by jury in the action. Judge Somers denied the Plaintiff's motion to reconsider holding that the allegations of the Complaint include contract construction issues triable to a court and factual issues concerning the cause and amount of loss triable to a jury. The adversary proceeding is FLEX FINANCIAL HOLDING COMPANY, Plaintiff, v. ONEBEACON INSURANCE GROUP LLC and ATLANTIC SPECIALTY INSURANCE COMPANY, Defendants, ADV. NO. 14-06070 (Bankr. D. Ks.). The bankruptcy case is In Re: FLEX FINANCIAL HOLDING COMPANY, Chapter 11, Debtor, CASE NO. 13-21483 (Bankr. D. Ks.). A full-text of Judge Somers' Amended Memorandum Opinion and Order dated June 9, 2015, is available at http://is.gd/fEnYMHfrom Leagle.com. Flex Financial Holding Company, based in Merriam, Kansas, filed for Chapter 11 bankruptcy (Bankr. D. Kan. Case No. 13-21483) on June 10, 2013. Judge Dale L. Somers presides over the case. Jonathan A. Margolies, Esq., at McDowell Rice Smith & Buchanan, serves as the Debtor's counsel. Flex estimated $1 million to $10 million in both assets and liabilities. A list of the Company's 20 largest unsecured creditors, filed together with the petition, is available for free at http://bankrupt.com/misc/ksb13-21483.pdf The petition was signed by Wade C. Ferguson, CEO. GAS-MART USA: Files for Chapter 11 to Stop Jumpin' Jimmy's Sale --------------------------------------------------------------- Gas-Mart USA, Inc., and Aving-Rice, LLC, owners of 42 gasoline station/conveniences stores in Iowa, Illinois, Indiana, Nebraska, and Wisconsin, have sought bankruptcy protection to stop Silver Point Capital from commencing foreclosure on Aving-Rice's Jumpin' Jimmy's stores. After completing its first store in 1996, Gas-Mart grew to seven stores in and around Kansas City by 2003. In early 2004, the Gas-Mart acquired 28 sites from Phillips located in three states (Illinois, Wisconsin and Indiana). In 2005, it added one location in Kansas City. In 2006, it added seven additional stores in Iowa and Nebraska. Gas-Mart continued its growth in 2012 with the acquisition of 41 locations in Southern Illinois for over $13 million through a newly established entity, Aving-Rice, continuing the use of the trade name "Jumpin' Jimmy's." In 2012, Gas-Mart added two Kansas Turnpike locations, pursuant to agreements with the Kansas Turnpike Authority, and managed for Phillips an additional 36 stores located in Kansas and Missouri, bringing the Debtors' total store count to 108. The Aving-Rice transaction was financed through St. John's Bank and SNC JJ Holdings, LLC, an affiliate of Silver Point Capital for about $7 million and $6 million, respectively. Seven of the Jumpin' Jimmy's locations subsequently were sold. The Debtors currently have more than 300 employees, and more than 700 creditors. Gross revenues for the Debtors in 2014 were more than $338 million, but after the TA sale, projected gross revenues for 2015 are about $200 million. The Debtors have total alleged secured claims of about $25 million, more than $9 million in priority claims, and unsecured non-priority claims over $12 million. From the beginning until his departure in April 2015, Jim George ran the day to day operations of the Debtors. John Tittle, Jr., later took over as CEO effective April 9, 2015. Equity Owners The George family combined with members of the Gustin family, including one of the founders of Applebee's International, Inc., Abe Gustin, to develop the Debtors' chain of C-Stores by completing construction of its first store in 1996. Sometime prior to Mr. Gustin's death, the George and Gustin families entered into a buy-sell agreement relative to the shares of stock of Gas-Mart. A value of $1.275 million was established as part of the buy-sell agreement for each of the holdings of the George and Gustin families. Shortly after the death of Mr. Gustin in 2010, the Gustin Family brought litigation against Gas-Mart and the George Family in 2011 claiming that the buy-sell agreement was not valid and demanding payment for their stock in excess of the $1.275 million figure as set out in the document. This litigation has morphed and expanded over the years to include G&G and has escalated to the point that the Gustin family has recently sought $28 million for their interest. At present, David George and Michael George collectively own or control more than a 20% ownership interest in each of the Debtors. The other equity owners in Gas-Mart, Fran and G&G are members of the family of Abe Gustin. The other equity owner of Aving-Rice is the GSN Irrevocable Trust under the control of a third party investor. Highly-Leveraged After the acquisitions in 2012, the Debtors were highly-leveraged and had great difficulty in servicing their debts. This led to a variety of challenges in paying all of Debtors' obligations in the ordinary course of business. The first major challenge was timely payment of fuel and sales taxes to the Illinois Department of Revenue ("IDOR") starting in late 2012 of over $2.5 million. A further challenge arose in January 2014 when the Debtors overdrafted their accounts with UMB Bank, N.A., in the aggregate amount of about $7.8 million and in July 2014 with Wells Fargo Bank National Association in the aggregate amount of about $5 million. This led to Debtors entering various loan documents with UMB and Wells Fargo granting liens on various assets. The overdraft position with Wells Fargo also resulted in their entry into a forbearance agreement. The terms of the forbearance agreement were very draconian and provided for, among other things, the retention of a third party financial advisor "to assist Gas-Mart in the sale of its assets and/or the refinance of the company's secured debt." The Debtors engaged Tittle Advisory Group, Inc., as advisor from October 2014 until April 2015. Mr. John Tittle, who is the CEO of TAG, was named CEO of the Debtors after the TAG engagement was terminated. At the time of TAG's retention, the financial condition of the Debtors was very negative. Among other things: -- a number of the stores were (and are currently) underperforming; -- the acquisition of the Jumpin' Jimmy's stores had not gone well, and in fact, Aving-Rice was and is in litigation with Silver Point Capital; and -- the operations of the Company's stores declined, further exacerbating the cash flow and liquidity problems in 2013 and 2014. During August, 2014, the IDOR issued a levy on Gas-Mart that, when coupled with the above factors, created a "perfect storm," which had devastating effects. By the end of January 2015, the Debtors had entered into letters of intent, or purchase and sale agreements, involving the following: (i) A sale of the Debtors' 19 Kansas City locations to TravelCenters of America (the "TA Sale"); (ii) A sale of two locations in Council Bluffs, IA to Buck's (the "Buck's Sales"); and (iii) A sale/leaseback of 11 locations to Spirit Realty (the "Spirit Sale/Leaseback"). The Spirit Sale/Leaseback, in the amount of $13.7 million, would have allowed, among other things, the satisfaction in full of the Debtors' projected indebtedness to the IDOR. But, in February 2015, Spirit Realty elected not to pursue with the transaction after deciding to move away from the gasoline station/convenience store industry. The sale closed on April 30, 2015. All of the proceeds of the TA Sale were used to pay taxes and debt that was associated with the properties being sold. The Sun Life indebtedness was further reduced by approximately $2 million on May 6, 2015 through the sale of the office building owned by G&G. During June 2015, UMB was paid $500,000 and Sun Life $3.8 million as a result of the Buck's sales. As with the TA Sale, the Buck's Sales as well as the G&G sale transaction (involving the Gas-Mart headquarters building) were at or near current appraised value. Chapter 11 Filing The Debtors significantly de-leveraged their balance sheet through the sale process. As of the Petition Date, Gas-Mart owes approximately $11.4 million to its lenders, including a $1.25 million prepayment amount to Sun Life, about $34 million less than prior to the start of the Sale Process. Also as of the Petition Date, Aving-Rice owes St. John's $5.8 million, composed of a term loan with a balance of about $2.4 million and a principal amount of about $3.4 million on a matured line of credit. The amount due Silver Point, currently in dispute, is carried on the books and records of Aving-Rice at $5.8 million with Silver Point alleging that the actual liability is $8 million. Mr. Tittle says that since his appointment as CEO on April 9, 2015, he has had to deal with the following road blocks that are impeding progress and jeopardizing the very viability of the Debtors: (i) The loss of income (estimated at $150,000 per month per store) relating to the Turnpike Stores due to the confiscation without required notice of these locations by the KTA in February 2015; (ii) The burden of attempting to make installment payments on the approximate $7 million debt to the IDOR, for sales and fuel taxes, while continuing to remain current with IDOR on a prospective basis. Gas-Mart disputes the $7 million amount but the IDOR is threatening legal action with the result that Gas-Mart and Aving Rice could lose their ability to conduct business in the State of Illinois. This would be disastrous to the Debtors who have over 70% of the C-Stores located in Illinois; (iii) The inability to buy sufficient quantities of groceries and inside merchandise items for the C-Stores due to the Debtors' grocery supplier, Farner-Bocken, not providing inventory since March 2015 with the Debtors scrambling to fill the stores with replacement vendors on a cash-in-advance basis; (iv) The expensive and time-consuming litigation involving the Gustin family; and (v) The impending judicial foreclosure by Silver Point on the locations that they financed for Aving-Rice as a result of the Silver Point Litigation. Aving-Rice has been in litigation in Illinois for some time with regard to the debt on certain stores with Silver Point demanding payment on this debt and Aving-Rice asserting that Silver Point made serious misrepresentations in connection with the sale of these stores to Aving-Rice. Due to problems with the stores, including the necessity of pulling the gasoline tanks in certain locations resulting in the loss of the ability to sell fuel, and accounts receivable purchased by Aving-Rice in the transaction that proved to be worthless, Aving-Rice refused to make any further payments on the Silver Point debt unless it received an adjustment to the purchase price. Silver Point dismissed the overtures of Aving-Rice and instituted litigation in state court in Effingham, IL to collect the debt and foreclose on the stores. Earlier this year, the Effingham Court ruled that Silver Point could enforce its liens and begin to foreclose on the stores in question. Aving-Rice filed a motion in the Effingham Court for the judge to reconsider his ruling. On June 24, 2015, an order was entered denying the motion to reconsider and appointing a selling officer. It is estimated that the sale will be published for three weeks with the properties likely going to sale in the middle of July. The Chapter 11 cases were filed to ensure that the sale of the aforementioned properties would be stayed. First Day Motions To enable the Debtors to minimize the adverse effects of the commencement of the Chapter 11 cases on their business, thereby preserving and maximizing the value of their estates, the Debtors have requested various types of relief in the "first day" pleadings and applications. The Debtors are seeking court approval to: -- use cash collateral; -- jointly administer their Chapter 11 cases; -- maintain their bank accounts; -- hire Stinson Leonard Street LLP as attorneys; -- hire Polsinelli PC as special counsel; -- hire Brown & Ruprecht, PC as conflicts counsel; -- pay prepetition wages and benefits; -- hire Frank Wendt as special conflicts counsel; -- establish procedures to handle reclamation claims; -- set procedures for compensation of professionals; -- prohibit utility companies from discontinuing services; -- reject certain unexpired leases; -- pay prepetition tax liability; -- pay claims of critical vendors Citgo Petroleum Corp; -- extend the time to file schedules and statements; and -- employ professionals in the ordinary course. A copy of the CEO's declaration in support of the first day pleadings is available for free at: http://bankrupt.com/misc/Gas-Mart_1st_Day_Affidavit.pdf About Gas-Mart Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company, and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection (Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri, on July 2, 2015. Gas-Mart and Aving-Rice own and operate gasoline station/conveniences stores ("C-Stores"). With locations in Iowa, Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving-Rice operate 22 and 20 stores, respectively, as of the Petition Date. G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice locations as well as certain ConocoPhillips locations in the greater Kansas City Area. Fran is a fuel hauling business located in and serving Kansas City. Judge Arthur B. Federman presides over the Chapter 11 cases. The Debtors tapped Stinson Leonard Street LLP as attorneys; Polsinelli PC as special counsel; Brown & Ruprecht, PC as conflicts counsel; and Frank Wendt as special conflicts counsel. The Debtors' Chapter 11 plan and disclosure statement are due Oct. 30, 2015. GAS-MART USA: Proposes to Pay CITGO's $1.12 Million Claim --------------------------------------------------------- Gas-Mart USA, Inc., and its affiliated debtors ask the U.S. Bankruptcy Court for the Western District of Missouri for approval to pay the prepetition claims of critical vendor CITGO Petroleum Corporation. Paul M. Hoffmann, Esq., at Stinson Leonard Street LLP, explains that the Debtors' main source of revenue comes from the sale of fuel and inventory at their C-Store locations. It is critical that the Debtors' C-Stores maintain a sufficient supply of fuel so that customers can purchase fuel and other inventory from the C-Stores. For this reason, the ability to purchase fuel is critical to the continued operation of the Debtors' businesses. The Debtors have identified CITGO as critical to their ability to continue ongoing business operations and reorganize. CITGO and Phillips 66 are the primary fuel suppliers used by the Debtors in the operation of their business. Because of branding agreement and other contractual agreements between the parties, these suppliers cannot be replaced on short notice. Both CITGO and Phillips 66 hold estimated prepetition claims of more than $1 million. Phillips 66 recently stopped delivering fuel to the Debtors due to unpaid invoices, but has proposed to provide fuel to the Debtors under a potential consignment arrangement that avoids the necessity of Phillips 66 providing postpetition credit to the Debtors. As a consequence, the Debtors are not seeking authorization to pay any prepetition claims of Phillips 66 at this time. CITGO delivers fuel to the Debtors on credit; payments for the fuel are due within 10 days of receipt. Accordingly, CITGO remains unpaid for fuel delivered in the 10 days prior to the Petition Date. CITGO's claim is secured by a $1.5 million bond and it will not deliver future fuel to the Debtors on 10-day payment terms without the continued maintenance of the bond. Thus, the Debtors must pay CITGO's claim for fuel previously delivered in order to continue receiving a supply of fuel for their C-Stores. Mr. Hoffmann avers that if payments are not made to CITGO, the Debtors will be unable to acquire fuel from CITGO, the Debtors will lack the supply of fuel to be operational, and the Debtors could be forced to shut down business operations. The Debtors seek the authority, but not the obligation, to pay to CITGO the prepetition amount of $1,123,911. In this regard, the Debtors note that this amount will be collected by the Debtors from fuel sales, so the net effect on the Debtors' cash flow is neutral. About Gas-Mart Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company, and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection (Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri, on July 2, 2015. Gas-Mart and Aving-Rice own and operate gasoline station/conveniences stores ("C-Stores"). With locations in Iowa, Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving-Rice operate 22 and 20 stores, respectively, as of the Petition Date. G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice locations as well as certain ConocoPhillips locations in the greater Kansas City Area. Fran is a fuel hauling business located in and serving Kansas City. Judge Arthur B. Federman presides over the Chapter 11 cases. The Debtors tapped Stinson Leonard Street LLP as attorneys; Polsinelli PC as special counsel; Brown & Ruprecht, PC as conflicts counsel; and Frank Wendt as special conflicts counsel. The Debtors' Chapter 11 plan and disclosure statement are due Oct. 30, 2015. Gas-Mart estimated $10 million to $50 million in assets and debt. GAS-MART USA: Seeks 30-Day Extension to File Schedules ------------------------------------------------------ Gas-Mart USA, Inc., and its affiliated debtors ask the U.S. Bankruptcy Court for the Western District of Missouri to grant an additional 30-day extension to assemble and accurately detail all of the Debtors' assets and liabilities, and prepare the statements of financial affairs. Paul M. Hoffmann, Esq., at Stinson Leonard Street LLP, explains that the Debtors, collectively, have more than 700 creditors, employees, utility providers, and taxing authorities, and appropriate review of the related leases, assets, records, and financial lists, to Schedules and a Statement of Financial Affairs will take more time than has been available so far. The circumstances surrounding the Debtors' bankruptcy filings require the Debtors to seek additional time to prepare and make the disclosures required by the bankruptcy schedules and statement of financial affairs. About Gas-Mart Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company, and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection (Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri, on July 2, 2015. Gas-Mart and Aving-Rice own and operate gasoline station/conveniences stores ("C-Stores"). With locations in Iowa, Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving-Rice operate 22 and 20 stores, respectively, as of the Petition Date. G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice locations as well as certain ConocoPhillips locations in the greater Kansas City Area. Fran is a fuel hauling business located in and serving Kansas City. Judge Arthur B. Federman presides over the Chapter 11 cases. The Debtors tapped Stinson Leonard Street LLP as attorneys; Polsinelli PC as special counsel; Brown & Ruprecht, PC as conflicts counsel; and Frank Wendt as special conflicts counsel. The Debtors' Chapter 11 plan and disclosure statement are due Oct. 30, 2015. Gas-Mart estimated $10 million to $50 million in assets and debt. GAS-MART USA: Wants to Reject Leases Entered Into in 2004 --------------------------------------------------------- Gas-Mart USA, Inc., and its affiliated debtors ask the U.S. Bankruptcy Court for the Western District of Missouri to reject certain real property leases entered into in 2004. As a result of the age of the leases, as well the turbulent real estate market, the Debtor has determined that the leases, particularly the rent required (together with automatic increases contained therein), are now cost prohibitive. As part of Debtors' pre-bankruptcy attempts to reorganize, the Debtors tested the market for the leased locations in an attempt to sublease or otherwise assign these Leases to other operators. However, the Debtors determined that the potential assignees would only be willing to assume a fraction of the Leases leaving the Debtors with significant liability. Moreover, two of the locations at issue involve properties surrounded by stiff competition. At the same time there are planned road and street improvements that may subject those locations to partial or total taking by the end of this year through eminent domain as asserted by the applicable governmental agencies. A schedule of the rejected leases are available for free at: http://bankrupt.com/misc/Gas-Mart_Rejected_Leases.pdf About Gas-Mart Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company, and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection (Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri, on July 2, 2015. Gas-Mart and Aving-Rice own and operate gasoline station/conveniences stores ("C-Stores"). With locations in Iowa, Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving-Rice operate 22 and 20 stores, respectively, as of the Petition Date. G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice locations as well as certain ConocoPhillips locations in the greater Kansas City Area. Fran is a fuel hauling business located in and serving Kansas City. Judge Arthur B. Federman presides over the Chapter 11 cases. The Debtors tapped Stinson Leonard Street LLP as attorneys; Polsinelli PC as special counsel; Brown & Ruprecht, PC as conflicts counsel; and Frank Wendt as special conflicts counsel. The Debtors' Chapter 11 plan and disclosure statement are due Oct. 30, 2015. Gas-Mart estimated $10 million to $50 million in assets and debt. HNO GREEN: Creditors Have Until Aug. 24 to File Proofs of Claim --------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California established Aug. 24, 2015, as the deadline for any individual or entity to file proofs of claim against HNO Green Fuels, Inc. The Aug. 24, 2015 bar date is also for claims (i) of governmental units; (ii) arising from the rejection of executory contracts or unexpired leases; and (iii) arising from the avoidance of a transfer under Chapter 5 of the Bankruptcy Code. HNO Green Fuels, Inc., sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 15-14946) in Riverside, California, on May 16, 2015. The Debtor disclosed $75,119,500 in assets and $122,618 in liabilities as of the Chapter 11 filing. The Debtor tapped Levene, Neale, Bender, Yoo & Brill L.L.P, as counsel. Judge Mark D. Houle presides over the case. HNO GREEN: Files Schedules of Assets and Liabilities ---------------------------------------------------- HNO Green Fuels, Inc., filed with the U.S. Bankruptcy Court for the Central District of California amended its schedule of personal property (Schedule B) in its schedules of assets and liabilities. Items listed in Schedule B now total $75,125,500. A copy of the document is available for free at: http://bankrupt.com/misc/HNOGreen_26_amendedSAL.pdf In the previous iteration of the schedules, the Debtor disclosed: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $0 B. Personal Property $75,119,500 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $0 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-Priority Claims $122,618 ----------- ----------- Total $75,119,500 $122,618 A copy of the Schedules are available for free at http://bankrupt.com/misc/HNOGreen_17_SAL_June1.pdf HNO Green Fuels, Inc., sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 15-14946) in Riverside, California, on May 16, 2015. The Debtor estimated $50 million to $100 million in assets and $1 million to $10 million in debt. The Debtor tapped Levene, Neale, Bender, Yoo & Brill L.L.P, as counsel. Judge Mark D. Houle presides over the case. HORNED DORSET: Hires Garcia-Arregui as Attorneys ------------------------------------------------ The Horned Dorset Primavera Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Garcia-Arregui & Fullana PSC as attorneys. The Debtor requires Garcia-Arregui to: (a) advise the Debtor with respect to its duties, powers, and responsibilities in this case under the laws of the United States and Puerto Rico in which the debtor in possession conducts its operations, do business, or is involved in litigation; (b) advise Debtor in possession with the determination whether reorganization is feasible and, if not helping debtor in the orderly liquidation of its assets; (c) assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and for proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor the necessary complains answer, order, reports memoranda of law under, or any other legal document; (e) appear before the bankruptcy court, or any other court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform other legal services for Debtor as may be required in these proceedings or in connection with the operation of/and involvement with the Debtor's business, including but not limited to notary services. Garcia-Arregui will be paid at these hourly rates: Isabel M. Fullana, Partner $250 Associates $100-$150 Paralegal $90 Garcia-Arregui received a $20,000 retainer plus $1,717 filing fee which was paid by the Debtor. Isabel M. Fullana, partner of Garcia-Arregui, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Garcia-Arregui can be reached at: Isabel M. Fullana, Esq. GARCIA-ARREGUI & FULLANA PSC 252 Ponce de Leon Ave., Suite 1101 Hato Rey 00918 Tel: (787) 766-2530 Fax: (787) 756-7800 E-mail: isabelfullana@gmail.com About The Horned Dorset Primavera The Horned Dorset Primavera Inc. operates the Horned Dorset Primavera, a small luxury hotel located in northwestern Puerto Rico, two miles from the town of Rincon. The hotel -- http://www.horneddorset.net/-- is set among rolling hills at the edge of the beautiful Caribbean Sea and is known for reserved European service executed in an atmosphere unique in Puerto Rico and the award-winning Restaurant Aaron. The hotel is a member of Relais & Chateaux. The Horned Dorset Primavera Inc. commenced a Chapter 11 bankruptcy case (Bankr. D.P.R. Case No. 15-03837) in Old San Juan, Puerto Rico on May 22, 2015. According to the docket, the Debtor's Chapter 11 plan is due Nov. 18, 2015. The Debtor has tapped Isabel M Fullana, Esq., at Garcia Arregui & Fullana PSC, as counsel. JW RESOURCES: Proposes Energy Ventures as Sale Advisor ------------------------------------------------------ JW Resources Inc. and its debtor-subsidiaries are asking the U.S. Bankruptcy Court for the Eastern District of Kentucky for authority to employ Energy Ventures Analysis, Inc., as sale advisor, nunc pro tunc as of the Petition Date. Pursuant to an Engagement Agreement, Energy Ventures Analysis has agreed to perform these services for the Debtors: -- Assist the Debtors and their professionals to design and implement a process for the sale of the Debtors' assets; -- Prepare materials used to identify potential parties with interest in reviewing sale documents; -- Prepare confidential information memorandum or its equivalent with support of the Debtors to provide to interested parties; -- Establish a sale process and schedule; -- Manage the creation of a data room for prospective purchasers in coordination with the Debtors; -- Initiate contact and communicate with potential purchasers; -- In consultation with the Debtors and at the direction of the Debtors, initiate contacts with other key parties; -- Arrange for tours of the Debtors' operations and assets; -- Manage the production of supplemental data requests; -- Review initial and final bids for the Debtors' assets; -- Make sale recommendations; -- Negotiate sale and purchase agreements with support of the Debtors and their professionals; -- Conduct an auction of the sale of the Debtors' assets; and -- Testify at any hearings before this Court on the sale process and any proposed sale of the Debtors' assets. Subject to court approval under Section 328 of the Bankruptcy Code, it is contemplated that EVA will seek compensation on a fixed monthly fee and will seek reimbursement of necessary and reasonable out-of-pocket expenses in accordance with the applicable provisions of the Bankruptcy Code, the Bankruptcy Rules, the United States Trustee Guidelines for the Eastern District of Kentucky, the Local Rules for the United States Bankruptcy Court for the Eastern District of Kentucky, and all orders of the Court. The Debtors will compensate EVA as follows: * $25,000 per month; plus * $200,000 from the cash proceeds received by the Debtors upon the consummation of a sale of substantially all of the assets of the Debtors; plus * 10% of the cash consideration received by the Debtors in excess of $12 million from the sale of substantially all of the assets of the Debtors; plus * 5% of the cash consideration received by the Debtors in excess of $12 million if all reclamation matters are satisfactorily resolved for the Debtors and all reclamation liabilities are assumed by a buyer of the Debtors' assets, all of the Debtors' permits are transferred to a buyer and all of the Debtors' related bonds and collateral are released. The Debtors' senior secured lenders, GB Credit Partners, LLC and Bayside JW Resources, LLC, have given their consent that payment of the $200,000 Commission will be made from the proceeds of a sale of substantially all of the Debtors' assets. In preparing for the Debtors' Chapter 11 cases, EVA has worked with the Debtors and become familiar with the Debtors' business affairs, assets, and many of the potential financial and economic issues that may arise in connection with the Chapter 11 cases. EVA has also acquired knowledge of the Debtors' businesses, financial affairs and capital structure. As of the Petition Date, EVA has no accrued or unpaid fees or expenses owing by the Debtors. Based upon the declaration of Emily S. Medine, the Debtors believe that EVA does not hold or represent any interest adverse to the Debtors, and that EVA is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code as modified by Section 1107(b) of the Bankruptcy Code. About JW Resources JW Resources Inc. and its subsidiaries are U.S. producers of thermal coal with mineral reserves, mining operations and coal properties located in the Central Appalachian ("CAPP") regions of Kentucky. JW acquired the thermal coal mining operations of Xinergy in eastern Kentucky for $47.2 million in February 2013. JW's business operations comprise what is known as the "Straight Creek" operations located in Bell, Leslie and Harlan Counties, Kentucky, and the "Red Bird" operations located in Bell, Leslie, Knox, and Clay Counties, Kentucky. JW Resources is the parent and sole shareholder of SCRB Properties, Inc., Straight Creek Coal Mining, Inc. and SCRB Processing, Inc. JW Resources and its subsidiaries sought Chapter 11 bankruptcy protection (Bankr. E.D. Ky. Lead Case No. 15-60831) in London, Kentucky on June 30, 2015. The Debtors tapped Frost Brown Todd LLC as counsel, and Energy Ventures Analysis, Inc., as sale advisor. JW Resources estimated $1 million to $10 million in assets and $50 million to $100 million in debt. Straight Creek estimated $10 million to $50 million in assets and $50 million to $100 million in debt. * * * The Debtors filed a motion for an order (i) allowing the Debtors to notice the first day motions in the Chapter 11 cases to be heard in the Lexington Division as opposed to the London Division, and (ii) scheduling a final hearing to consider allowing all subsequent motions to be heard in the Lexington Division. JW RESOURCES: Taps Frost Brown Todd as Bankruptcy Counsel --------------------------------------------------------- JW Resources Inc. and its debtor-subsidiaries are asking the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ Frost Brown Todd LLC as bankruptcy counsel, nunc pro tunc as of the Petition Date. Frost Brown's services are necessary to enable and assist the Debtors in performing its duties as Debtors and Debtors-in-Possession relating to the day-to-day operations of the companies as well as all bankruptcy specific matters. In preparing for the Chapter 11 cases, Frost Brown has become familiar with the Debtors' business affairs and many of the potential legal issues that may arise in connection with these chapter 11 cases. Frost Brown has also acquired knowledge of the Debtors’ businesses, financial affairs and capital structure. Frost Brown has served as counsel to debtors and creditors in various bankruptcy cases. The hourly rates of the firm's professionals are: Name Designation Hourly Rate ---- ----------- ------------ Ronald E. Gold Member $575 Douglas L. Lutz Member $560 Paige L. Ellerman Member $495 Warren J. Hoffmann Member $465 Wade H. Jefferson, IV Member $430 Morgan Adams Associate $200 Katie Klaeren Associate $255 Rudy Bublitz Paralegal $130 Shelby Bryant Paralegal $155 Frost Brown received a general retainer from the Debtors in the aggregate amount of $300,000, which was received on various dates during June 2015. Based upon the declaration of Wade H. Jefferson, IV, Esq., the Debtors believe that Frost Brown's members, counsel and associates do not hold or represent any interest adverse to the Debtors, and that Frost Brown and each of its members, counsel and associates is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code as modified by Section 1107(b) of the Bankruptcy Code. About JW Resources JW Resources Inc. and its subsidiaries are U.S. producers of thermal coal with mineral reserves, mining operations and coal properties located in the Central Appalachian ("CAPP") regions of Kentucky. JW acquired the thermal coal mining operations of Xinergy in eastern Kentucky for $47.2 million in February 2013. JW's business operations comprise what is known as the "Straight Creek" operations located in Bell, Leslie and Harlan Counties, Kentucky, and the "Red Bird" operations located in Bell, Leslie, Knox, and Clay Counties, Kentucky. JW Resources is the parent and sole shareholder of SCRB Properties, Inc., Straight Creek Coal Mining, Inc. and SCRB Processing, Inc. JW Resources and its subsidiaries sought Chapter 11 bankruptcy protection (Bankr. E.D. Ky. Lead Case No. 15-60831) in London, Kentucky on June 30, 2015. The Debtors tapped Frost Brown Todd LLC as counsel, and Energy Ventures Analysis, Inc., as sale advisor. JW Resources estimated $1 million to $10 million in assets and $50 million to $100 million in debt. Straight Creek estimated $10 million to $50 million in assets and $50 million to $100 million in debt. * * * The Debtors filed a motion for an order (i) allowing the Debtors to notice the first day motions in the Chapter 11 cases to be heard in the Lexington Division as opposed to the London Division, and (ii) scheduling a final hearing to consider allowing all subsequent motions to be heard in the Lexington Division. LAKELAND DEVELOPMENT: Jason M. Rund Appointed Ch. 11 Trustee ------------------------------------------------------------ Peter C. Anderson, the Unites States Trustee for Region 16, appointed Jason M. Rund as Chapter 11 Trustee for Lakeland Development Company, following the order issued by Judge Richard M. Neiter of the U.S. Bankruptcy Court for the Central District of California. The U.S. Trustee told the Court that to the best of his knowledge, the Chapter 11 Trustee has no connections with the Debtor, creditors, any other parties-in-interest, their attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the United States Trustee. Judge Neiter, accordingly, approved Mr. Rund's appointment as Chapter 11 Trustee and fixed the Chapter 11 Trustee's individual bond at $460,906. The U.S. Trustee is represented by: Kelley L. Morrison, Esq. OFFICE OF THE UNITED STATES TRUSTEE 915 Wilshire Boulevard, Suite 1850 Los Angeles, CA 90017 Telephone: (213)894-2656 Facsimile: (213)894-2603 Email: Kelley.L.Morrison@usdoj.gov About Lakeland Development Santa Fe Springs, California-based Lakeland Development Company is a privately held subsidiary in a family of companies headed by Energy Merchant Corp. Lakeland owns the 55-acre real property  located at 12345 Lakeland Road, Santa Fe Springs, California. The real property is composed of 10 parcels totaling roughly 55 acres.   Lakeland filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 12-25842) in Los Angeles on May 4, 2012. Judge Richard M. Neiter  presides over the case. Lawrence M. Jacobson, Esq., at Glickfeld,  Fields & Jacobson LLP, and The Law Offices of Richard T. Baum, Esq., serve as the Debtor's counsel. The petition was signed by  Michael Egner, chief financial officer.  LEHMAN BROTHERS: Bid to Dismiss SPV Suit Over Swap Deals Denied --------------------------------------------------------------- Judge Eileen Bransten of the Supreme Court for New York County denied SMBC Nikko Capital Markets Limited, f/k/a SMBC Capital Markets Limited's motion to dismiss the case captioned BURLINGTON LOAN MANAGEMENT LIMITED, Plaintiff, v. SMBC NIKKO CAPITAL MARKETS LIMITED, f/k/a SMBC CAPITAL MARKETS LIMITED, Defendant, DOCKET NO. 651917/2014, MOTION SEQ. NO. 001 (N.Y. Sup.). The action arises out of the alleged breach of an agreement for the transfer of a creditor's claims in two bankruptcy proceedings. The Plaintiff is "an Irish registered and incorporated special purpose securitization vehicle with affiliate offices in New York. The Defendant is "a London-based global derivatives dealer with affiliate offices in New York. The Defendant and Lehman Brothers International (Europe) entered into an ISDA Master Agreement, pursuant to which they executed several swap transactions. Under the terms of that agreement, another Lehman entity -- Lehman Brothers Holdings, Inc. -- served as a "credit support provider for LBIE," making LBHI, in essence, a guarantor of LBIE's obligations under the swap transactions. LBIE entered "bankruptcy administration" in the United Kingdom. The Defendant declared that LBIE's entry into bankruptcy administration constituted an event of default under the terms of the ISDA Master Agreement, and thereafter terminated that agreement and the related swap transactions. In that, the Plaintiff commenced the action on June 23, 2014, seeking to recover the approximately $5.25 million in lost profits. Judge Bransten, in denying the motion to dismiss, found found that Section 3(j) of the ISDA Master Agreement does not provide a basis at this juncture for dismissal of the Plaintiff's claim for breach, which, as alleged, is neither an objection asserted in a bankruptcy proceeding, nor is it an objection by someone other than the Plaintiff. As the Plaintiff's cause of action for breach of Section 3(j) is being asserted in the state court and not in either of those bankruptcy proceedings, accepting the Plaintiff's allegations as true and affording it the benefit of every reasonable inference, the cause of action as pleaded would not be a "challenge or dispute to the Claims" that would be dismissable under Section 3(y), Judge Branster held. Because the assertion of the Plaintiff's cause of action in the state court proceeding cannot reasonably be considered a "determination" in either of the two bankruptcy and insolvency proceedings, it follows that, as presently alleged, the instant breach of contract claim is not dismissable as a "determination" pursuant to Section 3(y), Judge Bransten further held. The act alleged here -- the failure to provide certain documentation -- would not have satisfied that definition and cannot otherwise be transformed into a Valuation Dispute simply because the documents at issue involve the calculation of value, Judge Bransten said. Simply put, the Defendant's alleged failure to provide certain documents which concern valuation and which might have had affected on valuation are not the same as the act of disputing a valuation. Given the deferential review that must be afforded the Plaintiff to test the sufficiency of its pleadings, the mere fact that a warranty requires a showing of loss would not mandate dismissal, the judge said. In addition, the requirement of a "loss" espoused in that definition is by no means dispositive when one considers that the Plaintiff seeks to recover lost profits, the judge added. Judge Bransten directed the Defendant to serve an answer to the order and the counsel are directed to appear for a preliminary conference on July 14, 2015, at 10:00 a.m. A full-text copy of Judge Bransten's Order dated June 3, 2015 available at http://is.gd/NjF38Nfrom Leagle.com. About Lehman Brothers Lehman Brothers Holdings Inc. was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. As of Oct. 2, 2014, Lehman's total distributions to unsecured creditors have amounted to $92.0 billion. As of Sept. 30, 2014, the brokerage trustee has substantially completed customer claims distributions, distributing more than $106 billion to 111,000 customers. LIFE PARTNERS: Court Enters Final Order to Move Claims Bar Date --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas extended, on a final basis, the deadline for any party or entity to file proofs of claim against Life Partners Holdings, Inc., et al., until Sept. 1, 2015, at 5:00 p.m., and set 5:00 p.m. of Nov. 16, 2015, as the governmental bar date. As reported by the Troubled Company Reporter on June 30, 2015, the Court entered an interim order extending until 5:00 p.m. of Sept. 1 the claims bar date. On May 20, 2015, H. Thomas Moran II, Chapter 11 trustee for the Debtor requested that the Court extend the bar date to be contemporaneous with the other debtors. The Movants explained that extending the LPHI bar date and establishing a consolidated bar date for the Debtors and consolidating notice procedures will (a) help preserve the Court's resources, save time, and avoid unnecessary and duplicative costs and expenses; and (b) are in the best interest of the Debtors' estates and all stakeholders. On April 24, 2015, the Ad Hoc Committee of Direct Fractional Interest Owners of Life Settlement Policies advised the U.S. Trustee that it withdrew its request for an election of a Chapter 11 trustee. The U.S. Securities and Exchange Commission filed on March 27, 2015, an objection -- a copy of which is available for free at http://is.gd/KWJCuu-- to the motion by certain shareholders for reconsideration of specific findings of fact and conclusions of law in the order granting the motion of the SEC for the appointment of a Chapter 11 trustee. The Reconsideration Motion, according to the SEC, belatedly sought the introduction of hearsay e-mail evidence that was available to Gary Aguirre, counsel to the certain shareholders, well before the close of the record on the SEC's motion for appointment of a Chapter 11 trustee on March 3, 2015, for the sole purpose of amending the Court's finding that it was Mr. Aguirre who first suggested the filing of the Debtor's Form 8-K on Feb. 23, 2015, which the Court later found to be misleading. The SEC stated that the proffered evidence was neither admissible, nor was it newly discovered evidence that would support altering the Court's findings of fact and conclusions of law issued from the bench on March 9, 2015. The e-mails proffered by Mr. Aguirre were wholly consistent with the Court's findings and conclusions, the SEC said. The SEC added that Because the proffered evidence is neither newly discovered, nor would its exclusion from the record result in a manifest error of fact, Mr. Aguirre has failed to meet the high burden necessary for the Court to reconsider its findings and conclusions. On March 31, 2015, the Debtor filed a response -- a copy of which is available for free at http://is.gd/mpPCod-- to the SEC's objection, saying that the Court was critical of the Debtor's filing of an SEC Form 8-K (8-K) describing the possible risks to investors if the Court appointed a Chapter 11 trustee. "Simply, put, there is insufficient information regarding the newly appointed trustee to make that decision. However, the certain shareholders have not renounced their rights to appeal that order," the Debtor said. On April 7, 2015, the Court determined that the motion for reconsideration of specific findings of fact and conclusions of law in order granting the SEC's motion for the appointment of a Chapter 11 trustee should be granted in part and denied in part. The Court found that it need not amend findings when the proposed amended findings would not be outcome determinative. Not only would the proposed amended findings not affect the Court's ruling on the motion to appoint a trustee, but the movants themselves did not seek to set aside that ruling. The Court was not convinced that the evidence proffered by movants is either newly-discovered or, in fact, would correct a manifestly erroneous finding. To bring closure to this matter, the Court amended its findings to delete the finding that it was Mr. Aguirre's idea to release the SEC Form 8-K. On April 9, 2015, the Ad Hoc Committee of Direct Fractional Interest Owners of Life Settlement Policies asked that the U.S. Trustee convene a meeting of creditors for the purpose of electing one disinterested person to serve as trustee in this case. The Committee is represented by: Kennedy Law, P.C. Stephen A. Kennedy, Esq. David D. Ritter , Esq. Dallas, TX 75202 Tel.: (214) 716-4343 Fax: (214) 593-2821 E-mail: skennedy@saklaw.net dritter@ritter-legal.com The SEC is represented by: Neal Jacobson, Esq. Admitted Pro Hac Vice U.S. Securities and Exchange Commission New York Regional Office Brookfield Place 200 Vesey Street, Suite 400 New York, NY 10281 Tel: (212) 336-0095 Fax: (212) 336-1329 E-mail: Jacobsonn@sec.gov The counsel for the certain shareholders can be reached at: Aguirre Law, APC Gary J. Aguirre, Esq. 501 W. Broadway, Suite 800 San Diego, CA 92101 Tel: (619) 400-4960 Fax: (619) 501-7072 E-mail: gary@aguirrelawapc.com About Life Partners Headquartered in Waco, Texas, Life Partners Holdings, Inc. -- http://www.lphi.com/-- is the parent company engaged in the secondary market for life insurance, commonly called "life settlements." Since its incorporation in 1991, Life Partners, Inc., has completed over 162,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value. LPHI is a publicly traded company incorporated in Texas and its common stock has been delisted from the NASDAQ (formerly trading under the symbol LPHI). Life Partners Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20, 2015. The case is assigned to Judge Russell F. Nelms. J. Robert Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the Debtor. LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities as of the Chapter 11 filing. The official committee of unsecured creditors formed in the case tapped Munsch Hardt Kopf & Harr, P.C., as counsel. Tracy A. Bolt of BDO USA, LLP, was named as examiner for the Debtor's case. At the behest of the U.S. Securities and Exchange Commission, the U.S. Trustee, and the Creditors Committee, the Court ordered the appointment of a Chapter 11 trustee. On March 13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee in LPHI's case. The trustee is represented by Thompson & Knight LLP. The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No. 15-41995) and LPI Financial Services, Inc. (Case No. 15-41996). Life Partners is estimated to have $100 million to $500 million in assets and more than $1 billion in debt. LPI Financial estimated less than $50,000. LONG BEACH HOMEMAKERS: Case Summary & 7 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Long Beach Homemakers, Inc. dba Oxford Healthcare 280 Atlantic Ave. Long Beach, CA 90802 Case No.: 15-20670 Nature of Business: Health Care Chapter 11 Petition Date: July 3, 2015 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Hon. Richard M Neiter Debtor's Counsel: Jeffrey B Smith, Esq. CURD, GALINDO & SMITH LLP 301 E Ocean Blvd Ste 1700 Long Beach, CA 90802 Tel: 562-624-1177 Fax: 562-624-1178 Email: jsmith@cgsattys.com Total Assets: $773,568 Total Liabilities: $1.2 million The petition was signed by Robert Sobel, president/CEO. A list of the Debtor's seven largest unsecured creditors is available for free at http://bankrupt.com/misc/cacb15-20670.pdf MAGNETATION LLC: Court OKs Hiring of Blackstone Advisory as Banker ------------------------------------------------------------------ Magnetation LLC and its debtor-affiliates sought and obtained permission from the Hon. Gregory F. Kishel of the U.S. Bankruptcy Court for the District of Minnesota to employ Blackstone Advisory Partners L.P. as investment banker, nunc pro tunc to the May 5, 2015 petition date. The Debtors require Blackstone Advisory to: (a) assist in the evaluation of the Debtors' businesses and prospects; (b) assist in the development of the Debtors' long-term business plan and related financial projections; (c) assist in the development of financial data and presentations to the Debtors' Boards of Directors, various creditors and other third parties; (d) analyze the Debtors' financial liquidity and evaluate alternatives to improve such liquidity; (e) evaluate the Debtors' debt capacity and alternative capital structures; (f) analyze various restructuring scenarios and the potential impact of these scenarios on the recoveries of those stakeholders impacted by the Restructuring (as defined below); (g) assist the Debtors in arranging and executing a financing if requested by the Debtors, including, but not limited to, debtor-in-possession financing; (h) provide strategic advice with regard to restructuring or refinancing the Debtors' Obligations (as defined in the Engagement Letter); (i) participate in negotiations among the Debtors and their creditors, suppliers, lessors and other interested parties; (j) value securities to be offered by the Debtors in connection with a Restructuring; (k) advise the Debtors and negotiate with lenders with respect to potential waivers or amendments of credit facilities; (l) assist in arranging financing for the Debtors, as requested; (m) provide expert witness testimony concerning any of the subjects encompassed by the other investment banking services; and (n) provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a Restructuring, as requested and mutually agreed. The Debtors and Blackstone Advisory agreed that the Advisor shall, in respect of its services, be paid in cash under this fee structure: -- Monthly Fee. The Debtors shall pay the Advisor a monthly advisory fee (the "Monthly Fee") of $130,000 in cash, with the first Monthly Fee paid upon the execution of the Engagement Letter by both parties and additional installments of such Monthly Fee payable in advance on each monthly anniversary of the Engagement Date; provided that 50% of all Monthly Fees beginning with the seventh Monthly Fee payment shall be credited against the Restructuring Fee; provided, further, that the amounts credited shall not exceed the Restructuring Fee. -- Restructuring Fee. The Debtors shall pay the Advisor an additional fee (the "Restructuring Fee") equal to $3,750,000, payable in cash, upon the consummation of the Restructuring. -- Discretionary Fee. The Debtors may, in their sole discretion, pay the Advisor an additional fee, in an amount to be determined by the Debtors in their sole discretion, if (i) the Advisor's work yields extraordinary positive results or (ii) the Debtors believe the time, effort and resources expended by the Advisor exceed that which was anticipated at the Engagement Date. Blackstone Advisory will also be reimbursed for reasonable out-of-pocket expenses incurred. Before the Petition Date, the Debtors paid the Advisor $523,131.84 in fees and expenses. The aforementioned amount includes out-of-pocket prepetition expenses incurred by the Advisor. The Debtors also paid the Advisor a $5,000 expense advance. Mark Buschmann, senior managing director of Blackstone Advisory, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Blackstone Advisory can be reached at: Mark Buschmann BLACKSTONE ADVISORY PARTNERS L.P. 345 Park Avenue New York, NY 10154 Tel: (212) 583-5000 Fax: (212) 583-5749 About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. The Debtor disclosed $239,210,542 in assets and $575,938,301 in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 12 appointed three creditors of Magnetation LLC to serve on an official committee of unsecured creditors. The Committee tapped Cooley, LLP as its lead counsel, Foley & Mansfield PLLP as its local counsel, and Province Inc., as its financial advisor. MAGNETATION LLC: Creditors' Panel Hires Cooley LLP as Lead Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of Magnetation LLC and its debtor-affiliates seeks authorization from the U.S. Bankruptcy Court for the District of Minnesota to retain Cooley LLP as lead counsel, nunc pro tunc to May 12, 2015. The Committee requires Cooley LLP to: (a) attend the meetings of the Committee; (b) review financial and operational information furnished by the Debtors to the Committee; (c) analyze and negotiate the budget and the terms of the debtor-in-possession financing; (d) analyze the value of the Debtors' assets; (e) review and investigate the liens of purported secured parties; (1) investigate alternatives to the transaction contemplated by the restructuring term sheet attached to the Debtors' motion for debtor-in-possession financing; (g) analyze and participate in negotiations regarding potential amendments to the Debtors' pellet off-take agreement with AK Steel; (h) analyze and negotiate any proposed Chapter 11 plan; (i) confer with the Debtors' management, counsel and financial advisors; (j) confer with the principals, counsel, and advisors of the Debtors' lenders and noteholders; (k) review the Debtors' schedules, statements of financial affairs and business plan; (l) advise the Committee as to the ramifications regarding all of the Debtors' activities and motions before this Court; (m) file appropriate pleadings on behalf of the Committee; (n) review and analyze the Debtors' investment banker's work product and report to the Committee; (o) provide the Committee with legal advice in relation to the chapter 11 case; (p) prepare various applications and memoranda of law submitted to the Court for consideration; and (q) perform such other legal services for the Committee as may be necessary or proper in this proceeding. Cooley LLP will be paid at these hourly rates: Cathy Hershcopf, Partner $950 Seth Van Aalten, Associate $755 Robert B. Winning, Associate $655 Jeremy Rothstein, Associate $470 Rebecca Goldstein, Paralegal $300 Cooley LLP will also be reimbursed for reasonable out-of-pocket expenses incurred. Cathy Hershcopf, member of Cooley LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Cooley LLP can be reached at: Cathy Hershcopf, Esq. COOLEY LLP The Grace Building 1114 Avenue of the Americas New York, NY 10036-7798 Tel: +1 (212) 479-6138 Fax: +1 (212) 479-6275 E-mail: chershcopf@cooley.com About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. The Debtor disclosed $239,210,542 in assets and $575,938,301 in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 12 appointed three creditors of Magnetation LLC to serve on an official committee of unsecured creditors. The Committee tapped Cooley, LLP as its lead counsel, Foley & Mansfield PLLP as its local counsel, and Province Inc., as its financial advisor. MAGNETATION LLC: Hires Fredrikson & Byron as Special Counsel ------------------------------------------------------------ Magnetation LLC and its debtor-affiliates seek authorization from the Hon. Gregory F. Kishel of the U.S. Bankruptcy Court for the District of Minnesota to employ Fredrikson & Byron P.A. as special counsel, nunc pro tunc to the May 5, 2015 petition date. The Debtors require Fredrikson & Byron to: (a) advise the Debtors regarding customer and supplier contracts and disputes, transportation contracts, construction contracts and disputes, financing and related compliance matters and filings, and other corporate matters; (b) advise the Debtors regarding employment and labor issues, including collective bargaining agreements, layoffs, employee grievances, workers compensation, employment and labor disputes, OSHA and other regulatory compliance matters, and other employment and labor issues; (c) advise the Debtors regarding environmental compliance and permitting issues; (d) represent the Debtors with respect to potential annexation of Mag Pellet, LLC plant in Reynolds, Indiana and impacts of such annexation on tax increment financing and real estate taxation; (e) advise and provide legal opinions and due diligence deliveries regarding the terms of the proposed Debtor in Possession financing and amendments or modifications thereto, existing credit facilities, and lien perfection issues; and (f) represent the Debtors in connection with real estate and easement acquisitions and dispositions and real estate and mineral leases and lease renewals. Fredrikson & Byron will be paid at these hourly rates: Simon Root, Shareholder $495 Melodie Rose, Shareholder $545 Eric Anderson, Shareholder $550 Rick Ross, Shareholder $495 Sue Steinwall, Shareholder $470 Mark Vyvyan, Shareholder $475 Clinton Cutler, Shareholder $575 Joseph Schauer, Associate $290 Levi Smith, Associate $250 Fredrikson & Byron will also be reimbursed for reasonable out-of-pocket expenses incurred The filing fees paid by Fredrikson & Byron on account of the Debtors in these cases totaled $8,585 ($1,717 per case), for which Fredrikson & Byron will seek reimbursement by the Debtors. As set forth in Clinton E. Cutler's Declaration, in the 90 days before the Petition Date, Fredrikson & Byron received payments totaling $300,000 from the Debtors and is holding a retainer in the amount of $82,000. The Debtors and Fredrikson & Byron have agreed that the Firm will continue to hold the retainer and it will be applied to pay fees, costs, and expenses relating to services rendered prepetition or in the course of these chapter 11 cases. Cutler, a shareholder of Fredrikson & Byron, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Fredrikson & Byron 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 11 U.S.C. section 330 by Attorneys in Larger Chapter 11 Cases Effective as of November 1, 2013 (the “Revised Guidelines”), both in connection with this application and the interim and final fee applications filed by Fredrikson & Byron in the course of its engagement. The following is provided in response to the request for additional information set forth in D.1. of the Revised Guidelines: -- Fredrikson & Byron did not agree to any variation from, or alternatives to, its standard or customary billing rrangements for this engagement. -- None of the professionals from Fredrikson & Byron included in this engagement have varied or will vary their rate based on the geographic location of the bankruptcy case. -- The billing rates and material financial terms for Fredrikson & Byron's prepetition engagement by the Debtors are set forth herein. No adjustments were made to either the billing rates or the material financial terms of Fredrikson & Byron's employment by the Debtors as a result of the filing of these chapter 11 cases. -- Given the uncertainty regarding the pace of ongoing legal matters that will be handled by Fredrikson & Byron, the Debtors and Fredrikson & Byron have not prepared a budget and staffing plan. Fredrikson & Byron can be reached at: Clinton E. Cutler, Esq. FREDRIKSON & BYRON, P.A. 200 South 6th St #4000 Minneapolis, MN 55402 Tel: (612) 492-7000 E-mail: ccutler@fredlaw.com About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. The Debtor disclosed $239,210,542 in assets and $575,938,301 in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 12 appointed three creditors of Magnetation LLC to serve on an official committee of unsecured creditors. The Committee tapped Cooley, LLP as its lead counsel, Foley & Mansfield PLLP as its local counsel, and Province Inc., as its financial advisor. MAGNETATION LLC: Taps FTI to Provide Chief Restructuring Officer ---------------------------------------------------------------- Magnetation LLC and its debtor-affiliates seek authorization from the Hon. Gregory F. Kishel of the U.S. Bankruptcy Court for the District of Minnesota to employ FTI Consulting, and Inc. and designate Michael J. Talarico as chief restructuring officer, nunc pro tunc to May 26, 2015. FTI agreed that Mr. Talarico will serve as the Debtors' CRO. Working collaboratively with the Debtors' senior management team and board of directors, as well as the Debtors' other professionals, Mr. Talarico will assist the Debtors in evaluating and implementing strategic and tactical options throughout the restructuring process. In addition, FTI has agreed to provide certain temporary staff to assist Mr. Talarico and the Debtors in their restructuring efforts. The Debtors anticipate that the FTI Professionals will render interim management and restructuring services during these chapter 11 cases, including, without limitation: -- preparing financial related disclosures required by the U.S. Bankruptcy Court for the District of Minnesota (the "Bankruptcy Court"), including Monthly Operating Reports; -- complying with the information and analyses required pursuant to the Debtors' Debtor-In-Possession financing; -- developing and implementing short-term cash management procedures; -- developing standardized financial and operational reporting processes; -- analyzing the cost/benefit of key executory contracts and leases to determine the impacts of affirming or rejection; -- preparing financial information for distribution to various constituencies, including, but not limited to: - cash flow projections and budgets; - cash receipts and disbursement analysis; and - analysis of proposed transactions for which Bankruptcy Court approval is necessary; -- attending meetings and assisting in discussions with potential investors, banks and other secured lenders, any official committees appointed in these chapter 11 cases, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; -- preparing information and analyses necessary for the confirmation of a plan of reorganization; and -- providing testimony on case related issues as required by the Client. Pursuant to the Engagement Letter, the Debtors have agreed to pay FTI a monthly fee of $125,000 for the first and second months of the Engagement, and then $110,000 for each month thereafter for the services rendered by Mr. Talarico. In addition, the Debtors have agreed to pay the Hourly Temporary Staff based on FTI's current billing rates as follows: Senior Managing Directors $800–$975 Directors/Managing Directors $595–$795 Consultants/Senior Consultants $315–$575 Administrative/Paraprofessionals $125–$250 FTI will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael J. Talarico, managing director with FTI, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. FTI can be reached at: David Beckman FTI CONSULTING, INC. 1001 17th St. #1 100 Denver, CO 80202 Tel: (303) 689-8800 Fax: (303) 689-8802 E-mail: dave.beckman@fticonsulting.com About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. The Debtor disclosed $239,210,542 in assets and $575,938,301 in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 12 appointed three creditors of Magnetation LLC to serve on an official committee of unsecured creditors. The Committee tapped Cooley, LLP as its lead counsel, Foley & Mansfield PLLP as its local counsel, and Province Inc., as its financial advisor. MAGNETATION LLC: UST Objects to Fredrikson & Byron Employment ------------------------------------------------------------- Daniel McDermott, the U.S. Trustee, filed an objection with the U.S. Bankruptcy Court for the District of Minnesota on the motion of Magnetation LLC and its debtor-affiliates to employ Fredrikson & Byron P.A. as special counsel, nunc pro tunc to the May 5, 2015 petition date. The U.S. Trustee said the application should not be approved at this time because the U.S. Trustee is resolving underlying issues in connection with the employment application. The U.S. Trustee is represented by: Sarah J. Wencil Trial Attorney 1015 U.S. Courthouse 300 S. 4th Street Minneapolis, MN 55401 Tel: (612) 334-1366 Fredrikson & Byron can be reached at: Fredrikson & Byron, P.A. 200 South 6th St #4000 Minneapolis, MN 55402 Tel: (612) 492-7000 About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. The Debtor disclosed $239,210,542 in assets and $575,938,301 in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 12 appointed three creditors of Magnetation LLC to serve on an official committee of unsecured creditors. The Committee tapped Cooley, LLP as its lead counsel, Foley & Mansfield PLLP as its local counsel, and Province Inc., as its financial advisor. MOLYCORP INC: Seeks to Pay $4.6MM to Essential Suppliers -------------------------------------------------------- Molycorp Inc., et al., are asking the U.S. Bankruptcy Court for the District of Delaware for approval to pay up to $4.6 million for prepetition claims of certain parties that supply goods or services critical to the continued operation of the Debtors' businesses. The Debtors expect that they will not pay each of the essential suppliers the full prepetition amount owed to them. The supplier that the Debtors have identified as essential -- and that are not proposed to be paid as lienholders and are not contract parties required to do business with the Debtors -- are owed $4.3 million as of the Petition Date. Additional suppliers may be identified postpetition. Accordingly, to prevent disruption to their businesses, the Debtors request authority to pay up to $4.6 million in claims. This amount represents less than 1% of Molycorp's revenue over the last 12 months. As a condition of payment, the Debtors may require an essential supplier's agreement to the continuance of the parties' existing business relationship. About Molycorp Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominent rare earth processing facilities around the world. It has a workforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San Bernadino County, California, is home to one of the world's largest and richest deposits of rare earths. Molycorp has corporate offices in the United States, Canada and China. CEO Geoffrey R. Bedford, and other senior management members are located in Molycorp's corporate offices in Toronto, Canada. Other senior manageemnt members are located at its U.S. corporate headquarters in Greendwood Village, Colorado. Molycorp reported a net loss of $623 million in 2014, a net loss of $377 million in 2013 and a net loss of $475 million in 2012. As of March 31, 2015, the Company had $2.49 billion in total assets, $1.78 billion in total liabilities and $709 million in total stockholders' equity. Molycorp and its North American subsidiaries, together with certain of its non-operating subsidiaries outside of North America, filed Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead Case No. 15-11357) on June 25, 2015, after reaching agreement with a group of lenders on a financial restructuring. The Chapter 11 cases of Molycorp and 20 affiliated debts are pending before Judge Christopher S. Sontchi. The agreement provides for a financial restructuring of the Company's $1.7 billion in debt and provides up to $225 million in gross proceeds in new financing to support operations while the Company completes negotiations with creditors. The Company's operations outside of North America, with the exception of non-operating companies in Luxembourg and Barbados, are excluded from the filings. Molycorp Rare Metals (Oklahoma), LLC, with operations in Quapaw, Oklahoma, also is excluded from the filings as it is not 100% owned by the Company. Molycorp is being advised by the investment banking firm of Miller Buckfire & Co. and is receiving financial advice from AlixPartners, LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as legal counsel to the Company in this process. Prime Clerk serves as claims and noticing agent. MOLYCORP INC: To Limit Equity Trading to Preserve NOLs ------------------------------------------------------ Molycorp Inc., et al., are asking the U.S. Bankruptcy Court for the District of Delaware to enter interim and final orders establishing notification and objection procedures regarding certain transfers of beneficial interests in equity securities in Molycorp. The common stock of Molycorp is publicly traded on the New York Stock Exchange (ticker symbol MCP). As of June 15, 2015, there were 264,316,184 shares of Molycorp common stock outstanding, with a total market capitalization of $111 million. Molycorp also has outstanding warrants to purchase and, and certain unsecured convertible debt obligations that are convertible into, shares of common stock. In addition, MCP Exchangeco Inc. has outstanding certain shares of stock that are exchageable into shares of common stock of Molycorp. The Debtors have experienced losses from the operation of their business. As a result, the Debtors estimate that their federal income tax net operating losses are approximately $540 million, and other tax attributes including credits of approximately $7 million, as of Dec. 31, 2014, and they expect to have incurred substantial additional NOLs since then through the Petition Date, which amounts could be even higher when the Debtors emerge from Chapter 11. Because an "ownership change" may negatively impact the Debtors' utilization of their NOLs, the Debtors proposed these procedures: * Any "substantial equityholder" -- entity that has direct or indirect beneficial ownership of at least 11,894,228 shares (representing 4.5% of the 264,316,184 issued and outstanding shares of common stock) of Molycorp -- must serve and file a declaration on or before the later of (i) 14 days after the date of the interim order approving the procedures and (ii) 14 days after becoming a substantial equityholder. * At least 28 days prior to effectuating any transfer of the equity securities that would result in another entity becoming a substantial shareholder, the parties to such transaction must serve and file a notice of the intended stock transaction. * The Debtors have 21 days after receipt of the stock transaction notice to object to the proposed transaction. * If the Debtors do not object, the proposed transaction may proceed. * Any transfer of the equity securities in violation of the procedures will be null and void ab initio. Sell-Down The Debtors may ultimately need to seek an order in connection with a Chapter 11 plan of reorganization or a qualifying asset sale with respect to trading in claims to protect and preserve the value of the NOLs. At this stage, however, it is too early to determine whether it will be necessary for the Debtors to obtain a sell-down order. The Debtors' determination of whether to seek entry of a sell-down order will most likely occur once the Debtors have determined whether they may qualify for and benefit from the Section 382(l)(5) safe harbor such that it is necessary to require substantial claimholders to comply with the sell-down procedures. Accordingly, the motion does not seek entry of a sell-down order, but seeks to establish the date of entry of the interim order as the proposed record date. About Molycorp Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominent rare earth processing facilities around the world. It has a workforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San Bernadino County, California, is home to one of the world's largest and richest deposits of rare earths. Molycorp has corporate offices in the United States, Canada and China. CEO Geoffrey R. Bedford, and other senior management members are located in Molycorp's corporate offices in Toronto, Canada. Other senior manageemnt members are located at its U.S. corporate headquarters in Greendwood Village, Colorado. Molycorp reported a net loss of $623 million in 2014, a net loss of $377 million in 2013 and a net loss of $475 million in 2012. As of March 31, 2015, the Company had $2.49 billion in total assets, $1.78 billion in total liabilities and $709 million in total stockholders' equity. Molycorp and its North American subsidiaries, together with certain of its non-operating subsidiaries outside of North America, filed Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead Case No. 15-11357) on June 25, 2015, after reaching agreement with a group of lenders on a financial restructuring. The Chapter 11 cases of Molycorp and 20 affiliated debts are pending before Judge Christopher S. Sontchi. The agreement provides for a financial restructuring of the Company's $1.7 billion in debt and provides up to $225 million in gross proceeds in new financing to support operations while the Company completes negotiations with creditors. The Company's operations outside of North America, with the exception of non-operating companies in Luxembourg and Barbados, are excluded from the filings. Molycorp Rare Metals (Oklahoma), LLC, with operations in Quapaw, Oklahoma, also is excluded from the filings as it is not 100% owned by the Company. Molycorp is being advised by the investment banking firm of Miller Buckfire & Co. and is receiving financial advice from AlixPartners, LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as legal counsel to the Company in this process. Prime Clerk serves as claims and noticing agent. MORRIS SCHNEIDER: Atlanta Law Firm Seeks Bankruptcy Protection -------------------------------------------------------------- Atlanta, Georgia-based law firm Morris Schneider Wittstadt, PLLC -- http://closingsource.net/-- and its affiliated entities sought Chapter 11 creditor protection on July 5, 2015. The filing affiliates include Wittstadt Title & Escrow Company, L.L.C., MSWLAW, Inc., Teays Valley Trustees, LLC, and York Trustee Services, LLC. The Debtors filed their bankruptcy petition (Case Nos. 15-12323, and 15-33370 to 15-33375) in Bankruptcy Court for the Eastern District of Virginia, in Richmond. They are represented by Jennifer McLain McLemore, Esq., at Christian & Barton, LLP. Morris Schneider Wittstadt, LLC listed between $1 million to $10 million in total assets and $10 million to $50 million in total liabilities. Morris Schneider Wittstadt Va., MSWLAW, Inc., and Wittstadt Title & Escrow Company, L.L.C. each listed under $50,000 in both assets and liabilities. The petition was signed by Mark H. Wittstadt, Esquire, managing partner. According to Ben Lane of HousingWire, the firm and its partners made national headlines last year when the firm sued its former managing partner, Nathan (Nat) Hardwick, for allegedly embezzling $30 million from the firm's accounts and the accounts of the firm's subsidiary, LandCastle Title. HousingWire reported that the firm on Thursday allegedly told its employees of the intent to seek bankruptcy protection and that the firm's staff would not be paid for their last three weeks of work. Morris Schneider opened for business on Monday, according to HousingWire, but went so far as to tell all employees not to bother reporting to work on Monday morning. In a statement provided exclusively to HousingWire, the firm said: "After considering its relatively few options available, MSW chose Chapter 11 filing as a regrettably necessary step for the future of the firm." Mark Wittstadt, executive managing partner of MSW, told HousingWire: "This is a very sad and difficult circumstance for Morris Schneider Wittstadt, and we share in the disappointment and frustration of the parties involved. . . . MSW was an extraordinary firm with many outstanding lawyers and employees, making this situation exceptionally disheartening." Morris Schneider is facing multiple lawsuits, including one brought by PGA golfer Dustin Johnson. According to HousingWire, Johnson sued Morris Hardwick Schneider, now known as Morris Schneider Wittstadt, Hardwick and the firm's managing partners, Mark and Rod Wittstadt, accusing them of using their positions as Johnson's "trusted advisors" to steal $3 million from him to cover shortages in the firm's accounts allegedly created by Hardwick himself. On Monday, the firm asked the District Court for the Northern District of Georgia, in Atlanta, to stay the Johnson lawsuit pending the bankruptcy proceedings in Richmond. MORRIS SCHNEIDER: Case Summary & 30 Top Unsecured Creditors ----------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Morris | Schneider | Wittstadt Va., PLLC 15-33370 4701 Cox Road, Suite 285 Glen Allen, VA 23060 Wittstadt Title & Escrow Company, L.L.C. 15-12323 22375 Broderick Drive, Suite 260 Dulles, VA 20166 Morris | Schneider | Wittstadt, PLLC 15-33371 Morris | Schneider | Wittstadt, LLC 15-33372 120 Interstate North Parkway, S.E., Suite 110 Atlanta, GA 30339 MSWLAW, Inc. 15-33373 120 Interstate North Parkway, S.E., Suite 110 Atlanta, GA 30339 Teays Valley Trustees, LLC 15-33374 55 Meridian Parkway, Suite 108 Martinsburg, WV 25404 York Trustee Services, LLC 15-33375 Chapter 11 Petition Date: July 5, 2015 Court: United States Bankruptcy Court Eastern District of Virginia (Richmond) Debtors' Counsel: Jennifer McLain McLemore, Esq. CHRISTIAN & BARTON, LLP 909 East Main Street, Suite 1200 Richmond, VA 23219 Tel: (804) 697-4129 Fax: 804-697-6112 Email: jmclemore@cblaw.com Estimated Estimated Assets Liabilities ---------- ----------- Morris | Schneider | Wittstadt Va. $0-$50,000 $0-$50,000 Wittstadt Title & Escrow Company, L.L.C. $0-$50,000 $0-$50,000 Morris | Schneider | Wittstadt, LLC $1MM-$10MM $10MM-$50MM MSWLAW, Inc. $0-$50,000 $0-$50,000 The petition was signed by Mark H. Wittstadt, Esquire, managing partner. A consolidated list of the Debtors' 30 largest unsecured creditors is available for free at http://bankrupt.com/misc/vaeb15-33370.pdf NORTEL NETWORK: Bids for Judgment in Tektel vs. Gov't Suit Denied ----------------------------------------------------------------- Judge Mary Ellen Coster Williams of the United States Court of Federal Claims denied cross motions for Judgment on the Administrative Record in the case captioned TEKTEL, INC., Plaintiff, v. UNITED STATES, Defendant, Case No. 11-445C, (Fed. Cl.). Around December 2000, Nortel Network Inc. entered into a Federal Supply Schedule information technology contract with the General Services Administration. The original contract period was from January 1, 2001, until December 31, 2005. The contract was later extended to December 31, 2010. Pursuant to the contract, most services were to be provided by or through Nortel's authorized representatives. These "representatives" were authorized to act on Nortel's behalf for purposes of accepting and fulfilling orders and receiving payment. Under the contract's order placement and remittance clauses, the ordering activities were to direct all Prime Contract orders and payments to Nortel's representatives, also known as "schedule partners" or authorized dealers. On approximately August 15, 2008, Nortel entered into a "Sponsored GSA Schedule Partner Agreement" with Tektel. The agreement authorized Tektel to "represent Nortel Networks for sales under its [FSS] IT Contract number GS-35F-0140L'" as a "`sponsored partner.'" The case arises from the termination for convenience of two purchase orders issued to Tektel by the United States District Court for the Northern District of Illinois for the installation of telephone equipment and phone maintenance services. The Plaintiff seeks $126,409 for expenses incurred as a result of the termination. The Contract Disputes Act does not apply to District Court contracts, and the parties have invoked the repealed Wunderlich Act, along with its arbitrary and capricious standard of review, and filed cross motions for judgment on the Administrative Record. Judge Williams found out that the applicable savings clause does not bring the dispute within the ambit of the Wunderlich Act. As such, it is inappropriate to resolve the action on an Administrative Record. Judge Williams said the parties may recast the motions as motions for summary judgment and submit appropriate materials consistent with Rule 56(c), or they may proceed to trial on damages. The unavailability of Wunderlich Act review does not mean that the Plaintiff is left without a remedy for its contract dispute, Judge Williams said. Rather, as the disputes clause incorporated into the Purchase Orders provides, the Plaintiff is entitled to challenge the Contracting Officer's determination in "a court of competent jurisdiction," Judge Williams added. Cyrus Eastman Phillips, IV, Esq., of Albo & Oblon, L.L.P. serves as counsel for Plaintiff Tektel, Incorporated. Amanda L. Tantum, Esq. -- Amanda.Tantum@usdoj.gov -- of U. S. Department of Justice serves as counsel for Defendant USA. A full-text copy of Judge Williams' Opinion and Order dated June 9, 2015, is available at http://is.gd/GlOfSrfrom Leagle.com. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel did Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada) seeking relief from their creditors. Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. That same day, the Monitor sought recognition of the CCAA Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter 15 of the U.S. Bankruptcy Code. That same day, NNI and certain of its affiliated U.S. entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10138). In addition, the High Court of England and Wales placed 19 of NNI's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. On May 28, 2009, at the request of administrators, the Commercial Court of Versailles, France, ordered the commencement of secondary proceedings in respect of Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court for recognition of the English Proceedings as foreign main proceedings under Chapter 15. U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and 15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. In the Chapter 11 case, James L. Bromley, Esq., and Howard S. Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serve as the U.S. Debtors' general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The U.S. Trustee appointed an Official Committee of Unsecured Creditors in respect of the U.S. Debtors. An ad hoc group of bondholders also was organized. An Official Committee of Retired Employees and the Official Committee of Long-Term Disability Participants tapped Alvarez & Marsal Healthcare Industry Group as financial advisor. The Retiree Committee is represented by McCarter & English LLP as Delaware counsel, and Togut Segal & Segal serves as the Retiree Committee. The Committee retained Alvarez & Marsal Healthcare Industry Group as financial advisor, and Kurtzman Carson Consultants LLC as its communications agent. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Since the commencement of the various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. Nortel has collected roughly $9 billion for distribution to creditors. Of the total, $4.5 billion came from the sale of Nortel's patent portfolio to Rockstar Bidco, a consortium consisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In Motion Limited, and Sony Corporation. The consortium defeated a $900 million stalking horse bid by Google Inc. at an auction. The deal closed in July 2011. Nortel has filed a proposed plan of liquidation in the U.S. Bankruptcy Court. The Plan generally provides for full payment on secured claims with other distributions going in accordance with the priorities in bankruptcy law. The trial on how to divide proceeds among creditors in the U.S., Canada, and Europe commenced on Sept. 22, 2014. The question of how to divide $7.3 billion raised in the international bankruptcy of Nortel Networks Corp. was answered on May 12, 2015, by two judges, one in the U.S. and one in Canada. According to The Wall Street Journal, Justice Frank Newbould of the Ontario Superior Court of Justice in Toronto and Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., agreed on the outcome: a modified pro rata split of the money. NORTEL NETWORKS: U.S., Bondholders Lose Bid to Upset $7.3B Ruling ----------------------------------------------------------------- Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review, reported that Nortel Networks Corp.'s bondholders and the company's U.S. division lost a bid to upset a ruling on how $7.3 billion should be divided among competing national units of the defunct telecommunications giant. According to the Journal, orders issued on July 6 leave standing the critical elements of a May decision that disappointed bondholders owed $4 billion by Nortel, who were counting on Nortel U.S. to win an international tug of war over the money. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel did Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada) seeking relief from their creditors. Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. That same day, the Monitor sought recognition of the CCAA Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter 15 of the U.S. Bankruptcy Code. That same day, NNI and certain of its affiliated U.S. entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10138). In addition, the High Court of England and Wales placed 19 of NNI's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. On May 28, 2009, at the request of administrators, the Commercial Court of Versailles, France, ordered the commencement of secondary proceedings in respect of Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court for recognition of the English Proceedings as foreign main proceedings under Chapter 15. U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and 15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. In the Chapter 11 case, James L. Bromley, Esq., and Howard S. Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serve as the U.S. Debtors' general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The U.S. Trustee appointed an Official Committee of Unsecured Creditors in respect of the U.S. Debtors. An ad hoc group of bondholders also was organized. An Official Committee of Retired Employees and the Official Committee of Long-Term Disability Participants tapped Alvarez & Marsal Healthcare Industry Group as financial advisor. The Retiree Committee is represented by McCarter & English LLP as Delaware counsel, and Togut Segal & Segal serves as the Retiree Committee. The Committee retained Alvarez & Marsal Healthcare Industry Group as financial advisor, and Kurtzman Carson Consultants LLC as its communications agent. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Since the commencement of the various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. Nortel has collected roughly $9 billion for distribution to creditors. Of the total, $4.5 billion came from the sale of Nortel's patent portfolio to Rockstar Bidco, a consortium consisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In Motion Limited, and Sony Corporation. The consortium defeated a $900 million stalking horse bid by Google Inc. at an auction. The deal closed in July 2011. Nortel has filed a proposed plan of liquidation in the U.S. Bankruptcy Court. The Plan generally provides for full payment on secured claims with other distributions going in accordance with the priorities in bankruptcy law. The trial on how to divide proceeds among creditors in the U.S., Canada, and Europe commenced on Sept. 22, 2014. The question of how to divide $7.3 billion raised in the international bankruptcy of Nortel Networks Corp. was answered on May 12, 2015, by two judges, one in the U.S. and one in Canada. According to The Wall Street Journal, Justice Frank Newbould of the Ontario Superior Court of Justice in Toronto and Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., agreed on the outcome: a modified pro rata split of the money. PINNACLE MINERAL: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Pinnacle Mineral Corporation 4444 N. Michigan Ave. Miami Beach, Fl 33140 Case No.: 15-22098 Chapter 11 Petition Date: July 3, 2015 Court: United States Bankruptcy Court Southern District of Florida (Miami) Judge: Hon. Jay Cristol Debtor's Counsel: Stephen J Biggie, Esq. ARCADIER AND ASSOCIATES, P.A. 2815 W New Haven Ave #304 Melbourne, FL 32904 Tel: 321-953-5998 Email: biggie@wamalaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Efraim Diveroli, president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. PUERTO RICO ELECTRIC: Bondholders Extend Forbearance Agreement -------------------------------------------------------------- The Puerto Rico Electric Power Authority (PREPA) Bondholder Group on July 1 disclosed that they have agreed to extend their forbearance agreement until September 15, 2015 and amend their trust agreement to allow PREPA to avoid a payment default on July 1, 2015. During the forbearance period the bondholders will continue to collaborate with PREPA towards a comprehensive plan that will sustainably improve PREPA. "We remain focused on working with PREPA and its professionals to refine a long-term plan that is in the best interest of all stakeholders. Over the past several months of direct negotiations with PREPA and the GDB, we have made progress towards a workable solution for PREPA, and are hopeful that we have established a foundation for reaching an equitable deal for all PREPA stakeholders, which will help the island in its revitalization," said Stephen Spencer of Houlihan Lokey, the PREPA Bondholder Group's financial advisor. If a restructuring support agreement is not reached by September 1, 2015, the forbearance agreement will automatically terminate. Mr. Spencer continued, "While we believe there is the opportunity to reach an agreement by September 1st, it is essential that both sides be willing to compromise, treat each other fairly and negotiate in good faith. As a result, the agreement may be discontinued and appropriate legal action taken if there are unforeseen deteriorations in either the negotiations with PREPA or a broader decision made by Puerto Rico as a whole to treat bondholders unnecessarily unfairly during this process." * * * The Troubled Company Reporter on Feb. 4, 2015 reported that Standard & Poor's Ratings Services said it maintained its 'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA) power revenue bonds on CreditWatch with negative implications. S&P originally placed the rating on CreditWatch on June 18, 2014. On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the $8.6 billion of Puerto Rico Electric Power Authority (PREPA) power revenue bonds on Negative Rating Watch. The bonds are currently rated 'CC'. As reported in the Troubled Company Reporter on Sept. 19, 2014, Moody's Investors Service has downgraded the rating for Puerto Rico Electric Power Authority's (PREPA) $8.8 billion of Power Revenue Bonds to Caa3 from Caa2. This rating action concludes the rating review that Moody's initiated on July 1, 2014. PREPA's rating outlook is negative. RADIOSHACK CORP: Salus DIP Financing Extended to July 25 -------------------------------------------------------- RS Legacy Corporation submitted a proposed amendment to a stipulation that would (i) incorporate and extend the terms of the final DIP order until July 25, 2015, and (ii) authorize and approve the Debtor's continued use of cash collateral. Michael J. Custer, Esq., at Pepper Hamilton LLP, co-counsel for RS Legacy relates that on June 5, the Court approved the stipulation entered among the Debtors, Salus Capital Partners, LLC as the SCP agent, and the SCP lenders. The stipulation also provided that as further adequate protection, the Debtors are authorized to provide adequate protection to the SCP secured parties in the form of an additional cash payment in an amount equal to $10 million by June 30, 2015. As reported in the Troubled Company Reporter on March 31, 2015, U.S. Bankruptcy Judge Brendan Linehan Shannon in Delaware signed a final order authorizing the Debtors to obtain $285.3 million from a debtor-in-possession financing package, which is led by hedge fund manager DW Partners LP and allows the troubled electronics retailer to continue operating and sell off most of its remaining assets. About RadioShack Corporation Headquartered in Fort Worth, Texas, RadioShack (OTCMKTS: RSHCQ) -- http://www.radioshackcorporation.com-- is a retailer of mobile technology products and services well as products related to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300 company-operated stores in the United States, 270 company-operated stores in Mexico, and approximately 1,000 dealer and other outlets worldwide. RadioShack Corporation and affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. In their petitions, the Debtors disclosed total assets of $1.2 billion, versus total debts of $1.3 billion. Judge Kevin J. Carey presides over the case. David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki, Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M. Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel. David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel. Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors' restructuring advisor. Maeva Group, LLC, is the Debtors' Turnaround advisor. Lazard Freres & Co. LLC is the Debtors' investment banker. A&G Realty Partners is the Debtors' real estate advisor. Prime Clerk is the Debtors' claims and noticing agent. Quinn Emanuel Urquhart & Sullivan, LLP and Cooley LLP represent the Official Committee of Unsecured Creditors as co-counsel. Houlihan Lokey Capital, Inc. serves as financial advisor and investment banker. RadioShack Corporation on June 22, 2015, filed a Certificate of Amendment to the Company's Restated Certificate of Incorporation, as amended, to change its name from RadioShack Corporation to RS Legacy Corporation. The Amendment was adopted in accordance with Section 303 of the General Corporation Law of the State of Delaware and under an order by the Bankruptcy Court in the Chapter 11 Cases. The Company filed the Amendment with the Secretary of State of the State of Delaware, and the Amendment became effective on June 22, 2015. RANCH 967: Seeks Nov. 28 Extension of Solicitation Period --------------------------------------------------------- Ranch 967 LLC asks the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to extend its exclusivity periods for an additional 90 day. The period within which the Debtor has the exclusive right to propose a Chapter 11 plan expired on July 1, 2015, and the period within which the Debtor's plan has to be accepted by creditors is set to expire on August 30, 2015. The Debtor has filed a proposed disclosure statement and Chapter 11 plan of reorganization, which involves the Debtor's recapitalization. Morris D. Weiss, Esq., at Taube Summers Harrison Taylor Meinzer Brown LLP in Austin Texas, tells the Court that the Exclusivity Periods are intended to afford a debtor a full and fair opportunity to propose a consensual plan and solicit acceptances of that plan without the disruption that is likely to be caused by the filing of competing plans by non-debtor parties. Mr. Weiss further tells the Court that as a prophylactic measure -- and primarily out of the concern that modifications might need to be made in response to any questions or objections to the currently proposed disclosure statement and plan -- the Debtor is requesting a relatively short extension of the Exclusivity Periods, each for 90 days. The Debtor is represented by: Eric J. Taube, Esq. Morris D. Weiss, Esq. Christopher G. Bradley, Esq. TAUBE SUMMERS HARRISON TAYLOR MEINZER BROWN LLP 100 Congress Avenue, Suite 1800 Austin, Texas 78701 Telephone: (512)472-5997 Facsimile: (512)472-5248 Email: etaube@taubesummers.com mtaylor@taubesummers.com cbradley@taubesummers.com About Ranch 967 LLC Ranch 967 LLC, a single asset real estate, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 15-10314) on March 3, 2015. The petition was signed by Frank J. Carmel as managing member. The Debtor disclosed $22,500,000 in assets and $12,979,971 in liabilities as of the Chapter 11 filing. Eric J. Taube, Esq., at Hohmann Taube & Summers, LLP, represents the Debtor as counsel.  Judge Tony M. Davis presides over the case. REED AND BARTON: Court Approves Brown Rudnick as Committee Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of Reed and Barton Corporation sought and obtained permission from the Hon. Henry J. Boroff of the U.S. Bankruptcy Court for the District of Massachusetts to retain Brown Rudnick LLP as counsel to the Committee, nunc pro tunc to March 17, 2015. The Committee requires Brown Rudnick to: (a) assist and advise the Committee in its discussions with the Debtor and other parties-in-interest regarding the overall administration of this case; (b) represent the Committee at hearings to be held before this Court and communicate with the Committee regarding the matters heard and the issues raised as well as the decisions and considerations of this Court; (c) assist and advise the Committee in its examination and analysis of the conduct of the Debtor's affairs; (d) review and analyze pleadings, orders, schedules, and other documents filed and to be filed with this Court by parties- in-interest in this case; advising the Committee as to the necessity, propriety, and impact of the foregoing upon the Debtor's chapter 11 case; and consenting or objecting to pleadings or orders on behalf of the Committee, as appropriate; (e) assist the Committee in preparing such applications, motions, memoranda, proposed orders, and other pleadings as may be required in support of positions taken by the Committee, including all trial preparation as may be necessary; (f) confer with the professionals retained by the Debtor and other parties-in-interest, as well as with such other professionals as may be selected and employed by the Committee; (g) coordinate the receipt and dissemination of information prepared by and received from the Debtor's professionals, as well as such information as may be received from professionals engaged by the Committee or other parties-in- interest in this case; (h) participate in such examinations of the Debtor and other witnesses as may be necessary in order to analyze and determine, among other things, the Debtor's assets and financial condition, whether the Debtor has made any avoidable transfers of property, or whether causes of action exist on behalf of the Debtor's estate; (i) negotiate and formulate a plan of reorganization or liquidation for the Debtor; and (j) assist the Committee generally in performing such other services as may be desirable or required for the discharge of the Committee's duties pursuant to Bankruptcy Code section 1103. Brown Rudnick will be paid at these hourly rates: Steven D. Pohl $850 Christopher M. Floyd $470 Attorneys $415-$1,240 Paraprofessionals $285-$345 Brown Rudnick will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven D. Pohl of Brown Rudnick assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Brown Rudnick can be reached at: Steven D. Pohl, Esq. BROWN RUDNICK LLP One Financial Center Boston, MA 02111 Tel: (617) 856-8200 Fax: (617) 856-8201 E-mail: spohl@brownrudnick.com About Reed and Barton Founded in 1824, Reed and Barton Corporation is a designer and distributor of high quality silverware and tableware, along with flatware, crystal drinkware, picture frames, ornaments, and baby giftware. Reed and Barton, which sells products with the Reed & Barton, Lunt, R&B EveryDay, and Williamsburg brands, is based in Taunton, Massachusetts. The privately held company's stock is owned by 28 record shareholders who either are descendants of Henry Reed or trusts for their benefit. Aside from selling its products in department stores and TV shopping networks, the company has an on-site factory store in Taunton and a showroom in Atlanta, Georgia. Reed and Barton sought Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 15-10534) in Boston, Massachusetts, on Feb. 17, 2015. The case is assigned to Judge Henry J. Boroff. The Debtor has tapped Holland & Knight, in Boston, as counsel; Financo, LLC, as investment banker; and Verdolino & Lowey, P.C., as accountant. The Debtor disclosed $18.3 million in assets and $25.7 million in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 1 appointed three creditors to serve on the official committee of unsecured creditors. REED AND BARTON: Court Approves Deloitte FAS as Committee Advisor ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Reed and Barton Corporation sought and obtained permission from the Hon. Henry J. Boroff of the U.S. Bankruptcy Court for the District of Massachusetts to retain Deloitte Financial Advisory Services LLP ("Deloitte FAS") as financial advisor for the Committee, nunc pro tunc to March 19, 2015. The Committee requires Deloitte FAS to: -- assist and advise the Committee in connection with its identification, development, and implementation of strategies related to the Debtors' business plan and other matters, as agreed, relating to the sale or restructuring of the Debtor's business operations; -- assist the Committee in understanding the business and financial impact of various operational, financial, and strategic restructuring alternatives on the Debtor; -- assist the Committee in its analysis of the Debtor's financial restructuring process, including its review of the Debtors' development of plans of reorganization and related disclosure statements; -- assist the Committee in its review and analysis of potential contingency plans to reflect the impact of restructuring alternatives on the Debtor; -- provide advice and recommendations designed to assist the Committee in its analysis regarding the refinement of Debtor's cash management and cash flow forecasting process; -- assist the Committee in its review of Debtor's management, including management's development and execution of other restructuring-related activities; -- assist the Committee in its review of various financial reports prepared for submission to the applicable court, and, as mutually agreed, such other reports that may be requested by parties-in-interest; -- advise the Committee as it assesses Debtor's executory contracts, including assume versus reject considerations; -- assist the Committee in its review of management's development and execution of operationally oriented improvement opportunities, including supply chain optimization, distribution, logistics, and transportation issues; -- assist the Committee in evaluating claims asserted against the Debtor, including potential reclamation claims; -- assist and advise the Committee in its analysis of liquidation scenarios; -- advise the Committee in connection with its attendance and participation in hearings and meetings on matters within the scope of the Services to be performed under this engagement letter; and -- provide advice and recommendations with respect to other related matters as the Committee may request from time to time, as agreed to by Deloitte FAS. Deloitte FAS will be paid at these hourly rates: Partner/Principal $650-$745 Director $550-$624 Senior Manager Specialist $550 Sr. Manager/Sr. Vice President $475-$495 Manager/Vice President $445 Associate/Sr. Associate $375-$395 Deloitte FAS will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric A. W. Danner, director of Deloitte FAS, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Deloitte FAS can be reached at: Eric A. W. Danner DELOITTE FINANCIAL ADVISORY SERVICES LLP 200 Berkeley Street Boston, MA 02116 Tel: (617) 437-3430 Fax: (877) 328-3558 About Reed and Barton Founded in 1824, Reed and Barton Corporation is a designer and distributor of high quality silverware and tableware, along with flatware, crystal drinkware, picture frames, ornaments, and baby giftware. Reed and Barton, which sells products with the Reed & Barton, Lunt, R&B EveryDay, and Williamsburg brands, is based in Taunton, Massachusetts. The privately held company's stock is owned by 28 record shareholders who either are descendants of Henry Reed or trusts for their benefit. Aside from selling its products in department stores and TV shopping networks, the company has an on-site factory store in Taunton and a showroom in Atlanta, Georgia. Reed and Barton sought Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 15-10534) in Boston, Massachusetts, on Feb. 17, 2015. The case is assigned to Judge Henry J. Boroff. The Debtor has tapped Holland & Knight, in Boston, as counsel; Financo, LLC, as investment banker; and Verdolino & Lowey, P.C., as accountant. The Debtor disclosed $18.3 million in assets and $25.7 million in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 1 appointed three creditors to serve on the official committee of unsecured creditors. SABINE OIL: Amends Forbearance Agreement to Revolving Facility -------------------------------------------------------------- Sabine Oil & Gas Corporation on July 1 disclosed that on June 30, 2015, it signed an amendment to its previously announced forbearance agreement with the lenders under its revolving credit facility. The amended forbearance agreement will provide the Company with additional flexibility as it continues discussions with its creditors and their respective professionals regarding the Company's debt and capital structure. Pursuant to the amendment to the forbearance agreement, the lenders under the revolving credit facility have agreed to forbear from exercising remedies until the earlier of (i) certain events of default under the forbearance agreement or revolving credit facility, (ii) the acceleration or exercise of remedies by any other lender or creditor and (iii) July 15, 2015, with respect to the Company's currently existing events of default under the revolving credit facility. In exchange for agreeing to forbear, the Company has agreed during the Forbearance Period to (i) further limit its ability to sell assets, (ii) undertake efforts to appoint a chief restructuring officer, (iii) implement procedures to segregate the proceeds of collateral under the revolving credit facility and (iv) pay a forbearance fee equal to $500,000. As previously announced, Sabine has retained financial advisors, Lazard, and legal advisors, Kirkland & Ellis LLP, to advise management and the board of directors on strategic alternatives related to its capital structure. Sabine believes it is in the best interests of its stakeholders to actively address the Company's debt and capital structure and is continuing discussions with its creditors and their respective professionals. As previously reported, as of May 8, 2015, the Company had a cash balance of approximately $276.9 million, which provides substantial liquidity to fund its current operations. The Company is continuing to pay suppliers and other trade creditors in the ordinary course. Additional information about the amendment to the forbearance agreement is contained in a report on Form 8-K filed on July 1 with the SEC. About Sabine Oil & Gas Corporation Sabine Oil & Gas LLC, (formerly Forest Oil Corporation) -- http://www.sabineoil.com-- is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. Sabine's current operations are principally located in Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, and the Granite Wash in the Texas Panhandle. Sabine Oil reported a net loss including non-controlling interests of $327 million in 2014, compared with net income including non-controlling interests of $10.6 million in 2013. Deloittee & Touche LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the uncertainty associated with the Company's ability to repay its outstanding debt obligations as they become due raises substantial doubt about its ability to continue as a going concern. Bankruptcy Warning The Company's borrowing base under its New Revolving Credit Facility was subject to its semi-annual redetermination on April 27, 2015, and was decreased to $750 million. Since the Company's New Revolving Credit Facility is fully drawn, the decrease in the Company's borrowing base as a result of the redetermination resulted in a deficiency of approximately $250 million which must be repaid in six monthly installments of $41.54 million. Additionally, the Company has elected to exercise its right to a grace period with respect to a $15.3 million interest payment under its Term Loan Facility. The interest payment was due April 21, 2015; however, such grace period permits the Company 30 days to make such interest payment before an event of default occurs. The Company believes it is in the best interests of its stakeholders to actively address the Company's debt and capital structure and intends to continue discussions with its creditors and their respective professionals during the 30-day grace period. If the Company fails to pay the interest payment during the 30-day grace period and does not obtain a waiver for the interest payment, an event of default would exist under the Term Loan Facility and the lenders under the Term Loan Facility would be able to accelerate the debt. However, the lenders would not be able to foreclose on the collateral securing the Term Loan Facility until after the expiration of the 180-day standstill. If the Company continues to fail to pay the interest payment, such failure could constitute a cross default under certain of the Company's other indebtedness. If the indebtedness under the Term Loan Facility or any of the Company's other indebtedness is accelerated, the Company said it may have to file for bankruptcy. * * * As reported by the TCR on May 27, 2015, Moody's Investors Service downgraded Sabine Oil & Gas Corporation's Probability of Default Rating to C-PD/LD from Caa3-PD and its Corporate Family Rating to C from Caa3 following the company's announcement that it did not make the interest payment due on its Second Lien Credit Agreement following the expiration on May 21 of the 30-day grace period with respect to its April 21, 2015, scheduled payment date. The TCR reported on April 24, 2015, that Standard & Poor's Ratings Services, lowered its corporate credit on Sabine Oil & Gas Corp. to 'D' from 'CCC'. "The downgrade reflects the company's decision not to pay approximately $15.3 million in interest that was due on April 21, 2015, on its second-lien term loan," said Standard & Poor's credit analyst Ben Tsocanos. SHERSON GROUP: Chapter 15 Case Summary -------------------------------------- Chapter 15 Petitioner: Gilles Benchaya RICHTER ADVISORY GROUP INC. 181 Bay St., Suite 3320 Bay Wellington Tower Toronto, ON M5J 2T3 Canada Chapter 15 Debtor: Sherson Group Inc. 1446 Don Mills Road, Suite 100 Toronto, ON M3B 3N6 Canada Chapter 15 Case No.: 15-11765 Type of Business: Distributor and retailer of footwear and accessories Chapter 15 Petition Date: July 6, 2015 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Sean H. Lane Chapter 15 Petitioner's Counsel: Michael B. Schaedle, Esq. Rick Antonoff, Esq. Gregory F. Vizza, Esq. BLANK ROME LLP One Logan Square 130 North 18th Street Philadelphia, PA 19103 Tel: 215-569-5762 Fax: 215-832-5762 Email: schaedle@blankrome.com rantonoff@blankrome.com vizza@blankrome.com Estimated Assets: $10 million to $50 million Estimated Debts: $10 million to $50 million STANDARD REGISTER: Court OKs Polsinelli as Committee Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of The Standard Register Company and its debtor-affiliates sought and obtained permission from the U.S. Bankruptcy Court for the District of Delaware to retain Polsinelli PC as Delaware counsel and conflicts counsel to the Committee, nunc pro tunc to March 24, 2015. The Committee requires Polsinelli PC to: (a) in conjunction with Lowenstein, provide legal advice with respect to the powers and duties available to the Creditors' Committee, an official committee appointed under section 1102 of the Bankruptcy Code; (b) assist Lowenstein in the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors, the operation of the Debtors' businesses, and any other matter relevant to these cases or to the formulation of a plan or plans of reorganization or liquidation; (c) assist Lowenstein in preparing on behalf of the Creditors' Committee necessary applications, motions, complaints, answers, orders, agreements and other legal papers; (d) review, analyze, and assist Lowenstein in responding to all pleadings filed by the Debtors or other parties-in-interest in these Cases and appearing in Court to present necessary motions, applications and pleadings and to otherwise protect the interest of the Creditors' Committee; (e) consult with the Debtors and their professionals, other parties-in-interest and their professionals, and the U.S. Trustee concerning the administration of the Debtors' respective estates; (f) represent the Creditors' Committee at hearings and other judicial proceedings; (g) advise the Creditors' Committee on practice and procedure in the U.S. Bankruptcy court for the District of Delaware and with respect to the Local Rules and local practice; and (h) perform all other legal services for the Creditors' Committee in connection with these cases. Polsinelli PC will be paid at these hourly rates: Christopher A. Ward $585 Justin K. Edelson $378 Jarrett K. Vine $324 Lindsey M. Suprum $238.50 Shareholders $270-$900 Associates & Sr Counsel $180-$405 Paraprofessionals $90-$270 Polsinelli PC will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher A. Ward, managing shareholder of the Delaware office of Polsinelli, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Polsinelli PC can be reached at: Christopher A. Ward, Esq. POLSINELLI PC 222 Delaware Avenue, Suite 1101 Wilmington, DE 19801 Tel: (302) 252-0920 Fax: (302) 252-0921 About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. STANDARD REGISTER: Creditors' Panel Taps Zolfo Cooper as Advisors ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of The Standard Register Company and its debtor-affiliates sought and obtained permission from the U.S. Bankruptcy Court for the District of Delaware to retain Zolfo Cooper, LLC as financial and forensic advisors to the Committee, effective March 24, 2015. The Committee requires Zolfo Cooper to: (a) Monitor the Debtors' cash flow and operating performance, including: - comparing actual financial and operating results to plans, - evaluating the adequacy of financial and operating controls, - tracking the status of the Debtors'/Debtors' professionals' progress relative to developing and implementing programs such as preparation of a business plan, identifying and disposing of non-productive assets, and other such activities, - preparing periodic presentations to the Committee summarizing findings and observations resulting from ZC's monitoring activities; (b) analyze and comment on operating and cash flow projections, business plans, operating results, financial statements, other documents and information provided by the Debtors/Debtors' professionals, and other information and data pursuant to the Committee's request; (c) advise the Committee concerning interfacing with the Debtors, other constituencies and their respective professionals; (d) prepare for and attend meetings of the Committee and subcommittees thereof; (e) analyze claims and perform investigations of potential preferential transfers, fraudulent conveyances, related- party transactions and such other transactions as may be requested by the Committee; (f) analyze and advise the Committee about the Debtors' proposed Plan of Reorganization, the underlying Business Plan, including the related assumptions and rationale, and the related Disclosure Statement; (g) provide forensic and litigation consulting services at the direction of the Committee's legal counsel; and (h) provide other services as requested by the Committee. Zolfo Cooper will be paid at these hourly rates: Managing Directors $775-$925 Professional Staff $265-$770 Support Personnel $60-$310 Zolfo Cooper will also be reimbursed for reasonable out-of-pocket expenses incurred. David MacGreevey, managing director of Zolfo Cooper, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Zolfo Cooper can be reached at: David MacGreevey ZOLFO COOPER, LLC 101 Eisenhower Parkway, 3rd Floor Roseland, NJ 07068 Tel: (212) 561-4090 Fax: (212) 213-1749 E-mail: ccarnaval@zolfocooper.com About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. STUART M. LEDIS LLC: Case Summary & 4 Top Unsecured Creditors ------------------------------------------------------------- Debtor: Stuart M. Ledis, LLC 5500 Military Trail, 22-143 Jupiter, FL 33458 Case No.: 15-22105 Chapter 11 Petition Date: July 3, 2015 Court: United States Bankruptcy Court Southern District of Florida (West Palm Beach) Judge: Hon. Erik P. Kimball Debtor's Counsel: David L. Merrill, Esq. MERRILL PA 525 S Flagler Drive, 5th Floor West Palm Beach, FL 33401 Tel: 561.877-1111 Email: dlmerrill@merrillpa.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Stuart M Ledis, managing member. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/flsb15-22105.pdf TRADE SECRET: Buyer Held Liable for $317K Damages Award ------------------------------------------------------- Regis Corporation purchased the assets of Trade Secret, Inc., and its affiliates in bankruptcy. Thereafter, the Bankruptcy Court held Regis liable for damages in the amount of $317,000 awarded against the Debtors in an arbitration proceeding and for attorneys' fees. The District Court affirmed. The U.S. Court of Appeals for the Third Circuit affirmed the District Court's ruling, finding that the "commence any action or proceeding" language under the "Fees and Expenses" provisions of the Franchise Agreements reflects the event that triggers the application of the provision and makes clear that it only applies if a dispute resolution mechanism is initiated. The remainder of the provision explains the circumstances when fees and expenses will be paid and who is obligated to pay them, the Third Circuit pointed out. Thus, the more sensible reading is that "in connection therewith" modifies "action or proceeding," and therefore, under the Franchise Agreements, the prevailing party is entitled to fees and expenses incurred in connection with the action or proceedings generally, not merely its commencement, the Third Circuit said. The Third Circuit concluded that the Bankruptcy Court's conclusion that Houston BW, Inc., a franchisee, is entitled to fees and expenses related to the Arbitration Award is correct. Houston provided a detailed breakdown of the hours billed in connection with its efforts to collect payment of the Arbitration Award, and the rates that applied, the Third Circuit said. Houston incurred fees and expenses associated with post-arbitration motions, including motions to vacate the Arbitration Award and to block the return of the funds Houston posted with the Kansas state court when it obtained the TRO, the Third Circuit added. It also expended resources monitoring the Assignees' bankruptcy proceedings, making demands on Regis for payment, and pursuing payment from Regis via the motion to enforce, the Third Circuit noted. Given that the "Fees and Expenses" provisions provide that the losing party is liable for "all costs and expenses" incurred in connection with proceedings for damages, which reasonably involve collection of them, the Third Circuit cannot say that the Bankruptcy Court abused its discretion in concluding that the fees and expenses requested by Houston were "reasonable, necessary and appropriate", or given the language of the Dismissal Order, in ordering Regis to pay them. Circuit Judge Shwartz of the United States Court of Appeals, Third Circuit, affirmed the District Court’s order affirming the Bankruptcy Court’s orders granting Houston’s motions to enforce and for attorneys’ fees in the appeal case captioned In re: TRADE SECRET INC., et al. The appeals case is REGIS CORPORATION, Appellant, v. SOUTHERN EL DORADO CORPORATION, f/k/a HOUSTON BW INC., Case Nos. 14-3385, 14-3386, (3d Cir.). The bankruptcy case is In re: TRADE SECRET INC., et al., Case No. 10-12153 (Bankr. D. Del.). A full-text copy of the Third Circuit's Opinion dated June 10, 2015, is available at http://is.gd/JoS5Cifrom Leagle.com. About Premier Salons Premier Salons Beauty Inc., Trade Secret Inc., and six affiliates filed for bankruptcy protection on July 6 (Bankr. D. Del. Lead Case No. 10-12153). The Chapter 11 petitions of Premier Salons and Trade Secret each estimated assets of up to $50,000 and debts of up to $50 million. Trade Secret and its affiliates currently own and operate approximately 612 retail and salon locations in shopping malls and strip centers throughout the United States and Puerto Rico, on a collective basis. The Trade Secret Group consists of stores operating primarily under four trade names: Trade Secret, Beauty Express, BeautyFirst, and PureBeauty(R). Joseph M. Barry, Esq., at Young, Conaway, Stargatt & Taylor, represents the Debtors in their Chapter 11 effort. Epiq Bankruptcy Solutions, LLC, is claims agent to the Debtors. Non-debtor affiliates Premier Salons, Inc. and Premier Salons Ltd. and its U.S. and Canadian corporate affiliates own and operate 340 hair and cosmetic service salons throughout North America, with locations in specialty stores such as Saks, Sears, and Macy's. TROCOM CONSTRUCTION: Hires Cullen and Dykman as Counsel ------------------------------------------------------- Trocom Construction Corp. seeks authorization from the U.S. Bankruptcy Court for the Eastern District of New York to employ Cullen and Dykman LLP as counsel, nunc pro tunc to the May 7, 2015 petition date. The Debtor requires Cullen and Dykman to: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property as a debtor and debtor-in-possession; (b) represent the Debtor before the Court, and any other court of competent jurisdiction, on matters pertaining to its affairs as a debtor and debtor-in-possession, including prosecuting and defending litigated matters that may arise during this Chapter 11 case; (c) advise and assist the Debtor in the preparation and negotiation of a plan of reorganization with its creditors and other parties in interest; (d) prepare all necessary or appropriate applications, motions, complaints, answers, orders, reports and other legal documents; and (e) perform all other legal services for the Debtor that may be desirable and necessary in this Chapter 11 case; (f) take all necessary actions to protect and preserve the value of the estate of the Debtor and other related matters. Cullen and Dykman will be paid at these hourly rates: Matthew G. Roseman, Partner $525 C. Nathan Dee, Partner $485 Bonnie L. Pollack, Partner $485 Jean-Pierre van Lent, Partner $445 Elizabeth M. Aboulafia, Associate $370 Alissa Piccione, Law Clerk $250 Members and Counsel $250-$550 Associates $150-$375 Paraprofessionals $75-$190 Cullen and Dykman will also be reimbursed for reasonable out-of-pocket expenses incurred The Debtor paid Cullen and Dykman a total retainer of $50,000. Cullen and Dykman provided services to the Debtor and incurred professional fees and related expense in the amount of $186,646.50 prior to the petition date. After application of the Retainer, a balance of $136,646.50 remained due and owing to Cullen and Dykman. Cullen and Dykman agreed to waive the sum agains the Debtor. C. Nathan Dee, member of Cullen and Dykman, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Cullen and Dykman can be reached at: C. Nathan Dee, Esq. CULLEN AND DYKMAN LLP 100 Quentin Roosevelt Blvd. Garden City, NY 11530 Tel: (516) 357-3700 About Trocom Construction Trocom Construction Corp. was formed in 1969 by Salvatore Trovato. The Company is in the heavy construction business. Its primary customer is the City of New York through its various agencies. The Company has 75 employees, the majority of whom are members of various unions. Joseph Trovato is presently the president and holder of 100% of the voting shares of Trocom. Trocom commenced a Chapter 11 bankruptcy case (Bankr. E.D.N.Y. Case No. 15-42145) on May 7, 2015, in Brooklyn. Judge Nancy Hershey Lord presides over the case. The Debtor tapped Cullen & Dykman, LLP, as its general bankruptcy counsel. The Debtor estimated $10 million to $50 million in assets and less than $10 million in debt. According to the docket, the Chapter 11 plan and disclosure statement are due Sept. 4, 2015. UNIVISION COMMUNICATIONS: Fitch Keeps 'B' IDR Over Debentures Plan ------------------------------------------------------------------ Univision Communications Inc.'s (UVN) 'B' Issuer Default Rating (IDR) is unaffected by its announcement that it plans to convert $1.125 billion of debentures held by Grupo Televisa (Televisa) to equity and that the company has filed for an IPO, according to Fitch Ratings. The company expects to use proceeds from the IPO to repay debt. Although Fitch recognizes that these events are all credit positives, they are insufficient to warrant a ratings change at this time. Pro forma for the debentures conversion, estimated net IPO proceeds and cash consideration paid by UVN to Televisa for the debt conversion, Fitch calculates that total leverage improves from 8.9x to 7.9x while net leverage improves from 8.6x to 7.8x. A positive rating action would coincide with total leverage being reduced below 7.0x. Fitch would consider a positive outlook if IPO proceeds are sufficient enough to reduce leverage below 7.5x and we see a reasonable path to delevering below 7.0x. Fitch will revisit the rating once final net IPO proceeds and resultant debt repayment amounts are finalized. UVN will be converting $1.125 billion of debentures held by Televisa into warrants that are exercisable for new class of UVN's common stock. The debentures were issued in 2010 as part of a renegotiation of the Program Licensing Agreement (PLA) between the two entities and were convertible into 30% equity stake in UVN at Televisa's option. Televisa also received an option to acquire an additional 5% at fair market value at the time of exercise. The conversion, which will reduce annual interest expense by $16.7 million, is taking place simultaneously with an amendment to the PLA that will reduce the annual royalty rate on substantially all of UVN's Spanish-language media networks revenue paid to Televisa and extend the current expiration date from 2025 to 2030. UVN has also announced that it has filed for an IPO. The company did not disclose the number of shares or the price range, but they stated the traditional $100 million figure to calculate registration fees in their offering. Market indications released earlier this year suggested the company could raise more than $1 billion. The S-1 states that the use of proceeds will be paying down indebtedness. Fitch currently rates UVN as: -- Issuer Default Rating 'B'; -- Senior secured 'B+/RR3'; -- Senior unsecured 'CCC+/RR6'. WALDRON ENERGY: Toronto Stock Exchange Extends Delisting Review --------------------------------------------------------------- Waldron Energy Corporation on July 2 disclosed that the Toronto Stock Exchange has extended its delisting review of the Corporation's common shares for a period of 30 days. The TSX currently intends to make a decision regarding the Corporation's eligibility for continued listing on the TSX by August 3, 2015. This is an extension from an earlier TSX review date of July 3, 2015, as previously announced by the Corporation on June 4, 2015. The July 3, 2015 review date was an extension from the original review date of June 8, 2015, as previously announced by the Corporation on April 8, 2015. The Corporation has been granted this extension to allow additional time to demonstrate compliance with the continued listing requirements of the TSX, pursuant to the TSX's Remedial Review Process. Waldron -- http://www.waldronenergy.ca-- is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation's common shares are currently listed on the Toronto Stock Exchange under the trading symbol "WDN." [^] Large Companies With Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE OU1 GR 111.9 (5.5) (0.6) ABSOLUTE SOFTWRE ALSWF US 111.9 (5.5) (0.6) ABSOLUTE SOFTWRE ABT CN 111.9 (5.5) (0.6) ACCRETIVE HEALTH ACHI US 446.4 (142.2) (32.7) ADVANCED EMISSIO OXQ1 GR 106.4 (46.1) (15.3) ADVANCED EMISSIO ADES US 106.4 (46.1) (15.3) ADVENT SOFTWARE AXQ GR 424.8 (50.1) (110.8) ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8) AEROJET ROCKETDY AJRD US 1,911.7 (126.4) 109.8 AEROJET ROCKETDY GCY GR 1,911.7 (126.4) 109.8 AEROJET ROCKETDY GCY TH 1,911.7 (126.4) 109.8 AIR CANADA ACDVF US 11,581.0 (1,213.0) (95.0) AIR CANADA ACEUR EU 11,581.0 (1,213.0) (95.0) AIR CANADA ADH2 TH 11,581.0 (1,213.0) (95.0) AIR CANADA ADH2 GR 11,581.0 (1,213.0) (95.0) AIR CANADA AC CN 11,581.0 (1,213.0) (95.0) AK STEEL HLDG AKS* MM 4,556.3 (392.9) 949.0 AK STEEL HLDG AK2 GR 4,556.3 (392.9) 949.0 AK STEEL HLDG AK2 TH 4,556.3 (392.9) 949.0 AK STEEL HLDG AKS US 4,556.3 (392.9) 949.0 ALLIANCE HEALTHC AIQ US 551.6 (88.9) 46.7 AMC NETWORKS-A AMCX US 4,049.4 (89.4) 597.5 AMC NETWORKS-A 9AC GR 4,049.4 (89.4) 597.5 AMC NETWORKS-A AMCX* MM 4,049.4 (89.4) 597.5 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0 ANGIE'S LIST INC 8AL GR 178.8 (15.6) (13.1) ANGIE'S LIST INC ANGI US 178.8 (15.6) (13.1) ASPEN TECHNOLOGY AZPN US 317.1 (26.8) (17.4) ASPEN TECHNOLOGY AST GR 317.1 (26.8) (17.4) AUTOZONE INC AZ5 GR 8,032.4 (1,643.2) (742.6) AUTOZONE INC AZOEUR EU 8,032.4 (1,643.2) (742.6) AUTOZONE INC AZ5 TH 8,032.4 (1,643.2) (742.6) AUTOZONE INC AZO US 8,032.4 (1,643.2) (742.6) AVID TECHNOLOGY AVD GR 182.0 (344.7) (165.7) AVID TECHNOLOGY AVID US 182.0 (344.7) (165.7) AVINGER INC AVGR US 23.1 (16.1) 13.3 AVINTIV SPECIALT POLGA US 1,901.8 (12.6) 315.2 BARRACUDA NETWOR 7BM GR 389.3 (39.1) 29.1 BARRACUDA NETWOR CUDA US 389.3 (39.1) 29.1 BARRACUDA NETWOR CUDAEUR EU 389.3 (39.1) 29.1 BERRY PLASTICS G BP0 GR 5,214.0 (73.0) 758.0 BERRY PLASTICS G BERY US 5,214.0 (73.0) 758.0 BRINKER INTL BKJ GR 1,437.3 (32.1) (216.6) BRINKER INTL EAT US 1,437.3 (32.1) (216.6) BURLINGTON STORE BURL US 2,683.1 (30.4) 161.9 BURLINGTON STORE BURL* MM 2,683.1 (30.4) 161.9 BURLINGTON STORE BUI GR 2,683.1 (30.4) 161.9 CABLEVISION SY-A CVCEUR EU 6,701.2 (5,022.6) 50.8 CABLEVISION SY-A CVY TH 6,701.2 (5,022.6) 50.8 CABLEVISION SY-A CVC US 6,701.2 (5,022.6) 50.8 CABLEVISION SY-A CVY GR 6,701.2 (5,022.6) 50.8 CABLEVISION-W/I CVC-W US 6,701.2 (5,022.6) 50.8 CABLEVISION-W/I 8441293Q US 6,701.2 (5,022.6) 50.8 CADIZ INC CDZI US 66.0 (44.1) (22.9) CAMBIUM LEARNING ABCD US 154.9 (77.3) (19.9) CARBYLAN THERAPE CBYL US 7.7 (9.4) (6.7) CASELLA WASTE CWST US 654.4 (20.9) 4.9 CASELLA WASTE WA3 GR 654.4 (20.9) 4.9 CEDAR FAIR LP 7CF GR 2,005.9 (21.2) (74.4) CEDAR FAIR LP FUN US 2,005.9 (21.2) (74.4) CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1) CHOICE HOTELS CHH US 661.1 (413.5) 175.4 CHOICE HOTELS CZH GR 661.1 (413.5) 175.4 CINCINNATI BELL CIB GR 1,733.0 (599.6) 46.3 CINCINNATI BELL CBB US 1,733.0 (599.6) 46.3 CLEAR CHANNEL-A CCO US 6,179.8 (255.3) 410.7 CLEAR CHANNEL-A C7C GR 6,179.8 (255.3) 410.7 CLIFFS NATURAL R CLF2EUR EU 2,702.6 (1,782.1) 677.9 CLIFFS NATURAL R CVA TH 2,702.6 (1,782.1) 677.9 CLIFFS NATURAL R CVA GR 2,702.6 (1,782.1) 677.9 CLIFFS NATURAL R CLF* MM 2,702.6 (1,782.1) 677.9 CLIFFS NATURAL R CLF US 2,702.6 (1,782.1) 677.9 CODE REBEL CORP CDRB US 0.5 (1.6) (1.4) COLLEGIUM PHARMA COLL US 5.1 (12.2) (5.9) COMVERSE INC CM1 GR 577.9 (7.2) 59.9 COMVERSE INC CNSI US 577.9 (7.2) 59.9 CONNECTURE INC CNXR US 96.0 (33.2) (24.9) CONNECTURE INC 2U7 GR 96.0 (33.2) (24.9) CORINDUS VASCULA CVRS US 0.3 (0.4) (0.4) CORIUM INTERNATI CORI US 62.7 (0.4) 35.9 CORIUM INTERNATI 6CU GR 62.7 (0.4) 35.9 CYAN INC YCN GR 112.1 (18.4) 56.9 CYAN INC CYNI US 112.1 (18.4) 56.9 DELEK LOGISTICS D6L GR 332.6 (20.6) 11.8 DELEK LOGISTICS DKL US 332.6 (20.6) 11.8 DIRECTV DIG1 GR 24,301.0 (4,280.0) 482.0 DIRECTV DTVEUR EU 24,301.0 (4,280.0) 482.0 DIRECTV DTV CI 24,301.0 (4,280.0) 482.0 DIRECTV DTV US 24,301.0 (4,280.0) 482.0 DOMINO'S PIZZA EZV GR 637.0 (1,213.6) 170.7 DOMINO'S PIZZA EZV TH 637.0 (1,213.6) 170.7 DOMINO'S PIZZA DPZ US 637.0 (1,213.6) 170.7 DUN & BRADSTREET DNB1EUR EU 2,027.7 (1,201.3) (276.7) DUN & BRADSTREET DB5 TH 2,027.7 (1,201.3) (276.7) DUN & BRADSTREET DB5 GR 2,027.7 (1,201.3) (276.7) DUN & BRADSTREET DNB US 2,027.7 (1,201.3) (276.7) DUNKIN' BRANDS G 2DB GR 3,360.1 (84.9) 278.7 DUNKIN' BRANDS G 2DB TH 3,360.1 (84.9) 278.7 DUNKIN' BRANDS G DNKN US 3,360.1 (84.9) 278.7 DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7 DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7 DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7 EDGEN GROUP INC EDG US 883.8 (0.8) 409.2 EOS PETRO INC EOPT US 1.2 (28.0) (29.1) EXELIXIS INC EXEL US 282.9 (146.8) 66.4 EXELIXIS INC EX9 GR 282.9 (146.8) 66.4 EXELIXIS INC EXELEUR EU 282.9 (146.8) 66.4 EXELIXIS INC EX9 TH 282.9 (146.8) 66.4 FENIX PARTS INC FENX US 0.9 (1.9) (1.9) FENIX PARTS INC 9FP GR 0.9 (1.9) (1.9) FERRELLGAS-LP FEG GR 1,592.9 (103.4) 23.7 FERRELLGAS-LP FGP US 1,592.9 (103.4) 23.7 FREESCALE SEMICO 1FS GR 3,096.0 (3,454.0) 1,174.0 FREESCALE SEMICO FSL US 3,096.0 (3,454.0) 1,174.0 FREESCALE SEMICO 1FS TH 3,096.0 (3,454.0) 1,174.0 FREESCALE SEMICO FSLEUR EU 3,096.0 (3,454.0) 1,174.0 GAMING AND LEISU 2GL GR 2,552.5 (125.5) 1.1 GAMING AND LEISU GLPI US 2,552.5 (125.5) 1.1 GARDA WRLD -CL A GW CN 1,401.9 (325.2) 39.5 GARTNER INC GGRA GR 1,789.4 (139.5) (420.1) GARTNER INC IT US 1,789.4 (139.5) (420.1) GENESIS HEALTHCA GEN US 6,031.4 (205.5) 209.3 GENESIS HEALTHCA SH11 GR 6,031.4 (205.5) 209.3 GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0 GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0 GLAUKOS CORP 6GJ GR 28.3 (4.4) (4.9) GLAUKOS CORP GKOS US 28.3 (4.4) (4.9) GLG PARTNERS INC GLG US 400.0 (285.6) 156.9 GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9 GOLD RESERVE INC GDRZF US 17.9 (24.6) (35.0) GOLD RESERVE INC GRZ CN 17.9 (24.6) (35.0) GOLD RESERVE INC GOD GR 17.9 (24.6) (35.0) GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5 GREENSHIFT CORP VD4B GR 1.3 (40.7) (39.9) GYMBOREE CORP/TH GYMB US 1,206.6 (352.8) 30.7 HCA HOLDINGS INC HCAEUR EU 31,288.0 (6,222.0) 1,958.0 HCA HOLDINGS INC 2BH GR 31,288.0 (6,222.0) 1,958.0 HCA HOLDINGS INC 2BH TH 31,288.0 (6,222.0) 1,958.0 HCA HOLDINGS INC HCA US 31,288.0 (6,222.0) 1,958.0 HD SUPPLY HOLDIN 5HD GR 6,321.0 (498.0) 1,400.0 HD SUPPLY HOLDIN HDS US 6,321.0 (498.0) 1,400.0 HERBALIFE LTD HOO GR 2,388.9 (301.2) 259.3 HERBALIFE LTD HLFEUR EU 2,388.9 (301.2) 259.3 HERBALIFE LTD HLF US 2,388.9 (301.2) 259.3 HOVNANIAN-A-WI HOV-W US 2,517.0 (146.3) 1,516.6 HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8) IEG HOLDINGS COR IEGHD US - (3.8) (0.6) IHEARTMEDIA INC IHRT US 13,581.9 (10,153.7) 683.9 INCYTE CORP INCYEUR EU 862.6 (41.4) 466.6 INCYTE CORP INCY US 862.6 (41.4) 466.6 INCYTE CORP ICY TH 862.6 (41.4) 466.6 INCYTE CORP ICY GR 862.6 (41.4) 466.6 INFOR US INC LWSN US 6,778.1 (460.0) (305.9) INVENTIV HEALTH VTIV US 2,154.4 (613.8) 84.5 IPCS INC IPCS US 559.2 (33.0) 72.1 ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2 JUST ENERGY GROU JE CN 1,297.2 (638.8) (87.0) JUST ENERGY GROU JE US 1,297.2 (638.8) (87.0) JUST ENERGY GROU 1JE GR 1,297.2 (638.8) (87.0) KEMPHARM INC KMPH US 14.1 (26.1) 6.3 KEMPHARM INC 1GD GR 14.1 (26.1) 6.3 L BRANDS INC LB* MM 6,638.0 (606.0) 927.0 L BRANDS INC LB US 6,638.0 (606.0) 927.0 L BRANDS INC LBEUR EU 6,638.0 (606.0) 927.0 L BRANDS INC LTD QT 6,638.0 (606.0) 927.0 L BRANDS INC LTD GR 6,638.0 (606.0) 927.0 L BRANDS INC LTD TH 6,638.0 (606.0) 927.0 LANTHEUS HOLDING LNTH US 248.7 (240.5) 37.4 LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9 LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9 LEE ENTERPRISES LEE US 779.6 (165.1) (20.2) LENNOX INTL INC LXI GR 1,879.5 (16.2) 369.8 LENNOX INTL INC LII US 1,879.5 (16.2) 369.8 LORILLARD INC LO US 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0 MAJESCOR RESOURC MJXEUR EU 0.1 (3.2) (3.2) MANNKIND CORP MNKD US 360.0 (97.0) (222.5) MANNKIND CORP MNKDEUR EU 360.0 (97.0) (222.5) MANNKIND CORP NNF1 GR 360.0 (97.0) (222.5) MANNKIND CORP NNF1 TH 360.0 (97.0) (222.5) MARRIOTT INTL-A MAQ TH 6,803.0 (2,537.0) (1,202.0) MARRIOTT INTL-A MAR US 6,803.0 (2,537.0) (1,202.0) MARRIOTT INTL-A MAQ GR 6,803.0 (2,537.0) (1,202.0) MDC COMM-W/I MDZ/W CN 1,640.1 (196.6) (284.0) MDC PARTNERS-A MD7A GR 1,640.1 (196.6) (284.0) MDC PARTNERS-A MDZ/A CN 1,640.1 (196.6) (284.0) MDC PARTNERS-A MDCA US 1,640.1 (196.6) (284.0) MDC PARTNERS-EXC MDZ/N CN 1,640.1 (196.6) (284.0) MERITOR INC AID1 GR 2,317.0 (570.0) 268.0 MERITOR INC MTOR US 2,317.0 (570.0) 268.0 MERRIMACK PHARMA MP6 GR 127.0 (128.8) (4.4) MERRIMACK PHARMA MACK US 127.0 (128.8) (4.4) MICHAELS COS INC MIK US 1,922.7 (2,031.3) 471.7 MICHAELS COS INC MIM GR 1,922.7 (2,031.3) 471.7 MONEYGRAM INTERN MGI US 4,578.9 (261.8) (45.4) MOODY'S CORP DUT GR 4,976.0 (146.2) 1,901.1 MOODY'S CORP DUT TH 4,976.0 (146.2) 1,901.1 MOODY'S CORP MCOEUR EU 4,976.0 (146.2) 1,901.1 MOODY'S CORP DUT QT 4,976.0 (146.2) 1,901.1 MOODY'S CORP MCO US 4,976.0 (146.2) 1,901.1 MORGANS HOTEL GR M1U GR 532.4 (246.2) 31.0 MORGANS HOTEL GR MHGC US 532.4 (246.2) 31.0 MOXIAN CHINA INC MOXC US 9.5 (6.4) (13.7) MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) - NATHANS FAMOUS NATH US 84.7 (59.9) 61.6 NATIONAL CINEMED XWM GR 985.6 (219.8) 63.5 NATIONAL CINEMED NCMI US 985.6 (219.8) 63.5 NAVISTAR INTL IHR GR 6,925.0 (4,744.0) 770.0 NAVISTAR INTL NAV US 6,925.0 (4,744.0) 770.0 NAVISTAR INTL IHR TH 6,925.0 (4,744.0) 770.0 NEFF CORP-CL A NEFF US 634.4 (202.7) (12.8) NEW ENG RLTY-LP NEN US 175.7 (29.1) - NORTHWEST BIO NWBO US 49.4 (70.7) (86.3) NORTHWEST BIO NBYA GR 49.4 (70.7) (86.3) NUGENE INTERNATI NUGN US 0.0 (0.0) (0.0) OCATA THERAPEUTI OCAT US 4.9 (2.1) (0.3) OCATA THERAPEUTI T2N1 GR 4.9 (2.1) (0.3) OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0) PALM INC PALM US 1,007.2 (6.2) 141.7 PBF LOGISTICS LP PBFX US 402.3 (112.0) 30.1 PBF LOGISTICS LP 11P GR 402.3 (112.0) 30.1 PHILIP MORRIS IN 4I1 QT 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PM FP 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PM1CHF EU 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN 4I1 GR 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PMI SW 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PM US 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN 4I1 TH 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PM1 TE 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PM1EUR EU 33,255.0 (12,246.0) (705.0) PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9) PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9) PLY GEM HOLDINGS PGEM US 1,231.9 (150.1) 241.4 PLY GEM HOLDINGS PG6 GR 1,231.9 (150.1) 241.4 POLYMER GROUP-B POLGB US 1,901.8 (12.6) 315.2 PROTALEX INC PRTX US 0.6 (11.5) 0.0 PROTECTION ONE PONE US 562.9 (61.8) (7.6) QUALITY DISTRIBU QLTY US 417.9 (26.9) 110.6 QUALITY DISTRIBU QDZ GR 417.9 (26.9) 110.6 QUINTILES TRANSN Q US 3,236.7 (612.3) 778.1 QUINTILES TRANSN QTS GR 3,236.7 (612.3) 778.1 RAYONIER ADV RYAM US 1,281.8 (52.6) 179.2 RAYONIER ADV RYQ GR 1,281.8 (52.6) 179.2 RE/MAX HOLDINGS 2RM GR 362.5 (0.2) 41.0 RE/MAX HOLDINGS RMAX US 362.5 (0.2) 41.0 REGAL ENTERTAI-A RETA GR 2,484.4 (911.5) (118.6) REGAL ENTERTAI-A RGC* MM 2,484.4 (911.5) (118.6) REGAL ENTERTAI-A RGC US 2,484.4 (911.5) (118.6) RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4) RENTPATH INC PRM US 208.0 (91.7) 3.6 REVLON INC-A RVL1 GR 1,873.7 (658.9) 315.1 REVLON INC-A REV US 1,873.7 (658.9) 315.1 ROUNDY'S INC RNDY US 1,112.5 (87.0) 80.0 RURAL/METRO CORP RURL US 303.7 (92.1) 72.4 RYERSON HOLDING RYI US 1,903.2 (135.0) 706.3 RYERSON HOLDING 7RY GR 1,903.2 (135.0) 706.3 SALLY BEAUTY HOL S7V GR 2,134.9 (261.0) 766.9 SALLY BEAUTY HOL SBH US 2,134.9 (261.0) 766.9 SBA COMM CORP-A SBACEUR EU 7,527.3 (1,036.8) 38.5 SBA COMM CORP-A SBJ GR 7,527.3 (1,036.8) 38.5 SBA COMM CORP-A SBJ TH 7,527.3 (1,036.8) 38.5 SBA COMM CORP-A SBAC US 7,527.3 (1,036.8) 38.5 SCIENTIFIC GAM-A SGMS US 9,703.4 (189.4) 686.9 SCIENTIFIC GAM-A TJW GR 9,703.4 (189.4) 686.9 SEARS HOLDINGS SEE GR 13,290.0 (1,182.0) 24.0 SEARS HOLDINGS SEE TH 13,290.0 (1,182.0) 24.0 SEARS HOLDINGS SHLD US 13,290.0 (1,182.0) 24.0 SEARS HOLDINGS SEE QT 13,290.0 (1,182.0) 24.0 SILVER SPRING NE SSNI US 528.2 (94.3) (10.2) SILVER SPRING NE 9SI TH 528.2 (94.3) (10.2) SILVER SPRING NE 9SI GR 528.2 (94.3) (10.2) SIRIUS XM CANADA SIICF US 298.2 (128.5) (173.7) SIRIUS XM CANADA XSR CN 298.2 (128.5) (173.7) SPORTSMAN'S WARE SPWH US 305.8 (32.8) 77.8 SPORTSMAN'S WARE 06S GR 305.8 (32.8) 77.8 STINGRAY - SUB V RAY/A CN 128.2 (17.8) (41.0) STINGRAY DIG-VSV RAY/B CN 128.2 (17.8) (41.0) SUPERVALU INC SJ1 GR 4,485.0 (636.0) 167.0 SUPERVALU INC SJ1 TH 4,485.0 (636.0) 167.0 SUPERVALU INC SVU US 4,485.0 (636.0) 167.0 SYNERGY PHARMACE SGYPEUR EU 194.8 (24.7) 163.1 SYNERGY PHARMACE SGYP US 194.8 (24.7) 163.1 SYNERGY PHARMACE S90 GR 194.8 (24.7) 163.1 THERAVANCE HVE GR 488.7 (260.1) 251.4 THERAVANCE THRX US 488.7 (260.1) 251.4 THRESHOLD PHARMA NZW1 GR 88.0 (19.9) 53.1 THRESHOLD PHARMA THLD US 88.0 (19.9) 53.1 TRANSDIGM GROUP T7D GR 7,226.2 (1,326.2) 853.8 TRANSDIGM GROUP TDG US 7,226.2 (1,326.2) 853.8 TRINET GROUP INC TNETEUR EU 1,620.2 (15.1) 15.2 TRINET GROUP INC TNET US 1,620.2 (15.1) 15.2 TRINET GROUP INC TN3 TH 1,620.2 (15.1) 15.2 TRINET GROUP INC TN3 GR 1,620.2 (15.1) 15.2 UNISYS CORP UIS US 2,131.5 (1,421.3) 242.8 UNISYS CORP UIS1 SW 2,131.5 (1,421.3) 242.8 UNISYS CORP USY1 GR 2,131.5 (1,421.3) 242.8 UNISYS CORP UISCHF EU 2,131.5 (1,421.3) 242.8 UNISYS CORP UISEUR EU 2,131.5 (1,421.3) 242.8 UNISYS CORP USY1 TH 2,131.5 (1,421.3) 242.8 VENOCO INC VQ US 596.0 (31.1) 52.2 VERISIGN INC VRS TH 2,607.7 (947.9) 17.8 VERISIGN INC VRSN US 2,607.7 (947.9) 17.8 VERISIGN INC VRS GR 2,607.7 (947.9) 17.8 VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VERSEON CORP VSN LN - - - VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) WEIGHT WATCHERS WTW US 1,446.4 (1,385.2) (260.9) WEIGHT WATCHERS WTWEUR EU 1,446.4 (1,385.2) (260.9) WEIGHT WATCHERS WW6 TH 1,446.4 (1,385.2) (260.9) WEIGHT WATCHERS WW6 GR 1,446.4 (1,385.2) (260.9) WEST CORP WSTC US 3,546.2 (647.7) 247.3 WEST CORP WT2 GR 3,546.2 (647.7) 247.3 WESTERN REFINING WNRL US 434.0 (27.4) 71.5 WESTERN REFINING WR2 GR 434.0 (27.4) 71.5 WESTMORELAND COA WLB US 1,829.7 (388.7) 59.0 WESTMORELAND COA WME GR 1,829.7 (388.7) 59.0 WINGSTOP INC WING US 114.1 (54.0) (4.6) WINGSTOP INC EWG GR 114.1 (54.0) (4.6) WYNN RESORTS LTD WYR GR 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNN* MM 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYR TH 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNN US 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNN SW 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNNCHF EU 9,151.7 (147.2) 1,135.3 XACTLY CORP XT4Y GR 52.7 (25.4) (6.8) XACTLY CORP XTLY US 52.7 (25.4) (6.8) XERIUM TECHNOLOG XRM US 561.0 (102.9) 81.5 XERIUM TECHNOLOG TXRN GR 561.0 (102.9) 81.5 XOMA CORP XOMA US 78.1 (13.4) 46.2 XOMA CORP XOMA TH 78.1 (13.4) 46.2 XOMA CORP XOMA GR 78.1 (13.4) 46.2 YRC WORLDWIDE IN YRCW US 1,966.2 (479.7) 148.7 YRC WORLDWIDE IN YEL1 TH 1,966.2 (479.7) 148.7 YRC WORLDWIDE IN YEL1 GR 1,966.2 (479.7) 148.7 ********* 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 ***