/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150910.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, September 10, 2015, Vol. 19, No. 253 Headlines ALL WAYS ACCESSIBLE: Case Summary & 20 Top Unsecured Creditors ALLANA BARONI: OneWest Summary Judgment Bid to Proceed AMERICAN STANDARD ENERGY: Hires Loeb & Loeb as Counsel ATP OIL: Pension Fund's Securities Class Suit Dismissed BLUE SUN ST. JOE: Hires Gallagher & Kennedy as Bankruptcy Counsel BLUE SUN ST. JOE: Hires Lentz Clark as Local Bankruptcy Counsel BLUE SUN ST. JOE: Hires MCA as Financial Advisors CAESARS ENTERTAINMENT: Fined $9.5MM Over Money-Laundering Controls CANDAX ENERGY: Geofinance Extends Waiver Thru Sept. 14 CORINTHIAN COLLEGES: Panel Taps Willkie Farr as Insurance Counsel COYNE INT'L: Asset Sale to Save Jobs; To Close NY Plants CROWN CASTLE: Moody's Assigns Ba3 Rating on Sr. Unsec. Debt Shelf CT TECHNOLOGIES: S&P Retains 'B' CCR After ECS Acquisition CURTIS JAMES JACKSON: 50 Cent Reveals New House in Africa DCP MIDSTREAM: Moody's Affirms Ba2 CFR & Changes Outlook to Stable DEWEY & LEBOEUF: Lawyer Says Suit vs. Ex-Chairman "Fantasy Fraud" DUNE ENERGY: Cash Collateral Use Extended Until Sept. 18 DYCOM INDUSTRIES: Moody's Rates New $400MM Unsecured Notes Ba3 DYCOM INDUSTRIES: S&P Assigns 'BB-' Rating on $400MM Unsec. Notes E*TRADE FINANCIAL: Moody's Puts Ba2 Rating on Review for Upgrade ENCLAVE AT BOYNTON: Case Summary & Largest Unsecured Creditors ENERGY FUTURE: U.S. Trustee Attacks Plan Over Fee Payments HAGGEN HOLDINGS: Case Summary & 30 Largest Unsecured Creditors HAGGEN HOLDINGS: Files for Chapter 11 Amid Albertson's Lawsuit HAGGEN HOLDINGS: UFCW Comments on Chapter 11 Bankruptcy Filing HYPNOTIC TAXI: Cases Jointly Administered for Procedural Purposes HYPNOTIC TAXI: Needs To Borrow $350K in Subordinated DIP Loan INNOVATION VENTURES: Moody's Affirms B3 CFR, Outlook Stable INTERNATIONAL BRIDGE: Wants Plan Filing Period Extended to Dec. 3 LADDER CAPITAL: Fitch Affirms 'BB' Issuer Default Rating LEHMAN BROTHERS: Trustee Begins Third Payout to Brokerage Creditors LUCA INTERNATIONAL: Hires Hoover Slovacek as Attorneys MAGNETATION LLC: Court Approves Trenti Law as Minnesota Counsel MAGNETATION LLC: Court Okays Bingham Greenebaum as Indiana Counsel MEDIA GENERAL: S&P Puts 'BB-' Corp. Credit Rating on Watch Negative MF GLOBAL: November 20 PwC Settlement Fairness Hearing Set NIGHTTIME OF PALM BAY: Case Summary & 3 Top Unsecured Creditors NNN MET: Asks Court to Set Oct. 30 as General Claims Bar Date NNN MET: Cases Joint Administered for Procedural Purposes Only OAKFABCO INC: Hires Reed Smith as Bankruptcy Counsel OAKFABCO INC: Taps Logan & Company as Claims and Noticing Agent OAKFABCO INC: U.S. Trustee Forms 4-Member Asbestos Claimants' Panel ONDOVA LIMITED: 5th Cir. Affirms Dismissal of Petfinders' Appeal ONDOVA LIMITED: 5th Cir. Dismisses Schepps' Appeal as Moot ORIGINAL ACADEMY: Case Summary & 2 Largest Unsecured Creditors PARKVIEW ADVENTIST: Asks Court to Reconsider Cash Collateral Order PETERSBURG REGENCY: Hires Sokol Behot as Counsel QUIKSILVER INC: Case Summary & 30 Largest Unsecured Creditors QUIKSILVER INC: Files Pre-Arranged Ch.11 with Support from Oaktree QUIKSILVER INC: Postpones Filing of Q3 Financial Report with SEC QUIKSILVER INC: Seeks Approval of $175-Mil. DIP Financing QUIKSILVER INC: To Conduct Store Closings with Hilco/Gordon JV SANTA FE GOLD: Amends List of 20 Largest Unsecured Creditors SANTA FE GOLD: Can Employ ALCS as Claims & Noticing Agent SECOND SOUTHERN BAPTIST: Voluntary Chapter 11 Case Summary SIGNAL INT'L: Committee Seeks to Hire Pachulski Stang as Counsel SIGNAL INT'L: Committee to Hire GlassRatner as Fin'l Advisors SIGNAL INT'L: Files Amended Schedule E-2 STEVEN PALLADINO: New England Colleges Team Up vs. Tuition Suits TARGA RESOURCES: S&P Affirms 'BB+' CCR & Revises Outlook to Neg. TEMPUR SEALY: S&P Affirms 'BB-' CCR & Revises Outlook to Positive TMT GROUP: Bid to Convert Bankruptcies to Chapter 7 Denied TRANS COASTAL: U.S. Trustee Forms 5-Member Creditor's Committee WASHINGTON HEIGHTS: Has Authority to Use Cash Until Sept.30 WETDOG LLC: Belle Resources Claim Entitled to Postpetition Interest ZUCKER GOLDBERG: Genova Burns to Serve as Labor Law Counsel ZUCKER GOLDBERG: Taps Getzler Henrich as Financial Advisors [*] QS Energy to Take Advantage of Spike in US Bankruptcy Filings [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* ALL WAYS ACCESSIBLE: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: All Ways Accessible Rehab, LLC d/b/a Mobility Specialists 610 Magnolia Avenue Auburndale, FL 33823 Case No.: 15-09169 Chapter 11 Petition Date: September 8, 2015 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtor's Counsel: Pierce J Guard, Jr., Esq. THE GUARD LAW GROUP, PLLC 2511 Orleans Avenue Lakeland, FL 33803 Tel: 863-619-7331 Fax: 863-619-7992 Email: jguardjr@aol.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by William Vanderpool, managing member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb15-09169.pdf ALLANA BARONI: OneWest Summary Judgment Bid to Proceed ------------------------------------------------------ Judge Martin R. Barash of the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division, denied Allana Baroni's motion to strike the summary judgment motion by OneWest Bank, F.S.B., on the latter's counterclaim. OWB filed a proof of claim for more than $1,800,000, asserting a secured claim against the Baroni and certain real estate in which she holds interest. Baroni disputed the claim, arguing that OWB does not own, and otherwise is not entitled, to enforce the promissory note and deed of trust on which the claim is premised. On November 15, 2013, Baroni initiated a post-confirmation adversary proceeding against OWB, alleging six claims for relief which all contended, in one way another that OWB is not the holder of the note and security agreement or not otherwise entitled to enforce and collect the secured debt created under those instruments. On January 17, 2014, OWB filed a counterclaim seeking a declaratory judgment that OWB may enforce the note and security agreement and that OWB holds an allowed secured claim under the Bankruptcy Code based on those instruments. On October 1, 2014, OWB filed its Motion for Summary Judgment or, in the Alternative, Summary Adjudication with Respect to Adversary Complaint. The bankruptcy court granted the relief requested, providing that OWB is entitled to enforce the note and deed of trust, and that OWB is entitled to judgment as a matter of law on all claims in Baroni's complaint. As to the counterclaim, Judge Barash was persuaded that there is good cause to permit consideration of OWB's summary judgment motion on the merits of its counterclaim, and to alter the Amended Scheduling Order of the case to permit that motion to proceed. While Judge Barash reserved final judgment on the motion for summary judgment on the counterclaim until that motion is fully briefed and argued, he found no reason why the court's judgment on the complaint does not also resolve the material issues of fact relevant to the counterclaim. The adversary proceeding is ALLANA BARONI, Plaintiff, v. ONEWEST BANK, FSB, Defendant. ONEWEST BANK, FSB, Counterclaimant, v. ALLANA BARONI, Counterdefendant, ADV. PROC. NO. 1:13-AP-01249-MB (Bankr. C.D. Cal.). The bankruptcy case is In re: ALLANA BARONI, Chapter 11, Reorganized Debtor, CASE NO. 1:12-BK-10986-MB (Bankr. C.D. Cal.). A full-text copy of Judge Barash's August 14, 2015 memorandum of decision is available at http://is.gd/xkyfwMfrom Leagle.com. AMERICAN STANDARD ENERGY: Hires Loeb & Loeb as Counsel ------------------------------------------------------ American Standard Energy, Corp. and American Standard Energy Corp. seek authorization from the Hon. Ronald B. King of the U.S. Bankruptcy Court for the Western District of Texas to employ Loeb & Loeb LLP as counsel, nunc pro tunc to the Aug. 3, 2015 petition date. The Debtors require Loeb & Loeb to: (a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of businesses and properties; (b) advise and consult on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors and representing the Debtors in negotiations concerning litigation in which either of the Debtors is involved, including objections to claims filed against the Debtors' estates; (e) prepare pleadings in connection with these Chapter 11 cases, including motions, applications, answers, orders, reports and other papers necessary or otherwise beneficial to the administration of the Debtors' estates; (f) advise the Debtors in connection with any potential sale of assets or investment by a third party; (g) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (h) advise the Debtors regarding tax matters; (i) take any necessary action on behalf of the Debtors to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and (j) perform all other necessary legal services for the Debtors in connection with the prosecution and administration of these chapter 11 cases, including (i) analyzing each Debtor's leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors; and (iii) advising the Debtors on corporate and litigation matters. Loeb & Loeb will be paid at these hourly rates: Bernard J. Given $725 William M. Hawkins $725 Bethany Simmons $490 Partners $675-$725 Associates $490-$665 Paralegals $250-$405 Loeb & Loeb will also be reimbursed for reasonable out-of-pocket expenses incurred. Bernard R. Given II, partner of Loeb & Loeb, 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. Loeb & Loeb can be reached at: Bernard R. Given, II, Esq. LOEB & LOEB LLP 10100 Santa Monica Blvd., Suite 2200 Los Angeles, CA 90067 Tel: (310) 282-2000 Fax: (310) 282-2200 E-mail: bgiven@loeb.com American Standard Energy, Corp. and American Standard Energy Corp. filed Chapter 11 bankruptcy petitions (Bankr. W.D. Tex. Case Nos. 15-70104 and 15-70105) on Aug. 3, 2015. Steven Person signed the petition as president. The Debtors disclosed total assets of at least $40 million and total debts of $53 million as of July 31, 2015. Loeb & Loeb LLP serves as the Debtors' counsel. The cases are assigned to Judge Ronald B. King. ATP OIL: Pension Fund's Securities Class Suit Dismissed ------------------------------------------------------- Judge Sarah S. Vance of the United States District Court for the Eastern District of Louisiana granted dismissed the second amended complaint filed by Firefighters Pension & Relief Fund of the City of New Orleans, et al., against ATP Oil and Gas Corporation senior executives and members of the board of directors. On May 24, 2013, a securities class action was brought on behalf of all persons who acquired ATP 11.875% Senior Second Lien Exchange Notes traceable to an allegedly false and misleading Form S-4 registration statement and prospectus issued in connection with ATP's December 16, 2010 exchange offer. Firefighters sued ATP's senior executives and board of directors, alleging violations of Sections 11 and 15 of the Securities Act of 1922. The defendants filed a motion to dismiss Firefighters' Second Amended Complaint for failure to state a claim. Judge Vance found that Firefighters has failed to plead actual knowledge as required by the Private Securities Litigation Reform Act. The judge stated that the plaintiff has failed to plead sufficient facts to give rise to an inference that defendants possessed actual knowledge that the projection of a substantial increase in production was false or misleading at the time it was made. Further, Judge Vance found that ATP's projection of a substantial increase in productions was accompanied by "substantive company-specific warnings" and therefore falls within the safe-harbor provision of the PSLRA for forward-looking statements and defendants cannot be held liable under Section 11. The case is FIREFIGHTERS PENSION & RELIEF FUND OF THE CITY OF NEW ORLEANS, Individually and on Behalf of All Others Similarly Situated v. T. PAUL BULMAHN, ET AL., Section: R., CIVIL ACTION NO. 13-3935, NO. C/W 13-6083., 13-6084, 13-6233 (E.D. La.). A full-text copy of Judge Vance's August 14, 2015 order is available at http://is.gd/6JSHeufrom Leagle.com. Firefighters Pension & Relief Fund of the City of New Orleans is represented by: Andrew Allen Lemmon, Esq. Irma L. Netting, Esq. LEMMON LAW FIRM 650 Poydras Street, Suite 2335 New Orleans, LA 70130 Tel: (504) 581-5644 Fax: (504) 581-2156 Email: andrew@lemmonlawfirm.com -- and -- Donald A Broggi, Esq. Joseph P. Guglielmo, Esq. SCOTT & SCOTT LLP The Chrysler Building 405 Lexington Ave. 40th Floor New York, NY 10174-4099 Tel: (212) 223-6444 Fax: (212) 223-6334 Email: dbroggi@scott-scott.com jguglielmo@scott-scott.com Plumbers and Pipefitters National Pension Fund is represented by: Louis Leo Robein, III, Esq. ROBEIN, URANN, SPENCER, PICARD & CANGEMI, APLC 2540 Severn Avenue, Suite 400 Metairie, LA 70002 Tel: (504) 885-9994 -- and -- Christopher D Stewart, Esq. Cody R LeJeune, Esq. Danielle S Myers, Esq. Robert R. Henssler, Jr., Esq. ROBBINS GELLER RUDMAN & DOWD LLP 655 West Broadway, Suite 1900 San Diego, CA 92101 Tel: (619) 231-1058 Fax: (619) 231-7423 Email: cstewart@rgrdlaw.com clejeune@rgrdlaw.com danim@rgrdlaw.com bhenssler@rgrdlaw.com Brian M Neiman and David Callaham are represented by: William B. Federman, Esq. FEDERMAN & SHERWOOD 10205 North Pennsylvania Avenue Oklahoma City, OK 73120 Tel: (405) 235-1560 Fax: (405) 239-2112 Email: wbf@federmanlaw.com -- and -- Stephen H. Kupperman, Esq. BARRASSO, USDIN, KUPPERMAN, FREEMAN & SARVER, LLC 909 Poydras Street 24th Floor New Orleans, LA 70112 Email: skupperman@barrassousdin.com Brian Stackhouse is represented by: Sammy Ford, IV, Esq. ABRAHAM WATKINS NICHOLS SORRELS AGOSTO & FRIEND 800 Commerce Street Houston, TX 77002 Tel: (713) 222-7211 Fax: (713) 225-0827 Thomas J Mansfield, Albert L Reese, Jr., and Keith R Godwin are represented by: Thomas J. McKenna, Esq. GAINEY & MCKENNA 440 Park Avenue South, 5th Floor New York, NY 10016 Tel: (212) 983-1300 Fax: (212) 983-0383 Email: tjmckenna@gme-law.com T Paul Bulmahn is represented by: Roy Clifton Cheatwood, Esq. Matthew A. Woolf, Esq. BAKER DONELSON BEARMAN CALDWELL & BERKOWITZ 201 St. Charles Avenue Suite 3600 New Orleans, LA 70170 Tel: (504) 566-5200 Fax: (504) 636-4000 Email: rcheatwood@bakerdonelson.com mwoolf@bakerdonelson.com -- and -- Hamilton P Lindley, Esq. DEAN & LYONS, LLP 325 North Saint Paul Street Suite 1500 Dallas, TX 75201 Tel: (214) 736-7861 Fax: (214) 965-8505 -- and -- James P. Sullivan, Esq. Michael J. Biles, Esq. Paul R. Bessette, Esq. Royale Price, Esq. Tyler W Highful, Esq. Yusuf Bajwa, Esq. KING & SPALDING, LLP 401 Congress Avenue Suite 3200 Austin, TX 78701 Tel: (512) 457-2000 Email: jsullivan@kslaw.com mbiles@kslaw.com pbessette@kslaw.com thighful@kslaw.com Chris A Brisack, Arthur H. Dilly, Gerard J. Swonke, Brent M. Longnecker, Walter Wendlandt, Burt A. Adams, George R. Edwards, and Robert J. Karow are represented by: Omer Frederick Kuebel, III, Esq. Corby Davin Boldissar, Esq. Monique M. Lafontaine, Esq. LOCKE LORD LLP 601 Poydras Street Suite 2660 New Orleans, LA 70130 Tel: (504) 558-5100 Fax: (504) 558-5200 Email: rkuebel@lockelord.com dboldissar@lockelord.com mlafontaine@lockelord.com -- and -- Alicia Fazzano Castro, Esq. Brent Benoit, Esq. Philip Guy Eisenberg, Esq. LOCKE LORD LLP 2800 JPMorgan Chase Tower 600 Travis Houston, TX 77002 Tel: (713) 226-1200 Fax: (713) 223-3717 Email: acastro@lockelord.com peisenberg@lockelord.com J.P. Morgan Securities Inc. is represented by: John William Hite, III, Esq. Erika Lynn Mullenbach, Esq. Glen Mercer, Esq. Peyton C. Lambert, Esq. SALLEY, HITE, MERCER & RESOR LLC 365 Canal Street One Canal Place, Suite 1710 New Orleans, LA 70130 Tel: (504) 566-8800 Fax: (504) 566-8828 Email: jhite@shmrlaw.com emullenbach@shmrlaw.com gmercer@shmrlaw.com plambert@shmrlaw.com T Paul Bulmahn, Leland E Tate, Albert L Reese, Jr., George R Morris, and Keith R Godwin are represented by: Paul R. Bessette, Esq. James P. Sullivan, Esq. KING & SPALDING, LLP 401 Congress Avenue Suite 3200 Austin, TX 78701 Tel: (512) 457-2000 Email: pbessette@kslaw.com jsullivan@kslaw.com -- and -- Matthew A. Woolf, Esq. Roy Clifton Cheatwood, Esq. BAKER DONELSON BEARMAN CALDWELL & BERKOWITZ 201 St. Charles Avenue Suite 3600 New Orleans, LA 70170 Tel: (504) 566-5200 Fax: (504) 636-4000 Email: mwoolf@bakerdonelson.com rcheatwood@bakerdonelson.com Armada Advisors, Inc. is represented by: Eric J. O'Bell, Esq. GAUTHIER, HOUGHTALING & WILLIAMS 3500 N. Hullen Street Metairie, LA 70002 Tel: (504) 456-8600 Summit Capital Management LLC, is represented by: Lewis Stephen Kahn, Esq. Melinda A. Nicholson, Esq. KAHN SWICK & FOTI, LLC 206 Covington Street Madisonville, LA 70447 Tel: (504) 455-1400 Fax: (504) 455-1498 Moshe Issac Foundation is represented by: James H. Gibson, Esq. ALLEN & GOOCH 2000 Kaliste Saloom Rd Suite 400 Lafayette, LA 70508 Tel: (337) 291-1000 Fax: (337) 291-1200 -- and -- Shashi H Patel, Esq. Jeffrey W. Chambers, Esq. WARE JACKSON LEE & CHAMBERS, LLP America Tower, 39th Floor 2929 Allen Parkway Houston, TX 77019 Tel: (713) 659-6400 Fax: (713) 659-6262 -- and -- Joshua W. Ruthizer, Esq. Lester L. Levy, Esq. Patricia I Avery, Esq. WOLF POPPER, LLP 845 Third Avenue New York, NY 10022 Tel: (212) 759-4600 Fax: (212) 486-2093 Email: jruthizer@wolfpopper.com llevy@wolfpopper.com pavery@wolfpopper.com -- and -- Stephen H. Kupperman, Esq. BARRASSO, USDIN, KUPPERMAN, FREEMAN & SARVER, LLC 909 Poydras Street 24th Floor New Orleans, LA 70112 Email: skupperman@barrassousdin.com Zohar Asher and Jack D Hart are represented by: Ronald Dean Gresham, Esq. PAYNEMITCHELL LAW GROUP William Kruse is represented by: Ronald Dean Gresham, Esq. PAYNEMITCHELL LAW GROUP 2911 Turtle Creek Blvd Suite 1400 Dallas, TX 75219 Tel: (214)252-1888 Email: dean@paynemitchell.com -- and -- Stephen H. Kupperman, Esq. BARRASSO, USDIN, KUPPERMAN, FREEMAN & SARVER, LLC 909 Poydras Street 24th Floor New Orleans, LA 70112 Email: skupperman@barrassousdin.com -- and -- William B. Federman, Esq. FEDERMAN & SHERWOOD 10205 North Pennsylvania Avenue Oklahoma City, OK 73120 Tel: (405) 235-1560 Fax: (405) 239-2112 Email: wbf@federmanlaw.com About ATP Oil Houston, Texas-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Motley Rice LLC and Fayard & Honeycutt, APC serve as special counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York MellonTrust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. A seven-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. BLUE SUN ST. JOE: Hires Gallagher & Kennedy as Bankruptcy Counsel ----------------------------------------------------------------- Blue Sun St. Joe Refining, LLC and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the Western District of Missouri to employ Gallagher & Kennedy, P.A. as general bankruptcy and restructuring counsel, nunc pro tunc to the July 31, 2015 petition date. The Debtors require Gallagher & Kennedy to: (a) provide legal advice with respect to the Blue Sun Debtors' powers and duties as debtors-in-possession in the continued operation of their businesses and management of property; (b) prepare all necessary applications, motions, answers, orders, reports and other legal papers on behalf of the Blue Sun Debtors; (c) appear in Court and protect the interests of the Blue Sun Debtors before the Court; (d) assist the Blue Sun Debtors with the collection and disposition of assets, by sale or otherwise; (e) assist the Blue Sun Debtors with ongoing corporate and regulatory legal needs; (f) represent the Blue Sun Debtors in any future collection or other litigation commenced by and/or against Debtors; (g) assist the Blue Sun Debtors in preparing and confirming a Chapter 11 plan; and (h) represent the Blue Sun Debtors in connection with all aspects of their bankruptcy case and perform all legal services which may be necessary and proper in these proceedings. This Application is supported by the Rule 2014 Declaration of John R. Clemency. Gallagher & Kennedy will be paid at these hourly rates: John R. Clemency $595 Todd A. Burgess $545 Lindsi M. Weber $395 Keri K. Adickes $260 Shareholders $375-$625 Associates $325-$385 Paralegals $240-$260 Gallagher & Kennedy will also be reimbursed for reasonable out-of-pocket expenses incurred. In April 2015, the Blue Sun Debtors provided Gallagher & Kennedy with a $10,000 retainer. Through July 27, 2015, Gallagher & Kennedy was paid fees and costs totaling $2,870 for work done in April – June, 2015 leaving a retainer balance of $7,130. On July 30, 2015, G&K received an additional retainer of $150,000 in anticipation of the chapter 11 filings, increasing the total prepetition retainer to $157,130. Immediately prior to the filing, Gallagher & Kennedy applied the retainer to pay its July 2015 fees, incurred in preparing the cases for filing, in the total amount of $115,312.90, leaving Gallagher & Kennedy with a retainer balance of $41,817 (the "G&K Retainer") as of the Petition Date. John R. Clemency, partner of Gallagher & Kennedy, 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. Gallagher & Kennedy can be reached at: John R. Clemency, Esq. GALLAGHER & KENNEDY, P.A. 2575 East Camelback Road Phoenix, AZ 85016-9225 Tel: (602) 530-8000 Fax: (602) 530-8500 E-mail: john.clemency@gknet.com About Blue Sun St. Joe Blue Sun St. Joe Refining, LLC, and its three affiliates sought protection under Chapter 11 of the Bankruptcy Code on July 31, 2015 (Bankr. W.D. Mo., Case No. 15-42231). The case is assigned to Judge Arthur B. Federman. The Debtors have engaged as bankruptcy counsel Jeffrey A. Deines, Esq., at Lentz Clark Deines PA, in Overland Park, Kansas; and Todd A. Burgess, Esq., John R. Clemency, Esq., and Lindsi M. Weber, Esq., at Gallagher & Kennedy, P.A., in Phoenix, Arizona. MCA Financial Group, Ltd. serves as their financial advisors. BLUE SUN ST. JOE: Hires Lentz Clark as Local Bankruptcy Counsel --------------------------------------------------------------- Blue Sun St. Joe Refining, LLC and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the Western District of Missouri to employ Lentz Clark Deines PA as local bankruptcy counsel, nunc pro tunc to the July 31, 2015 petition date. The Blue Sun Debtors wish to employ Lentz Clark as local bankruptcy counsel and special conflicts counsel in certain cases, to assist Gallagher & Kennedy, as lead bankruptcy counsel, and the Blue Sun Debtors, as necessary and appropriate. Lentz Clark will be paid at these hourly rates: Jeffrey A. Deines $375 Shane J. McCall $245 Shareholders $375-$390 Associates $245 Paralegals $90 Lentz Clark will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the commencement of the Related Cases, the Blue Sun Debtors provided Lentz Clark with an advance fee retainer in the amount of $15,000, $7,978 of which was applied by Lentz Clark prepetition in payment of services rendered in relation to the preparation of the Related Cases, including filing fees. The balance of $7,022 is being held in trust by LCD to be applied toward the payment of LCD's compensation and expenses awarded in the Related Cases Jeffrey Deines, partner of Lentz Clark, 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. Lentz Clark can be reached at: Jeffrey A. Deines, Esq. LENTZ CLARK DEINES, PA 9260 Glenwood Overland Park, KS 66212 Tel: (913) 648-0600 Fax: (913) 648-0664 E-mail: jdeines@lcdlaw.com About Blue Sun St. Joe Blue Sun St. Joe Refining, LLC, and its three affiliates sought protection under Chapter 11 of the Bankruptcy Code on July 31, 2015 (Bankr. W.D. Mo., Case No. 15-42231). The case is assigned to Judge Arthur B. Federman. The Debtors have engaged as bankruptcy counsel Jeffrey A. Deines, Esq., at Lentz Clark Deines PA, in Overland Park, Kansas; and Todd A. Burgess, Esq., John R. Clemency, Esq., and Lindsi M. Weber, Esq., at Gallagher & Kennedy, P.A., in Phoenix, Arizona. MCA Financial Group, Ltd. serves as their financial advisors. BLUE SUN ST. JOE: Hires MCA as Financial Advisors ------------------------------------------------- Blue Sun St. Joe Refining, LLC and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the Western District of Missouri to employ MCA Financial Group, Ltd. as financial advisor, nunc pro tunc to the July 31, 2015 petition date. The Debtors require MCA Financial to: (a) assist with the preparation of an interim cash needs analysis and 13-week cash flow; (b) develop budgets and forecasts to determine financing needs during the case and post-petition; (c) advise on business reorganization matters including operations, financial and strategic; (d) assist with the preparation and the filing of a Chapter 11 bankruptcy including the preparation of the Statements and Schedules, Statement of Financial Affairs, and creditor matrix among other items; (e) provide bankruptcy financial advisory services, including expert witness reports and testimony related to interest rates, plan feasibility and valuation, as necessary; and (f) assist the Blue Sun Debtors with other matters related the cases, as requested, necessary, and appropriate. MCA Financial will be paid at these hourly rates: Morris C. Aaron, Senior Managing Director $425 Karrilyn Thomas, Managing Director $350 Michael Zaft, Director $295 Senior Managing Directors $425 Managing Directors $350 Directors $295 Administrative and research personnel $95 The Debtors have agreed that MCA Financial will be compensated at the rate of $50 per hour for all non-billable out of town travel time. MCA Financial will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtors have provided MCA Financial with an advance fee retainer in the amount of $34,624.71 Morris C. Aaron, senior managing director of MCA Financial, 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. MCA Financial can be reached at: Morris C. Aaron MCA FINANCIAL GROUP, LTD. 4909 N 44th St Phoenix, AZ 85018-2708 Tel: (602) 710-2500 E-mail: maaron@mca-financial.com About Blue Sun St. Joe Blue Sun St. Joe Refining, LLC, and its three affiliates sought protection under Chapter 11 of the Bankruptcy Code on July 31, 2015 (Bankr. W.D. Mo., Case No. 15-42231). The case is assigned to Judge Arthur B. Federman. The Debtors have engaged as bankruptcy counsel Jeffrey A. Deines, Esq., at Lentz Clark Deines PA, in Overland Park, Kansas; and Todd A. Burgess, Esq., John R. Clemency, Esq., and Lindsi M. Weber, Esq., at Gallagher & Kennedy, P.A., in Phoenix, Arizona. MCA Financial Group, Ltd. serves as their financial advisors. CAESARS ENTERTAINMENT: Fined $9.5MM Over Money-Laundering Controls ------------------------------------------------------------------ Kate O'Keefe, writing for The Wall Street Journal, reported that U.S. and Nevada regulators have fined Caesars Entertainment Corp.'s bankrupt unit a total of $9.5 million for deficient anti-money-laundering controls at its Caesars Palace VIP rooms, which cater mainly to Chinese high-rollers. According to the report, Caesars agreed to pay an $8 million civil penalty to federal regulators after admitting that it had openly allowed wealthy patrons to gamble anonymously in private rooms at its flagship casino in Las Vegas, the U.S. government said in a written statement on Sept. 8. The casino company also admitted it had failed to properly monitor transactions at international marketing offices in Hong Kong and elsewhere that recruited the players, the Journal said, citing the settlement with the U.S. Treasury's Financial Crimes Enforcement Network, or FinCEN. About Caesars Entertainment Caesars Entertainment Corp., formerly Harrah's Entertainment Inc., is one of the world's largest casino companies. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The Company has its corporate headquarters in Las Vegas. Harrah's announced its re-branding to Caesar's in mid-November 2010. In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., announced that holders of more than 60% of claims in respect of CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9% senior secured notes due 2020 have signed the Amended and Restated Restructuring Support and Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC and the Consenting Creditors. As a result, The RSA became effective pursuant to its terms as of Jan. 9, 2015. Appaloosa Investment Limited, et al., owed $41 million on account of 10% second lien notes in the company, filed an involuntary Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case No. 15-10047) on Jan. 12, 2015. The bondholders are represented by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP. CEOC and 172 other affiliates -- operators of 38 gaming and resort properties in 14 U.S. states and 5 countries -- filed Chapter 11 bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and total debt of $19.8 billion as of Sept. 30, 2014. Delaware Bankruptcy Judge Kevin Gross entered a ruling that the bankruptcy proceedings will proceed in the U.S. Bankruptcy Court for the Northern District of Illinois. Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is the Debtors' restructuring advisors. Prime Clerk LLC acts as the Debtors' notice and claims agent. Judge Benjamin Goldgar presides over the cases. The U.S. Trustee has appointed seven noteholders to serve in the Official Committee of Second Priority Noteholders and nine members to serve in the Official Unsecured Creditors' Committee. The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner. * * * The Troubled Company Reporter, on April 27, 2015, reported that Fitch Ratings has affirmed and withdrawn the Issuer Default Ratings (IDR) and issue ratings of Caesars Entertainment Operating Company (CEOC). These actions follow CEOC's Chapter 11 filing on Jan. 15, 2015. Accordingly, Fitch will no longer provide ratings or analytical coverage for CEOC. In addition, Fitch has affirmed the IDR and issue rating of Chester Downs and Marina LLC (Chester Downs) and the ratings have been simultaneously withdrawn for business reasons. CANDAX ENERGY: Geofinance Extends Waiver Thru Sept. 14 ------------------------------------------------------ Candax Energy Inc., a company with mature oil & gas field developments in Tunisia, on Sept. 9 disclosed that it has obtained from Geofinance NV, major debtholder and shareholder of the Company, a further extension of 6 days on the waiver with respect to terms of the facility agreement entered into by the parties. The extension will extend the waiver until September 14, 2015. As a result, Geofinance NV has agreed not to seek any remedy under the facility agreement in respect of the $3.5 million unpaid amount until September 14, 2015, except in case of specific circumstances. A copy of the amendment and waiver letter will be filed publicly by the Company and available on SEDAR. The Company is in advanced discussions regarding financial alternatives and needs more time to continue these discussions. About Candax Candax is an international energy company with offices in Toronto and Tunis. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds a royalty interest in an exploration permit in Madagascar. CORINTHIAN COLLEGES: Panel Taps Willkie Farr as Insurance Counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors in the Chapter 11 cases of Corinthian Colleges, Inc., et al., asks the U.S. Bankruptcy Court for the District of Delaware for permission to retain Willkie Farr & Gallagher LLP as its special insurance counsel for the limited purposes nunc pro tunc to Aug. 10, 2015, Wilkie Farr will, among other things: a. assist the Creditors' Committee's lead counsel in preserving claims against the Debtors' insurance coverage provided under the D&O Policies; b. advise the Creditors' Committee on the consequences with respect to the D&O Policies of any pending actions against the Debtors or any current or former director, officer or other insiders of the Debtors; and c. review and analyze the impact of any Plan provisions with respect to the D&O Policies, as may be requested in connection with confirmation of the Plan. The firm's Marc Abrams tells the Court that Willkie Farr will bill at its standard hourly rates: Partners and Of Counsel $900 - $1,275 Special Counsel $890 Associates $305 - $875 Paraprofessionals $135 - $340 Willkie Farr attorneys with primary responsibility for the matter are: Mr. Abrams (Partner -- Business $1,275 Reorganization & Restructuring) Jeffrey B. Clancy (Associate -- $875 Corporate & Financial Services) Christopher S. Koenig (Associate -- $565 Business Reorganization & Restructuring) Mr. Clancy is a senior corporate associate at Willkie Farr with significant knowledge and experience with D&O and other insurance products and is expected to be the principal timekeeper on the matter. Other Willkie Fan attorneys or paraprofessionals will from time to time provide legal services. In connection with its representation of the Committee, Willkie Farr will cap its total fees and expenses for the engagement at $75,000. To the best of the Committee's knowledge, Willkie Farr is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm provided a response to the request for additional information set for in the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No variations were agreed to from Willkie Fares standard or customary billing arrangements. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Willkie Farr did not represent the Creditors' Committee prepetition. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period? Response: The Creditors' Committee has approved a budget of $75,000 for Willkie Fan's retention in this matter. Given Willkie Farr's limited retention to advise on certain insurance matters and the $75,000 budget cap, Willkie Farr and the Creditors' Committee have not prepared a formal budget and staffing plan. About Corinthian Colleges Corinthian Colleges, Inc., Pegasus Education, Inc., and 23 affiliated entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 15-10952) on May 4, 2015, to complete an orderly wind down of its operations. The cases are jointly administered Case No. 15-10952. Judge Kevin J. Carey presides over the case. Richards, Layton & Finger, P.A., represents the Debtors in their restructuring efforts; FTI Consulting, Inc., serves as restructuring advisors; and Rust Consulting/Omni Bankruptcy serves as claims and noticing agent. Corinthian Colleges, Inc., disclosed $721,596,789 in assets and $2,929,448,278 in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 3 appointed five creditors to serve on the official committee of unsecured creditors. COYNE INT'L: Asset Sale to Save Jobs; To Close NY Plants -------------------------------------------------------- Chelsea Diana at Albany Business Review reports that the sale of Coyne International Enterprises Corp.'s assets will save majority of jobs in the Company. As reported by the Troubled Company Reporter on Sept. 9, 2015, the Company said that it remains on track to complete three planned sales of its operating units: New Bedford, Massachusetts, which will be sold to Clean Uniforms and More!; Richmond, Virginia and Greenville, South Carolina, which will be sold to Prudential Overall Supply; and the remaining plants and service centers -- Bristol, Tennessee, Buffalo, New York, Cleveland, Ohio, London, Kentucky, Syracuse, New York, and York, Pennsylvania -- which will be acquired by Coyne's existing senior management team. The Company said in a notice filed with the New York State Department of Labor this month that due to possible sale of facility, it was closing plants in Onondaga, Tioga, Albany, and Erie and letting go of a total of 150 workers on Oct. 31, 2015, which is also the closing date of the plants. These locations are also affected: Barton, Guilderland, and Buffalo. Mark Samson, the Company's CEO, said in a statement, "The WARN Act filings were a formality because there will be a change of control in Coyne's business entities. There are buyers lined up for all of Coyne's facilities. There are two locations that could be impacted by possible layoffs -- New Bedford, Massachusetts, and Greenville, South Carolina. Under the existing deal, approximately 525 jobs will be preserved out of approximately 620 positions." About Coyne International Coyne International Enterprises Corp. filed a Chapter 11 bankruptcy petition (Bankr. N.D.N.Y. Case No. 15-31160) on July 31, 2015. The petition was signed by Mark Samson as CEO. The Debtor estimated assets of $10 million to $50 million and liabilities of at least $50 million. Herrick Feinstein LLP serves as the Debtor's general counsel. Phillips Lytle LLP acts as the Debtor's local bankruptcy counsel. Cohnreznick LLP is the Debtor's financial advisor. SSG Capital Advisors LLC is the Debtor's investment banker. Rust Omni serves the Debtor as claims and administrative agent. Raab, Sturm & Ganchrow, LLP acts as labor counsel to the Debtor. Harbridge Consulting Group, LLC serves as the Debtor's pension consultant. Beveridge & Diamond PC is the Debtor's environmental counsel. GZA Geoenvironmental, Inc., represents the Debtor as environmental consultant. CROWN CASTLE: Moody's Assigns Ba3 Rating on Sr. Unsec. Debt Shelf ----------------------------------------------------------------- Moody's Investors Service rated Crown Castle International Corp's senior unsecured debt shelf at (P)Ba3 and subordinate debt shelf at (P)B1. The rating outlook is stable. These ratings were assigned with a stable outlook: Crown Castle International Corp.: -- Senior unsecured debt shelf: (P)Ba3 -- Subordinate debt shelf: (P)B1 RATINGS RATIONALE Crown Castle's Ba1 corporate family rating reflects the REIT's position as the leading independent provider of shared wireless infrastructure in the U.S., geographic diversification within the domestic market, and ample liquidity. CCI's high visibility into future earnings due to long-term leases with annual escalations, high credit quality tenants, and the ability to generate significant free cash flow also support the rating. Moody's believes that wireless infrastructure industry fundamentals and growth trends --both in towers and small cells -- remain favorable over the next several years owing to continued strong demand for wireless and data services, the acceleration in mobile traffic and continued build out of carriers' wireless networks. These credit strengths are offset by the REIT's high share of secured debt in its capital structure and significant tenant concentration. Importantly, structural subordination and material subsidiaries with secured debt in CCI's capital structure are key credit challenges that constrain the REIT's ratings. Crown Castle's ratings are also tempered by its exposure to technology network shifts or major technological transformation and untested alternative use for its properties should such dramatic changes occur -- risks that are not typically associated with traditional commercial REITs. The stable outlook reflects Moody's expectation that Crown Castle will continue to pursue a disciplined financial policy and make progress simplifying its capital structure over time, but that it could take some time before the REIT is able to adequately address its restrictive capital structure. It also incorporates Moody's expectation of continued EBITDA and cash flow expansion that will allow the REIT to maintain, if not improve, its credit profile and leverage metrics. In order to strengthen its credit profile sufficiently to warrant an upgrade to investment grade, Crown Castle will need to align its capital structure with its strong fundamentals by simplifying its capital structure, resolving structural subordination issues and reducing its reliance on secured debt funding. An upgrade to investment grade would also require Crown Castle to sustain strong credit metrics, including net debt/EBITDA below 6x (calculated including Moody's operating lease adjustment) and effective leverage (debt plus preferred over gross assets) closer to 60%. Conversely, if operating performance deteriorated or if the REIT chose to pursue an aggressive financial policy (including large debt-funded acquisitions or shareholder-friendly return policy) such that net debt/EBITDA is sustained above 7x or effective leverage (defined as debt plus preferred over gross assets) sustained in the high 70% range, a downgrade could occur. Moody's last rating action with respect to Crown Castle was on August 14, 2015, when the rating agency upgraded the corporate family rating of Crown Castle International Corp. to Ba1 from Ba2 as well as upgraded all other existing ratings of Crown Castle and its subsidiaries with a stable outlook. The principal methodology used in this rating was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. Crown Castle [NYSE: CCI] is real estate investment trust based in Houston, Texas which owns, operates and leases towers and other infrastructure for wireless communications. Crown Castle's portfolio includes approximately 40,000 towers and 15,000 small cell nodes supported by approximately 16,000 miles of fiber. CT TECHNOLOGIES: S&P Retains 'B' CCR After ECS Acquisition ---------------------------------------------------------- Standard & Poor's Ratings Services said that its 'B' corporate credit rating on Alpharetta, Ga.-based release-of-information (ROI) provider CT Technologies Intermediate Holdings Inc. (doing business as HealthPort) is unchanged, following the company's announcement that it will issue a $117 million add-on to its first-lien term loan to fund the acquisition of Enterprise Consulting Solutions Inc. (ECS), a provider of outsourced record retrieval services for U.S. commercial health plans. The outlook is stable. At the same time, S&P affirmed its 'B' issue-level rating on the company's $596 million first-lien term loan due 2021 ($594 million outstanding) and $35 million revolving credit facility due 2019. The '3' recovery rating is unchanged and reflects S&P's expectation for meaningful recovery (50% to 70%, lower half of the range) in the event of payment default. The ratings reflect Standard & Poor's adjusted leverage in the high 6x area as of June 30, 2015, pro forma for the proposed transaction (which includes maximum earnout payments as debt and excludes management's adjustments for unrealized cost savings) and the company's niche focus on the highly fragmented ROI market, which has regulated pricing. ECS will enhance HealthPort's position in the adjacent outsourced record retrieval market, adding new technology capabilities and opportunities to expand the ECS customer base, although ECS has significant customer concentration. S&P expects leverage to fall to the low 6x area by the end of 2015 and the low to mid-5x area in 2016 in the absence of additional acquisitions, mainly on cost reductions at IOD Inc. (acquired in July 2015) and the payment of earnouts. Leverage could fall faster if the company acquires smaller businesses funded from cash flow as it has in the past, but leverage could exceed S&P's expected levels if HealthPort pursues larger, debt-financed acquisitions. S&P could lower the rating if the company sustains leverage above 7x due to acquisitions, lower EBITDA resulting from changing health care market dynamics that disrupt the ROI market, or adverse regulatory action; S&P could also lower the rating if such conditions result in tight covenant cushion restricting access to the revolving credit facility, such that S&P comes to view liquidity as less than adequate. RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes a default occurring in 2018 due to reduced reliance on outsourced ROI services, lower regulated pricing, or breach of security protocols that leads to customer loss and potential liabilities. -- S&P has valued the company as a going concern due to its leading position in its market segment and some proprietary technology. S&P applied a 5.5x EBITDA multiple, which is consistent with that of other health care information technology companies that we rate, to an assumed emergence EBITDA of $64 million, and derived a gross recovery value of $352 million. Simulated default and valuation assumptions: -- Default year: 2018 -- EBITDA at emergence: $64 million -- EBITDA multiple: 5.5x Simplified waterfall: -- Net enterprise value (after 3% administrative expenses): $341 million -- Valuation split (obligors/non-obligors): 100%/0% -- Priority claims: $1 million -- Collateral value available to secured creditors: $341 million -- Secured first-lien debt: $627 million -- Recovery expectations: 50% to 70% (lower half of the range) All debt amounts include six months of prepetition interest. Collateral value equals asset pledge from obligors after priority claims plus equity pledge from non-obligors after non-obligor debt. RATINGS LIST Ratings Unchanged CT Technologies Intermediate Holdings Inc. Corporate credit rating B/Stable/-- Ratings Affirmed; Recovery Ratings Unchanged CT Technologies Intermediate Holdings Inc. $596 mil 1st lien term ln due 2021 B Recovery rating 3L $35 mil revolv cred fac due 2019 B Recovery rating 3L CURTIS JAMES JACKSON: 50 Cent Reveals New House in Africa --------------------------------------------------------- WMUR 9 abc reports that Curtis James Jackson, III, has shown off through a video posted on Instagram his new and unfinished house in Africa. "My crib is almost finished in AFRICA. I'm gonna have the craziest House warming party ever," WMUR quoted Mr. Jackson as saying. According to the report, Mr. Jackson did not reveal in his Instagram post any more details about the house or the exact location of the property. Curtis James Jackson, III, aka 50 Cent, filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case No. 15-21233) on July 13, 2015. DCP MIDSTREAM: Moody's Affirms Ba2 CFR & Changes Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service affirmed DCP Midstream, LLC's Ba2 corporate family rating, Ba2-PD probability of default rating (PDR), Ba2 senior unsecured notes rating and B1 junior subordinate bond rating. Moody's affirmed DCP's speculative grade liquidity rating of SGL-3. The rating outlook was changed to stable from negative. Moody's also affirmed DCP Midstream Operating, LP's (DPM) Ba1 CFR, Ba1-PD PDR, and Ba1 senior unsecured notes rating. Moody's lowered DPM's speculative grade liquidity rating to SGL-3 from SGL-2. DPM's rating outlook was changed to stable from negative. "The change in outlook to stable at DCP reflects the injection of $1.5 billion of cash and the contribution of one-third ownership of two pipelines that should generate about $100 million of annualized EBITDA, by Phillips 66 (A3 stable) and Spectra Energy(Baa2 negative), respectively. The cash injection and additional fee-based cash flow will reduce leverage at DCP to a level consistent with the Ba2 rating." said Terry Marshall, Moody's Senior Vice President. "The change in outlook to stable at DPM reflects its relatively stable cash flow even in the current price environment, and the stable outlook of its general partner, DCP, with whom it is closely linked through assets, capex, contracts and ownership." Ratings Lowered: Issuer: DCP Midstream Operating LP Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-2 Outlook Actions: Issuer: DCP Midstream Operating LP Outlook, Changed To Stable From Negative Issuer: DCP Midstream, LLC Outlook, Changed To Stable From Negative Affirmations: Issuer: DCP Midstream Operating LP Probability of Default Rating, Affirmed Ba1-PD Corporate Family Rating, Affirmed Ba1 BACKED Senior Unsecured Regular Bond/Debenture (Local Currency), Affirmed Ba1 (LGD4) Issuer: DCP Midstream, LLC Probability of Default Rating, Affirmed Ba2-PD Speculative Grade Liquidity Rating, Affirmed SGL-3 Corporate Family Rating, Affirmed Ba2 Junior Subordinated Regular Bond/Debenture (Local Currency), Affirmed B1 (LGD6) Senior Unsecured Regular Bond/Debenture (Local Currency), Affirmed Ba2 (LGD4) RATINGS RATIONALE DCP's Ba2 CFR considers its' very high leverage (consolidated debt to EBITDA declining to about 6x in 2016 from 9X currently, including Moody's adjustments), significant exposure to natural gas liquids (NGL) and natural gas pricing with only about 35% of its stand-alone revenues protected by fee-based contracts in 2015 and about 50% in 2016, the structural subordination of distributions from DPM to debt of that entity, partially mitigated by an indication of the two owners that they will not take distributions from DCP through 2017 in the current low pricing environment. The rating is supported by DCP's large and diverse, directly held asset base in the natural gas and NGL midstream space, as well as its ownership and control of DPM (0.3%% GP, 22% LP, and IDRs of DPM's public MLP parent, DCP Midstream Partners, LP) and its midstream asset base, which provides DCP with about 40% of DPM's distributable cash flow, which in turn represents about 20% of DCP's consolidated EBITDA. DCP takes considerable commodity price risk on both its directly generated cash flow and that of DPM for which it is a contract counterparty on a portion of DPM's fee-based contracts. Both companies are subject to volumetric risk, which is mitigated by their significant presence in the most active US resource plays. DPM's Ba1 CFR is driven by reasonable leverage (4X currently), size and scale in the US gathering and processing sector, good cash flow stability, although that will decline as hedges roll off, offset by DPM's interconnectedness with DCP (ownership, assets, capex and dropdowns). Cash flow stability benefits from a combination of fee-based and hedged revenues that total about 95% of anticipated 2015 margins and 85% of 2016 margins. A portion of DPM's fee-based contracts are with DCP, which is lower-rated than DPM. DCP's speculative grade liquidity rating of SGL-3 indicates adequate liquidity. Moody's anticipates cash consumption of about $450 million from June 30, 2015 to Sept. 30, 2016, including a $200 million debt maturity in October 2015. This consumption can be funded under DCP's $1.8 billion revolving credit facility that matures in March 2017, which will be fully available pro-forma for the $1.5 billion cash injection from Phillips 66. The revolver is secured by 100% of the equity interests in DPM held by DCP. Pro forma for $1.5 billion of debt reduction from the cash injection, DCP will be in compliance with its two financial covenants at December 31, 2015: secured debt to EBITDA under 3.25x and total debt to EBITDA under 5x, although with limited cushion under the total debt to EBITDA covenant. As is the norm, the bank covenant calculations include the addition of projected EBITDA for partially completed projects. DCP has alternate liquidity in the form of potential asset sales, joint ventures and DPM limited partner unit sales and its fixed assets are not pledged to the banks. DPM's speculative grade liquidity rating of SGL-3 indicates adequate liquidity. At June 30, 2015 it had $1.15 billion available under its $1.25 billion revolving credit facility that matures in May 2019. Typical of most MLPs, all free cash flow after maintenance capital is distributed to LP unit holders and the GP, leaving the long-term funding of growth capital expenditures reliant on the revolver as well as debt and equity capital markets The availability under the revolver is sufficient to fund our expectation of cash consumption of about $800 million from June 30, 2015, to Sept. 30, 2016, including a $250 million debt maturity in Oct. 2015. The revolver has a leverage covenant of a maximum 5x debt/EBITDA, which at June 30, 2015 was 3.1x (debt/EBITDA is adjusted for partial year EBITDA for capital projects and acquisitions). Moody's expects DPM to be in compliance with its financial covenant through 2016. DPM has alternate liquidity in the form of potential asset sales and joint ventures. DCP's Ba2 CFR could be downgraded if debt to EBITDA appears unlikely to decline to around 6x in 2016. DCP's rating could also be downgraded in the event of a downgrade in DPM's rating. An upgrade to Ba1 would be dependent on leverage below 5x and having 60 -- 70% of revenues covered by third-party fee-based contracts and hedges. An upgrade would also likely be dependent on an upgrade in DPM's rating. DPM's Ba1 CFR could be downgraded if leverage appears likely to rise above 5x in 2016 and it does not have at least 50% of its revenues covered by third-party fee-based contracts and hedges. DPM's rating may also be downgraded if the rating of DCP is downgraded. An upgrade would be dependent on debt to EBITDA approaching 4x and in excess of 70% of revenues covered by third-party fee-based contracts and hedges. An upgrade would also likely be dependent on an upgrade in DCP's rating. DCP Midstream Partners, LP and DCP Midstream Operating, LP are affiliated midstream gathering and processing companies headquartered in Denver, Colorado. DCP Midstream, LLC is a joint venture between Phillips 66 and Spectra Energy. The principal methodology used in these ratings was Global Midstream Energy published in December 2010. DEWEY & LEBOEUF: Lawyer Says Suit vs. Ex-Chairman "Fantasy Fraud" ----------------------------------------------------------------- Matthew Goldstein, writing for The New York Times' DealBook, reported that the lawyer for Steven H. Davis, former chairman of Dewey & LeBoeuf, told a state jury that the criminal case against his client was a "fantasy fraud" brought by prosecutors in Manhattan with "fanciful theories" about the spring 2012 collapse of the once-prominent law firm. According to the report, Elkan Abramowitz, in a closing statement of more than three hours on Sept. 8, told a jury in New York State Supreme Court in Manhattan that prosecutors had failed to prove Mr. Davis was aware of any wrongdoing that might have occurred in the firm's finance department to make the law firm's revenue appear better than it was to lenders and creditors. He said even the prosecution's star witness, Frank Canellas, the law firm's former finance director, testified that he never told Mr. Davis about any improper accounting adjustments being used by the finance department, the report related. About Dewey & LeBoeuf Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 12-12321) to complete the wind-down of its operations. The firm had struggled with high debt and partner defections. Dewey disclosed debt of $245 million and assets of $193 million in its chapter 11 filing late evening on May 29, 2012. Dewey & LeBoeuf LLP operated as a prestigious, New York City- based, law firm that traced its roots to the 2007 merger of Dewey Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird -- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in 1929. In recent years, more than 1,400 lawyers worked at the firm in numerous domestic and foreign offices. At its peak, Dewey employed about 2,000 people with 1,300 lawyers in 25 offices across the globe. When it filed for bankruptcy, only 150 employees were left to complete the wind-down of the business. Dewey's offices in Hong Kong and Beijing are being wound down. The partners of the separate partnership in England are in process of winding down the business in London and Paris, and administration proceedings in England were commenced May 28. All lawyers in the Madrid and Brussels offices have departed. Nearly all of the lawyers and staff of the Frankfurt office have departed, and the remaining personnel are preparing for the closure. The firm's office in Sao Paulo, Brazil, is being prepared for closure and the liquidation of the firm's local affiliate. The partners of the firm in the Johannesburg office, South Africa, are planning to wind down the practice. The firm's ownership interest in its practice in Warsaw, Poland, was sold to the firm of Greenberg Traurig PA on May 11 for $6 million. The Pension Benefit Guaranty Corp. took $2 million of the proceeds as part of a settlement. Judge Martin Glenn oversees the case. Albert Togut, Esq., at Togut, Segal & Segal LLP, represents the Debtor. Epiq Bankruptcy Solutions LLC serves as claims and notice agent. The petition was signed by Jonathan A. Mitchell, chief restructuring officer. JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the lenders under the Revolver Agreement, hired Kramer Levin Naftalis & Frankel LLP. JPMorgan, as Collateral Agent for the Revolver Lenders and the Noteholders, hired FTI Consulting and Gulf Atlantic Capital, as financial advisors. The Noteholders hired Bingham McCutchen LLP as counsel. The U.S. Trustee formed two committees -- one to represent unsecured creditors and the second to represent former Dewey partners. The creditors committee hired Brown Rudnick LLP led by Edward S. Weisfelner, Esq., as counsel. The Former Partners hired Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt & Winters, LLP, as counsel. FTI Consulting, Inc. was appointed secured lender trustee for the Secured Lender Trust. Alan Jacobs of AMJ Advisors LLC, was named Dewey's liquidation trustee. Scott E. Ratner, Esq., Frank A. Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at Togut, Segal & Segal LLP, serve as counsel to the Liquidation Trustee. Dewey's liquidating Chapter 11 plan was approved by the bankruptcy court in February 2013 and implemented in March. The plan created a trust to collect and distribute remaining assets. The firm estimated that midpoint recoveries for secured and unsecured creditors under the plan would be 58.4 percent and 9.1 percent, respectively. DUNE ENERGY: Cash Collateral Use Extended Until Sept. 18 -------------------------------------------------------- Judge H. Christopher Mott of the United States Bankruptcy Court for Western District of Texas, Austin Division, signed off a stipulation giving Dune Energy, Inc., et al., further authority to use cash collateral until September 18, 2015, and/or the effective date of a plan of liquidation. Pursuant to the Consent Order, the termination date with respect to the DIP Facility has occurred, all Commitments are terminated as of July 24, 2015, and the Debtors are authorized to pay the Outstanding DIP Obligations in full in accordance with the terms of the Final DIP Order and the DIP Loan Documents. The First Lien Agent and First Lien Lenders have consented to the Debtors’ continued use of Cash Collateral in accordance with the supplemental budget. The Post-Closing Budget will constitute the DIP Budget, for purposes of the Final DIP Order and the Consent Order, for the period from and after July 24, 2015, through the Termination Date under the Final DIP Order, and the Debtors will not be entitled to use Cash Collateral except in accordance with the terms of the Post-Closing Budget. The amount of $1,155,000 will be disbursed from the Sale Proceeds for use in accordance with the Post-Closing Budget. All money paid to the First Lien Lenders (or their attorneys and agents) under the Post-Closing Budget is deemed a payment of adequate protection and reduces the principal balance of the loan obligations unless the First Lien Lenders first file notice with the Court that they claim to be over-secured, in which case any party may dispute the allocation. The First Lien Agent and First Lien Lenders have consented to the Debtors’ continued use of the Unused Budgeted Amount in accordance with the DIP Budget and the Debtors are authorized to use the Unused Budgeted Amount in accordance with the DIP Budget. Absent access to Cash Collateral, the Debtors will be forced to terminate their remaining employees, shut down any remaining operations, and immediately convert their cases to chapter 7. Use of Cash Collateral in accordance with the Post-Closing Budget will afford the Debtors an opportunity to pursue confirmation of a chapter 11 plan that will facilitate an orderly liquidation of the Debtors’ estates for the benefit of their creditors. The Official Committee of Unsecured Creditors filed a response to the Debtors' emergency motion to approve the stipulated consent order, complaining that the DIP Loan is being paid by the order so the budget is a cash collateral budget. As an under-secured creditor, the First Lien Lenders should not be paid legal fees, the Committee asserted. They are, probably, entitled to adequate protection of their First Lien, the Committee said. The Committee further complained that the allocation of the budget for the Committee's professional fees and expenses ($9,000 per week/$75,000) is too low. The Committee told the Court that it was not consulted on the negotiations on the appropriate budget of the Committee professional fees. The Committee asserted that it has a major statutory role in the plan process and is required to act for the benefit of the unsecured creditors, the major constituency affected by the plan. The Committee said it has not been provided the liquidating trust agreement and is excluded from substantially all negotiations. The Court should require the Debtors to provide the materials in contemplation of the plan to the Committee when circulated to the First Lien Lenders to avoid future issues like the one requiring the present motion, the Committee argued. Dune Energy, Inc., et al. are represented by: Charles A. Beckham, Jr., Esq. Kenric D. Kattner, Esq. Kourtney Lyda, Esq. Kelli Stephenson, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 2100 Houston, TX 77010 Tel: (713) 547-2000 Fax: (713) 547-2600 Email: charles.beckham@haynesboone.com kenric.kattner@haynesboone.com kourtney.lyda@haynesboone.com kelli.stephenson@haynesboone.com Bank of Montreal is represented by: Charles S. Kelley, Esq. MAYER BROWN LLP 700 Louisiana Street, Suite 3400 Houston, TX 77002-2730 Tel: (713) 238-3000 Fax: (713) 238-4625 Email: ckelley@mayerbrown.com -- and -- Sean T. Scott, Esq. MAYER BROWN LLP 71 South Wacker Drive Chicago, IL 60606 Tel: (312) 782-0600 Fax: (312) 701-7711 Email: stscott@mayerbrown.com Official Committee of Unsecured Creditors is represented by: Hugh M. Ray, III, Esq. MCKOOL SMITH, P.C. 600 Travis, Suite 7000 Houston, TX 77002 Tel: (713) 485-7300 Fax: (713) 485-7344 Email: hmray@mckoolsmith.com About Dune Energy Dune Energy, Inc. (OTCMKTS: DUNR) is an independent energy company based in Houston, Texas. Since May 2004, the Company has been engaged in the exploration, development, acquisition and exploitation of natural gas and crude oil properties, with interests along the Louisiana/Texas Gulf Coast. The Company's properties cover over 90,000 gross acres across 27 producing oil and natural gas fields. Affiliates Dune Energy, Inc. (Bankr. W.D. Tex. Case No. 15-10336), Dune Operating Company (Bankr. W.D. Tex. Case No. 15-10337), and Dune Properties, Inc. (Bankr. W.D. Tex. Case No. 15-10338) filed separate Chapter 11 bankruptcy petitions on March 8, 2015. The petitions were signed by James A. Watt, president and chief executive officer. Judge Christopher H. Mott presides over the case. Charles A. Beckham, Jr., Esq., Kourtney P. Lyda, Esq., and Kelli M. Stephenson, Esq., at Haynes And Boone, LLP, serve as the Debtors' bankruptcy counsel. Deloitte Transactions And Business Analytics LLP is the Debtors' restructuring advisors. Parkman Whaling LLC is the Debtors' sale professionals. The Debtors listed $229 million in total assets and $144 million in total debts as of Sept. 30, 2014. In their schedules, Dune EnergyInc., et al., disclosed $263,337,172 in assets and $107,981,306 in liabilities. The U.S. trustee overseeing the Chapter 11 case of Dune Energy appointed three creditors to serve on the official committee of unsecured creditors. The Committee is represented by Hugh M. Ray, Esq., at McKool Smith, P.C. DYCOM INDUSTRIES: Moody's Rates New $400MM Unsecured Notes Ba3 -------------------------------------------------------------- Moody's Investors Service assigned a Ba3 rating to Dycom Industries, Inc.'s proposed $400 million convertible unsecured notes due 2021. Concurrently, Dycom's Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating and Ba3 rating on its existing senior subordinated notes were affirmed. The company's Speculative Grade Liquidity Rating ("SGL") was lowered to SGL-2 from SGL-1. The existing subordinated notes are expected to repaid upon transaction close and subsequently withdrawn. The ratings outlook is stable. The proceeds of the proposed convertible senior unsecured notes are expected to primarily be used to redeem the company's $278 million senior subordinated notes due 2021. Remaining proceeds will be used to pay the existing subordinated notes make whole premium, accrued interest and other transaction-related expenses. The transaction increases leverage by almost half a turn to 2.7 times (including Moody's standard adjustments), positioning the company's leverage toward the high end for its rating. The ratings are based on the expectation that the company will be prudent in using debt to finance share repurchase activity and acquisitions. The ratings also weigh the company's recent strong earnings performance, healthy backlog and contribution from recent acquisitions. Although total funded debt would increase by more than $100 million as a result of the proposed transaction, the transaction is expected to lower cash interest expense by over $15 million annually by paying off the existing higher coupon 7.125% existing subordinated notes. Dycom's SGL rating was lowered to SGL-2 from SGL-1 largely due to the expectation that the company will continue to partially use revolver borrowings to finance future share repurchases and acquisitions, as well as reduced headroom under the company's leverage covenant under its existing credit facility due to higher debt levels as a result of the proposed transaction. Dycom Industries, Inc. This rating was assigned: Dycom Industries, Inc. $400 million convertible unsecured notes due 2021, at Ba3 (LGD-5) These ratings were affirmed: Dycom Industries, Inc. Corporate Family Rating, at Ba2 Probability of Default Rating, at Ba2-PD Dycom Investments, Inc. $278 million senior subordinates notes due 2021, at Ba3 (LGD-5) This rating was lowered: Dycom Industries, Inc. Speculative Grade Liquidity rating, to SGL-2 from SGL-1 Dycom Industries, Inc. and Dycom Investments, Inc. Outlook, Stable RATINGS RATIONALE Dycom's Ba2 CFR considers the risks of operating in a highly cyclical industry with sizable re-investment requirements balanced against partially debt-funded share buybacks and acquisitions. The ratings also consider Dycom's high customer concentration with its top 5 customers comprising roughly 60% of revenue. The demand for greater bandwidth and the deployment of fiber to enable video offerings and increase the speed at which data is transmitted over networks has resulted in healthy demand reflected in the company's twelve month backlog that stood at $1.6 billion as of the company's fiscal year-ended July 25, 2015. Pro forma for the proposed refinancing transaction, debt/EBITDA for the fiscal year ended July 25, 2015 is 2.7 times (on a Moody's adjusted basis), increasing to 2.9 times if the initial purchasers of the notes exercise their option to purchase additional notes within 30 days after initial issuance of the notes. These estimates of pro forma leverage do not include the EBITDA contribution from recent acquisitions. The ratings incorporate the company's track record of well-balanced financial policy decisions with share repurchase activity typically increasing during periods of stronger earnings performance with more financial conservative policies instituted when earnings moderate. The SGL-2 rating reflects a good liquidity profile supported by the expectation of continued positive free cash flow generation and meaningful availability under the company's revolving credit facility. In addition, the company's liquidity profile benefits from alternate sources of liquidity through unpledged assets. Dycom's proposed convertible notes are rated Ba3, one notch below its Ba2 CFR, reflecting structural and effective subordination to the company's existing revolver and term loan. The proposed notes are unsecured and not guaranteed by operating subsidiaries. The stable outlook is based on the expectation that the company will maintain well-balanced financial policies with debt/EBITDA below 3.0 times while maintaining a good liquidity profile. Additional debt-financed acquisitions, excessive share repurchases, a decline in earnings and/or loss of a key customer could have adverse rating implications. An expectation that debt/EBITDA levels would exceed and be sustained above 3.0x and/or EBITA/interest would approach 2.0x could also result in a downgrade. A ratings increase is considered unlikely at this time given elevated debt levels, the highly cyclical nature of the end-markets the company operates in and Dycom's share repurchase/acquisition strategy. Positive rating momentum would likely be driven by an expectation of strong, sustained revenue growth as well as the achievement and maintenance of debt/EBITDA below 1.5x and EBITA/interest coverage of 4.0x. The principal methodology used in these ratings was Construction Industry published in November 2014. Dycom Industries, Inc., located in Palm Beach Gardens, Florida, is a leading provider of specialty contracting services in North America. Dycom provides engineering, construction and maintenance services that assist telecommunication and cable television providers expand and monitor their network infrastructure in a cost effective manner. The company also provides underground locating services for telephone, cable, power, gas, water, and sewer utilities. Dycom generated revenues approximating $2.0 billion for fiscal year ended July 25, 2015. DYCOM INDUSTRIES: S&P Assigns 'BB-' Rating on $400MM Unsec. Notes ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' issue-level and '5' recovery ratings to Palm Beach Gardens, Fla.-based Dycom Industries Inc.'s (Dycom) proposed $400 million senior unsecured convertible notes due 2021. The '5' recovery rating indicates S&P's expectation of a modest (10%-30%; higher end of the range) recovery in the event of a default. S&P's corporate credit rating on Dycom remains 'BB' with a stable outlook. Dycom plans to use proceeds from the notes issuance to repay its $277.5 million 7.125% senior subordinated notes due 2021, repurchase common stock, and pay the cost of convertible note hedge transactions. S&P's corporate credit rating on Dycom reflects S&P's view that the company will continue to compete in large, highly fragmented, and cyclical end-markets with long-term capital investment requirements. It also reflects S&P's expectation that the company's debt leverage will remain below 3x with a funds from operations (FFO)-to-debt ratio approaching 30%. RECOVERY ANALYSIS Key analytical factors: -- Given Dycom's position as a specialty engineering and construction contractor competing in the cyclical telecommunications end-market, S&P's distressed scenario envisions a period of significant delays and outright cancelations of cable- and telecom-related capital spending programs and Dycom's key customers reduce their capital expenditure budgets in line with the broader industry. -- S&P's analysis further assumes that: the revolver is 85% drawn at default; the margin on the revolver and term loan increases by 125 basis points (bps), reflecting higher borrowing costs from credit deterioration simulated in S&P's scenario; EBITDA declines by approximately 57% from fiscal- 2015 levels at default; and EBITDA at emergence is estimated at $115 million. S&P has valued the company on a going- concern basis using a 5x multiple of its projected emergence EBITDA. Simulated default assumptions: -- Simulated year of default: 2020 -- EBITDA at emergence: $115 million -- EBITDA multiple: 5x Simplified waterfall: -- Net enterprise value (after 5% admin. costs): $546 million -- Senior secured claims: $456 million -- Total value available to subordinated debt: $90 million -- Senior subordinated claims: $405 million -- Recovery expectations: 10%-30% (higher end of the range) Note: All debt amounts include six months of prepetition interest. RATINGS LIST Dycom Industries Inc. Corporate Credit Rating BB/Stable/-- Issue-Level Ratings Assigned Dycom Industries Inc. Senior Unsecured $400 mil. convertible notes due 2021 BB- Recovery Rating 5H E*TRADE FINANCIAL: Moody's Puts Ba2 Rating on Review for Upgrade ---------------------------------------------------------------- Moody's Investors Service has placed the ratings of E*TRADE Financial Corporation (E*TRADE) (Ba2 senior unsecured) and the long-term ratings of E*TRADE Bank (Baa2 deposits) on review for upgrade, and affirmed E*TRADE Bank's Prime-2 short-term deposit rating. The rating actions follow E*TRADE's announcement that it will terminate the entirety of its $4.4 billion of legacy wholesale funding obligations by Sept. 30. Moody's has taken these rating actions: E*TRADE Financial Corporation Issuer rating, Ba2 on review for upgrade Senior unsecured rating, Ba2 on review for upgrade Senior unsecured shelf rating, (P)Ba2 on review for upgrade Subordinated shelf rating, (P)Ba3 on review for upgrade Preferred shelf rating, (P)B1 on review for upgrade Preferred shelf noncumulative rating, (P)B2 on review for Upgrade E*TRADE Bank Long-term bank deposit rating, Baa2 on review for upgrade Short-term bank deposit rating, Prime-2 affirmed Long-term issuer rating, Ba2 on review for upgrade Baseline credit assessment, ba1 on review for upgrade Adjusted baseline credit assessment, ba1 on review for upgrade Long-term counterparty risk assessment, Baa3(cr) on review for upgrade Short-term counterparty risk assessment, P-3(cr) on review for upgrade RATINGS RATIONALE Moody's said E*TRADE Bank's exit from expensive repurchase agreements (repos) and Federal Home Loan Bank advances, and its plans to replace these funding sources via the on-boarding of low-cost deposits over the next several quarters, will significantly reduce its annual operating interest expense by roughly $150 million. This will improve E*TRADE Bank's future profitability and will benefit E*TRADE's debt service capacity. The transactions will improve E*TRADE Bank's funding profile by removing reliance on short-term repo funding, said Moody's, since the ongoing availability of repo funding can be susceptible to downturns in demand and liquidity in the wholesale borrowing market. E*TRADE expects to report a pre-tax charge of approximately $410 million in the current quarter in connection with terminating the debt, the vast majority of which is non-cash. Moody's said this is a prudent use of E*TRADE's regulatory capital, given the longer-term benefits of its actions, and continues a trend of credit positive developments at the company. Moody's added that these positive developments have resulted in many of E*TRADE's financial credit metrics improving significantly. However, Moody's said it will also review a number of E*TRADE's credit challenges, and the rating agency said these considerations are key to its assessment of E*TRADE's overall credit strength. Moody's said these credit challenges include: how E*TRADE's response to strategic challenges might affect its credit strength; how E*TRADE might respond to shareholder pressure to introduce significant shareholder distributions and to grow and broaden its franchise into areas of increased risk; how E*TRADE Bank's size, loan portfolio risk and securities investment profile are likely to change; and the degree of risk that may still exist from the magnitude of change that has taken place at E*TRADE. Moody's said its consideration of E*TRADE's positive developments and credit challenges could result in an upgrade of E*TRADE's senior unsecured and issuer ratings of up to two notches into investment grade status. The principal methodology used in these ratings was Global Securities Industry Methodology published in May 2013. ENCLAVE AT BOYNTON: Case Summary & Largest Unsecured Creditors -------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Enclave at Boynton Waters Properties, LLC 15-26141 6849 Cobia Circle Boynton Beach, FL 33437 Lake Placid Waterfront Properties, LLC 15-26143 Hillsboro Mile Properties, LLC 15-26148 Estates of Boynton Waters Properties, LLC 15-26152 Enclave at Hillsboro, LLC 15-26155 Remi Hillsboro, LLC 15-26156 Antipodean Properties, LLC 15-26162 Kerekes Land Trust Properties, LLC 15-26165 Chapter 11 Petition Date: September 8, 2015 Court: United States Bankruptcy Court Southern District of Florida (West Palm Beach) Judge: Hon. Erik P. Kimball Debtors' Counsel: Bradley S Shraiberg, Esq. SHRAIBERG, FERRARA, & LANDAU P.A. 2385 NW Executive Center Dr. #300 Boca Raton, FL 33431 Tel: (561) 443-0801 Fax: (561) 998-0047 Email: bshraiberg@sfl-pa.com Total Total Assets Liabilities ---------- ----------- Enclave at Boynton Waters Properties $5.5MM $39.24MM Antipodean Properties $2MM $39.06MM Kerekes Land Trust Properties $7MM $39.20MM The petitions were signed by John B. Kennelly, manager. A. List of Enclave at Boynton Waters' 19 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 13th Floor Investments, LLC Lawsuit $829,309 c/o Etan Mark, Esq. Berger Singerman, LLP 1450 Brickell Ave, Ste 1900 Miami, FL 33131 Andrew M. Schwartz, P.A. Attorneys Fees $16,740 Aquageniz Maintenance $300 Atlantic Caribbean Mapping, Inc. Boundary $1,850 Survey Auto Owner's Insurance Insurance $433 CBIZ MHM, LLC Accounting $1,350 Services Florida Department of Revenue Unknown Florida Power & Light Electricity $27,037 Internal Revenue Service Unknown Internal Revenue Service Unknown Office of Attorney General Unknown State of Florida Palm Beach County Tax Collector Tax $38,419 SEC Headquarters Unknown Securities and Exchange Commission Unknown Specialized Industries, Inc. Maintenance $124,000 The Ardent Companies Unknown United States Attorney Unknown General's Office US Attorney Southern Unknown District of Florida WGI Engineering and Surveying Preparation of $2,900 Pre-Application Preparation of Traffic Stmt B. List of Antipodean Properties' 15 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 13th Floor Investments, LLC Lawsuit $829,309 c/o Etan Mark, Esq. Berger Singerman, LLP 1450 Brickell Ave, Ste 1900 Miami, FL 33131 Auto Owner's Insurance Insurance $433 Broward County Tax Collector Tax $13,624 Broward County Tax Collector Tax $10,331 Florida Department of Revenue Unknown Internal Revenue Service Unknown Internal Revenue Service Unknown Office of Attorney General Unknown State of Florida SEC Headquarters Unknown Securities and Exchange Commission Unknown Specialized Industries, Inc. Maintenance $2,500 Specialized Industries, Inc. Maintenance $2,500 The Ardent Companies Unknown United States Attorney Unknown General's Office US Attorney Southern Unknown District of Florida C. List of Kerekes Land Trust Properties' 19 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 13th Floor Investments, LLC Lawsuit $829,309 c/o Etan Mark, Esq. Berger Singerman, LLP 1450 Brickell Ave, Ste 1900 Miami, FL 33131 Auto Owner's Insurance Insurance $433 Florida Department of Revenue Unknown Gentile Glas Holloway O'Mahoney $1,003 Internal Revenue Service Unknown Internal Revenue Service Unknown Office of Attorney General Unknown State of Florida Palm Beach County Finance $285 Department Palm Beach County Tax Collector Tax $63,786 Palm Beach County Tax Collector Tax $26,424 Pinder Troutman Consulting, Inc. $3,818 SEC Headquarters Unknown Securities and Exchange Commission Unknown Specialized Industries, Inc. Maintenance $79,800 The Ardent Companies Unknown The Martin Architectural Group $600 United States Attorney Unknown General's Office US Attorney Southern Unknown District of Florida WGI Engineering and Surveying Utilities $89 ENERGY FUTURE: U.S. Trustee Attacks Plan Over Fee Payments ---------------------------------------------------------- Tom Hals, writing for Reuters, reported that the U.S. government's bankruptcy watchdog blasted an agreement aimed at bringing Energy Future Holdings out of Chapter 11 because it requires Texas's biggest power company to pay millions of dollars in fees to lawyers. According to the report, Energy Future Holdings struck a "plan support agreement" in August that binds key parties to work together to end the contentious bankruptcy, which began in April 2014. The support agreement is aimed to preventing pitched legal battles if the current bankruptcy exit proposal, based on the sale of the Oncor power distribution business, fails, the report related. However, the plan support agreement also requires Energy Future's creditors "to vote in favor of a plan that provides for millions of dollars (and possibly billions)" for 45 professionals working for undisclosed parties, the report further related, citing the U.S. Trustee. About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in book value and liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of ONLY of Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. HAGGEN HOLDINGS: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Haggen Holdings, LLC 15-11874 2211 Rimland Drive Bellingham, WA 98266 Haggen Operations Holdings, LLC 15-11875 Haggen Opco South, LLC 15-11876 Haggen Opco North, LLC 15-11877 Haggen Acquisition, LLC 15-11878 Haggen, Inc. 15-11879 Type of Business: Operates food and pharmacy stores Chapter 11 Petition Date: September 8, 2015 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtors' Matthew G. Garofalo, Esq. General Elizabeth Taveras, Esq. Bankruptcy STROOCK & STROOCK & LAVAN LLP Counsel: 180 Maiden Lane New York, NY 10038-1982 Tel: (212) 506-5400 Fax: (212) 806-6006 Email: mgarofalo@stroock.com etaveras@stroock.com Debtors' Matthew Barry Lunn, Esq. Local Robert F. Poppiti, Jr., Esq. Counsel: Ashley E. Jacobs, Esq. Ian J. Bambrick, Esq. YOUNG, CONAWAY, STARGATT & TAYLOR, LLP 1000 North King Street Wilmington, DE 19809 Tel: 302-571-6600 Email: mlunn@ycst.com rpoppiti@ycst.com ajacobs@ycst.com ibambrick@ycst.com Debtors' ALVAREZ & MARSAL NORTH AMERICA, LLC Financial Advisor: Debtors' KURTZMAN CARSON CONSULTANTS LLC Notice, Claims, Solicitation and Balloting Agent: Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million The petitions were signed by Blake Barnett, chief financial officer. Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Unified Grocers-Corporate Trade Payable $14,873,746 5200 Sheila St. Commerce, CA 90040 Tel: 323-264-5200 Fax: 323-262-1950 Topco Associates Inc. Trade Payable $5,724,438 150 Northwest Point Blvd Elk Grove Village, IL 60007 Tel: 847-676-3030 Fax: 847-676-4949 Merlone Geier Contract $5,666,768 425 California St. Liability Tenth Floor San Francisco, CA 94104 Tel: 415-693-9000 Fax: 415-693-0480 Dale C. Henley Deferred $4,894,437 Compensation Charlies Produce Inc. Trade Payable $3,477,536 4103 2nd Ave S. Seattle, WA 98134 Tel: 206-625-1412 Fax: 206-442-9023 Moneygram Trade Payable $2,509,145 2828 North Harwood St. 15th Floor Dallas, TX 75201 Tel: 214-9999-7552 Fax: 214-9999-7670 Pepsi-Cola Trade Payable $1,710,473 700 Anderson Hill Road Purchase, NY 10577 Tel: 914-253-2000 Fax: 914-253-2070 Coca Cola Trade Payable $1,625,839 1 Coca Cola Plaza Atlanta, GA 30313-2499 Tel: 404-676-2121 Fax: 404-676-6792 DPI Specialty Foods Trade Payable $1,409,110 601 Rockfeller Ave Ontario, CA 91761 Tel: 909-975-1019 Fax: 909-975-7238 Fintech Trade Payable $1,180,673 3109 W. Dr. Martin Luther King Jr. Blvd. Suite 200 Tampa, FL 33607 Tel: 800-572-0854 Fax: 813-289-5599 Supervalu Inc. Trade Payable $1,010,909 11840 Valley View Road Eden Prairie, MN 55344 Tel: 952-828-4000 Fax: 952-828-8998 Steve Julius Construction Inc. Trade Payable $984,918 230 Calle Pintoresco San Clemente, CA 92673 Tel: 949-369-7820 Fax: 949-369-7821 MGP X Properties LLC Trade Payable $919,812 c/o Merlone Geier Attn: Lease Admin. 425 California Street Eleventh Floor San Francisco, CA 94104 Frito Lay Incorporated Trade Payable $785,158 75 Remittance Dr Ste 1844 Chicago, IL 60675-1844 Tel: 972-334-7000 Fax: 972-334-2019 Starbucks Corporation Trade Payable $722,649 2401 Utah Ave S Seattle, WA 38134-1436 Tel: 206-597-1575 Fax: 206-447-3432 Design Fabrications Trade Payable $717,910 1100 Mandoline Ave Madison Heights, MI 48071 Tel: 248-597-0988 Fax: 248-597-0989 Woodman Construction Inc. Trade Payable $710,223 10910 117th Place NE Bldg 6 Kirkland, WA 98033 Tel: 425-454-3621 Fax: 425-454-6918 Santa Monica Seafood Trade Payable $687,837 18531 Broadwick Street Rancho Dominguez, CA 90220 Tel: 310-886-7900 Fax: 310-886-3333 TNG GP. Trade Payable $665,358 3995 70th Ave E Ste B Fife, WA 98424-3616 Tel: 253-952-7150 Fax: 253-952-7151 Bunzl Seattle Trade Payable $649,234 4501 West Valley Hwy E Ste A Sumner, WA 98390 Tel: 253-321-3300 Fax: 253-321-3302 Palisades MediaGroup Trade Payable $555,610 1620 26th St. Suite 200 S Santa Monica, CA 90404 Tel: 310-564-5400 Fax: 310-453-8370 Bon Suisse Trade Payable $503,623 11860 Community Road Suite 100 Poway, CA 92064-8887 Tel: 858-391-9222 Fax: 858-391-9299 Email: info@bonsuisse.com Franz Family Bakeries Trade Payable $493,983 PO Box 742654 Los Angeles, CA 90074-2654 Tel: 503-232-2191 Fax: 503-731-5680 Mondelez Global LLC Trade Payable $472,318 100 Deforest Ave East Hanover, NJ 07936 Tel: 855-535-5648 Email: carol.ward@mdlz.com Eleven Western Builders Inc. Trade Payable $468,690 2862 Executive PL Escondido, CA 92029-1524 Tel: 760-796-6346 Fax: 760-796-6360 Bimbo Bakeries USA Trade Payable $453,711 255 Business Center Drive Horsham, PA 19044 Tel: 800-984-0989 Fax: 610-320-9286 Mission Foods Trade Payable $429,911 1159 Cottonwood Lane, Suite 200 Irving, TX 75038 Tel: 972-232-5000 Fax: 972-232-5167 Ocean Beauty Seafoods LLC Trade Payable $416,022 1100 West Ewing Street Seattle, WA 98119 Tel: 206-285-6800 Fax: 206-285-9190 Email: info@oceanbeauty.com Columbia Distributing Co. Trade Payable $414,007 13017 La Dana Court Santa Fe Springs, ID 90670 Tel: 503-289-9600 Fax: 503-240-8389 Email: customerservice@coldist.com Albertson's LLC and Litigation Undetermined Albertson's Holdings LLC HAGGEN HOLDINGS: Files for Chapter 11 Amid Albertson's Lawsuit -------------------------------------------------------------- Haggen Holdings and five of its affiliates sought Chapter 11 protection in Delaware on Sept. 8, 2015, with the intention of reorganizing, or selling as a going concern, their stores for the benefit of their creditors. The Debtors listed Unified Grocers as its largest unsecured creditor holding a claim of $14.8 million. Albertson's LLC is also listed to have an undetermined amount of litigation claim. Headquartered in Bellingham, Washington, Haggen was founded in 1933 as a single grocery store. From 1933 to 2014, Haggen grew into a 30 store family-run grocery chain, with stores located in the northwestern United States. From 2011 to 2014, Haggen reduced its store base to 18, including a stand-alone pharmacy location. Haggen rapidly expanded in 2014 and 2015, and, as of the Petition Date, Haggen owned and operated 164 stores through three operating companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco South, LLC. Haggen has recently filed a lawsuit against Albertson's LLC in Delaware federal court in connection with the actions Albertson's took that ultimately led to Haggen's failure in its efforts to operate Haggen stores in the Albertson's locations. In December 2014, Haggen executed an asset purchase agreement with Albertson's after the Federal Trade Commission ordered Albertson's to sell 146 of its locations in Washington, Oregon, California, Arizona, and Nevada. The Albertson's Locations were then transitioned to Haggen in a staggered schedule from Feb. 14, 2015, to June 23, 2015. During the transition process, the Haggen team faced the task of closing the Albertson's Locations and rebranding them as Haggen stores, essentially opening a brand new chain of 146 grocery stores in just over 120 days, while limiting each store closure to only 1–2 days. Blake Barnett, chief financial officer of Haggen Holdings, says in a declaration filed with the Court that Albertson's engaged in numerous breaches of the APA that made the transitioning and rebranding unsuccessful, leading to major drop-offs in customer levels at the new stores. This, according to Mr. Barnett, led to a severe liquidity crisis for the Debtors. Following the acquisition of the Albertson's Locations, the Debtors' liquidity dropped precipitously. During the period from June 19, 2015, until the Petition Date, the Debtors' availability under their prepetition credit facility dropped from $35,988,128 to $2,334,274. In the weeks leading up to the Petition Date, the Debtors' operations continued to generate increasingly negative cashflow. As a result of, among other things, these liquidity issues, Haggen determined to close several of its recently acquired stores. In particular, Haggen entered into an agreement with Hilco Merchant Resources, LLC in late August 2015 to conduct going-out-of-business sales for 27 of its stores. Additionally, Haggen has engaged Sagent Advisors to market for sale some of the Haggen North and Haggen South locations and to explore market interest in various store locations. As a result of these efforts, a number of third parties have expressed interest in acquiring a number of the Haggen North and Haggen South locations. Concurrently with the filing of the petitions, the Debtors are seeking: -- joint administration of their cases; -- to continue using their cash management systems; -- to pay certain prepetition employee compensation; and -- to obtain post-petition financing and utilize cash collateral. A full-text copy of the declaration filed together with the petitions is available for free at: http://bankrupt.com/misc/15_HAGGEN_Declaration.pdf About Haggen Haggen Holdings, LLC, and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del., Case Nos. 15-11874 to 15-11879) on Sept. 8, 2015. The petitions were signed by Blake Barnett as chief financial officer. Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors' local counsel. Stroock & Stroock & Lavan LLP serves as the Debtors' general counsel. Alvarez & Marsal North America, LLC, acts as the Debtors' financial advisor. Kurtzman Carson Consultants LLC serve as the Debtors' claims and noticing agent. The Debtors have estimated assets of $50 million to $100 million and estimated liabilities of $10 million to $50 million. HAGGEN HOLDINGS: UFCW Comments on Chapter 11 Bankruptcy Filing -------------------------------------------------------------- The United Food and Commercial Workers (UFCW) International Union, the largest private sector union in the nation, released the following statement on Sept. 9 regarding Haggen's Chapter 11 bankruptcy filing. "For years, hard-working men and women in grocery stores at Haggen's have shown their commitment to their job, their co-workers, the community, and this union family. "As difficult as this bankruptcy process is, our message to Haggen is simple -- we expect Haggen to do what is right by their hard-working employees and their families. Haggen's must never forget that these incredible men and women who do the work are the heart and soul of their stores. "They are not numbers, but real people whose work and dedication should be honored. Looking ahead, our union family will do everything in our power to protect the livelihoods of every member who is and has been dedicated to meeting the needs of every Haggen's customer." Headquartered in Bellingham, Washington, Haggen, Inc. -- http://www.haggen.com-- operates nearly 20 combination supermarkets throughout Washington and Oregon. Most upscale Haggen Food & Pharmacy stores feature specialty departments, while the TOP Food & Drug outlets emphasize savings; however, both may offer such amenities as Starbucks coffee shops, Blockbuster video outlets, or child-care centers. Founded in 1933 in Bellingham, Washington, Haggen has grown to be one of the nation's 75th largest grocery chains. In 2011 private equity firm Comvest acquired a majority stake in the chain. HYPNOTIC TAXI: Cases Jointly Administered for Procedural Purposes ----------------------------------------------------------------- The Hon. Carla E. Craig of the U.S. Bankruptcy Court for the Eastern District of New York directed the joint administration of the Chapter 11 cases of Hypnotic Taxi LLC, and its debtor affiliates under Lead Case No. 15-43300, for procedural purposes only. Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on July 22, 2015. The petition was signed by Evgeny Freidman as sole and managing member. Klestadt Winters Jureller Southard & Stevens LLP serves as the Debtors' counsel. Judge Carla E. Craig presides over the case. The Debtors each own either two or three medallions issued by the New York City Taxi and Limousine Commission that permit taxi services to be performed by the Debtors. Hypnotic Taxi LLC disclosed total assets of $1,941,314 and total liabilities of $2,825,401 as of the Petition Date. The U.S. Trustee for Region 2 appointed three creditors to serve on the official committee of unsecured creditors. HYPNOTIC TAXI: Needs To Borrow $350K in Subordinated DIP Loan ------------------------------------------------------------- Hypnotic Taxi LLC, et al., seek authority from the United States Bankruptcy Court for the Eastern District of New York to obtain subordinated postpetition financing in the aggregate principal amount of up to $350,000 from Philadelphia Taxi Management LLC. The Debtors explain that the $350,000 capital is needed to fund the costs of their restructuring efforts, including professional fees, compensation to the Chief Restructuring Officer, United States Trustee fees, and other normal costs and expenses. The lender, an affiliate of the Debtors with common ownership, is willing to provide the unsecured postpetition financing to the Debtors, interest free and without fees, and subordinated to each and every other creditor of the Debtors. The Lender will make revolving loans to the Debtors in the aggregate principal amount not to exceed $350,000, with each revolving loan evidence by a promissory note issued by the Debtors and payable to the Lender. The Revolving Loans will be and are subordinated to the Allowed Claims of any and all other creditors or parties in interest asserting Claims against the Debtors and may not be repaid unless and until all the other Allowed Claims have been fully paid and satisfied. The Debtors are represented by: Fred Stevens, Esq. Sean C. Southard, Esq. Maeghan J. McLoughlin, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 570 Seventh Ave., 17th Floor New York, New York 10018 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: fstevens@klestadt.com ssouthard@klestadt.com About Hypnotic Taxi Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on July 22, 2015. The petition was signed by Evgeny Freidman as sole and managing member. Klestadt Winters Jureller Southard & Stevens LLP serves as the Debtors' counsel. Judge Carla E. Craig presides over the case. The Debtors each own either two or three medallions issued by the New York City Taxi and Limousine Commission that permit taxi services to be performed by the Debtors. INNOVATION VENTURES: Moody's Affirms B3 CFR, Outlook Stable ----------------------------------------------------------- Moody's Investors Service affirmed the Corporate Family Rating of Innovation Ventures', but changed the outlook to stable from negative. Moody's also affirmed the company's B3 senior secured rating and SGL-2 speculative grade liquidity rating. The outlook revision to stable reflects Moody's view that revenues have stabilized and will remain around current levels over the foreseeable future. These ratings were affirmed: -- Corporate Family Rating at B3 -- Probability of Default rating at B3-PD -- Senior secured notes due August 2019 at B3 (LGD 4) -- Speculative grade liquidity rating at SGL-2 The outlook on all ratings is stable. RATINGS RATIONALE Innovation's B3 Corporate Family Rating reflects its reliance on essentially one product in a niche category, making it susceptible to changes in consumer preference and tastes. The rating also reflects weak corporate governance and a history of large payouts to its owners. These significant negative characteristics are partially mitigated by very high profit margins and good cash flow, driven in part by the company's dominant U.S. market position in the niche energy shot category. Moody's expects the company to generate ample cash flow over the next 12 to 18 months and distribute most of this cash to its owners. The stable outlook reflects Moody's expectation that the company will maintain very high product concentration, and an aggressive financial policy in the years ahead. The rating could be downgraded if there is a sustained decline in sales or operating profit, leverage increases, liquidity weakens, or Moody's becomes concerned that the company will have difficulty refinancing its debt as maturity approaches. Innovation's rating could be upgraded if it increases its product diversity, adopts a more conservative financial policy, and sustains debt to EBITDA below 2 times. The principal methodology used in these ratings was the Global Soft Beverage Industry published in May 2013. Headquartered in Farmington Hills, MI, Innovation Ventures, LLC manufactures liquid energy shots under the 5-hour ENERGY® brand. This product is sold in 1.93 ounce bottles and is designed to provide a feeling of alertness for hours. It licenses the intellectual property related to 5-hour ENERGY including the formula and trademarks from International IP Holdings, LLC, an entity under common control with Innovation. Innovation is 80% directly or indirectly owned by CEO Manoj Bhargava. Net sales for the twelve months ending June 30, 2015, approximated $500 million. INTERNATIONAL BRIDGE: Wants Plan Filing Period Extended to Dec. 3 ----------------------------------------------------------------- International Bridge Corporation asks the United States Bankruptcy Court for District of Kansas to extend its exclusive period to file its disclosure statement and plan of reorganization until December 3, 2015, and its exclusive period to solicit acceptance of its plan to February 3, 2016. Prior to the Petition Date, the Debtor was involved in a United States Department of Navy Contract Disputes Act Administrative Proceeding, Contract Number N62742-08-C-1301 FY08 MCON P-502, stemming from disputes regarding work performed on the Kilo Wharf Extension for the Department of the Navy at the Commander Naval Regional Marianas, Main Base, Guam. The Navy Administrative Proceeding is being litigated under the Federal Claims Act, and a decision is central to the instant bankruptcy case. However, a decision will not be made in time for Debtor to file its Chapter 11 bankruptcy Plan. International Bridge Corporation is represented by: Wesley F. Smith, Esq. STEVENS & BRAND, LLP 900 Massachusetts, Suite 500 P.O. Box 189 Lawrence, KS 66044 Tel: (785) 843-0811 Fax: (785) 843-0341 Email: WSmith@StevensBrand.com About Int'l Bridge Corp. International Bridge Corporation, a contractor for government projects in the South Pacific and Guam, sought Chapter 11 protection (Bankr. D. Kan. Case No. 15-20951) in Kansas City on May 7, 2015. Robert Toelkes, the sole shareholder and manager, signed the petition. The Debtor disclosed total assets of $17.4 million and total debts of $27.4 million. The case is assigned to Judge Robert D. Berger. The Debtor tapped Stevens & Brand, LLP, as its counsel. Foulston Siefkin, LLP, serves as the Debtor's special litigation counsel. Robert G. Nath, PLLC, represents the Debtor as special tax counsel. LADDER CAPITAL: Fitch Affirms 'BB' Issuer Default Rating -------------------------------------------------------- Fitch Ratings has affirmed the long-term Issuer Default Ratings (IDRs) and senior unsecured note ratings of Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corporation at 'BB'. The Rating Outlook is Stable. KEY RATING DRIVERS The affirmations incorporate Ladder's growing commercial real estate (CRE) investment platform that enables flexibility to invest across products, a conservative underwriting culture, and access to multiple sources of capital. Ladder varies its leverage depending on the risk profiles of and allocation levels to the various CRE asset classes in which it invests. As a result of an increased allocation to 'AAA' and other investment grade rated CMBS securities over the last two years, the overall corporate debt to equity ratio increased to 2.7x as of June 30, 2015, at the higher end of the company's articulated target of 2.0x-3.0x and up from the 1.5x-2.0x range from 2011-2013. Ladder's credit strengths include growing core earnings through periods of market volatility, recently reduced reliance on gain on sale income -- though this has yet to be sustained over an extended period -- and adequate liquidity. Rating constraints include the company's less diversified business model focused on the commercial real estate sector, high proportion of secured funding, weak unencumbered asset coverage of unsecured debt following the August 2014 bond offering, reduced capital retention stemming from the parent Ladder Capital Corp's (LADR) REIT tax election effective Jan. 1, 2015, the absence of a track record as a standalone entity through a full credit cycle and key man risk. Symbiotic Business Lines Fitch has a favorable view of Ladder's track record of originating conduit and balance sheet mortgage loans, purchasing investment grade CMBS, U.S. Agency and other securities, and acquiring net lease and other equity real estate as market conditions warrant. Net lease equity real estate and highly rated securities balance Ladder's gain on sale for conduit loans and higher risk balance sheet loans given that they are on properties undergoing transition. The balance sheet continues to grow, with total assets increasing to $5.7 billion as of June 30, 2015 from $3.4 billion as of Dec. 31, 2013. As noted in Fitch's commentary 'Commercial mREITs Eye Growth as Banks Keep CRE in Check,' dated July 6, 2015, commercial mortgage REITs (mREITs) like LADR are becoming more prominent in the commercial real estate lending market. There is a possibility that commercial mREITs will fill a void left by large U.S. banks, which have pulled back from the more volatile segments of CRE lending, such as construction, acquisition and land development while growing overall CRE lending volumes post-crisis. Ladder has significant floating-rate loan holdings (60% of total loans as of June 30, 2015), including higher risk CRE loans on transitional properties, thereby potentially benefitting from a rising interest rate environment. Conservative Underwriting Culture Ladder was founded during the financial crisis in October 2008 and has operated during multiple periods of market volatility without incurring credit losses since inception. Ladder's average loan-to-value is lower and debt service coverage and debt yield levels are higher than commercial real estate finance peers, including other commercial mREITs, banks, and other real estate investment and asset management firms, a credit positive. Ladder's average loan balance was $19 million as of June 30, 2015, limiting individual loss exposures, and the weighted average loan-to-value on balance sheet first mortgage loans was approximately 64% as of June 30, 2015, down from approximately 70% year-over-year. Access to Multiple Sources of Capital; FHLB Remains a Low-Cost Alternative Ladder remains reliant on wholesale funding sources, although there is growing diversity amongst Ladder's sources of capital. As of June 30, 2015, the company had five repurchase facilities, two secured credit facilities and a corporate credit facility from numerous lending institutions, mortgage loan borrowings, borrowings from the Federal Home Loan Bank (FHLB), and access to unsecured notes and public equity. In June 2015, Ladder's captive insurer subsidiary, Tuebor Captive Insurance Company LLC (Tuebor), increased its FHLB advance limit to the lesser of $2.9 billion, 40% of Ladder's total assets or 150% of Ladder's total equity ($325 million increase). This came almost a year after the FHLBs' regulator, the Federal Housing Finance Agency, proposed rules to revise the requirements for financial institutions to apply for and retain membership in one of the 12 FHLBs. Among the proposed rules was that existing captive insurers would sunset over five years. Ladder has continued to take advantage of the low-cost funding afforded to FHLB borrowers. Interest rates on Tuebor's FHLB borrowings ranged from 0.25% to 2.74% as of June 30, 2015, which is among the lowest borrowing rates for any of Ladder's borrowings. Therefore, Fitch expects Ladder to continue accessing this capital source when financing certain first mortgage loans, mezzanine loans and investment grade CRE securities. Fitch believes that Ladder's potential loss of access to FHLB funding would be manageable, considering Ladder finances high quality conduit loans and CMBS securities with the FHLB. These investments can be replaced with other sources of funding including term debt and repurchase facilities. However, this shift in funding would increase Ladder's cost of borrowing impacting its profitability metrics, and if replaced with shorter-term repurchase facilities, further reduce Ladder's liquidity profile and financial flexibility. Fitch will monitor the regulatory developments and continues to view access to more unsecured and longer-term funding sources positively. Increase in Leverage Ladder levers its assets based on their liquidity and volatility characteristics, with highly rated securities levered the highest, followed by net lease and other real estate equity, conduit loans, and balance sheet loans. The company matches its assets and liabilities well from a funding duration standpoint. Low leverage has been a key credit strength for Ladder but increased to 2.7x as of June 30, 2015, at the upper end of the company's articulated target of 2.0x-3.0x, from 1.9x as of Dec. 31, 2014 and 1.4x as of Dec. 31, 2013. Should the company fully utilize its recently authorized up to $50 million share repurchase program, leverage would increase slightly to 2.8x, which would still be appropriate for the 'BB' rating. Growing Core Earnings and Lower Reliance on Gain-on-Sale Income Core earnings totalled $100.1 million during the first half of 2015, down year-over-year due in part to adjustments related to the timing of the recognition of hedge results and the realization of gains/losses related to the sale of hedged assets. The overall earnings trajectory has remained strong at $219.3 million in 2014, up from $200.3 million in 2013 and $177.5 million in 2012. This comes despite several periods of volatility in the commercial real estate debt markets during the past several years. Core earnings to average equity was 13.3% in 1H2015, down slightly from 16.3% in 2014 and 17.5% in 2013; the decline was partially driven by a reduction in loan sale proceeds, including securitization profits. Notably, the quality of Ladder's earnings has improved from a credit standpoint as gain on sale income (loan sales and gain on securities), net of hedges related to securitized loans, represented 30.9% of net revenues in 1H2015, down from 51.0% in 2014 and 53.3% in 2013. Greater revenue diversity with reduced reliance on gain on sale income over a longer term period would be viewed favorably by Fitch. Predominantly Secured Borrower Ladder's secured debt represented 83.2% of total debt and 59.5% of total assets as of June 30, 2015, which limits financial flexibility. In addition, unencumbered asset coverage of unsecured notes has weakened over the past year due to the company's August 2014 bond offering. Unencumbered assets and unrestricted cash totaled $835.2 million as of June 30, 2015, which covered unsecured debt by 1.2x. This ratio is down from 2.2x as of June 30, 2014. Nevertheless, Ladder's liquidity position remains adequate with sources (unrestricted cash, projected retained cash flows from operating activities) covering uses (debt maturities assuming a 90% refinance rate on secured debt, operating lease expense, securities commitments remaining to be funded and unfunded commitments on mortgage loan receivables) by 1.0x through Dec. 31, 2016. As of June 30, 2015, Ladder had $957.6 million of excess committed capacity under its committed secured repurchase funding facilities and other repurchase facilities, $38 million under its secured credit agreement, and $507.8 million of undrawn committed term financing from FHLB, for a combined $1.5 billion available to fund future growth in its business. Key Man Risk Key man risk is not unusual for mortgage REITs or similar finance companies. In Fitch's view, key man risk continues to reside with the Chief Executive Officer of Ladder. However, the company has a deep bench, and the six executive officers of the company average 26 years of commercial real estate finance experience. In August 2015, Ladder's Chief Investment Officer resigned to assume the Chief Executive Officer role at a competing commercial real estate investment platform. Fitch views Ladder as having sufficient remaining management depth to absorb this departure. As of June 30, 2015, Ladder's management team and directors held interests in the company comprising 12.3% of the company's total equity, aligning interests of management and shareholders. REIT Tax Election Credit Neutral; Higher Dividend Payout Ratio LADR's REIT tax election effective Jan. 1, 2015 had no impact on Ladder's 'BB' long-term IDR or Stable Outlook. This was because of Ladder's intention to maintain a consistent operating strategy and pay a portion of the dividend in common stock rather than an all-cash dividend, which offset the limited capital retention flexibility that comes with REIT election. The REIT conversion negatively impacts Ladder's ability to retain capital for growth and/or opportunistic activity, driven primarily by the requirement that REITs distribute at least 90% of taxable income to shareholders. As a result of the REIT tax election, Ladder is expected to retain approximately 45% of its core earnings going forward, compared to approximately 60% prior to the REIT conversion. All else being equal, the REIT conversion increased after-tax core earnings because of a lower effective tax rate as a REIT, but this was somewhat offset by an increase in the company's cash dividend to $1.10 per share from $0 per share previously. RATING SENSITIVITIES IDRS AND SENIOR DEBT The Stable Outlook reflects Fitch's expectation that the company will continue to prudently grow its business, maintain conservative underwriting standards, and continue to moderate reliance on gain on sale income. This is offset by Ladder's increase in leverage and growing access to FHLB financing, which is economical but nevertheless constrains further growth in the unencumbered pool and the ratio of unencumbered asset coverage of unsecured debt. The following factors may have a positive impact on Ladder's ratings and/or Outlook: -- Greater revenue diversity with a sustained reduction in reliance on gain on sale income; -- Sustained profitability and asset quality performance through multiple market environments, while maintaining conservative leverage at the lower end of the 2.0x-3.0x target and strong liquidity levels; -- Increased economic access to long-term unsecured debt funding. The following factors may have a negative impact on Ladder's ratings and/or Outlook: -- Regulatory risks that immediately impede access to FHLB borrowings without an offsetting increase in long-term economic sources of funding; -- Material increase in exposure to more aggressively underwritten balance sheet loans or real estate equity investments without adequate reserves and commensurate decrease in leverage; -- An increase in leverage beyond the company's articulated target; -- Sustained reduction in liquidity levels and/or unencumbered assets relative to outstanding unsecured debt; -- Sustained operating losses or material weakening of asset quality. Fitch has affirmed the following ratings of Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corporation: -- IDRs at 'BB'; -- Senior unsecured notes at 'BB'. The Rating Outlook is Stable. LEHMAN BROTHERS: Trustee Begins Third Payout to Brokerage Creditors ------------------------------------------------------------------- James W. Giddens, Trustee for the liquidation of Lehman Brothers Inc. under the Securities Investor Protection Act and chair of the Hughes Hubbard & Reed LLP Corporate Reorganization and Bankruptcy Group, initiated the third interim distribution to unsecured general creditors with allowed claims on Sept. 9 by wiring and sending checks totaling $1.75 billion to claimants. Distributions from the LBI estate will now total $114 billion, the largest distributions across the worldwide Lehman insolvency proceedings. "The third multi-billion dollar distribution to general creditors is underway as winding down the estate moves ahead," Mr. Giddens said. "We will continue to resolve remaining claims to maximize potential future distributions and successfully conclude the largest broker-dealer liquidation in history." In August 2015, the Bankruptcy Court approved the Trustee's motion for a third interim distribution with an allocation of $1.9 billion. More than 90 percent of the allocated funds for the third interim distribution are being distributed this week, and distributions will continue as necessary tax forms are received. The cumulative payout on allowed claims of unsecured general creditors now totals 35 percent. The Trustee has distributed approximately $7.65 billion to LBI's creditors since July 2014. Customers have received more than $106 billion, fully satisfying the 111,000 customer claims. Secured, priority, and administrative creditors have also received 100 percent distributions. The Trustee is represented by Hughes Hubbard & Reed LLP. Joseph Checkler, writing for Dow Jones' Daily Bankruptcy Review, reported that the payments, approved by Lehman's bankruptcy judge in July, will bring a recovery of about 35 cents on the dollar. Combined with distributions made to customers, the total amount recovered in the brokerage's liquidation will be around $114 billion, the report noted. 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. LUCA INTERNATIONAL: Hires Hoover Slovacek as Attorneys ------------------------------------------------------ Luca International Group LLC and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the Southern District of Texas to employ Edward L. Rothberg and Hoover Slovacek LLP as attorneys, effective as of the Aug. 6, 2015 petition date. The Debtors require Hoover Slovacek to: (a) assist, advise and represent the Debtors relative to the administration of these Chapter 11 cases; (b) assist, advise and represent the Debtors in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtors in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtors; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtors before said Courts and the United States Trustee; and (g) perform all other necessary legal services in these cases. Hoover Slovacek will be paid at these hourly rates: Edward L. Rothberg $425 Annie Catmull $335 Melissa Haselden $310 Deirdre C. Brown $300 T. Josh Judd $285 Brendetta A. Scott $250 Legal Assistants/Paralegals $110-$150 Hoover Slovacek will also be reimbursed for reasonable out-of-pocket expenses incurred. Hoover Slovacek was paid $20,000 for pre-petition bankruptcy representation and counsel. Prior to the filing, Hoover Slovacek received filing fees of $20,604.00 to be paid on behalf of the Debtors. Edward L. Rothberg, partner of Hoover Slovacek, 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. Hoover Slovacek can be reached at: Edward L. Rothberg, Esq. HOOVER SLOVACEK LLP 5051 Westheimer Suite 1200 Houston, TX 77056 Tel: (713) 977-8686 Fax: (713) 977-5395 E-mail: rothberg@hooverslovacek.com About Luca International Luca International Group LLC and Luca Operation, LLC, and their affiliates are engaged in the exploration and production of natural gas, petroleum and related hydrocarbons. The primary assets are located in Iberville and Ascension Parishes in Louisiana. These assets include 3 operating oil and gas wells -- Belle Grove 1, Dugas & Leblanc 1 and Jumonville 2. In addition, the assets include a water disposal well, Acosta 1, and a shut-in-oil and gas well, Jumonville 1. The Luca entities also own oil and gas leases in Texas and working interests in various locations. The Luca entities are owned by Bingqing Yang. Luca International Group and 11 related entities sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 15-34221) in Houston, Texas, on Aug. 6, 2015. The cases are assigned to Judge David R. Jones. The Debtors tapped Hoover Slovacek, LLP, as counsel, and BMC Group, Inc., as claims agent. Luca International estimated $50 million to $100 million in assets and debt. The petitions were signed by Loretta R. Cross, the CRO. MAGNETATION LLC: Court Approves Trenti Law as Minnesota Counsel --------------------------------------------------------------- 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 Trenti Law Firm as Minnesota local real estate counsel, nunc pro tunc to July 13, 2015. The Debtors anticipate that Trenti Law will render certain legal services during these chapter 11 cases in connection with real estate research, negotiations and document preparation, as well as other matters that may involve Minnesota real estate law as requested by the Debtors. Trenti Law will be paid at these hourly rates: Attorney $240 Legal Assistant $120 Trenti Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Scott C. Neff, attorney at Trenti Law, 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. Trenti Law can be reached at: Scott C. Neff, Esq. TRENTI LAW FIRM 225 First Street North, Suite 1000 P.O. Box 958 Virginia, MN 55792 Tel: (218) 749-1962 Fax: (218) 749-4308 E-mail: scn@trentilaw.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 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: Court Okays Bingham Greenebaum as Indiana Counsel ------------------------------------------------------------------ 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 Bingham Greenebaum Doll LLP as Indiana local counsel, nunc pro tunc to June 10, 2015. The Debtors anticipate that Bingham Greenebaum will render certain legal services during these chapter 11 cases in connection with the defense of an annexation proceeding, a personal injury claim under Indiana law, as well as other matters that may involve Indiana law, as requested by the Debtors. Bingham Greenebaum will be paid at these hourly rates: Partner $450 Associate Attorney $275 Bingham Greenebaum will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew M. Price, partner of Bingham Greenebaum, 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. Bingham Greenebaum can be reached at: Matthew M. Price, Esq. BINGHAM GREENEBAUM DOLL LLP 2700 Market Tower 10 West Market Street Indianapolis, IN 46204 Tel: (317) 635-8900 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 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. MEDIA GENERAL: S&P Puts 'BB-' Corp. Credit Rating on Watch Negative ------------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings, including the 'BB-' corporate credit rating, on Richmond, Va.-based television broadcaster Media General Inc. on CreditWatch with negative implications. The CreditWatch placement follows the company's announcement that it has entered into a definitive agreement to merge with Des Moines, Iowa-based Meredith Corp. (not rated) in a transaction valued at $2.4 billion. The combined company will own and operate or service 88 stations in 54 television markets, reaching approximately 30% of U.S. households. It will also have several leading women-focused magazine and digital brands. S&P views Media General's business risk profile as "satisfactory" and believe the transaction will not affect that assessment, though the acquisition will increase the size and scale of the company's TV broadcasting assets. This should provide some benefit in Media General's retransmission consent negotiations with cable, satellite, and telecom video service providers, as well as for its programming purchases and station management efficiency. The transaction will be financed with a combination of Media General stock and approximately $1.5 billion in cash. S&P expects the company to fund the cash component with cash on the balance sheet and the issuance of incremental debt. As a result, S&P expects the combined company's adjusted leverage to be above its 5x leverage threshold for an "aggressive" financial risk profile assessment when the transaction closes. In resolving S&P's CreditWatch placement, it will fully evaluate Media General's ability to integrate all of its acquired stations from the LIN Media LLC and Meredith Corp. acquisitions. In addition, S&P will assess the combined company's financial risk profile and evaluate its financial policy and ability to reduce debt to average trailing-eight-quarter EBITDA below 5x on a sustained basis within one year of the transaction closing. MF GLOBAL: November 20 PwC Settlement Fairness Hearing Set ---------------------------------------------------------- UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE MF GLOBAL HOLDINGS LIMITED SECURITIES LITIGATION, Civil Action No. 1:11-CV-07866-VM THIS DOCUMENT RELATES TO: All Securities Actions, (DeAngelis v. Corzine), ECF CASE SUMMARY NOTICE OF (I) CERTIFICATION OF SETTLEMENT CLASSES; (II) PROPOSED SETTLEMENTS WITH PRICEWATERHOUSECOOPERS LLP AND THE INDIVIDUAL DEFENDANTS; (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF EXPENSES; AND (IV) SETTLEMENT FAIRNESS HEARING TO: All persons and entities who or which, during the period beginning on May 20, 2010 through and including November 21, 2011, purchased or otherwise acquired any MF Global Securities(1) and were damaged thereby (the PwC and the Individual Defendant Settlement Classes). PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT. YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that the above-captioned litigation (the "Action") has been certified as a class action for the purposes of settlement only on behalf of the PwC Settlement Class and the Individual Defendant Settlement Class, except for certain persons and entities who are excluded from those Settlement Classes by definition as set forth in the full printed Notice of (I) Certification of Settlement Classes; (II) Proposed Settlements with PricewaterhouseCoopers LLP and the Individual Defendants;(III) Motion for an Award of Attorneys' Fees and Reimbursement of Expenses; and (IV) Settlement Fairness Hearing (the "Notice"). YOU ARE ALSO NOTIFIED that Lead Plaintiffs in the Action have reached proposed partial settlements of the Action (i) with defendant PricewaterhouseCoopers LLP ("PwC" for $65,000,000 in cash (the "PwC Settlement") and (ii) Jon S. Corzine, J. Randy MacDonald, and Henri J. Steenkamp (collectively, the "Officer Defendants"), David P. Bolger, Eileen S. Fusco, David Gelber, Martin J.G. Glynn, Edward L. Goldberg, David I. Schamis, and Robert S. Sloan (collectively, the "Director Defendants," together with the Officer Defendants, the Individual Defendants") for $64,500,000 in cash, that, if approved, will resolve all claims asserted in the Action against PwC, MFG Global's outside auditor, and against the Individual Defendants, respectively. These proposed Settlements will be considered independently by the Court and they do not resolve any claims against the other Defendants in the Action. A hearing will be held on November 20, 2015 at 9:30 a.m., before the Honorable Victor Marrero at the United States District Court for the Southern District of New York, Courtroom 11B of the United States Courthouse, 500 Pearl Street, New York, NY 10007 to determine: (i) whether the proposed PwC Settlement should be approved as fair, reasonable, and adequate; (ii) whether the proposed Individual Defendant Settlement should be approved as fair, reasonable, and adequate; (iii) whether the Action should be dismissed with prejudice as against PwC and the Releases specified and described in the Stipulation and Agreement of Settlement with PricewaterhouseCoopers LLP dated April 3, 2015 should be granted; (iv) whether the Action should be dismissed with prejudice as against the Individual Defendants and the Releases specified and described in the Stipulation and Agreement of Settlement with the Individual Defendants and the Releases specified and described in the Stipulation and Agreement of Settlement with the Individual Defendants dated July 2, 2015 should be granted; (v) whether the proposed Plan of Allocation for the proceeds of the settlements achieved in the Action is fair reasonable and should be approved; and (vi) whether the Co-Lead Counsel's application for an award of attorney's fees and reimbursement of litigation expenses should be approved. If you are a member of the PwC or the Individual Defendant Settlement Class, your rights will be affected by the proposed settlements and any orders or judgments related to those settlements, and you may be entitled to share in the PwC and/or Individual Defendant Settlement Funds. If you have not yet received the Notice, the proposed Plan of Allocation and the Proof of Claim Form (the "Notice Packet") you may obtain copies of those documents by contacting the Claims Administrator at In re MF Global Holdings Limited Securities Litigation, c/o Garden City Group, LLC, P.O. Box 10164, Dublin, OH 43017-3164, or calling toll-free 1-877-940-5045. Copies of those documents can also be downloaded from the website maintained by the Claims Administrator, www.MFGlobalSecuritiesClassAction.com Please note, if you are a member of the PwC or the Individual Defendant Settlement Class, you may also be a member of the classes certified in connection with the settlement with certain Underwriter Defendants (the "Underwriter Settlement") and the settlement with defendant Commerz Markets LLC ("the Commerz Settlement"). In order to be eligible to receive a payment from those settlements, which were approved by the Court on June 26, 2015, or from the proposed PwC and Individual Defendant Settlements, if they are approved, you must submit a Proof of Claim Form postmarked no later than December 3, 2015(2). If you are a member of one or more of these settlement classes and do not submit a proper Proof of Claim Form, you will not be eligible to share in the distribution of net proceeds of the settlement(s) obtained on behalf of those class(es) in which you are a member but you will nevertheless be bound by any judgments or orders entered by the Court related to the applicable settlement(s). If you are a member of the PwC or the Individual Defendant Settlement Class and wish to exclude yourself from the class, you must submit a written request for exclusion such that it is received no later than October 23, 2015, in accordance with the instructions set forth in the Notice. (The deadline for requesting exclusion from the Underwriter and Commerz Settlement classes has passed, as set forth in the notices of those settlements which were previously disseminated and which can be viewed on the website noted above.) If you properly exclude yourself from the PwC or the Individual Defendant Settlement Class, you will be excluded from both of those classes and you will also be excluded from any other classes that may be certified in the Action in which you would otherwise be a member, you will not be bound by any judgments or orders entered by the Court in the Action with respect to the PwC or Individual Defendant Settlements or any classes yet to certified, and you will not be eligible to share in the proceeds of the PwC or the Individual Defendant Settlements or any other recoveries that may subsequently be obtained in the Action. Any objections to the proposed PwC Settlement, the proposed Individual Defendant Settlement, the proposed Plan of Allocation, or Co-Lead Counsel's motion for attorneys' fees and reimbursement of litigation expenses must be filed with the Court and delivered to Co-Lead Counsel, and if the objection to the PwC Settlement and/or Individual Defendant Settlement, to designated counsel for those Defendants such that they are received no later than October 23, 2015, in accordance with the instructions set forth in the Notice. Please do not contact the Court, the Clerk's office, Defendants or their counsel regarding this notice. All questions about this notice or the proposed PwC and Individual Defendant Settlements, the Plan of Allocation or the fee/expense application should be directed to Co-Lead Counsel or the Claims Administrator. Inquiries, other than requests for the Underwriter Notice, should be made to Co-Lead Counsel: BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP Salvatore J. Graziano, Esq. 1285 Avenue of the Americas New York, NY 10019 (800) 380-8496 blbg@blbglaw.com or BLEICHMAR FONTI TOUNTAS & AULD LLP Javier Bleichmar, Esq. 7 Times Square, 27th Floor New York, NY 10036 (212) 789-1341 bfta@bftalaw.com Requests for the Underwriter Notice or to be added to the mailing list for future notices in the Action should be made to: In re MF Global Holdings Limited Securities Litigation c/o Garden City Group, LLC P.O. Box 10164 Dublin, OH 43017-3164 (877) 940-5045 www.MFGlobalSecuritiesClassAction.com By Order of the Court 1 The MF Global Securities are: the common stock of MF Global Holdings Limited ("MF Global") (including shares acquired through the MF Global Ltd. Amended and Restated 2007 Long Term Incentive Plan or the MF Global Ltd. Stock Purchase Plan) (CUSIP 55277J108); MF Global's 9% Convertible Senior Notes due June 20, 2038 issued on or about June 25, 2008 (CUSIP 55276YAB2); MF Global's 1.875% Convertible Senior Notes due February 1, 2016 issued on or about February 7, 2011 (CUSIP 55277JAA6); MF Global's 3.375% Convertible Senior Notes due August 1, 2018 issued on or about July 28, 2011 (CUSIP 55277JAB4); and MF Global's 6.25% Senior Notes due August 8, 2016 issued on or about August 1, 2011 (CUSIP 55277JAC2). 2 If you ask to be excluded from the PwC and the Individual Defendant Settlement Classes, but you are a member of the Underwriter and/or Commerz Settlement Class(es) you will still be eligible to participate in the recoveries obtained in connection with those settlements, but you will not be eligible to participate in the recoveries obtained from PwC and the Individual Defendants if those settlements are approved or any subsequent recoveries achieved. About MF Global New York-based MF Global -- http://www.mfglobal.com/-- was one of the world's leading brokers of commodities and listed derivatives. MF Global provides access to more than 70 exchanges around the world. The firm also was one of 22 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York. MF Global's roots go back nearly 230 years to a sugar brokerage on the banks of the Thames River in London. On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15059 and 11-5058), after a planned sale to Interactive Brokers Group collapsed. As of Sept. 30, 2011, MF Global had $41,046,594,000 in total assets and $39,683,915,000 in total liabilities. On Nov. 7, 2011, the United States Trustee appointed the statutory creditors' committee in the Debtors' cases. At the behest of the Statutory Creditor's Committee, the Court directed the U.S. Trustee to appoint a chapter 11 trustee. On Nov. 28, 2011, the Bankruptcy Court entered an order approving the appointment of Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC, as Chapter 11 trustee. On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services LLC and MF Global FX Clear LLC filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and 11-15810). On Dec. 27, the Court entered an order installing Mr. Freeh as Chapter 11 Trustee of the New Debtors. On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr. Freeh also was installed as its Chapter 11 Trustee. Judge Honorable Martin Glenn presides over the Chapter 11 case. J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve as bankruptcy counsel. The Garden City Group, Inc., serves as claims and noticing agent. The petition was signed by Bradley I. Abelow, Executive Vice President and Chief Executive Officer of MF Global Finance USA Inc. The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan LLP, as investigative counsel; (ii) FTI Consulting Inc., as restructuring advisors; (iii) Morrison & Foerster LLP, as bankruptcy counsel; and (iv) Pepper Hamilton as special counsel. The Official Committee of Unsecured Creditors has retained Capstone Advisory Group LLC as financial advisor, while lawyers at Proskauer Rose LLP serve as counsel. The Securities Investor Protection Corporation commenced liquidation proceedings against MF Global Inc. to protect customers. James W. Giddens was appointed as trustee pursuant to the Securities Investor Protection Act. He is a partner at Hughes Hubbard & Reed LLP in New York. Jon Corzine, the former New Jersey governor and co-CEO of Goldman Sachs Group Inc., stepped down as chairman and chief executive officer of MF Global just days after the bankruptcy filing. In April 2013, the Bankruptcy Court approved MF Global Holdings' plan to liquidate its assets. Bloomberg News reported that the court-approved disclosure statement initially told creditors with $1.134 billion in unsecured claims against the parent holding company why they could expect a recovery of 13.4% to 39.1% from the plan. As a consequence of a settlement with JPMorgan, supplemental materials informed unsecured creditors their recovery was reduced to the range of 11.4% to 34.4%. Bank lenders will have the same recovery on their $1.174 billion claim against the holding company. As a consequence of the settlement, the predicted recovery became 18% to 41.5% for holders of $1.19 billion in unsecured claims against the finance subsidiary, one of the companies under the umbrella of the holding company trustee. Previously, the predicted recovery was 14.7% to 34% on bank lenders' claims against the finance subsidiary. NIGHTTIME OF PALM BAY: Case Summary & 3 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Nighttime of Palm Bay, Inc. dba Crossroads Sports Bar 5070 Minton Road Palm Bay, FL 32907 Case No.: 15-07698 Chapter 11 Petition Date: September 8, 2015 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Debtor's Counsel: Kenneth D Herron, Jr., Esq. WOLFF, HILL, MCFARLIN & HERRON, P. A. 1851 West Colonial Drive Orlando, FL 32804 Tel: 407-648-0058 Fax: 407-648-0681 Email: kherron@whmh.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by George McCall, president. A list of the Debtor's three largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb15-07698.pdf NNN MET: Asks Court to Set Oct. 30 as General Claims Bar Date ------------------------------------------------------------- NNN Met Center 15 39, LLC, et al., ask the U.S. Bankruptcy Court for the Northern District of California to establish Oct. 30, 2015, as the deadline for any individual or entity to file proofs of claim against the Debtor. The Debtor also ask that the Court set the bar date for governmental units as 180 days after the date of the order for relief in the case. About NNN Met NNN Met Center 15 39 and 32 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. N.D. Calif. Lead Case No. 15-42359) on July 31, 2015. Alan Sparks signed the petitions as manager and responsible individual. NNN Met Center 15 39, LLC, disclosed total assets of $32,003,866 and total liabilities of $28,143,523 as of the Petition Date. Judge William J. Lafferty presides over the cases. The Law Offices of Darvy Mack Cohan represents the Debtors as counsel. Elkington Shepherd LLP serves as their local counsel. On Aug. 12, 2015, the Court, in its amended order approved the joint administration of the cases. Creditors have until Oct. 30, 2015, to file proofs of claim against the Debtors. NNN MET: Cases Joint Administered for Procedural Purposes Only -------------------------------------------------------------- The Hon. William J. Lafferty, III, of the U.S. Bankruptcy Court for the Northern District of California signed an amended order directing the joint administration of the Chapter 11 cases of NNN Met Center 15 39, LLC, and its debtor affiliates, under Lead Case No. 15-42359. Judge Lafferty makes clear that the joint administration is for procedural purposes only. About NNN Met NNN Met Center 15 39 and 32 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. N.D. Calif. Lead Case No. 15-42359) on July 31, 2015. Alan Sparks signed the petitions as manager and responsible individual. NNN Met Center 15 39, LLC, disclosed total assets of $32,003,866 and total liabilities of $28,143,523 as of the Petition Date. Judge William J. Lafferty presides over the cases. The Law Offices of Darvy Mack Cohan represents the Debtors as counsel. Elkington Shepherd LLP serves as their local counsel. Creditors have until Oct. 30, 2015, to file proofs of claim against the Debtors. OAKFABCO INC: Hires Reed Smith as Bankruptcy Counsel ---------------------------------------------------- Oakfabco, Inc. seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Reed Smith LLP as counsel, nunc pro tunc to the Aug. 7, 2015 petition date. The Debtor anticipates that Reed Smith will perform, among others, the following legal services: (a) representation of the Debtor, as debtor-in-possession, to prepare all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate; (b) advise the Debtor with respect to its powers and duties as debtor and debtor-in-possession in the continued management and operation of its business and assets; (c) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the chapter 11 case, including all of the legal and administrative requirements of operating in chapter 11; (d) representation of the Debtor in connection with matters involving its insurance coverage for asbestos claims; (e) representation of the Debtor in actions to protect and preserve the Debtor's estate, including the prosecution of actions on its behalf, the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estate; (f) representation of the Debtor in connection with the negotiation and preparation on behalf of the Debtor of a liquidating plan of reorganization and all related documents; (g) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with the chapter 11 case; and (i) additional matters that may be assigned to it from time to time. Reed Smith will be paid at these hourly rates: Paul M. Singer, Partner $750 Steven T. Bobo, Partner $685 Luke A. Sizemore, Associate $470 Joseph D. Filloy, Associate $470 Partners $530-$910 Counsel $440-$915 Associates $210-$725 Legal Assistants, Paralegals and Support Staff $110-$385 Reed Smith will also be reimbursed for reasonable out-of-pocket expenses incurred. Reed Smith set off its unbilled time and expenses against the funds held in its client trust account the day prior to the filing of the Debtor's Chapter 11 petition. The set off was in the amount of $243,352.56 ($241,114.50 for fees and $2,238.06 for expenses), leaving a balance in the trust account of $1,031,647.44. Paul M. Singer, partner of Reed Smith, 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. Reed Smith can be reached at: Stephen T. Bobo, Esq. REED SMITH LLP 10 S. Wacker Drive Suite 4000 Chicago, IL 60606 Tel: (312) 207-1000 FaX: (312) 207-6400 About Oakfabco, Inc. Oakfabco, Inc, formerly known as Kewanee Boiler Corporation, has not manufactured boilers since 1988 when it sold its Kewanee boiler business in an 11 U.S.C. Section 363 sale to Coppus Engineering Corporation. In early 2009, it sold all of its remaining assets. The Debtor has no employees, and, Frederick W. Stein is the Debtor's sole officer and director. The Debtor's sole remaining asset is its insurance, and it has no known liabilities other than asbestos claims. In January 1970, Kewanee Boiler Corp, then a newly-formed Illinois Corporation, acquired the assets and debt of American Standard, Inc.'s commercial boiler manufacturing division known as "Kewanee Boiler." The boilers manufactured and sold by Kewanee Boiler were insulated with asbestos. Oakfabco sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 16-27062) on Aug. 7, 2015, to resolve its remaining asbestos claims. Reed Smith LLP serves as counsel to the Debtor. The Debtor estimated $10 million to $50 million in assets and debt. OAKFABCO INC: Taps Logan & Company as Claims and Noticing Agent --------------------------------------------------------------- Oakfabco, Inc. seeks authorization from the Hon. Jack B. Schmetterer of the U.S. Bankruptcy Court for the Northern District of Illinois to employ Logan & Company, Inc. as claims and noticing agent, nunc pro tunc to the Aug. 7, 2015 petition date. The Debtor requires Logan & Company to: (a) prepare and serve required notices and documents in this Chapter 11 Case in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtor and/or the Court, including (i) notice of the commencement of this Chapter 11 Case and the initial meeting of creditors under section 341(a) of the Bankruptcy Code, (ii) notices of objections to claims and objections to transfers of claims, (iii) notices of hearings on motions filed by the Office of the United States Trustee for the Northern District of Illinois, (iv) notices of transfers of claims, (v) notices of any hearings on a disclosure statement and confirmation of the Debtor's plan of reorganization, (vi) notice of the effective date of any plan, and (vii) all other notices, orders, pleadings, publications, or other documents as the Debtor or Court may deem necessary or appropriate for an orderly administration of this Chapter 11 Case; (b) maintain an official copy of the Debtor's schedules of assets and liabilities and statements of financial affairs (collectively, the "Schedules"), listing the Debtor's known creditors and amounts owed thereto; (c) maintain the Master Service List (as the term is defined in the Debtor's Motion for Entry of an Order Establishing Certain Case Management Procedures); (d) maintain a post office box or address for the purpose of receiving claims and returned mail and processing all mail received; (e) for all notices, motions, orders, or other pleadings or documents served, prepare and file or causing to be filed with the Clerk an affidavit or certificate of service within 7 business days of service which includes (i) either a copy of the notice served or the docket number(s) and title(s) of the pleading(s) served, (ii) a list of persons to whom it was mailed (in alphabetical order) with their addresses, (iii) the manner of service, and (iv) the date served; (f) process all proofs of claim received, including those received by the Clerk, checking said processing for accuracy, and maintaining the original proofs of claim in a secure area; (g) maintain the official claims register (the "Claims Register") for the Debtor on behalf of the Clerk; upon the Clerk's request, providing the Clerk with certified, duplicate, unofficial Claims Register; and specifying in the Claims Register the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.), and (vi) any disposition of the claim. (h) record all transfers of claims and providing any notices of such transfers as required by to Bankruptcy Rule 3001(e); (i) upon completion of the docketing process for all claims received to date for each case, turning over to the Clerk copies of the Claims Register for the Clerk's review (upon the Clerk's request); (j) monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and making necessary notations on and changes to the claims register and any service or mailing lists, including to identify and eliminate duplicative names and addresses from such lists; (k) identify and correct any incomplete or incorrect addresses in any mailing or service lists; (l) assist in the dissemination of information to the public and responding to requests for the administrative information regarding this Chapter 11 Case as directed by the Debtor or the Court, including through the use of a case website and/or call center; (m) 30 days prior to the close of this Chapter 11 Case, to the extent practicable, requesting that the Debtor submit to the Court a proposed order dismissing Logan as Claims and Noticing Agent and terminating its services in such capacity upon completion of its duties and responsibilities and upon the closing of this Chapter 11 Case; (n) within 7 days of notice to Logan of entry of an order closing this Chapter 11 Case, providing to the Court the final version of the Claims Register as of the date immediately before the close of this Chapter 11 Case; and (o) provide such other claims processing, noticing, and related administrative services as may be requested from time to time by the Debtor. Under the Services Agreement, Logan will invoice the Debtor monthly for services rendered to the Debtor during the preceding month, except that the Debtor will pay Logan by wire transmission of funds for all (a) legal publications costs; and (b) postage for any mailing to at least 500 creditors, before such publication or mailing, as the case may be. As set forth in the Services Agreement, the Debtor has paid, or will pay, Logan a retainer of $3,000. Kathleen Logan, president of Logan & Company, 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. Logan & Company can be reached at: Kathleen Logan LOGAN & COMPANY, INC. 546 Valley Road Upper Montclair, NJ 07043 Tel: (973) 509-3190 Fax: (973) 509-3191 About Oakfabco, Inc. Oakfabco, Inc, formerly known as Kewanee Boiler Corporation, has not manufactured boilers since 1988 when it sold its Kewanee boiler business in an 11 U.S.C. Section 363 sale to Coppus Engineering Corporation. In early 2009, it sold all of its remaining assets. The Debtor has no employees, and, Frederick W. Stein is the Debtor's sole officer and director. The Debtor's sole remaining asset is its insurance, and it has no known liabilities other than asbestos claims. In January 1970, Kewanee Boiler Corp, then a newly-formed Illinois Corporation, acquired the assets and debt of American Standard, Inc.'s commercial boiler manufacturing division known as "Kewanee Boiler." The boilers manufactured and sold by Kewanee Boiler were insulated with asbestos. Oakfabco sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 16-27062) on Aug. 7, 2015, to resolve its remaining asbestos claims. Reed Smith LLP serves as counsel to the Debtor. The Debtor estimated $10 million to $50 million in assets and debt. OAKFABCO INC: U.S. Trustee Forms 4-Member Asbestos Claimants' Panel ------------------------------------------------------------------- Patrick S. Laying, the U.S. Trustee for Region 11, appointed four members to the Asbestos Claimants' Committee in the Chapter 11 bankruptcy case of Oakfabco Inc. The members of the Asbestos Committee are: Vince Holajn (Interim Chairman) 406 Sierra Place Gurnee, IL 60031 William E. Gallet 6216 Woodward Amarillo, TX 79106 Kristin Leigh Hart 4685 Frank Gay Road Marcellus, NY 13108 Michael Batchelor 1206 Norton Alton, IL, 62002 About Oakfabco, Inc. Oakfabco, Inc, formerly known as Kewanee Boiler Corporation, has not manufactured boilers since 1988 when it sold its Kewanee boiler business in an 11 U.S.C. Section 363 sale to Coppus Engineering Corporation. In early 2009, it sold all of its remaining assets. The Debtor has no employees, and, Frederick W. Stein is the Debtor's sole officer and director. The Debtor's sole remaining asset is its insurance, and it has no known liabilities other than asbestos claims. In January 1970, Kewanee Boiler Corp, then a newly-formed Illinois Corporation, acquired the assets and debt of American Standard, Inc.'s commercial boiler manufacturing division known as "Kewanee Boiler." The boilers manufactured and sold by Kewanee Boiler were insulated with asbestos. Oakfabco sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 16-27062) on Aug. 7, 2015, to resolve its remaining asbestos claims. Reed Smith LLP serves as counsel to the Debtor. The Debtor estimated $10 million to $50 million in assets and debt. ONDOVA LIMITED: 5th Cir. Affirms Dismissal of Petfinders' Appeal ---------------------------------------------------------------- The United States Court of Appeals for the Fifth Circuit affirmed the district court's order dismissing as moot the appeal filed by Petfinders, LLC, from a bankruptcy order authorizing the Ondova Limited Company trustee to sell the company's domain name. On October 7, 2011, the Trustee requested authority to sell the domain name. Petfinders filed an objection challenging the proposed sale price and alleged that was not the property of the estate but was instead owned by another entity, Novo Point, LLC, which had assigned its rights and interests in to Petfinders. The bankruptcy court granted the Trustee's motion and authorized the sale of the domain name to Discovery Communications, LLC for $25,000. Petfinders and Novo Point appealed the sale order to the district court and argued, for the first time, that the evidence did not support the bankruptcy court's conclusion that Discovery was a "good faith purchaser" under Section 363(m) of the Bankruptcy Code. The district court dismissed the appeal as moot, concluding that appellants had waived any challenge to Discovery's good-faith status by failing to raise such challenge before the bankruptcy court. Petfinder appealed. The Fifth Circuit held that the district court correctly concluded that Petfinder's appeal is moot under section 363(m). The appellate indicated that a challenge to the purchaser's good-faith status may not be raised for the first time on appeal to the district court. The appeals case is PETFINDERS, L.L.C., Appellant, v. CHAPTER 11 TRUSTEE DANIEL J. SHERMAN, Appellee, NO. 13-10120 (5th Cir.), relating to In the Matter of: ONDOVA LIMITED COMPANY, Debtor. A full-text copy of the 5th Circuit's August 14, 2015 opinion is available at http://is.gd/q3C6ySfrom Leagle.com. About Ondova Limited Company Carrollton, Texas-based Ondova Limited Company, a former Internet domain name registrar, filed a voluntarily Chapter 11 bankruptcy case (Bankr. N.D. Tex. Case No. 09-34784) on July 27, 2009, at a time when Ondova was still controlled by Ondova's former president and sole equity owner, Jeffrey Baron. Ondova Limited Company, dba Compana, LLC, and dba budgetnames.com, performed a "middle man" registration activity pursuant to a license it had from the Internet Corporation for Assigned Names and Numbers -- which is, essentially, a creature of the United States Department of Commerce -- and also pursuant to an agreement with Verisign, Inc., which is a private corporation that essentially acts as the operator of the huge ".com" and ".net" registries. Verisign is not in any way related to Ondova. Edwin Paul Keiffer, Esq., at Wright Ginsberg Brusilow, PC, serves as Ondova's bankruptcy counsel. In its petition, Ondova estimated $1 million to $10 million in both assets and debts. The petition was signed by Mr. Baron. A Plan of Liquidation was confirmed in the Chapter 11 case. The Joint Plan contemplated approval and implementation of (a) a so-called "Plan Settlement" between the Ondova bankruptcy estate and the Receivership Entities; (b) a sale of significant assets contributed to the Joint Plan by the Receivership; (c) the creation of a Liquidating Trust to accept substantially all the assets and liabilities of both the Ondova bankruptcy estate and the Receivership, which Liquidating Trust would resolve and pay all remaining claims of and against the Receivership and the Debtor, with a return of residual funds or assets to Mr. Baron after the satisfaction of all claims; and (d) certain releases of parties and professionals. ONDOVA LIMITED: 5th Cir. Dismisses Schepps' Appeal as Moot ---------------------------------------------------------- The United States Court of Appeals for the Fifth Circuit dismissed as moot the appeal filed by Attorney Gary Schepps from a bankruptcy order barring him from appearing or participating further in the Ondova Limited bankruptcy case. The bankruptcy court issued the Bar Order against Schepps to prohibit the latter from taking further action on behalf of entities subject to receivership in violation of the receivership order entered by the district court in the case Netsphere, Inc. v. Baron. Schepps had made several filings in the bankruptcy court on behalf of Novo Point, LLC, an entity expressly subject to the receivership, thus violating the said order. On appeal to the district court, the said court reasoned that the underlying purpose of the Bar order would not be further served by its enforcement at that time since the receivership was in the process of winding down. On June 18, 2012, the district court entered an "Order on Appeal" that effectively reversed the Bar Order. In response to the Order on Appeal, the bankruptcy court discharged its show-cause matters against Schepps. The Fifth Circuit concluded that the Bar Order against Schepps was effectively vacated by the subsequent orders of the district court and bankruptcy court. Emphasizing that it has been so vacated and that Schepps remains an officer of the court in good stead, the Fifth Circuit thus dismissed Schepps' appeal as moot. The appeals case is GARY N. SCHEPPS, Appellant, v. DANIEL J. SHERMAN, Chapter 11 Trustee, Appellee, NO. 13-10122 (5th Cir.), relating to In the Matter of: ONDOVA LIMITED COMPANY, Debtor. A full-text copy of the Fifth Circuit's August 14, 2015 opinion is available at http://is.gd/2fsLPkfrom Leagle.com. About Ondova Limited Company Carrollton, Texas-based Ondova Limited Company, a former Internet domain name registrar, filed a voluntarily Chapter 11 bankruptcy case (Bankr. N.D. Tex. Case No. 09-34784) on July 27, 2009, at a time when Ondova was still controlled by Ondova's former president and sole equity owner, Jeffrey Baron. Ondova Limited Company, dba Compana, LLC, and dba budgetnames.com, performed a "middle man" registration activity pursuant to a license it had from the Internet Corporation for Assigned Names and Numbers -- which is, essentially, a creature of the United States Department of Commerce -- and also pursuant to an agreement with Verisign, Inc., which is a private corporation that essentially acts as the operator of the huge ".com" and ".net" registries. Verisign is not in any way related to Ondova. Edwin Paul Keiffer, Esq., at Wright Ginsberg Brusilow, PC, serves as Ondova's bankruptcy counsel. In its petition, Ondova estimated $1 million to $10 million in both assets and debts. The petition was signed by Mr. Baron. A Plan of Liquidation was confirmed in the Chapter 11 case. The Joint Plan contemplated approval and implementation of (a) a so-called "Plan Settlement" between the Ondova bankruptcy estate and the Receivership Entities; (b) a sale of significant assets contributed to the Joint Plan by the Receivership; (c) the creation of a Liquidating Trust to accept substantially all the assets and liabilities of both the Ondova bankruptcy estate and the Receivership, which Liquidating Trust would resolve and pay all remaining claims of and against the Receivership and the Debtor, with a return of residual funds or assets to Mr. Baron after the satisfaction of all claims; and (d) certain releases of parties and professionals. ORIGINAL ACADEMY: Case Summary & 2 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: The Original Academy of Learning, Inc. 445 S Orange Blvd Sanford, FL 32771 Case No.: 15-07693 Chapter 11 Petition Date: September 8, 2015 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Debtor's Counsel: Roman V Hammes, Esq. ROMAN V. HAMMES, P.L. 250 East Colonial Drive, Suite 305 Orlando, FL 32801 Tel: (407) 650-0003 Email: roman@romanvhammes.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Lynn A Mosca, director. A list of the Debtor's two largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb15-07693.pdf PARKVIEW ADVENTIST: Asks Court to Reconsider Cash Collateral Order ------------------------------------------------------------------ Parkview Adventist Medical Center appeals to the United States District for the District of Maine from the Bankruptcy Court's order denying authority to use cash collateral. The following issues will be presented in its appeal of the Bankruptcy Court's Order: (1) Did the Bankruptcy Court err in denying the Debtor's request to use cash collateral as set forth in the Cash Collateral Motion and subsequent pleadings and briefing? (2) Among other things, did the Bankruptcy Court err in the Opinion in finding that the failure of the members of Parkview to vote to authorize the execution of the mortgages and security interests purportedly granted to Central Maine Healthcare Corporation, as required by 13-B M.R.S.A Section 1001, did not void those mortgages and security interests? (3) Among other things, did the Bankruptcy Court err in the Opinion in finding that CMHC's security interests could attach to the Debtor's accounts notwithstanding the anti-assignment provisions of, inter alia, 42 U.S.C. sections 1395g(c) and 1396a(a)(32)? (4) Among other things, did the Bankruptcy Court err in the Opinion in finding that the fact that CMHC did not have a control agreement as to the Debtor's accounts "does not vitiate the validity of CMHC's security interests in [the Debtor's] accounts"? (5) Among other things, did the Bankruptcy Court err in the Opinion in finding that CMHC's security interests in Medicare and Medicaid receivables did not become unperfected by operation of 11 M.R.S.A. Section 9-1315(4)? (6) Among other things, did the Bankruptcy Court err in the Opinion in finding that the Debtor failed to meet its burden of showing that CMHC was adequately protected for cash collateral purposes? Parkview Adventist Medical Center is represented by: George J. Marcus, Esq. Jennie L. Clegg, Esq. David C. Johnson, Esq. Andrew C. Helman, Esq. MARCUS, CLEGG & MISTRETTA, P.A. One Canal Plaza, Suite 600 Portland, ME 04101 Tel: (207)828-8000 E-mail: gmarcus@mcm-law.com jclegg@mcm-law.com djohnson@mcm-law.com ahelman@mcm-law.com About Parkview Adventist Medical Center Parkview Adventist Medical Center, a Maine non-profit corporation, operates the Parkview Hospital, a faith-based acute care community hospital located in Brunswick, Maine, affiliated with the Seventh Day Adventist Church. Its mission is to provide services supporting the physical, emotional and spiritual wellness of its patients. Parkview sought Chapter 11 protection (Bankr. D. Maine Case No. 15-20442) in Portland, Maine, on June 16, 2015. The case is assigned to Judge Peter G Cary. The Debtor estimated $10 million to $50 million in assets and debt. The deadline for filing claims is Oct. 7, 2015. The Debtor's plan and disclosure statement are due Oct. 14, 2015. The Debtor is represented by George J. Marcus, Esq., at Marcus, Clegg & Mistretta, PA, in Portland, Maine. PETERSBURG REGENCY: Hires Sokol Behot as Counsel ------------------------------------------------ Petersburg Regency, LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Sokol Behot, LLP as counsel, nunc pro tunc to July 27, 2015. The Debtor seeks to employ Sokol Behot, LLP as successor counsel to Nowell Amoroso Klein Bierman. The professional services that Sokol Behot will render to the Debtor will consist of all issues relating to the administration of the Debtor's chapter 11 case, including challenging liens and claims, and seeking a fair and equitable distribution of the Insurance Proceeds. Sokol Behot received $15,000.00 from Angelo DiGiovanni in August 2015. Sokol Behot will also be reimbursed for reasonable out-of-pocket expenses incurred. Sokol Behot can be reached at: David Edelberg, Esq. SOKOL BEHOT, LLP 433 Hackensack Avenue Hackensack, NJ 07601 Tel: (201) 488-1300 Fax: (201) 488-6541 About Petersburg Regency Petersburg Regency, LLC, commenced a Chapter 11 bankruptcy case (Bankr. D.N.J. Case No. 15-17169) in Newark, New Jersey, on April 20, 2015. The case is assigned to Judge Vincent F. Papalia. An involuntary bankruptcy case was previously filed against the company (Bankr. E.D. Va. Case No. 15-30526) but the case was dismissed by consent order in March 2015. QUIKSILVER INC: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Quiksilver, Inc. 15-11880 5600 Argosy Circle Huntington Beach, CA 92649 QS Wholesale, Inc. 15-11881 DC Direct, Inc. 15-11882 DC Shoes, Inc. 15-11883 Fidra, Inc. 15-11884 Hawk Designs, Inc. 15-11885 Mt. Waimea, Inc. 15-11886 QS Optics, Inc. 15-11887 QS Retail, Inc. 15-11888 Quiksilver Entertainment, Inc. 15-11889 Quiksilver Wetsuits, Inc. 15-11890 Type of Business: Outdoor sports lifestyle company Chapter 11 Petition Date: September 9, 2015 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtors' Counsel: Van C. Durrer, II, Esq. SKADDEN ARPS SLATE MEAGHER & FLOM LLP 300 South Grand Avenue Los Angeles, CA 90071-3144 Tel: 213-687-5000 Fax: 213-687-5600 Email: van.durrer@skadden.com - and - John K. Lyons, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 155 North Wacker Drive Chicago, IL 60606 Tel: 312-407-0700 Fax: 312-407-0411 Email: john.lyons@skadden.com Debtors' PETER J. SOLOMON COMPANY Investment Banker: Debtors' FTI CONSULTING, INC. Financial Advisor: Debtors' KURTZMAN CARSON CONSULTANTS LLC Claims and Noticing Agent: Total Assets: $337 million Total Debts: $826 million The petition was signed by Andrew Bruenjes, assistant secretary. Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ U.S. Bank National Association Unsecured Notes $225,483,750 as Indenture Trustee 60 Livingston Ave., St. Paul, MN 55107 Fax: 651-466-5400 Email: joel.geist@usbank.com; laurie.howard@usbank.com C & K Trading Co., Ltd. Merchandise $7,262,832 867 Woo 1-Dong Haeundae-Gu, Busan 13 612-822 South Korea Tel: 82-51-747-2425 Fax: 82-51-747-2425 Email: kevin@shoenet.org Samil Tong Sang Co. Merchandise $5,550,608 18-130 Gangdong-Dong Busan, 13 618-800 South Korea Tel: 82-51-972-0031 Fax: 82-51-979-1729 Email: kevin@shoenet.org Northstar Sourcing Group HK Ltd Merchandise $4,506,997 Room 602, 6/F, Oriental Centre, Kowloon, KLN 999077 Hong Kong Tel: 4257093005 Fax: 86-769-8503-2121 Coins International Co., Ltd. Merchandise $3,886,116 7F-1 No. 89 BO Guan Road Taichung, TWN 404 Taiwan Tel: 886 4 2328677 Fax: 886-4-23298638 Dragon Crowd Garment Inc. Merchandise $3,241,369 FL/5 Bldg A, C&E Centre Ningbo, 130 315040 China Tel: 0086-574-877004 Fax: 0086-574-87703108 Email: info@dragoncrowd.com Putian Xinxiesheng Merchandise $2,976,756 Footwear Co., Lt Liuxian, Laidian Town Xianyou, Putian, 150 351251 China Tel: 0594 8673899 Fax: 0594 8673799 World Marketing, Inc. Litigation $2,542,252 306 38th Street, 8th Floor New York, NY 10018 Email: results@worldmarkInc.com Dubhe Corporation Merchandise $2,004,832 Che-1L Bldg Rm 1501, 256-13 Seoul, 13 121-758 South Korea Tel: 82 70 7508 9461 Fax: 82 2 719 7025 3 Times Square Associates LLC Real $1,922,462 JP Morgan Chase Bank, GPO Property P.O. Box 27488, New York, NY 10087 Fax: 212-270-1648 Sumec Textile and Light Industry Co. Merchandise $1,651,932 13F, 198 Changjiang Road Nanjing, 100 210018 China Tel: 852-23446040 Fax: 852-23290040 86-025-89695000 Email: textile@sumec.com.cn 404 West LLC Real $1,529,596 c/o Winter Management Corp. Property 730 Fifth Ave., New York, NY 10019 Fax: 212-616-8985 Email: IR@winter.com QTNP Apparels JSC Merchandise $1,447,768 No. 18 Lot 8, Long Bien Resettlme, HA NOI, 10000 Vietnam Tel: 84 4 363 69090 Fax: 84 4 363 69091 Email: info@qtnpapparels.com Hong Kong Hesheng Int'l Merchandise $1,345,323 RM 1102, Wofoo Commercial Building, Kowloon, KLN 999077 Hong Kong Tel: 86 594 7668888 Fax: 86-594-762817 CPG Partners LP Real $1,322,139 P.O. Box 827727, Philadelphia Property PA 19182 Tel: 973033169 Email: IRcontact@simon.com Eastman Exports Global Clothing Merchandise $1,306,940 10, 12 Kumaranagar (South), Tirupur, 641603 India Fax: 91-421-4301205 Email: Sathis.sourcing@eastmanexports.com Xiamen C&D Light Industry Co., Ltd. Merchandise $1,273,014 15th Floor Seaside Bldg., Xiamen, 150 361000 China Tel: 86 592 2337246 Fax: 86-592-2100118 86-592-2987067 Email: cndchain@chinacnd.com Mooney, Andrew P. Severance $1,252,400 PO Box 69447, West Hollywood, CA 90069 Fax: 480-596-1384 Full Creative Co., Ltd. Merchandise $1,204,081 No. 4 Jin-Ying 2nd St. Dongguan, 190 523942 China Tel: 86 769 8998199 Fax: 86 769 89981002 Merry Link Development Merchandise $1,196,040 (Macao Commercial Offshore) Limited, Alameda Dr Caros D'Assumcap No 336 Macau, MO 999078 Macau Tel: 853-2878 3742 Fax: 853-2878-3744 NewTimes Far East Merchandise $1,113,653 Unit D, 7th Floor, Phase 5 Kowloon, KLN 999077 Hong Kong Tel: 85221977349 Fax: 886-2-2716-228452 852-2454 3111 212 997 7283 Original JY&T Ltd. Merchandise $1,110,853 Sanchong Dist. New Taipei City, TPE 241 Taiwan Tel: 886 2 2999 1933 Fax: 886-2-2999-1960 Weihai Textile IMP and Expo Co Merchandise $1,097,795 No. 16 Shichang Da Road, Weihai, 120 264200 China Tel: 0086 631 569256 Fax: 0086-631-5692171 86 63 1522 0773 Ningbo Isun Fashion Co. Ltd. Merchandise $1,014,787 East Fenghua Industrial, Ningbo, 130 315500 China Tel: 86-574-88950166 Fax: 86-574-88950166 86-574-88950000 Email: steve@nbisun.com McKnight, Robert Severance $1,000,000 167 Emerald Bay, Laguna Beach, CA 92651 Fax: 714-889-3700 Carmichael International Service Freight $992,340 P.O. Box 51025, Los Angeles CA 90051 Fax: 213-250-0710 Email: info@carmnet.com Srinivasa Fashions Pvt Ltd. Merchandise $988,463 Plot No. AP4, 5th Avenue, 2nd Cross, Chengalpat, 22 603002 India Tel: 91-44-4746 830 Fax: 91-44-45560304 Deltina Trading Pty Ltd. Merchandise $963,448 Unit 2, 32 Bell Street Troquay, VIC 3228 Australia Tel: 61-3-52614555 Fax: 61-3-52614555 03 5261 4470 Zhejiang Xishi Merchandise $945,776 Jiafang Textile Co L Paitou Village Paitou Town, Zhuji, 130 311825 China Tel: 0575 87512872 Fax: 0575-87512877 O'Melveny & Myers LLP Legal $931,041 P.O. Box 894436 Los Angeles, CA 90189-4436 Tel: 213-430-6000 Fax: 213-430-6407 QUIKSILVER INC: Files Pre-Arranged Ch.11 with Support from Oaktree ------------------------------------------------------------------ Quiksilver, Inc. and its U.S. affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 15-11880) in Wilmington, Delaware bankruptcy court, to execute a pre-arranged restructuring transaction with Oaktree Capital Management, a holder of 73% of the Company's U.S. Secured Notes. The Company's European and Asia-Pacific businesses and operations are not part of the filing. The Company said the bankruptcy filing will facilitate its financial and operational restructuring, and restore the Company to long-term financial health. The Company said holders of the Company's Eurobonds sufficient to waive any technical default arising from the filling have agreed to allow the Company to reorganize its U.S. operations in Chapter 11. The Company has been in the midst of an operational turnaround since 2013. "The Company's weakened performance during the turnaround period caused further contraction of trade liquidity, and the Company was required to hasten its efforts. The Company explored a range of alternatives to loosen liquidity in order to allow the operational turnaround initiatives to take hold, but those efforts did not result in an actionable transaction," says Andrew Bruenjes, chief financial officer of the Americas Division of Quiksilver. Prior to the Petition Date, the Company engaged with Oaktree regarding the possibility of executing the refinancing and restructuring transaction in the context of a chapter 11 case. Those negotiations culminated in a debtor-in-possession financing and plan sponsor agreement. The Company has entered into a Plan Sponsor Agreement with Oaktree, which provides a comprehensive blueprint for the Company's emergence from chapter 11 as a going concern pursuant to a plan of reorganization, under which Oaktree has agreed to provide all necessary funding for the chapter 11 process and will convert its substantial debt holdings into a majority of the stock in the reorganized Company on exit. More specifically, the PSA contemplates that Oaktree and Bank of America, N.A. will provide the Debtors with up to $175 million in post-petition financing. The PSA contains certain conditions, including confirmation of a plan of reorganization by the Bankruptcy Court. "After careful consideration, we have taken this difficult but necessary step to secure a bright future for Quiksilver," said Pierre Agnes, chief executive officer of Quiksilver. "With the protections afforded by the Bankruptcy Code and the financing provided by Oaktree, we will not only be able to satisfy our ongoing obligations to customers, vendors and employees, but we will also have the flexibility needed to complete the turnaround of our U.S. operations and re-establish Quiksilver as the leader in the action sports industry. Our fresh capital structure, with a very low level of debt for our industry, will enable us to invest in and reinvigorate our brands and products. We are confident we will emerge a stronger business, better positioned to grow and prosper into the future." Following the filing, the Company will continue to operate in the ordinary course of business as a "debtor-in-possession" under the jurisdiction of the Bankruptcy Court. The Company anticipates that the financing from the affiliates of Oaktree and from Bank of America, in conjunction with other existing sources of liquidity, will be more than sufficient to fund its ongoing operations in the U.S. and abroad. The Company also requested various forms of "first day" relief from the Bankruptcy Court to ease the U.S. subsidiaries' transition into Chapter 11 and protect its stakeholders and customers. Mr. Agnes continued: "Oaktree's financial strength and expertise, deep experience working with companies in situations similar to ours, and successful history operating in our industry make them an exceptional partner for us going forward. We value our wholesale customers as well as our vendors and suppliers and appreciate their support through this process. In addition, we thank our passionate and dedicated employees and athletes who remain our greatest assets. Quiksilver is, and as a result of this process will continue to be, an iconic leader in the action sports market." In connection with the filing, the Company intends to continue its existing store closing program to rationalize its store base in the Americas. As is customary, it is anticipated that the Bankruptcy Court will consider the Company's request for "first day" relief promptly. The requested relief includes requests for the authority to make wage and salary payments, continue various benefits for employees, and honor certain customer programs, like gift cards and returns on merchandise purchased prior to the bankruptcy filing. Citing people familiar with the matter, Hannah Madans at the Orange County Register reports that the Company had already started talking with potential bidders before filing for bankruptcy, and that the goal was a management-led buyout in which the Company would retain its stores. The report says that the Company cut 80 jobs. Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Company's legal advisor, FTI Consulting, Inc., as its restructuring advisor, and Peter J. Solomon Company as its investment banker. A copy of the declaration filed together with the petition is available at: http://bankrupt.com/misc/20_QUIKSILVER_Declaration.pdf About Quiksilver Quiksilver, Inc. -- http://www.quiksilver.com,http://www.roxy.com and http://www.dcshoes.com-- is an outdoor sports lifestyle companies, that designs, produces and distributes branded apparel, footwear and accessories. The Company's apparel and footwear brands, inspired by a passion for outdoor action sports, represent a casual lifestyle for young-minded people who connect with its boardriding culture and heritage. The Company's Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The Company's products are sold in more than 100 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders shops and other Company-owned retail stores, other specialty stores, select department stores and through various e-commerce channels. QUIKSILVER INC: Postpones Filing of Q3 Financial Report with SEC ---------------------------------------------------------------- Quiksilver, Inc. on Sept. 9 disclosed it has filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission that the financial statements to be included in the Company's Form 10-Q for the quarter ended July 31, 2015 could not be completed within the required deadline. The Company expects to file such 10-Q no later than September 14, 2015. The Company also announced that it cancelled its previously scheduled conference call to discuss third quarter financial results. Quiksilver and each of its wholly owned U.S. subsidiaries, filed voluntary proceedings in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code on September 9, 2015. The Company concurrently announced that in connection with such chapter 11 filing, it also entered into a Plan Sponsor Agreement with respect to the terms of a proposed plan of reorganization with certain funds affiliated with Oaktree Capital Management, L.P. where the Company's existing debt will be reduced by over $500 million, including the extinguishment of all of the Company's 2018 Notes and 10.000% Senior Notes due 2020. Given the significance of such chapter 11 filings, proposed restructuring and the other transactions to be addressed, the Company was unable to meet the filing deadline. About Quiksilver Quiksilver, Inc. -- http://www.quiksilver.com-- is one of the world's leading outdoor sports lifestyle companies. The Company designs, produces and distributes branded apparel, footwear and accessories. The Company's apparel and footwear brands, inspired by a passion for outdoor action sports, represent a casual lifestyle for young-minded people who connect with its boardriding culture and heritage. The Company's Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The Company's products are sold in more than 100 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders shops and other Company-owned retail stores, other specialty stores, select department stores and through various e-commerce channels. QUIKSILVER INC: Seeks Approval of $175-Mil. DIP Financing --------------------------------------------------------- Quiksilver, Inc., et al., seek authority from the U.S. Bankruptcy Court for the District of Delaware to obtain secured postpetition superpriority financing and use cash collateral on an interim and final basis. The Debtors seek approval of: (a) a debtor-in-possession term loan credit agreement, pursuant to which the DIP term loan lenders are providing a debtor- in-possession term loan credit facility of up to $115,000,000, subject to a $70,000,000 borrowing limit on an interim basis pending entry of a final order; and (b) a debtor-in-possession asset-based credit agreement, pursuant to which the DIP ABL lender is providing a debtor- in-possession asset-based revolving loan credit facility in an aggregate maximum principal amount of up to the lesser of $60,000,000 or the Borrowing Base. The Debtors tell the Court they have an urgent need to obtain postpetition financing as they do not have sufficient funds on hand or generated from their business to fund operations. "Without the postpetition financing and the use of cash collateral that will be provided under the DIP Credit Agreements and the proposed DIP Orders, the Debtors would not be able to maintain operations pending confirmation of a plan of reorganization that will maximize value for all constituents," according to Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, counsel to the Debtors. Absent adequate funding, Mr. Durrer notes, the Debtors may be required to close their stores prematurely, lose valuable wholesale accounts, otherwise cease operations, and liquidate on a piecemeal basis, causing irreparable harm to the Debtors and their estates. The DIP Term Loan Credit Agreement was entered by and among QS Wholesale, Inc., as borrower, Quiksilver, Inc., as parent, the Debtors, as guarantors, Oaktree FIE, LLC, as administrative agent, and the lenders from time to time party thereto. The DIP ABL Credit Agreement was entered by and among QS Wholesale, Inc., DC Shoes, Inc., Hawk Designs, Inc., QS Retail, Inc. "DIP ABL Domestic Borrowers,", Quiksilver Canada Corp., Ug Manufacturing Co. Pty Ltd, and Quiksilver Japan Co., Ltd. "DIP ABL Foreign Borrowers", Bank of America, N.A., as administrative agent, collateral agent and L/C Issuer and as lender. The DIP Term Loan Facility has an interest rate of 12% per annum. The interest rates per annum applicable to the loans under the DIP ABL Credit Facility will be (i) (a) LIBOR plus (b) 3.50% or, at the option of the Borrower, or (ii) (a) the Base Rate (to be defined as the highest of (x) the Bank of America's prime rate, (y) the Federal Funds rate plus 0.50%, or (z) LIBOR for an interest period of one month plus 1.00%) plus (b) 2.50%. The Debtors may select interest periods of only one month for LIBOR loans. Interest on LIBOR loans will be payable at the end of the selected interest period. Interest on Base Rate loans will be payable on the first day of each calendar month. The Debtors propose to grant to the DIP Term Loan Agent valid, automatically perfected, and enforceable priming liens upon substantially all of their assets to secure the obligations owing under the DIP Term Loan Credit Agreement. The Debtors also propose to grant the DIP ABL Agent valid, automatically perfected, and enforceable priming liens upon substantially all of their assets to secure the obligations of the DIP ABL Obligors owing under the DIP ABL Credit Agreement. Prepetition Secured Indebtedness As of the Petition Date, the Debtors had secured indebtedness pursuant to the Prepetition ABL Facility and the U.S. Secured Notes. On May 24, 2013, QS Wholesale entered into a secured $230 million asset-based revolving credit facility, pursuant to that certain Amended and Restated Credit Agreement among, inter alia, QS Wholesale, DC Shoes, QS Retail, and Hawk Designs, Inc., as borrowers, Quiksilver Canada Corp., Ug Manufacturing Co. Pty Ltd, and Quiksilver Japan Co., Ltd. and other borrowers from time to time party thereto, as borrowers; several banks and other financial institutions or entities from time to time party thereto as lenders; guarantors from time to time party thereto as guarantors; and BofA and General Electric Capital Corporation, as co-collateral agent. As of the Petition Date, Quiksilver had approximately $92 million outstanding under the Prepetition ABL Facility comprised of $68 million on account of Prepetition Domestic ABL Borrowers and Guarantors and $24 million on account of Prepetition Foreign ABL Borrowers and Guarantors. The Prepetition Secured Notes. Pursuant to an Indenture dated July 16, 2013, among, inter alia, U.S. Bank, N.A., as trustee and collateral agent, and the Prepetition Secured Notes Obligors, Quiksilver, Inc. and QS Wholesale issued $280 million aggregate principal amount of 7.875% senior secured notes with a maturity date of Aug. 1, 2018. The Prepetition Secured Notes are guaranteed by DC Shoes, Hawk Designs, and QS Retail, the Prepetition Secured Notes Obligors. As of the Petition Date, the Prepetition Secured Notes had an outstanding principal balance of approximately $279 million. Full-text copies of the DIP Agreements are available for free at: http://bankrupt.com/misc/17_QUIKSILVER_Financing.pdf About Quiksilver Quiksilver, Inc., designs, produces and distributes branded apparel, footwear and accessories. The Company's apparel and footwear brands, inspired by a passion for outdoor action sports, represent a casual lifestyle for young-minded people who connect with its boardriding culture and heritage. The Company's Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The Company's products are sold in more than 100 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders shops and other Company-owned retail stores, other specialty stores, select department stores and through various e-commerce channels. For additional information, please visit the Company's brand Web sites at www.quiksilver.com, www.roxy.com and www.dcshoes.com. Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on Sept. 9, 2015. Andrew Bruenjes signed the petition as chief financial officer. The Debtors disclosed total assets of $337 million and total debts of $826 million. Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Debtors' legal advisor; FTI Consulting, Inc., as their restructuring advisor; and Peter J. Solomon Company as their investment banker. Kurtzman Carson Consultants LLC acts as the Debtors' claims and noticing agent. QUIKSILVER INC: To Conduct Store Closings with Hilco/Gordon JV -------------------------------------------------------------- Quiksilver, Inc., et al., seek authority from the U.S. Bankruptcy Court for the District of Delaware to assume an agreement for Hilco Merchant Resources, LLC, and Gordon Brothers Retail Partners, LLC, to conduct store closings. The Debtors also seek authority to assume a "pop up store" agreement with the Agent. Prior to the Petition Date, the Debtors undertook efforts to cut costs, streamline operations, and increase profitability. In particular, as part of the Company's multi-year turnaround plan that was first launched in 2013, management spent considerable time on a plan to rationalize the Company's retail store base, particularly in the United States. The Debtors' management, with the assistance of their advisors, performed a comprehensive review of the performance of each store and the market in which the Debtors operate. As a culmination of those efforts, the Company developed a store closing plan, which it continued to refine from time to time. In particular, during the prepetition period, the Company started to close stores consistent with the Store Closing Plan as and when underperforming store leases came up for renewal or otherwise when there was an opportunity to exit a lease early, such as due to a landlord request. In addition, like many retail businesses, the Debtors determined that it was necessary to sell certain merchandise and excess, clearance, obsolete, or distressed inventory as well as certain associated furniture, fixtures, and equipment. After the Company determined that it was necessary to sell certain excess inventory, it began soliciting offers from potential liquidation firms to conduct sales of excess inventory through a "pop up" store program. The Company evaluated bids from liquidation firms. In June 2015, QS Retail entered into the Pop Up Store Agreement with the Agent. Pursuant to the Pop Up Store Agreement, the Pop Up Sales are conducted at Pop Up Stores. QS Retail has entered into several short-term license agreements that allow for the limited right to use a space to sell merchandise for a limited period. The Agent began those sales in July of 2015. As of the Petition Date, the Debtors have opened 24 Pop Up Stores, with 23 stores still in operation. The Debtors have entered into six additional short-term license agreements for which Pop Up Stores have not opened. In connection with the Company's contingency planning efforts, management worked with FTI to accelerate and potentially expand the Store Closing Plan in the context of a chapter 11 filing. In August 2015, the Company, in consultation with its advisors, concluded that it was necessary to close certain underperforming or unprofitable retail stores and began soliciting offers from potential liquidation firms to conduct store closing sales and liquidate the Store Closure Assets associated with those stores. To that end, the Company obtained five bids from national liquidation firms: Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC; Great American Group, LLC; Tiger Capital Group, LLC; SB Capital Group, LLC; and Yellen Partners, LLC. The Company then evaluated the bids and determined that proceeding with the Store Closing Sales according to the terms of the Store Closing Agreement was in its best interest and the best interests of its stakeholders. The Agent's bid was the highest or otherwise best bid, and given its involvement with the Pop Up Stores, the Agent was already familiar with the Debtors' business. Accordingly, on Sept. 4, 2015, the Agent and the Company executed the Store Closing Agreement, and the Agent subsequently began preparing for the Store Closing Sales. On Sept. 6, 2015, the Agent officially began the Store Closing Sales at the Store Closing Locations. Pursuant to the terms of the Pop Up Store Agreement, the Agent has been acting as the exclusive, independent agent of the Debtors to conduct the currently ongoing Pop Up Sales at the Pop Up Stores. As the Sales are completed, the Debtors will reject their leases and short-term license agreements. A list of the Pop Up Stores that are currently open are as follows: Shopping Center Address -------------- ----------------------- Westgate Center 1600 Saratoga Ave San Jose, CA Crow Canyon Commons 3191M Crow Canyon Place San Ramon, CA Ellisburg S/C 1598 Kings Highway Cherry Hill, NJ Crossroads S/C 223 Skokie Valley Road Highland Park, IL Finley Square S/C 1524 Butterfield Road Downers Grove, IL Lawrence Park S/C 1991 Sproul Road Bromall, PA Andorra S/C 8500 Henry Ave Philadelphia, PA Bristol Plaza 622 Farmington Ave. Bristol, CT Pike 7 Plaza 8397 Leesburg Pike Vienna, VA Graham Park Plaza 7285 Arlington Blvd. Falls Church, VA Eastgate 1800 East Franklin Street Chapel Hill, NC 29th Place 100 Shoppers World Court Charlottesville, VA NewPark Mall 2086 Newpark Mall Newark, CA Mt. Shasta Mall 900 Dana Dr Redding, CA West Valley Mall 3200 N Naglee Rd Tracy, CA Spring Hill Mall 1072 Spring Hill Mall West Dundee, IL Lakeland Square 3800 US Hwy 98 N Lakeland, FL Chesterfield Towne Center 1500 Midlothian Turnpike Chesterfield, VA Clayton Valley Shopping 5434 Ygnacio Valley Road Center Concord, CA East Washington Place 401 Kenilworth Drive Petaluma, CA Bayhill Shopping Center 851 Cherry Ave. San Bruno, CA El Cerrito Plaza 3010 El Cerrito Plaza El Cerrito, CA Regency Square 2526 W Brandon Blvd. Brandon, FL In addition, pursuant to the terms of the Store Closing Agreement, the Agent has been acting as the exclusive, independent agent of the Debtors, conducting the Store Closing Sales at Store Closing Locations, pursuant to the Sale Guidelines. A list of the 27 Store Closing Locations are as follows: Store Name City/State ---------- ---------- Quiksilver - Universal CityWalk Universal City, CA Quiksilver - South Coast Plaza Costa Mesa, CA Quiksilver - Times Square New York, NY Quiksilver-Hollywood, FL Hollywood, FL DC - Irvine Spectrum Irvine, CA Quiksilver - Seattle Seattle, WA Roxy - Fashion Island Newport Beach, CA Quiksilver - Del Amo Torrance, CA Waterman - Waikiki Beach Walk Honolulu, HI Quiksilver Glendale Glendale, CA Boardriders Meatpacking New York, NY Boardriders Pasadena Pasadena, CA Quiksilver Outlet - Lakewood Lakewood, CO DC Outlet - Pismo Pismo Beach, CA DC Outlet - El Paso Canutillo, TX DC Outlet - Gilroy Gilroy, CA DC Outlet - Lauglin Laughlin, NV DC Outlet - Dophin Mall Miami, FL DC Outlet - Katy Mills Katy, TX Quiksilver Outlet - Miromar Estero, FL Quiksilver Outlet - Chicago Rosemont, IL Quiksilver Outlet - Silver Sands Destin, FL Quiksilver Outlet - Great Lakes Auburn Hills, MI Quiksilver Outlet - Annapolis Annapolis, MD Quiksilver Outlet - Charlotte Charlotte, NC Quiksilver Outlet - Woodbury Central Valley, NY Commons Quiksilver Outlet - North Dawsonville, GA Georgia Premium Outlets "In order for the Debtors to conclude the Sales as quickly and efficiently as possible, and thereby minimize any unnecessary administrative expenses, including rent and related costs, it is essential that the Debtors be permitted to continue performing pursuant to the Agreements and Sale Guidelines," says Van C. Durrer, II, Esq., counsel to the Debtors. "Failure by the Debtors to continue performing pursuant to the Agreements at this point would in all likelihood lead only to unnecessary delay and expense that would in turn disrupt the Debtors' restructuring efforts and cause significant harm to all stakeholders," he adds. About Quiksilver Quiksilver, Inc., designs, produces and distributes branded apparel, footwear and accessories. The Company's apparel and footwear brands, inspired by a passion for outdoor action sports, represent a casual lifestyle for young-minded people who connect with its boardriding culture and heritage. The Company's Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The Company's products are sold in more than 100 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders shops and other Company-owned retail stores, other specialty stores, select department stores and through various e-commerce channels. For additional information, please visit the Company's brand Web sites at www.quiksilver.com, www.roxy.com and www.dcshoes.com. Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on Sept. 9, 2015. Andrew Bruenjes signed the petition as chief financial officer. The Debtors disclosed total assets of $337 million and total debts of $826 million. Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Debtors' legal advisor, FTI Consulting, Inc. as their restructuring advisor, and Peter J. Solomon Company as their investment banker. Kurtzman Carson Consultants LLC acts as the Debtors' claims and noticing agent. SANTA FE GOLD: Amends List of 20 Largest Unsecured Creditors ------------------------------------------------------------ Santa Fe Gold Corporation, et al., filed with the U.S. Bankruptcy Court for the District of Delaware an amended list of creditors holding 20 largest unsecured claims, a copy of which is available at http://bankrupt.com/misc/SFGCcredlist0826.pdf About Santa Fe Gold Santa Fe Gold Corporation and three affiliated entities, a group of mining and mineral exploration companies headquartered in Lordsburg, New Mexico, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-11761) on Aug. 26, 2015, to pursue an expedited sale of their assets in order to maximize value for all stakeholders. The case is pending before the Honorable Mary F. Walrath. The cases are being jointly administered for procedural purposes. The Debtor continues to operate its business and manage its properties as a debtor-in-possession. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as counsel; Canaccord Genuity Group Inc., as financial advisor; and American Legal Claim Services, LLC, as notice, claims, and solicitation agent. Santa Fe Gold disclosed $19.1 million in assets and $29.9 million in debt as of March 31, 2015. SANTA FE GOLD: Can Employ ALCS as Claims & Noticing Agent --------------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware authorized Santa Fe Gold Corporation, et al., to employ American Legal Claim Services, LLC, as claims and noticing agent. Once the Debtors' debtor-in-possession funding is approved, the Debtors intend to provide ALCS a retainer in the amount of $10,000. ALCS seeks to hold the retainer under the Engagement Agreement during the Chapter 11 Cases as security for the payment of fees and expenses incurred under the Engagement Agreement. About Santa Fe Gold Santa Fe Gold Corporation and three affiliated entities, a group of mining and mineral exploration companies headquartered in Lordsburg, New Mexico, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-11761) on Aug. 26, 2015, to pursue an expedited sale of their assets in order to maximize value for all stakeholders. The case is pending before the Honorable Mary F. Walrath. The cases are being jointly administered for procedural purposes. The Debtor continues to operate its business and manage its properties as a debtor-in-possession. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as counsel; Canaccord Genuity Group Inc., as financial advisor; and American Legal Claim Services, LLC, as notice, claims, and solicitation agent. Santa Fe Gold disclosed $19.1 million in assets and $29.9 million in debt as of March 31, 2015. SECOND SOUTHERN BAPTIST: Voluntary Chapter 11 Case Summary ---------------------------------------------------------- Debtor: Second Southern Baptist Church of New York c/o Mario Delbrun 587 Riverside Drive, Apt. 3D New York, NY 10031 Case No.: 15-12509 Chapter 11 Petition Date: September 9, 2015 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Sean H. Lane Debtor's Counsel: Lawrence R. Reich, Esq. REICH REICH & REICH, P.C. 235 Main Street, Suite 450 White Plains, NY 10601 Tel: (914) 949-2126 Fax: (914) 949-1604 Email: reichlaw@aol.com Total Assets: $1.2 million Total Liabilities: $389,384 The petition was signed by Mary Willis, vice president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. SIGNAL INT'L: Committee Seeks to Hire Pachulski Stang as Counsel ---------------------------------------------------------------- The Official Committee of Unsecured Creditors for Signal International Inc. and its debtor-affiliates asks the U.S. Bankruptcy Court for the District of Delaware for authority to retain Pachulski Stang Ziehl & Jones LLP as its counsel. a) assist, advise, and represent the Committee in its consultations with the Debtors regarding the administration of these cases; b) assist, advise, and represent the Committee with respect to the Debtors' retention of professionals and advisors with respect to the Debtors' business and these cases; c) assist, advise, and represent the Committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens and participating in and reviewing the proposed asset sales, any asset dispositions, financing arrangements, and cash collateral stipulations or proceedings; d) assist, advise, and represent the Committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; e) assist, advise, and represent the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtors, the Debtors' operations, and the desirability of the continuance of any portion of those operations, and any other matters relevant to the cases or to the formulation of a plan; f) assist, advise and represent the Committee in connection with the proposed sale of the Debtors' assets; g) assist, advise, and represent the Committee in its participation in the negotiation, formulation, or objection to any plan of liquidation or reorganization; h) assist, advise, and represent the Committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; i) assist, advise, and represent the Committee in the evaluation of claims avoidance actions; and j) provide other services to the Committee as may be necessary in these cases. The firm's professionals and the hourly rates: Professionals Hourly Rates ------------- ------------ Robert J. Feinstein, Esq. $995 Bradford J. Sandler, Esq. $825 Shirley S. Cho, Esq. $750 Jason Rosell, Esq. $525 Peter J. Keane, Esq. $525 Margaret L. McGee, Esq. $305 Bradford J. Sandler, Esq., partner at the firm, assures the Court the firm does not hold any interest adverse to the Debtors and their estate, and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Robert J. Feinstein, Esq. Bradford J. Sandler, Esq. Shirley S. Cho, Esq. Jason Rosell, Esq. Peter J. Keane, Esq. Margaret L. McGee, Esq. 780 Third Avenue, 34th Floor New York, NY 10017-2024 Tel: 212.561.7700 Fax: 212.561.7777 Email: rfeinstein@pszjlaw.com bsandler@pszjlaw.com scho@pszjlaw.com jrosell@pszjlaw.com pkeane@pszjlaw.com About Signal International Signal International Inc. -- http://www.signalint.com/-- primarily engages in the business of offshore drilling rig overhaul, repair, upgrade, and conversion, as well as new shipbuilding construction. Additionally, Signal provides services to the general marine and heavy fabrication markets for barges, power plants, and modular construction. Signal International, LLC ("SI LLC"), was organized on Dec. 6, 2002, as a limited liability company after acquiring the assets of the Offshore Division of Friede Goldman Halter from bankruptcy. SI Inc. was incorporated on Oct. 12, 2007, and began operations with offshore fabrication and repair in Mississippi. Today, Signal's corporate headquarters are in Mobile, Alabama, with operations in Alabama and Mississippi, and a sales office in Texas. On Oct. 3, 2014, Signal International Texas, L.P., sold substantially all of its assets to Westport Orange Shipyard, LLC, in a partially seller-financed transaction for a total purchase price of $35,900,000. As part of the transaction, Westport provided a down payment of $7,000,000 and delivered a promissory note in the principal amount of $28,900,000 to SI Texas due on or before Oct. 3, 2019 (the "Texas Note"). On July 12, 2015, SI Inc. and its direct and indirect wholly owned subsidiaries, including SI LLC, commenced cases under chapter 11 of title 11 of the United States Code (Bankr. D. Del. Lead Case No. 15-11498). The Debtors tapped Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, Hogan Lovells US LLP as general corporate counsel, GGG Partners, LLC, as financial and restructuring advisors, and Kurtzman Carson Consultants LLC as claims and noticing agent. Signal International Inc. estimated $10 million to $50 million in assets and $50 million to $100 million in debt. The U.S. Trustee for Region 3 appointed seven creditors to serve on the official committee of unsecured creditors. SIGNAL INT'L: Committee to Hire GlassRatner as Fin'l Advisors ------------------------------------------------------------- The Official Committee of Unsecured Creditors for Signal International Inc. and its debtor-affiliates asks the U.S. Bankruptcy Court for the District of Delaware for authority to retain G1assRatner Advisory & Capital Group LLC as its financial advisors. A hearing is set for Oct. 14, 2015, at 10:30 a.m., to consider the Committee's request. Objections, if any, are due Sept. 11, 2015 at 4:00 p.m. The Committee needs the firm to: a) analyze the Debtors' liquidation/waterfall analysis, as well as the Debtors' underlying financial projections; b) as necessary, develop a revised liquidation/waterfall analysis and valuation based on GR's evaluation of the underlying facts and circumstances; c) monitor the Debtors' sale process, including periodic updates as to the status of specific buyers; d) analyze the Debtors' operations prior to and after the Petition Date, as the Committee deems necessary; e) Analyze the Debtors' financial information prior to and after the Petition Date, as the Committee deems necessary; f) Review the prospects and opportunities for the Debtors as an ongoing business operation; g) Review the financial aspects of any disclosure statement and plan of reorganization or liquidation; h) Negotiate with the Debtors' financial advisor in the best financial and business interests of the unsecured creditors; i) Advise the Committee and its counsel on various financial and business matters associated with the Debtors; j) Address any related financial and business issues, as requested by the Committee and its counsel; k) Attend meetings of creditors and confer with representatives of the Committee, the Debtors and their counsel; and 1) Report to the Committee and its counsel on a regular basis. The firm's professionals and the hourly rates: Professionals Hourly Rates ------------- ------------ Evan Blum $550 James Fox $550 Wojciech Hajduczyk $400 Marshall Glade $350 Marc Levee $325 Ryan Silverman $225 Mr. Blum, principal at the firm, assures the Court the firm does not hold any interest adverse to the Debtors and their estate, and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can can be reached at: Evan Blum James Fox Wojciech Hajduczyk Marshall Glade Marc Levee Ryan Silverman One Grand Central Place 60 East 42nd Street, Suite 1062 New York, NY 10165 Email: eblum@glassratner.com jfox@glassratner.com whajduczyk@glassratner.com mglade@glassratner.com mlevee@glassratner.com About Signal International Signal International Inc. -- http://www.signalint.com/-- primarily engages in the business of offshore drilling rig overhaul, repair, upgrade, and conversion, as well as new shipbuilding construction. Additionally, Signal provides services to the general marine and heavy fabrication markets for barges, power plants, and modular construction. Signal International, LLC ("SI LLC"), was organized on Dec. 6, 2002, as a limited liability company after acquiring the assets of the Offshore Division of Friede Goldman Halter from bankruptcy. SI Inc. was incorporated on Oct. 12, 2007, and began operations with offshore fabrication and repair in Mississippi. Today, Signal's corporate headquarters are in Mobile, Alabama, with operations in Alabama and Mississippi, and a sales office in Texas. On Oct. 3, 2014, Signal International Texas, L.P., sold substantially all of its assets to Westport Orange Shipyard, LLC, in a partially seller-financed transaction for a total purchase price of $35,900,000. As part of the transaction, Westport provided a down payment of $7,000,000 and delivered a promissory note in the principal amount of $28,900,000 to SI Texas due on or before Oct. 3, 2019 (the "Texas Note"). On July 12, 2015, SI Inc. and its direct and indirect wholly owned subsidiaries, including SI LLC, commenced cases under chapter 11 of title 11 of the United States Code (Bankr. D. Del. Lead Case No. 15-11498). The Debtors tapped Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, Hogan Lovells US LLP as general corporate counsel, GGG Partners, LLC, as financial and restructuring advisors, and Kurtzman Carson Consultants LLC as claims and noticing agent. Signal International Inc. estimated $10 million to $50 million in assets and $50 million to $100 million in debt. The U.S. Trustee for Region 3 appointed seven creditors to serve on the official committee of unsecured creditors. SIGNAL INT'L: Files Amended Schedule E-2 ---------------------------------------- Signal International Inc. and its debtor-affiliates filed with the U.S. Bankruptcy Court for the District of Delaware an amended schedule E-2. A full-text copy of the schedule is available for free at http://is.gd/yobOkd About Signal International Signal International Inc. -- http://www.signalint.com/-- primarily engages in the business of offshore drilling rig overhaul, repair, upgrade, and conversion, as well as new shipbuilding construction. Additionally, Signal provides services to the general marine and heavy fabrication markets for barges, power plants, and modular construction. Signal International, LLC ("SI LLC"), was organized on Dec. 6, 2002, as a limited liability company after acquiring the assets of the Offshore Division of Friede Goldman Halter from bankruptcy. SI Inc. was incorporated on Oct. 12, 2007, and began operations with offshore fabrication and repair in Mississippi. Today, Signal's corporate headquarters are in Mobile, Alabama, with operations in Alabama and Mississippi, and a sales office in Texas. On Oct. 3, 2014, Signal International Texas, L.P., sold substantially all of its assets to Westport Orange Shipyard, LLC, in a partially seller-financed transaction for a total purchase price of $35,900,000. As part of the transaction, Westport provided a down payment of $7,000,000 and delivered a promissory note in the principal amount of $28,900,000 to SI Texas due on or before Oct. 3, 2019 (the "Texas Note"). On July 12, 2015, SI Inc. and its direct and indirect wholly owned subsidiaries, including SI LLC, commenced cases under chapter 11 of title 11 of the United States Code (Bankr. D. Del. Lead Case No. 15-11498). The Debtors tapped Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, Hogan Lovells US LLP as general corporate counsel, GGG Partners, LLC, as financial and restructuring advisors, and Kurtzman Carson Consultants LLC as claims and noticing agent. Signal International Inc. estimated $10 million to $50 million in assets and $50 million to $100 million in debt. The U.S. Trustee for Region 3 appointed seven creditors to serve on the official committee of unsecured creditors. STEVEN PALLADINO: New England Colleges Team Up vs. Tuition Suits ---------------------------------------------------------------- Katy Stech, writing for The Wall Street Journal, reported that Yale, Brown and several other New England universities are urging a bankruptcy judge to protect colleges that are sued to return tuition paid by a student's bankrupt parent, arguing that these types of lawsuits go against "societal and congressional expectations." According to the report, lawyers for two trade groups representing universities in Connecticut and Rhode Island are throwing their support behind Sacred Heart University, a private Catholic school in Fairfield, Conn., that has been sued for the return $66,275. The lawsuit came from a bankruptcy trustee trying to collect money to pay off the debt of Steven and Lori Palladino, a Connecticut couple who filed for bankruptcy last year after paying for their daughter, Nicole, to start studying at the school fall 2012, the report related. The couple's bankruptcy trustee, however, said that the tuition money should be redirected to victims of a multimillion dollar Ponzi scheme that Steven Palladino orchestrated through a Massachusetts-based firm called Viking Financial Group, the report further related. TARGA RESOURCES: S&P Affirms 'BB+' CCR & Revises Outlook to Neg. ---------------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'BB+' corporate credit rating on Targa and revised the outlook to negative from stable. S&P also affirmed its 'B+' corporate credit rating on general partnership TRC and revised the outlook to negative. "The negative rating outlook on Targa reflects our view that the partnership will have financial leverage in the 5.0x to 5.5x range and a weak distribution coverage ratio below 1x through 2016," said Standard & Poor's credit analyst Nora Pickens. S&P could lower the rating if industry fundamentals weaken further, leading to financial leverage above 5x and distribution coverage below 1x for an extended period of time. This could occur if additional pressure on commodity prices weakens Targa's margins and leads to lower volumes across its operating platform. S&P could also consider lowering the ratings if the partnership has cost overruns or material delays on large capital projects. S&P could revise the outlook to stable if it expects Targa will maintain financial leverage below 5.0x and distribution coverage comfortably above 1.0x given the inherent risks to the partnership's cash flow. The negative rating outlook on TRC reflects S&P's maintaining a three-notch rating separation between TRC and Targa. S&P could lower the rating on TRC if S&P lowers the rating on Targa or if it expects that TRC's stand-alone debt to EBITDA to be above 4.0x in the long term due to distributions growing at a lower rate or due to further debt issuances. S&P could revise the outlook to stable if it revises the outlook on Targa to stable and stand-alone debt to EBITDA remains below 4.0x. TEMPUR SEALY: S&P Affirms 'BB-' CCR & Revises Outlook to Positive ----------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Lexington, Ky.–based Tempur Sealy International Inc. S&P revised its outlook to positive from stable. "We also affirmed our 'BB+' issue-level ratings on the company's senior secured credit facilities, including its $350 million revolver due 2018, $550 million term loan A due 2018, and $870 term loan B due 2020. The recovery ratings remain '1', indicating our expectations for very high (90% to 100%) recovery in the event of a payment default. We raised our senior unsecured debt issue-level ratings on the company's $375 million notes due 2020 to 'BB-' from 'B+' and revising our recovery ratings to '3', indicating our expectations for meaningful (50% to 70%) recovery in the event of a payment default at the higher end of the range, from '5'. The raised ratings reflect the company's overall debt reduction, and our reassessment of the company's enterprise value," S&P said. "The outlook revision to positive from stable reflects Tempur Sealy's deleveraging since its acquisition of Sealy in 2013 and our expectation that credit protection measures will continue to improve," said Standard & Poor's credit analyst Bea Chiem. S&P estimates the company's adjusted debt was approximately $1.7 billion as of June 30, 2015. TMT GROUP: Bid to Convert Bankruptcies to Chapter 7 Denied ---------------------------------------------------------- Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas, Houston Division, denied Hsin-Chi Su's motion to convert the Chapter 11 cases of TMT Group, TMT USA Shipmanagement LLC and its affiliates, to cases under Chapter 7 of the Bankruptcy Code, and held that the appointment of an examiner is in the best interests of the estates and their creditors. The motion was filed by Su on May 1, 2015, alleging that "substantial or continuing loss to or diminution of the estate and the absence of a reasonable likelihood of rehabilitation" constitutes cause to convert. Su also expressed concern that the debtors were not properly pursuing avoidance actions before the limitations period was set to expire on June 20, 2015. The Debtors, the Official Committee of Unsecured Creditors, MRMBS II LLC, Macquarie Bank, Bank Sinopac, and Wilmington Trust all objected to the motion to convert. During the hearing on the motion on June 12, 2015, the court made a preliminary ruling that required the United States Trustee to select an examiner whose role was limited to determining whether estate causes of action had been preserved for timely prosecution and whether the professional fees charged to the estate were reasonable. Judge Isgur concluded that Su has established a substantial loss to the estate and that there is no reasonable likelihood of rehabilitation in accordance with Section 1112(b)(4)(A), and thus has made a prima facie case of cause to convert the debtors' cases to Chapter 7. However, the judge found that Su has failed to show how either the estate or its creditors will benefit from conversion. Judge Isgur determined that, considering that the debtors have terminated operations, the appointment of an examiner under Section 1112(b)(1) is in the best interests of the estates and their creditors. The examiner provides the estate an independent source to verify the reasonableness of administrative expenses and the examiner's fees will be limited compared to the alternative of a costly chapter 7 trustee. Since the preliminary relief has already been granted in the form of an examiner, Judge Isgur held that further relief is not appropriate. The bankruptcy cases are IN RE: TMT PROCUREMENT CORPORATION, et al, C WHALE CORPORATION, D WHALE CORPORATION, E WHALE CORPORATION, G WHALE CORPORATION, H WHALE CORPORATION, A DUCKLING CORPORATION, F ELEPHANT INC., A LADYBUG CORPORATION, C LADYBUG CORPORATION, D LADYBUG CORPORATION, A HANDY CORPORATION, B HANDY CORPORATION, C HANDY CORPORATION, B MAX CORPORATION, NEW FLAGSHIP INVESTMENT CO LTD, RORO LINE CORPORATION, UGLY DUCKLING HOLDING CORPORATION, GREAT ELEPHANT CORPORATION, CASE NOS. 13-33763, 13-33743, 13-33744, 13-33745, 13-33746, 13-33747, 13-33748, 13-33750, 13-33751, 13-33752, 13-33754, 13-33755, 13-33756, 13-33757, 13-33758, 13-33759, 13-33760, 13-33761, 13-33762 (Bankr. S.D. Tex.). A full-text copy of Judge Isgur's August 14, 2015 memorandum opinion is available at http://is.gd/4ldG20from Leagle.com. About TMT Group Known in the industry as TMT Group, TMT USA Shipmanagement LLC and its affiliates own 17 vessels. Vessels range in size from 27,000 dead weight tons (dwt) to 320,000 dwt. TMT USA and 22 affiliates, including C. Ladybug Corporation, sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 13-33740) in Houston, Texas, on June 20, 2013 after lenders seized seven vessels. TMT filed a lawsuit in U.S. bankruptcy court aimed at forcing creditors to release the vessels so they can return to generating income. TMT has tapped attorneys from Bracewell & Giuliani LLP as bankruptcy counsel and AlixPartners as financial advisors. On a consolidated basis, the Debtors have $1.52 billion in assets and $1.46 billion in liabilities. TRANS COASTAL: U.S. Trustee Forms 5-Member Creditor's Committee --------------------------------------------------------------- Nancy J. Gargula, U.S. Trustee for Region 10, appointed five members to the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of Trans Coastal Supply Company Inc. The members of the Committee are: 1) CHS, Inc. Attn: Jim Johnson 5500 Cenex Drive MS625 Inver Grove Heights, MN 55077 Phone: (651) 355-6376 Email: james.johnson@chsinc.com 2) Gavilon Ingredients, LLC Attn: Bill Vernon 1331 Capital Avenue Omaha, NE 68102 Phone: (402) 889-4698 Email: bill.vernon@gavilon.com 3) J.D. Heiskill Holdings dba J.D. Heiskill & Co. Attn: Michael Isham 20010 Manderson Street, Suite A Elkhorn, NE 68022 Phone: (402) 289-5700 Fax: (402) 289-6748 Email: Misham@heiskell.com 4) Green Plains, Inc. Attn: Ken Kozlik 450 Regency Parkway, #400 Omaha, NE 68114 Phone: (402) 315-1620 Fax: (402) 884-8776 Email: Ken.Kozlik@gpreinc.com 5) China Shipping (North America) Agency Co., Inc. Attn: Nancy Zhang 11 Phillips Parkway PO Box 420 Montvale, NJ 07645-0420 Phone: (201) 505-6900 Fax: (201) 505-9810 Email: nancy.zhang@csna.net Headquartered in Decatur, Illinois, Trans Coastal Supply Company Inc ships grain and other agricultural products like the ethanol byproduct distillers dried grains (DDGS) in containers to overseas buyers. Trans Coastal Supply Company Inc. filed for Chapter 11 bankruptcy protection (Bankr. C.D. Ill. Case No. 15-71147) on July 23, 2015. Judge Mary P. Gorman presides over the Debtor's case. Jeffrey D Richardson, Esq., at Richardson & Erickson, represents the Debtor. The Debtor estimated both assets and liabilities between $10 million and $50 million. WASHINGTON HEIGHTS: Has Authority to Use Cash Until Sept.30 ----------------------------------------------------------- Judge Martin Glenn of the United States Bankruptcy Court for Southern District of New York signed of an interim order authorizing Washington Heights Parking, LLC, to use cash collateral from the Petition Date until September 30, 2015. All rents from the Debtor's property, including any funds collected or received by the Debtor, will be deposited into the Lockbox Account, and the Debtor will direct all tenants to pay rents directly to the Lockbox Account. The Debtor may use the Cash Collateral to pay the actual, ordinary, necessary and reasonable Property operating expenses in the amounts necessary or appropriate for the ordinary operation of the Property. To the extent those funds are available, the Trust will release funds to the Debtor or the Debtor's representative or designee in an amounts equal to the budgeted amount of the Property operating expenses, except that, the Trust may retain and escrow funds sufficient to pay taxes and insurance and may pay those taxes and insurance. The Trust may set-off (a) the accumulated prepetition net cash flow from the Property, which, as of the Petition Date totaled $100,775 against prepetition interest and default interest owed to the Trust; and (b) accumulated postpetition net cash flow against the postpetition interest and default interest owed to the Trust. The authority for the Debtor to use cash collateral follows an agreement between the Debtor and Wells Fargo Bank, N.A. as Trustee for the Registered Holders of COMM 2005 LP5, Commercial Mortgage Pass-Through Certificates, on the use of cash collateral on an interim basis as express in their Stipulated Interim Order Allowing Use of Cash Collateral. The Debtor asked authority to use rents to pay expenses during cash collateral period and the Trust has agreed to allow the Debtor to use rents in accordance with the terms and condition in the their Stipulated Interim Order Allowing Use of Cash Collateral. Washington Heights Parking, LLC, is represented by: Gary Sachs, Esq. SACHS & ASSOCIATES 20 Crescent Drive Albertson, NY 11507 Tel: (516) 396-0129 Fax: (516) 277-1857 Email: gsachs43@gmail.com CWCapital Asset Management LLC, solely in its capacity as Special Servicer for the Trust, is represented by: Gregory A. Cross, Esq. Catherine Guastello Allen, Esq. VENABLE LLP 750 East Pratt St., Suite 900 Baltimore, MD 21202 Tel: (410) 244-7400 Fax: (410) 244-7742 Email: cgallen@venable.com gacross@venable.com -- and -- Edward A. Smith VENABLE LLP Rockefeller Center 1270 Avenue of the Americas Twenty-Fourth Floor New York, NY 10020 Tel: (212) 307-5500 Fax: (212) 307-5598 Email: easmith@venable.com About Washington Heights Washington Heights Parking, LLC, one of 20 companies owned by real estate developer Jose Espinal, sought bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-11687) in Manhattan on June 26, 2015. Washington Heights Parking, a real estate business, owns a building at 4320 Broadway, New York. It leases the premises to three tenants who pay annualized rents of approximately $1.4 million. WETDOG LLC: Belle Resources Claim Entitled to Postpetition Interest ------------------------------------------------------------------- Judge Edward J. Coleman, III, of the United States Bankruptcy Court for the Southern District of Georgia, Savannah Division, concluded that Belle Resources, Ltd., is entitled to interest under Section 506(b) of the Bankruptcy Code on its secured claim during the 17-month period between the Petition Date and the order confirming Wetdog, LLC's plan, accruing at the contractual non-default rate of LIBOR plus 4.25%, except that no interest accrued for the first four months of that period. After confirmation of Wetdog's plan, Belle, an oversecured creditor, sent a spreadsheet to Wetdog showing the amount it claimed it was still owed after giving Wetdog credit for payments made during the bankruptcy case. Belle charged the default rate of 18% interest during the Pendency Period and added certain fees to the amount owing for work performed by lead counsel and local counsel on its behalf. Wetdog objected, contending that Belle is barred from now asserting its entitlement to interest at the note's default rate during the Pendency Period and is instead limited to the floating contract interest rate of LIBOR plus 4.25%. Wetdog also asserted that Belle is barred from claiming the "reasonable fees, costs, or charges provided for under the agreement" under Section 506(b) and that the majority of the fees were unreasonable in any event. Judge Coleman held that the res judicata effect of plan confirmation bars Belle from establishing its entitlement to interest at the default rate during the Pendency Period. Accordingly, the judge ruled that Belle is entitled to Pendency Period interest at the non-default contract rate of the 90-day LIBOR rate plus 4.25% with the exception that the first four months when Comerica Bank held the Wetdog note, no interest accrued. Judge Coleman also rejected Belle's argument that there is no deadline under Section 506(b). The judge ruled that the res judicata effect of plan confirmation also bar Belle from seeking the allowance of "reasonable fees, costs, and charges." The case is In the matter of: WETDOG, LLC, Chapter 11, Debtor, NO. 13-40601-EJC (S.D. Ga.). A full-text copy of the August 14, 2015 opinion is available at http://is.gd/4bRltWfrom Leagle.com. About Wetdog, LLC Wetdog, LLC, dba Foley House Inn, filed for Chapter 11 bankruptcy (Bankr. S.D. Ga. Case No. 13-40601) on April 5, 2013. C. James McCallar, Jr., Esq., at McCallar Law Firm, serves as the Debtor's counsel. It scheduled assets of $3,053,445 and liabilities of $3,389,681. A list of the three largest unsecured creditors is available for free at http://bankrupt.com/misc/gasb13-40601.pdfThe petition was signed by Grant Rogers, managing member. ZUCKER GOLDBERG: Genova Burns to Serve as Labor Law Counsel ----------------------------------------------------------- Zucker, Goldberg & Ackerman, LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Genova Burns, LLC to represent it on matters relating to labor issues. Genova Burns will be paid at these hourly rates: Angelo J. Genova $850 Partners $450-$600 Counsel $350-$550 Of Counsel $500-$550 Associates $225-$325 Paralegal $175 Genova Burns will also be reimbursed for reasonable out-of-pocket expenses incurred. Genova Burns required a $5,000 retainer from the Debtor. Patrick W. McGovern, partner of Genova Burns, 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. Genova Burns can be reached at: Patrick W. McGovern, Esq. GENOVA BURNS LLC 494 Broad Street Newark, NJ 07102 Tel: (973) 533-0777 Fax: (973) 533-1112 About Zucker Goldberg Formed in 1923 as Zucker & Goldberg, law firm Zucker, Goldberg & Ackerman, LLC, is primarily engaged in the representation of lenders and secured parties in foreclosure matters, insolvency proceedings and related matters. The sole members of ZGA are Michael S. Ackerman, Esq. and Joel Ackerman, Esq. Michael S. Ackerman is the managing member of the firm. ZGA's primary offices are in Mountainside, New Jersey. Zucker, Goldberg & Ackerman, LLC, sought Chapter 11 protection (Bankr. D.N.J. Case No. 15-24585) in Newark, New Jersey, on Aug. 3, 2015, to complete the orderly liquidation of the business. The case is assigned to Judge Christine M. Gravelle. The Debtor disclosed total assets of $11.5 million and total liabilities of $53.3 million as of June 30, 2015. ZGA tapped Wasserman, Jurista & Stolz, P.C. as bankruptcy counsel; Brown, Moskowitz & Kallen, P.C., as special litigation counsel; Genova Burns as labor counsel; and BMC Group, Inc., as noticing and balloting agent. ZUCKER GOLDBERG: Taps Getzler Henrich as Financial Advisors ----------------------------------------------------------- Zucker, Goldberg & Ackerman, LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Getzler Henrich & Associates, LLC as financial advisors. The Debtor requires Getzler Henrich to: (a) assist with the preparation of Court motions as requested by counsel; (b) assist with compliance with the reporting requirements of the Bankruptcy Code, Bankruptcy Rules and local rules, including but not limited to monthly operating reports, Schedules of Assets and Liabilities, and Statements of Financial Affairs; (c) participate in Court hearings and, if necessary, provide, expert testimony in connection with any hearings before the Court; (d) consult with all other retained parties, and other parties- in-interest, as necessary; (e) assist with the analysis and reconciliation of claims against the Debtors and other bankruptcy avoidance actions; (f) assist with trade creditor negotiations, if appropriate or required; (g) assist with the analysis and reconciliation of claims against the Debtors and other bankruptcy avoidance actions; (h) assist the Debtor with the bankruptcy process to minimize costs associated with that process; and (i) perform such other tasks as appropriate as may reasonably be requested by management or counsel. Getzler Henrich will be paid at these hourly rates: Bill Henrich $535 Mark Podgainy $460 Principal/Managing Director $495-$595 Director/Specialists $385-$550 Associate Professionals $160-$385 Getzler Henrich will also be reimbursed for reasonable out-of-pocket expenses incurred. William Henrich, co-chairman of Getzler Henrich, 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. Getzler Henrich can be reached at: William Henrich GETZLER HENRICH & ASSOCIATES, LLC 295 Madison Avenue, 20th Floor New York, NY 10017 Tel: (212) 697-2400 Fax: (212) 697-4812 About Zucker Goldberg Formed in 1923 as Zucker & Goldberg, law firm Zucker, Goldberg & Ackerman, LLC, is primarily engaged in the representation of lenders and secured parties in foreclosure matters, insolvency proceedings and related matters. The sole members of ZGA are Michael S. Ackerman, Esq. and Joel Ackerman, Esq. Michael S. Ackerman is the managing member of the firm. ZGA's primary offices are in Mountainside, New Jersey. Zucker, Goldberg & Ackerman, LLC, sought Chapter 11 protection (Bankr. D.N.J. Case No. 15-24585) in Newark, New Jersey, on Aug. 3, 2015, to complete the orderly liquidation of the business. The case is assigned to Judge Christine M. Gravelle. The Debtor disclosed total assets of $11.5 million and total liabilities of $53.3 million as of June 30, 2015. ZGA tapped Wasserman, Jurista & Stolz, P.C. as bankruptcy counsel; Brown, Moskowitz & Kallen, P.C., as special litigation counsel; Genova Burns as labor counsel; and BMC Group, Inc., as noticing and balloting agent. [*] QS Energy to Take Advantage of Spike in US Bankruptcy Filings ----------------------------------------------------------------- QS Energy, Inc., a developer of integrated technology solutions for the energy industry, on Sept. 8 disclosed that it has engaged a U.S.-based boutique investment bank to pursue financing in support of the Company's parallel growth strategies. These dual strategies are consistent of 1) commercialization and deployment of QS Energy's technology offerings; and 2) the acquisition of synergistic and accretive entities or product lines through its wholly-owned subsidiary, QS Energy Pool. Greggory Bigger, QS Energy Chief Executive Officer and Chairman, commented, "We are excited to partner with an organization that is fully committed to the realization of our parallel growth strategies. This oil & gas focused firm will assist QS Energy's capital raising initiatives to fund ongoing operations, and separately for potential acquisitions on a case-by-case basis through QS Energy Pool. As I have stated over the last few months, the current energy market environment provides QS Energy with a unique opportunity, one which we are poised to take advantage of through our product portfolio and via our M&A strategy. The recent downturn and volatility in the US equities markets has only increased opportunities for us on both fronts, and now more than ever, opportunities are opening up for QSEP. Our banking partner understands the potential for immediate revenue generation stemming from these opportunities, and with their capital raising support we hope to aggressively pursue new proposals for our technology as well as accretive acquisitions, thereby leading to immediate value creation for our shareholders." QS Energy recently initiated its mergers & acquisitions plan through its special purpose vehicle, QS Energy Pool, in an effort to acquire companies or assets that will have a substantial, positive impact on the Company's operations and balance sheet. The drastic decrease in global oil prices has put tremendous pressure on many small to mid-sized companies across all segments of the energy industry. In concert with the commodity price crash is the current downturn in US Equity markets, which is being pushed partly as a result of the crash, but also by factors such as China's economy, a potential US interest rate hike, poor jobs reports, among many others. The current instability of the US economy is putting an even tighter stranglehold on small to mid-sized energy companies, which is resulting in US bankruptcy filings at an alarming rate. QS Energy Pool will take advantage of these unique conditions through the identification and acquisition of undervalued entities, assets and technologies that have filed for Chapter 11, and that can be leveraged for the deployment and enhancement of its AOT and Joule Heat technology offerings. Mr. Bigger continued, "We are looking at what is almost a perfect storm of events for QS Energy, and our duel strategies for growth. Our Company is making inroads with additional operators who are in need of improved operational efficiencies provided by our viscosity reduction systems, and in fact, we currently have a number of potential acquisition deals on the table for QS Energy Pool. Our advisors to the acquisition strategy, Scott and Bill, have been nothing short of stellar, as their knowledge of the industry and key relationships have put us into position to strike on a number of potential acquisitions. Our investment banking partner will pursue financing for those acquisition opportunities that are both accretive to, and synergistic with QS Energy's current operations on a case-by-case basis. I expect us to be very busy, working together on this front." QS Energy continues to make progress as it moves from R&D to full commercialization of its Applied Oil Technology(TM) (AOT(TM)) and Joule Heat(TM) Solutions. AOT is a patent-protected hardware system designed to reduce the viscosity of crude oil transported via pipeline, and developed in partnership with Temple University. AOT harnesses the principles of electrorheology to reduce viscosity, thereby lowering operational costs and improving efficiencies when transporting feedstock. QS Energy has partnered with various third-party testing organizations, as well as both upstream and midstream operators, to prove the financial benefits of AOT as a result of reduced viscosity. The Company's Joule Heat technology offering is a solution for the challenges of transporting heavy, waxy feedstock, as well as transporting petroleum products through cold weather environments. Preliminary testing suggests that Joule Heat will operate at significantly better efficiency rates than existing trace heating technologies. AOT and Joule Heat are both in active beta deployments with major North American operators. Mr. Bigger stated, "We are making great strides towards the full commercialization of our viscosity reduction technologies, and we are ramping up testing, research & development, and production for both AOT and Joule Heat. Our newly-engaged investment banking partner will assist the Company with any necessary capital raising in support of our technology operations. It is critical that we maintain steady forward progress as the benefits of our hardware systems are further proven up, so that we are ready to deploy with operators around the globe at any time. Our banking firm understands the financial benefits that these deployments will bring to QS Energy and our shareholders, and we are highly confident in their abilities to raise capital for ongoing operations in support of these goals." Mr. Bigger concluded, "Our banking partner is invested in, and committed to the success of our parallel growth strategies, and together we hope to reach the next level of value creation for our loyal shareholder base. The firm will lend its considerable resources to financing initiatives for QS Energy in support of ongoing operations, technology deployments, and acquisitions that will bolster our product portfolio and bottom-line revenues. We are proud to partner with their team as QS Energy moves into an exciting new era." About QS Energy, Inc. QS Energy, Inc. (OTCQX: QSEP) -- http://www.QSEnergy.com-- provides the global energy industry with patent-protected industrial equipment designed to deliver measurable performance improvements to crude oil pipelines. Developed in partnership with leading crude oil production and transportation entities, QS Energy's high-value solutions address the enormous capacity inadequacies of domestic and overseas pipeline infrastructures that were designed and constructed prior to the current worldwide surge in oil production. In support of our clients' commitment to the responsible sourcing of energy and environmental stewardship, QS Energy combines scientific research with inventive problem solving to provide energy efficiency 'clean tech' solutions to bring new efficiencies and lower operational costs to the upstream, midstream and gathering sectors. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Calvin L. Raup and Angela J. Raup Bankr. D. Ariz. Case No. 15-10994 Chapter 11 Petition filed August 27, 2015 In re Mega, Inc. Bankr.S.D. Fla. Case No. 15-25559 Chapter 11 Petition filed August 27, 2015 See http://bankrupt.com/misc/flsb15-25559.pdf represented by: Brett A. Elam, Esq. FARBER + ELAM, LLC E-mail: belam@brettelamlaw.com In re Walter Henry Schwab Jr. Bankr. N.D. Ga. Case No. 15-66300 Chapter 11 Petition filed August 27, 2015 In re Camera Mart, Inc. Bankr. E.D. Mich. Case No. 15-52693 Chapter 11 Petition filed August 27, 2015 See http://bankrupt.com/misc/mieb15-52693.pdf represented by: Ernest Hassan, Esq. STEVENSON & BULLOCK, PLC E-mail: ehassan@sbplclaw.com In re Kathleen Sellars Bankr. E.D.N.Y. Case No. 15-43948 Chapter 11 Petition filed August 27, 2015 In re Anthony T Fowora Bankr. E.D.N.Y. Case No. 15-73680 Chapter 11 Petition filed August 27, 2015 In re Stephen E. Kezmarsky, III and Nancy L. Kezmarsky Bankr. W.D. Pa. Case No. 15-23073 Chapter 11 Petition filed August 27, 2015 In re Richvin, Inc. Bankr. W.D. Pa. Case No. 15-23802 Chapter 11 Petition filed August 27, 2015 See http://bankrupt.com/misc/pawb15-23082.pdf represented by: Robert O. Lampl, Esq. E-mail: rol@lampllaw.com In re Joaquin De Puigdorfila Esteve and Teresita M Iturregui Munoz Bankr. D.P.R. Case No. 15-06577 Chapter 11 Petition filed August 27, 2015 In re Patricia Fuller Lowe Bankr. M.D. Tenn. Case No. 15-06017 Chapter 11 Petition filed August 27, 2015 In re Caroline Leslie Collin Bankr. C.D. Cal. Case No. 15-23543 Chapter 11 Petition filed August 28, 2015 In re William Merlo Bankr. S.D. Fla. Case No. 15-25639 Chapter 11 Petition filed August 28, 2015 In re Bobby F. Price, Jr. Bankr. M.D. Ga. Case No. 15-71003 Chapter 11 Petition filed August 28, 2015 In re Prico Enterprises, Inc. Bankr. M.D. Ga. Case No. 15-71004 Chapter 11 Petition filed August 28, 2015 See http://bankrupt.com/misc/gamb15-71004.pdf represented by: Wesley J. Boyer, Esq. KATZ, FLATAU, POPSON AND BOYER, LLP E-mail: wjboyer_2000@yahoo.com In re Praise Christian Center Church Bankr. N.D. Ga. Case No. 15-66355 Chapter 11 Petition filed August 28, 2015 represented by: Melvin L. Dansby, Esq. In re Marc John Randazza Bankr. D. Nev. Case No. 15-14956 Chapter 11 Petition filed August 28, 2015 In re Marinus J. Van Peenen Bankr. D.N.J. Case No. 15-26283 Chapter 11 Petition filed August 28, 2015 In re Darlina C. Crowder Bankr. E.D. Tex. Case No. 15-41542 Chapter 11 Petition filed August 28, 2015 In re Alton Earl Donalson, Sr Bankr. S.D. Tex. Case No. 15-34525 Chapter 11 Petition filed August 28, 2015 In re Hugh Edmond Long Bankr. W.D. Tex. Case No. 15-52079 Chapter 11 Petition filed August 28, 2015 In re Sanchez Auto Body, Inc. Bankr. W.D. La. Case No. 15-31270 Chapter 11 Petition filed August 30, 2015 See http://bankrupt.com/misc/lawb15-31270.pdf represented by: Amado Leija, Esq. THE LAW OFFICE OF AMADO LEIJA E-mail: amado@leijalaw.com In re Crofchick, Inc. Bankr. M.D. Pa. Case No. 15-03723 Chapter 11 Petition filed August 30, 2015 See http://bankrupt.com/misc/pamb15-03723.pdf represented by: Tullio DeLuca, Esq. E-mail: tullio.deluca@verizon.net In re Crofchick Realty, LLC Bankr. M.D. Pa. Case No. 15-03724 Chapter 11 Petition filed August 30, 2015 See http://bankrupt.com/misc/pamb15-03724.pdf represented by: Tullio DeLuca, Esq. E-mail: tullio.deluca@verizon.net In re Sandra L Turner Bankr. M.D. Tenn. Case No. 15-06099 Chapter 11 Petition filed August 30, 2015 In re John Jefferson Vitalich Bankr. N.D. Cal. Case No. 15-52814 Chapter 11 Petition filed August 31, 2015 In re Sonja Vaughan Bell and Johnathan Shariff Bell Bankr. D. Conn. Case No. 15-21541 Chapter 11 Petition filed August 31, 2015 In re BCGC Unit 1 Inc.d/b/a BIG CITY GRILL Bankr. M.D. Fla. Case No. 15-08883 Chapter 11 Petition filed August 31, 2015 See http://bankrupt.com/misc/flmb15-08883.pdf represented by: Samantha L Dammer, Esq. TAMPA LAW ADVOCATES,P.A. E-mail: sdammer@attysam.com In re Harvey B. Bee and Veronica G. Bee Bankr. M.D. Ga. Case No. 15-52017 Chapter 11 Petition filed August 31, 2015 In re Michael Joseph Hamby and Kendal Elizabeth Horton Bankr. D. Md. Case No. 15-22145 Chapter 11 Petition filed August 31, 2015 In re Judith Ann Young-Doss Bankr. E.D. Mich. Case No. 15-52939 Chapter 11 Petition filed August 31, 2015 In re Spa San Marco, Inc. Bankr. D.N.J. Case No. 15-26383 Chapter 11 Petition filed August 31, 2015 See http://bankrupt.com/misc/njb15-26383.pdf represented by: Jeffrey B. Saper, Esq. LAW OFFICES OF JEFFREY B. SAPER, PC E-mail: jbsaperlaw@comcast.net In re Angel David Fuster, II Bankr. E.D.N.Y. Case No. 15-44018 Chapter 11 Petition filed August 31, 2015 In re William J. Gerbe, Jr. Bankr. E.D.N.Y. Case No. 15-44035 Chapter 11 Petition filed August 31, 2015 In re Paula Malliarakis Bankr. E.D.N.Y. Case No. 15-44058 Chapter 11 Petition filed August 31, 2015 In re William A. Baker Bankr. N.D.N.Y. Case No. 15-11799 Chapter 11 Petition filed August 31, 2015 In re Pretty Girl of Jerome Corp. Bankr. S.D.N.Y. Case No. 15-12453 Chapter 11 Petition filed August 31, 2015 See http://bankrupt.com/misc/nysb15-12453.pdf represented by: Nancy Lynne Kourland, Esq. ROSEN & ASSOCIATES, P.C. E-mail: nkourland@rosenpc.com In re Braddell-Davey Corporation Bankr. W.D.N.Y. Case No. 15-11834 Chapter 11 Petition filed August 31, 2015 See http://bankrupt.com/misc/nywb15-11834.pdf represented by: Arthur G. Baumeister, Jr., Esq. AMIGONE, SANCHEZ & MATTREY LLP Email: abaumeister@amigonesanchez.com In re Douglas William Lee Bankr. E.D.N.C. Case No. 15-04689 Chapter 11 Petition filed August 31, 2015 In re Le Thi Nguyen Bankr. N.D. Tex. Case No. 15-43500 Chapter 11 Petition filed August 31, 2015 In re Eric N Lingenfelter Bankr. W.D. Va. Case No. 15-61673 Chapter 11 Petition filed August 31, 2015 In re Edmundo Tijerina, Jr. Bankr. S.D. Tex. Case No. 15-34647 Chapter 11 Petition filed September 1, 2015 In re Timothy R Wright Bankr. D. Ariz. Case No. 15-11190 Chapter 11 Petition filed September 1, 2015 In re Leo R Sandoval Bankr. C.D. Cal. Case No. 15-11767 Chapter 11 Petition filed September 1, 2015 In re Holmes & Sons Trucking, Inc. Bankr. N.D. Cal. Case No. 15-52840 Chapter 11 Petition filed September 1, 2015 See http://bankrupt.com/misc/canb15-52840.pdf represented by: Jason Vogelpohl, Esq. CENTRAL COAST BANKRUPTCY E-mail: jason@centralcoastbankruptcy.com In re Juan Carlos Casas Bankr. N.D. Cal. Case No. 15-52841 Chapter 11 Petition filed September 1, 2015 In re H. Edward Sherman APLC Bankr. E.D. La. Case No. 15-12244 Chapter 11 Petition filed September 1, 2015 Filed Pro Se In re H. Edward Sherman Bankr. E.D. La. Case No. 15-12246 Chapter 11 Petition filed September 1, 2015 In re Jeffrey R Gutzwiller Bankr. D.N.J. Case No. 15-26602 Chapter 11 Petition filed September 1, 2015 In re Chun Ya Cheung and Min Qin Zheng Bankr. S.D. Ohio Case No. 15-13397 Chapter 11 Petition filed September 1, 2015 In re Empresas Figueroa Goytia Assoc Inc Bankr. D.P.R. Case No. 15-06756 Chapter 11 Petition filed September 1, 2015 See http://bankrupt.com/misc/prb15-06756.pdf represented by: Wanda I. Luna Martinez, Esq. LUNA LAW OFFICES E-mail: quiebra@gmail.com In re Jose G. Maldonado Malave and Zulma I. Recio Lopez Bankr. D.P.R. Case No. 15-06762 Chapter 11 Petition filed September 1, 2015 In re Andy Valiente Caballero Bankr. D.P.R. Case No. 15-06765 Chapter 11 Petition filed September 1, 2015 In re Glenn, Glenn & Dave, LLC Bankr. D.S.C. Case No. 15-04639 Chapter 11 Petition filed September 1, 2015 See http://bankrupt.com/misc/scb15-04639.pdf represented by: Robert H. Cooper, Esq. THE COOPER LAW FIRM E-mail: thecooperlawfirm@thecooperlawfirm.com In re Carolina Procurement Institute, Inc Bankr. D.S.C. Case No. 15-04646 Chapter 11 Petition filed September 1, 2015 See http://bankrupt.com/misc/scb15-04646.pdf filed Pro Se In re YOGA4YUGP, LLC Bankr. E.D. Tex. Case No. 15-41606 Chapter 11 Petition filed September 1, 2015 See http://bankrupt.com/misc/txeb15-41606.pdf represented by: Kevin S. Wiley, Jr., Esq. LAW OFFICES OF KEVIN S. WILEY JR E-mail: kevinwiley@lkswjr.com In re Divine Solutions and Development/D Mitchell Properties Bankr. S.D. Tex. Case No. 15-34675 Chapter 11 Petition filed September 1, 2015 See http://bankrupt.com/misc/txsb15-34675.pdf Filed Pro Se In re A.N.J. Enterprises, Inc. Bankr. W.D. Tex. Case No. 15-52157 Chapter 11 Petition filed September 1, 2015 See http://bankrupt.com/misc/txwb15-52157.pdf represented by: David T. Cain, Esq. LAW OFFICE OF DAVID T. CAIN E-mail: caindt@swbell.net In re Mollett Welding and Mine Service, Inc. Bankr. S.D.W. Va. Case No. 15-20456 Chapter 11 Petition filed September 1, 2015 See http://bankrupt.com/misc/wvsb15-20456.pdf represented by: Mitchell Lee Klein, Esq. KLEIN, SHERIDAN & GLAZER, LC E-mail: swhittington@kleinandsheridan.com In re St. Johns Professional Center, LLC Bankr. M.D. Fla. Case No. 15-03949 Chapter 11 Petition filed September 1, 2015 See http://bankrupt.com/misc/flmb15-03949.pdf filed Pro Se In re Maria Motherbaugh Bankr. C.D. Cal. Case No. 15-12926 Chapter 11 Petition filed September 2, 2015 In re Los Angeles Federal Armored Services, Inc. Bankr. C.D. Cal. Case No. 15-23810 Chapter 11 Petition filed September 2, 2015 See http://bankrupt.com/misc/cacb15-23810.pdf represented by: Kahlil J. McAlpin, Esq. LAW OFFICES OF KAHLIL J. MCALPIN E-mail: kahlil24@aol.com In re Paul H. Leek Bankr. D. Conn. Case No. 15-21570 Chapter 11 Petition filed September 2, 2015 In re Randy Kevin Metcalf and Regina Michele Metcalf Bankr. N.D. Fla. Case No. 15-30915 Chapter 11 Petition filed September 2, 2015 In re Discepolo LLP Bankr. D. Md. Case No. 15-22242 Chapter 11 Petition filed September 2, 2015 See http://bankrupt.com/misc/mdb15-22242.pdf represented by: George N. Doumas, Esq. DISCEPOLO LLP E-mail: george@discepolollp.com In re Red Oaks Mill Carpet Corp. Bankr. S.D.N.Y. Case No. 15-36638 Chapter 11 Petition filed September 2, 2015 See http://bankrupt.com/misc/nysb15-36638.pdf represented by: H. Bruce Bronson, Jr., Esq. BRONSON LAW OFFICES, P.C. E-mail: G2514@notify.cincompass.com In re Leonel Diaz Hernandez and Rosemarie Espinal Castillo Bankr. D.P.R. Case No. 15-06796 Chapter 11 Petition filed September 2, 2015 In re 12 Degree Entertainment, LLC Bankr. M.D. Tenn. Case No. 15-06194 Chapter 11 Petition filed September 2, 2015 See http://bankrupt.com/misc/tnmb15-06194.pdf represented by: Steven L. Lefkovitz, Esq. LAW OFFICES LEFKOVITZ & LEFKOVITZ E-mail: slefkovitz@lefkovitz.com In re Tanglewood Medical Center, Inc. Bankr. M.D. Tenn. Case No. 15-06198 Chapter 11 Petition filed September 2, 2015 See http://bankrupt.com/misc/tnmb15-06198.pdf represented by: Steven L. Lefkovitz, Esq. LAW OFFICES LEFKOVITZ & LEFKOVITZ E-mail: slefkovitz@lefkovitz.com In re Continental Exploration, LLC Bankr. E.D. Tex. Case No. 15-41607 Chapter 11 Petition filed September 2, 2015 See http://bankrupt.com/misc/txeb15-41607.pdf represented by: Eric A. Liepins, Esq. ERIC A. LIEPINS P.C. E-mail: eric@ealpc.com In re Henry S. Fitzgerald Bankr. E.D. Va. Case No. 15-13064 Chapter 11 Petition filed September 2, 2015 In re MLRG, Inc. Bankr. E.D. Va. Case No. 15-13069 Chapter 11 Petition filed September 2, 2015 See http://bankrupt.com/misc/vaeb15-13069.pdf filed Pro Se In re Nathan Construction, Inc. Bankr. W.D. Wash. Case No. 15-15325 Chapter 11 Petition filed September 2, 2015 See http://bankrupt.com/misc/wawb15-15325.pdf represented by: Larry B. Feinstein, Esq. VORTMAN & FEINSTEIN E-mail: feinstein1947@gmail.com ********* 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 ***