/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/151130.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, November 30, 2015, Vol. 19, No. 334 Headlines 21ST CENTURY ONCOLOGY: Reports Prelim. Q3 2015 Financial Results 30DC INC: Incurs $1.6 Million Net Loss in Fiscal 2015 ALLIANCE ONE: Gets Notice of Noncompliance from NYSE ALLY FINANCIAL: Offering $750 Million Notes Due 2025 ALLY FINANCIAL: Signs Subordinated Indenture with Wilmington Trust ALPHA NATURAL: Has Until April 29 to Remove Certain Civil Actions ALPHA NATURAL: Says Executives Got Over $3.5M in Bonuses in 2014 ALPHA NATURAL: Wants to End Non-Union Retirees' Welfare Benefits ALSIP ACQUISITION: Court Grants Dismissal of Chapter 11 Cases AMERICAN APPAREL: Jan. 20 Confirmation Hearing on Joint Plan AMERICAN APPAREL: May Conduct Store Closing Sales at 13 Stores AMERICAN MEDIA: Conference Call Held to Discuss Q2 Results AMERICAN MEDIA: Reports Second Quarter Fiscal Year 2016 Results AMPLIPHI BIOSCIENCES: Amends Code of Business Conduct and Ethics AMPLIPHI BIOSCIENCES: Incurs $1.72 Million Net Loss in 3rd Quarter ANDALAY SOLAR: Edward Bernstein Named CEO, Pres. and Interim CFO ANDALAY SOLAR: Needs More Time to File Third Quarter Form 10-Q ANDALAY SOLAR: Reports $720K Net Loss in Third Quarter APOLLO MEDICAL: Issues 600,000 Common Shares to NNA APPLIED MINERALS: Annual Meeting Scheduled for Dec. 9 ASPEN GROUP: Hikes Authorized Shares Under 2012 Equity Plan ASSOCIATED WHOLESALERS: Douglas A. Booth Designated as CRO ATLANTIC & PACIFIC: Seeks Flatlands Store Sale to Back-up Bidder ATLANTIC & PACIFIC: Seeks to Sell IP Assets to Key Food for $1.75MM ATLANTIC & PACIFIC: Sues Lee & Associates for Over $12M Sale Bid ATP OIL: Executives Dodge Final Part of Shareholder Suit BERRY PLASTICS: Posts $86 Million Net Income for Fiscal 2015 BG MEDICINE: Common Stock Delisted from Nasdaq BG MEDICINE: Harrison Bains Resigns as Director BG MEDICINE: Reports Third Quarter 2015 Financial Results BIOFUELS POWER: Clay Thomas Resigns as Auditor BIOFUELS POWER: Files Sept. 30 Quarterly Report BLACKAMG L.L.C.: Bankruptcy Court Dismisses Chapter 11 Case BMB MUNAI: FFIN Becomes Wholly Owned Subsidiary of BMBM BON-TON STORES: Announces Third Quarter Fiscal 2015 Results BON-TON STORES: Tranche A Revolver Commitment Hiked to $730MM BOREAL WATER: Has $250,000 Debenture with Saleh Al Sagri BUILDERS FIRSTSOURCE: Pincus Reports 12.1% Stake as of Nov. 25 BUILDERS FIRSTSOURCE: Recasts Annual Report Financial Information BUILDERS FIRSTSOURCE: Signs Underwriting Pact with Deutsche Bank BURLESON LLP: Energy Law Boutique Firm Ceases Operation CACHE INC: Wins Dismissal of Chapter 11 Cases CASPIAN SERVICES: Harvey Sawikin Reports 13.3% Stake as of Nov. 20 CEETOP INC: Delays Filing of Third Quarter Form 10-Q CEETOP INC: Incurs $147,000 Net Loss in Third Quarter CHINA GINSENG: Incurs $750,000 Net Loss in First Quarter COCRYSTAL PHARMA: Names Curtis Dale Interim CFO COMMUNICATION INTELLIGENCE: Frank Elenio Rejoins Board CRAILAR TECH: Bowra to Sell Assets; Bid Deadline January 5 CRYOPORT INC: Stockholders OK Hike of Authorized Common Shares CUMULUS MEDIA: Crestview Owns 30% of Class A Shares as of Nov. 25 DALLAS PROTON: Cases Joint Administered for Procedural Purposes DANIEL CARPENTER: Montana's Tax Claim Is Priority Claim DEERFIELD RANCH: Court Allows Cash Collateral Use Through Dec. 31 DIGITAL DOMAIN: Court Approves Amendment to Postpetition Financing DM RECORDS: Files for Chapter 11 Bankruptcy Protection DOLPHIN DIGITAL: Incurs $341,000 Net Loss in Third Quarter ECO BUILDING: Incurs $7.97 Million Net Loss in Third Quarter ECO BUILDING: Needs More Time to File Form 10-Q ECOSPHERE TECHNOLOGIES: Delays Third Quarter Form 10-Q for Review ECOSPHERE TECHNOLOGIES: Incurs $16.2 Million Net Loss in Q3 EDENOR SA: Director Edgardo Volosin Tenders Resignation EDENOR SA: Posts ARS214 Million Net Income in Third Quarter EFT HOLDINGS: Needs More Time to File Sept. 30 Form 10-Q EFT HOLDINGS: Posts $3.7 Million Net Income for Second Quarter ELEPHANT TALK: Appoints Robert Turner as Executive Chairman EMMAUS LIFE: Designation Agreement with Sarissa, et al., Canceled EMMAUS LIFE: Terminates Designation Agreement with Sarissa EMMAUS LIFE: Yutaka Niihara Reports 37.5% Stake as of Nov. 19 ENERGY & EXPLORATION: Responds to Involuntary Chapter 11 Petition ENERGY FUTURE: $14,000 in Claims Switched Hands Between Aug & Nov ENERGY FUTURE: Reaches Settlement With Committee Regarding Plan ESP RESOURCES: Delays Third Quarter Form 10-Q ESP RESOURCES: Incurs $590,000 Net Loss in Third Quarter ESSAR STEEL: Algoma Holdings Files for Chapter 15 in Delaware FINJAN HOLDINGS: $39.5M Jury Award Against Blue Coat Affirmed FINJAN HOLDINGS: Granted 24th US Patent by USPTO FIRST DATA: Sold $3.4 Billion Senior Notes due 2023 FIRST SOUTH: 4th Circuit Denies Bid for Damages on Sour Loan FOREST DESIGNS: Files for Chapter 11 Bankruptcy Protection FOUNDATION HEALTHCARE: To Get $3.85 Million from Real Estate Sale FRAC SPECIALISTS: Taps CBRE Inc. to Appraise 3 Parcels of Property FRAC SPECIALISTS: Taps GB-A to Appraise Machinery and Equipment FTE NETWORKS: Tender Offer Expires Dec. 4 FUEL PERFORMANCE: Reports $407K Net Loss for Third Quarter FULLCIRCLE REGISTRY: Needs More Time to File Form 10-Q FULLCIRCLE REGISTRY: Posts $46.6K Net Income for Third Quarter GENERAL MOTORS: Punitive Damage Ruling Mix Up Ignition Bellwether GENIUS BRANDS: Files Third Quarter Form 10-Q With SEC GENIUS BRANDS: Issues Letter to Shareholders GENIUS BRANDS: Reports Third Quarter 2015 Financial Results GLYECO INC: Amends Form S-1 Prospectus with SEC GLYECO INC: Reports Fiscal Third Quarter Financial Results GREENSHIFT CORP: Incurs $1.39 Million Net Loss in Third Quarter GREENSHIFT CORP: Scott Kreisler Holds 9.9% Stake as of Nov. 13 GT ADVANCED: Gets Court Approval for Sapphire Furnace Auction HALCON RESOURCES: Offers to Exchange Outstanding Unsecured Debt HCSB FINANCIAL: Cancels Hearing on Class Action Suit Settlement HD SUPPLY: Adopts Majority Voting Policy for Directors HD SUPPLY: James G. Berges Resigns as Directors HEALTHWAREHOUSE.COM: Reports 14.5% Quarterly Sales Growth HUTCHESON MEDICAL: Trustee Can Hire S&W as Special Counsel HUTCHESON MEDICAL: U.S. Trustee Files 2nd Bid to Dismiss Ch.11 Case HYDROCARB ENERGY: Chris Herndon Reports Equity Stake HYDROCARB ENERGY: Herndon Has Right to Appoint 66.6% of Directors HYDROCARB ENERGY: Robert Harrell Appointed as Director ICAGEN INC: Incurs $3.59 Million Net Loss in Third Quarter IMAGEWARE SYSTEMS: Frischer Reports 4.7% Stake as of Nov. 22 IMAGEWARE SYSTEMS: Issues Corporate Update IMPLANT SCIENCES: Incurs $911K Net Loss in First Quarter IMPLANT SCIENCES: Reports First Quarter Fiscal 2016 Results INDEPENDENCE TAX IV: Posts $2.42 Million Net Income for Q2 INFINITY ENERGY: Posts $5.7 Million Net Income for Third Quarter INTELLIPHARMACEUTICS INT'L: To Present at the LD Micro Main Event INTERLEUKIN GENETICS: May Issue 41MM Shares Under Incentive Plans JEVIC TRANSPORTATION: Fired Truckers Seek Priority of $12M Claims K&L GATES: Says Remainder of Malpractice Suit Falls Short KU6 MEDIA: Reports Q3 Fiscal Year 2015 Financial Results LA PATISSERIE: Case Summary & 15 Largest Unsecured Creditors LATTICE INC: Incurs $1 Million Net Loss in Third Quarter LEHMAN BROTHERS: Court Wipes Out FirstBank's $62 Million Claim LEO MOTORS: Incurs $412,000 Net Loss in Third Quarter LINDA AWKARD: Court Denies Application to Employ Wendel Webster LUVU BRANDS: Delays Third Quarter Form 10-Q Filing LUVU BRANDS: Incurs $222K Net Loss in First Quarter MAGNETATION LLC: Jamar Gets Stay Relief to Preserve Mechanic's Lien MARINA BIOTECH: Announces Third Quarter 2015 Financial Results MARINA BIOTECH: Gets Milestone Payment from SMARTICLES Licensee MEDICAL CAPITAL: Ex-CEO Reaches Deal With SEC Over Ponzi Scheme MERCER INT'L: S&P Affirms 'B+' CCR, Outlook Revised to Positive MIDSTATES PETROLEUM: Bruce Stover Is New Chairman of the Board MIDSTATES PETROLEUM: R/C IV Eagle Holds 27.5% Stake as of Nov. 17 MINT LEASING: Delays Form 10-Q Due to Default Issues MINT LEASING: Incurs $1.33 Million Net Loss in Third Quarter MINWIND ENERGY: Sells 4 Turbines to Dean Tofteland-Led Group MISSION NEW ENERGY: All Resolutions Approved at Annual Meeting MMRGLOBAL INC: Reports $489,000 Net Loss for Third Quarter MONAKER GROUP: Amends Form 10-Q to Deconsolidate Former Unit MONAKER GROUP: Swaps $1.3 Million Notes for Common Shares MOTORS LIQUIDATION: Administrator Files 2016 Admin. Costs Budget MOTORS LIQUIDATION: One-Year Extension of GUC Trust Sought MUSCLEPHARM CORP: To Explore Sale of BioZone Unit's Business N-VIRO INTERNATIONAL: Delays Third Quarter Form 10-Q N-VIRO INTERNATIONAL: Incurs $488K Net Loss in Third Quarter NEPHROS INC: Announces Offer to Exercise 2011 Warrants NET ELEMENT: Kenges Rakishev Reports 23.9% Stake as of Oct. 7 NET ELEMENT: Reports Third Quarter 2015 Results NET ELEMENT: Shareholders OK Reverse Common Stock Split NET ELEMENT: To Seek Extension of Nasdaq Compliance Period NET TALK.COM: Incurs $651,000 Net Loss in Third Quarter NEWLEAD HOLDINGS: Clarifies Press Release on $44.8MM Settlement OMNICOMM SYSTEMS: Cornelis Wit Holds 51.5% Stake as of Nov. 19 OMNICOMM SYSTEMS: Cornelis Wit Reports 48.7% Stake as of Nov. 23 OMNICOMM SYSTEMS: Issues 37 Million Shares to Cornelis Wit OW BUNKER: Ch. 11 Cases Reassigned to Judge Julie A. Manning OW BUNKER: Inks Deal with ING Bank, Withdraws Venue Transfer Bid OXYSURE SYSTEMS: Incurs $1.38 Million Net Loss in Third Quarter PACIFIC RECYCLING: David Denecke Approved as Special Counsel PACIFIC RECYCLING: Resolve Objections to Stan Levers Hiring PERPETUAL ENERGY: Moody's Affirms Caa1 Corporate Family Rating PLANDAI BIOTECHNOLOGY: Needs More Time to File Q3 Form 10-Q POPULAR NORTH AMERICA: Fitch Affirms 'BB-' LT Issuer Default Rating POSITRON CORP: Delays Third Quarter Form 10-Q Filing POSITRON CORP: Incurs $255,000 Net Loss in Third Quarter PRECISION OPTICS: Stuart Sternberg Holds 15.5% Stake as of Nov. 24 PRESIDENTIAL REALTY: Posts $49K Net Income for Third Quarter PWK TIMBERLAND: Wants To Get $950K Secured Loan to Pay Settlement QUIKSILVER INC: Apr. 6 Lease Decision Extension Excludes Store 726 QUIKSILVER INC: Seeks to Pay Bonuses to Key Employees RESPONSE BIOMEDICAL: TSX Reviewing Continued Listing ROSETTA GENOMICS: Empery Owns 5.6% of Shares of as of Oct. 13 ROSETTA GENOMICS: Hal Mintz Owns 5.78% of Shares as of Oct. 15 SALLY HOLDINGS: Has Offering of $750 Million Senior Notes SALON MEDIA: John Warnock Discloses 34.9 Million Shares SAMSON RESOURCES: UST Says Kirkland Fee Bid Is Unreasonable SANUWAVE HEALTH: Reports Q3 Results, Provides Business Update SOUTHERN REGIONAL HEALTH: Wants Until Feb. 25 to Reject Leases SPIRE CORP: Needs More Time to File Form 10-Q SPORTS AUTHORITY: Said to Hire Rothschild to Work on Turnaround STELLAR BIOTECHNOLOGIES: Oakes Reports 4.5% Stake as of Nov. 24 SUNVALLEY SOLAR: Incurs $430,000 Net Loss in Third Quarter TECHPRECISION CORP: Posts $255K Net Income for Second Quarter TELKONET INC: Welcomes John Stark III as New CFO THERAPEUTICSMD INC: Files Copy of Investor Presentation with SEC THOMPSON COBURN: Wants Trustee's Claims of Terrorism Dismissed TONGJI HEALTHCARE: Incurs $101,500 Net Loss in Third Quarter TONGJI HEALTHCARE: Needs More Time to File Q3 Form 10-Q TRANS ENERGY: Incurs $4.6 Million Net Loss in Third Quarter TRANS ENERGY: Needs More Time to File Q3 Form 10-Q TRANS-LUX CORP: Announces Completion of Rights Offering TRANS-LUX CORP: Gabelli Funds Holds 35.4% Stake as of Nov. 19 TRANS-LUX CORP: GAMCO Entities File Schedule 13D TRUMP ENTERTAINMENT: Wants Until May 9 to Propose Chapter 11 Plan UNI-PIXEL INC: Has Public Offering of Common Stock and Warrants UNI-PIXEL INC: Prices Public Offering of Common Stock and Warrants UNITED BANCSHARES: Incurs $210K Net Loss in Third Quarter UNIVERSITY OF NORTH CAROLINA: S&P Affirms BB Rating on 2010 Bonds URANIUM ONE: Fitch Affirms 'BB-' Issuer Default Rating VERITEQ CORP: Salberg & Co. Replaces EisnerAmper as Accountants VERSO PAPER: Incurs $111 Million Net Loss in Third Quarter VICTORY ENERGY: Settles Litigation with Trilogy VIGGLE INC: Fails to Company with Nasdaq Requirement VIGGLE INC: Receives Noncompliance Notice from Nasdaq VIRTUAL PIGGY: Issues $20,000 Promissory Note to Investor VIRTUAL PIGGY: Kathe Anchel Joins as CEO, Martha Snider as Chairman VISCOUNT SYSTEMS: 3 Directors Quit Over Proposed Financing VISCOUNT SYSTEMS: Corrects Report on Director Appointment VISCOUNT SYSTEMS: Delays Third Quarter Form 10-Q for Review VISCOUNT SYSTEMS: Incurs C$2.43 Million Net Loss in Third Quarter VUZIX CORP: Provides Business Update, Reports Q3 2015 Results WALTER ENERGY: Court Approves Auction Procedures WALTER ENERGY: Has Until March 11 to Propose Chapter 11 Plan WALTER ENERGY: Wants Bankruptcy Court's OK to End Labor Pacts WAVE SYSTEMS: Delays Third Quarter Form 10-Q WAVE SYSTEMS: Reports $1.69 Million Net Loss for Third Quarter WEST CORP: Obtains Commitment for $250M Term Loan Refinancing WESTMORELAND COAL: Accelerates Executive Management Transition WESTMORELAND COAL: CEO Keith Alessi Retires WESTMORELAND COAL: Mangrove Partners Has 5.6% Stake as of Nov. 19 WESTMORELAND RESOURCE: Jason Veenstra Named Director WISE METALS: S&P Lowers Corp. Credit Rating to 'B-', Outlook Neg. Z TRIM HOLDINGS: Delays Third Quarter Form 10-Q for Review Z TRIM HOLDINGS: Incurs $1.63 Million Net Loss in Third Quarter ZYNEX INC: Delays Filing of Third Quarter Form 10-Q ZYNEX INC: Incurs $324,000 Net Loss in Third Quarter [*] Haynes Sees More Exploration, Production Bankruptcies in 2015 [*] US Activists Target BDC Governance, Fitch Says [*] Vinson & Elkins Adds David Meyer to Aid NY Restructuring Group [^] BOND PRICING: For the Week from Nov. 23 to 27, 2015 ********* 21ST CENTURY ONCOLOGY: Reports Prelim. Q3 2015 Financial Results ---------------------------------------------------------------- 21st Century Oncology Holdings, Inc., announced its financial results for the third quarter ended Sept. 30, 2015. Dr. Daniel Dosoretz, founder, president and chief executive officer, commented, "Although the financial results for the third quarter were disappointing, we are pleased with our continued organic performance and cash flow generation ability. In June 2015, ASTRO published coding guidance on its website advising providers to discontinue reporting the treatment simulation code when IMRT treatment planning is ordered. We subsequently amended our coding policy to align with this guidance on July 1, which resulted in a net reimbursement decline. Additionally, during the quarter changes in treatment modality became more prevalent. The change resulted in a fewer number of treatments delivered due to improved technology that has allowed our physicians to treat certain tumors utilizing a more-intensive radiation dose, but with a fewer number of fractions. As the largest global provider of radiation therapy delivery we are at the forefront of implementing the latest advances in clinical radiation practices throughout our network." Dr. Dosoretz continued, "Our fourth quarter cases per day, which of course means an increase in new patients, are trending above third quarter levels, causing me to be optimistic in regards to our 4th quarter performance and for 2016. Our integration of SFRO is on schedule, and we expect to realize significant synergies from fully combining this operation with the existing 21C operations in 2016. Our recent acquisitions, joint ventures and international operations continue to perform well and have outstanding long-term prospects. We remain focused on providing the necessary technology, clinical best practices, and high quality operating support to our physician network, so as to provide them with the tools and resources to achieve superior outcomes." The Company expects to report a net loss attributable to the Company's shareholders of $27.13 million on $257.98 million of total revenues for the three months ended Sept. 30, 2015, compared to a net loss attributable to the Company's shareholders of $87.37 million on $257.61 million of total revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $1.09 billion in total assets, $1.29 billion in total liabilities, $404.17 million in series A convertible redeemable preferred stock, $19.93 million in noncontrolling interests - redeemable and a total deficit of $624.04 million. A full-text copy of the press release is available for free at: http://is.gd/VqvL99 About 21st Century 21st Century Oncology, Inc., formerly known as Radiation Therapy Services, Inc. ("RTS") owns and operates radiation treatment facilities in the US and Latin America. * * * As reported by the TCR on Feb. 27, 2015, Moody's Investors Service upgraded 21st Century Oncology, Inc.'s Corporate Family Rating and Probability of Default Rating to B3 and B3-PD, respectively. The upgrade of the Corporate Family Rating to B3 and SGL to SGL-2 reflects the receipt of a $325 million preferred equity investment from the Canada Pension Plan Investment Board and subsequent debt reduction. In the April 16, 2015, edition of the TCR, Standard & Poor's Ratings Services affirmed its 'B-' corporate credit rating on Fort Myers-based cancer care provider 21st Century Oncology Holdings Inc. 30DC INC: Incurs $1.6 Million Net Loss in Fiscal 2015 ----------------------------------------------------- 30DC, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.59 million on $738,000 of total revenue for the year ended June 30, 2015, compared to net income of $58,918 on $2.35 million of total revenue for the year ended June 30, 2014. As of June 30, 2015, the Company had $1.46 million in total assets, $2.32 million in total liabilities and a total stockholders' deficit of $865,000. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has accumulated losses from operations since inception and has a working capital deficit as of June 30, 2015. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/TflMdf About 30DC Inc. New York-based 30DC, Inc., provides Internet marketing services and related training to help Internet companies in operating their businesses. It operates in two divisions, 30 Day Challenge and Immediate Edge. ALLIANCE ONE: Gets Notice of Noncompliance from NYSE ---------------------------------------------------- Alliance One International, Inc. previously disclosed in its Form 12b-25 filed with the Securities and Exchange Commission on Nov. 10, 2015, that it was unable to file its Form 10-Q for the three months ended Sept. 30, 2015, due to a delay in completing the financial statements to be included in the Form 10-Q. The delay is related to discrepancies in accounts receivable and inventory at the Company's Kenyan subsidiary, Alliance One Tobacco (Kenya) Limited, discovered in the course of downsizing and terminating certain operations as part of the Company's previously announced restructuring and cost-saving initiative. The Company said it is working toward filing the Form 10-Q as soon as practicable. On Nov. 17, 2015, the Company received a notice from NYSE Regulation, Inc. indicating that the Company is not in compliance with the continued listing requirements of the New York Stock Exchange, under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual, as a result of its failure to timely file the Form 10-Q with the SEC. Under the NYSE rules, the Company will have six months from the date the Form 10-Q was due to be filed with the SEC to file the Form 10-Q. The Company can regain compliance with the NYSE listing standards at any time prior to such date by filing the Form 10-Q with the SEC. If the Company does not file the Form 10-Q prior to such date, then NYSE Regulation may grant, at its discretion, a further extension of up to six additional months, depending on the specific circumstances. The letter from NYSE Regulation also notes that NYSE Regulation may commence delisting proceedings at any time if the circumstances warrant. About Alliance One Alliance One International is a leading global independent leaf merchant. Visit the Company's Web site at http://www.aointl.com/ Alliance One reported a net loss of $15.6 million on $2.10 billion of sales and other operating revenues for the year ended March 31, 2015, compared to a net loss of $87 million on $2.3 billion of sales and other operating revenues for the year ended March 31, 2014. * * * As reported by the TCR on Feb. 12, 2015, Moody's Investor Service downgraded the Corporate Family Rating of Alliance One International, Inc. (AOI) to Caa1 from B3. The downgrade of AOI's CFR to Caa1 reflects Moody's expectation that credit metrics will remain weak over the next 12 - 18 months. The TCR reported on April 13, 2015, that Standard & Poor's Ratings Services lowered its corporate credit rating on Morrisville, N.C.-based Alliance One International Inc. to 'CCC+' from 'B-'. ALLY FINANCIAL: Offering $750 Million Notes Due 2025 ---------------------------------------------------- Ally Financial Inc. is offering an aggregate principal amount of $750,000,000 of 5.750% subordinated notes due 2025 at an issue price of 99.065%. Interest on the Notes are payable semi-annually, in arrears on May 20 and November 20 of each year, until maturity, commencing May 20, 2016. Joint Book-Running Managers: Barclays Capital Inc. Citigroup Global Markets Inc. Deutsche Bank Securities Inc. J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated Co-Managers: BMO Capital Markets Corp. CIBC World Markets Corp. Credit Agricole Securities (USA) Inc. Lloyds Securities Inc. Scotia Capital (USA) Inc. SG Americas Securities, LLC Blaylock Beal Van, LLC Drexel Hamilton, LLC Lebenthal & Co., LLC Mischler Financial Group, Inc. A copy of the free writing prospectus is available at: http://is.gd/iJnnBB About Ally Financial Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/-- is one of the world's largest automotive financial services companies. The Company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers online retail banking products. Ally operates as a bank holding company. GMAC obtained a $17 billion bailout from the U.S. government in exchange for a 56.3 percent stake. Private equity firm Cerberus Capital Management LP keeps 14.9 percent, while General Motors Co. owns 6.7 percent. As of Sept. 30, 2015, the Company had $156 billion in total assets, $142 billion in total liabilities, and $14.6 billion in total equity. * * * As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings Services said it raised its issuer credit rating on Ally Financial Inc. to 'BB' from 'B+'. "The upgrade reflects the company's release from potential legal and financial liabilities stemming from its ownership of ResCap," said Standard & Poor's credit analyst Tom Connell. In the April 3, 2014, edition of the TCR, Fitch Ratings has upgraded Ally Financial Inc.'s long-term Issuer Default Rating (IDR) and senior unsecured debt rating to 'BB+' from 'BB'. The rating upgrade reflects increased clarity around Ally's ownership structure given Ally's recent announcement that it has launched an initial public offering those shares of its common stock held by the U.S. Treasury (the Treasury). As reported by the TCR on July 16, 2014, Moody's Investors Service affirmed the 'Ba3' corporate family and 'B1' senior unsecured ratings of Ally Financial, Inc. and revised the outlook for the ratings to positive from stable. Moody's affirmed Ally's ratings and revised its rating outlook to positive based on the company's progress toward sustained improvements in profitability and repayment of government assistance received during the financial crisis. ALLY FINANCIAL: Signs Subordinated Indenture with Wilmington Trust ------------------------------------------------------------------ Pursuant to the previously announced offering of $750,000,000 aggregate principal amount of 5.750% Subordinated Notes due 2025 to be issued by Ally Financial Inc., Ally and Wilmington Trust, National Association, as trustee, entered into the Subordinated Indenture dated as of Nov. 20, 2015, providing for the issuance of the Notes. The Notes will be issued pursuant to the Indenture and an action of the executive committee of Ally dated as of Nov. 17, 2015. The Notes will bear interest at a rate of 5.750% per year. Interest on the Notes will be payable semi-annually in arrears on May 20 and November 20 of each year, commencing May 20, 2016. The Notes mature on Nov. 20, 2025. The Indenture contains limited covenants of Ally. Ally may redeem some or all of the Notes at such times and on the terms provided for in the Indenture and the Notes. In addition, on Nov. 17, 2015, Ally entered into an Underwriting Agreement incorporating Ally's Underwriting Agreement Standard Provisions (Debt Securities) with Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the several Underwriters named therein, pursuant to which Ally agreed to sell to the Underwriters $750,000,000 aggregate principal amount of the Notes. The Notes were registered pursuant to Ally's shelf registration statement on Form S-3 (File No. 333-193070), which became automatically effective on Dec. 24, 2013. The Underwriting Agreement contains customary representations, warranties and covenants of Ally, conditions to closing, indemnification obligations of Ally and the Underwriters, and termination and other customary provisions. About Ally Financial Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/-- is one of the world's largest automotive financial services companies. The Company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers online retail banking products. Ally operates as a bank holding company. GMAC obtained a $17 billion bailout from the U.S. government in exchange for a 56.3 percent stake. Private equity firm Cerberus Capital Management LP keeps 14.9 percent, while General Motors Co. owns 6.7 percent. As of Sept. 30, 2015, the Company had $156 billion in total assets, $142 billion in total liabilities, and $14.6 billion in total equity. * * * As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings Services said it raised its issuer credit rating on Ally Financial Inc. to 'BB' from 'B+'. "The upgrade reflects the company's release from potential legal and financial liabilities stemming from its ownership of ResCap," said Standard & Poor's credit analyst Tom Connell. In the April 3, 2014, edition of the TCR, Fitch Ratings has upgraded Ally Financial Inc.'s long-term Issuer Default Rating (IDR) and senior unsecured debt rating to 'BB+' from 'BB'. The rating upgrade reflects increased clarity around Ally's ownership structure given Ally's recent announcement that it has launched an initial public offering those shares of its common stock held by the U.S. Treasury (the Treasury). As reported by the TCR on July 16, 2014, Moody's Investors Service affirmed the 'Ba3' corporate family and 'B1' senior unsecured ratings of Ally Financial, Inc. and revised the outlook for the ratings to positive from stable. Moody's affirmed Ally's ratings and revised its rating outlook to positive based on the company's progress toward sustained improvements in profitability and repayment of government assistance received during the financial crisis. ALPHA NATURAL: Has Until April 29 to Remove Certain Civil Actions ----------------------------------------------------------------- The Hon. Kevin R Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia extended Alpha Natural Resources, Inc., et al.'s time to remove actions until (a) April 29, 2016; or (b) 30 days after the entry of an order terminating the automatic stay with respect to any particular Civil Action sought to be removed. Alpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by 2014 consolidated revenues of $4.3 billion. Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896) and its affiliates filed separate Chapter 11 bankruptcy petitions on Aug. 3, 2015, listing $9.9 billion in total assets as of June 30, 2015, and $7.3 billion in total liabilities as of June 30, 2015. The petition was signed by Richard H. Verheij, executive vice president, general counsel and corporate secretary. Judge Kevin R. Huennekens presides over the case. David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson, Esq., at Jones Day serve as the Debtors' general counsel. Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III, Esq., and Justin F. Paget, Esq., serve as the Debtors' local counsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims and noticing agent. The U.S. Trustee for Region 4 appointed seven creditors of Alpha Natural Resources Inc. to serve on the official committee of unsecured creditors. ALPHA NATURAL: Says Executives Got Over $3.5M in Bonuses in 2014 ---------------------------------------------------------------- Alpha Natural Resources said in its filings with the U.S. Securities and Exchange Commission that it gave its executives more than $3.5 million in bonuses a year before it filed for Chapter 11 bankruptcy protection. According to federal filings, the Company's CEO, Kevin Crutchfield, got $7.75 million in total compensation in 2014. Nate Morabito, writing for Wjhl.com, reports that the total number is actually $180,000 less than he made in 2013. The SEC filings show that stock awards accounted for most of Mr. Crutchfield's 2014 compensation, but he also got an $815,100 performance bonus and $500,000 retention bonus, the latter aimed at keeping him at the helm to ensure stability through "difficult market and regulatory conditions." SEC filings reveal two other executives who took home retention bonuses too, one of whom has since left the Company. All six of the Company's top executives also got performance bonuses in 2014, which ranged from $138,125 to Mr. Crutchfield's $815,100, SEC filings say. Citing the Company, Wjhl.com relates that on average, executive compensation declined by 57% in 2015, and compensation for board of directors has decreased by 47%, with the total number of board members dropping by two. The Company paid its board of directors a total of $1.8 million in 2014, SEC filings show. Wjhl.com reports that the Company has let go of workers and proposed suspending medical and life insurance benefits for more than 4,500 non-union retirees and their families, expecting to save almost $3 million a year. About Alpha Natural Resources Alpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by 2014 consolidated revenues of $4.3 billion. As of Dec. 31, 2014, the Company operated 60 mines and 22 coal preparation plants in Northern and Central Appalachia and the Powder River Basin, with approximately 8,900 employees. Alpha Natural Resources, Inc. and certain of its wholly-owned subsidiaries filed voluntary petitions (Bankr. E.D. Va. Lead Case No. 15-33896) on Aug. 3, 2015. The petition was signed by Richard H. Verheij, executive vice president, general counsel and corporate secretary. Jones Day serves as general counsel to the Debtors. Hunton & Williams LLP acts as the Debtors' local counsel. Rothschild Group represents as the Debtors' financial advisor. The Debtors' investment banker is Alvarez & Marsal Holdings, LLC. Kurtzman Carson Consultants serves as the Debtors' claims and noticing agent. ALPHA NATURAL: Wants to End Non-Union Retirees' Welfare Benefits ---------------------------------------------------------------- Alpha Natural Resources, Inc., and its affiliated debtors ask the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division authority to terminate non-pension welfare benefits for their non-union retirees. The non-pension welfare benefits that the Debtors seek to terminate include hospital, medical, prescription and surgical benefits and life insurance ("Non-Pension Retiree Benefits"). These Non-Pension Retiree Benefits are currently offered to certain of the Debtors' non-union retirees. The Debtors relate that the Non-Pension Retiree Benefits currently offered by them represent a financial burden on their chapter 11 estates, costing them approximately $2.7 million in 2014, for payments made to or on behalf of Non-Union Retirees, and representing an approximately $125 million liability on the Debtors' balance sheets, for future payments expected to be made to or on behalf of Non-Union Retirees and eligible Non-Union Active Employees. The Debtors further relate that for the nine months ending Sept. 30, 2015, they have paid $2.8 million in Non-Pension Retiree Benefits to or on behalf of Non-Union Retirees. Henry P. Long, III, Esq., at Hunton & Williams LLP, in Richmond, Virginia, contends that under applicable contract and non-bankruptcy law, the Debtors possess the unilateral right to terminate the Non-Pension Retiree Benefits because welfare benefits, such as those provided under a health benefit plan, generally are not vested, and an employer can choose to amend or terminate such benefits at any time. Mr. Long further contends that in the Debtors' case, none of the plans governing the Non-Pension Retiree Benefits contains "clear and express" language purporting to vest Non-Pension Retiree Benefits and all of such plans expressly reserve the unilateral right of the Debtors to modify or terminate the plans and/or benefits at any time. Mr. Long tells the Court that the Debtors have determined, in a reasonable and sound exercise of their business judgment, that termination of unvested Non-Pension Retiree Benefits as to their Non-Union Retirees under the Non-Union Benefit Plans, effective as of the Termination Date, is desirable and in the best interests of their estates. He further tells the Court that such termination will immediately allow the Debtors to (a) conserve approximately $3 million per year, (b) eliminate an approximately $125 million obligation from their consolidated balance sheet and (c) enhance the Debtors' prospects of a successful reorganization. Limited Objection The United Mine Workers of America ("UMWA"), representing the interests of both active and laid-off employees at the Debtors' mining complexes and various retirees and dependents, relates that it has been unable to determine whether UMWA retirees are affected by the Debtors' motion. It further relates that it objects to the Debtors' motion to the extent it affects UMWA retirees. The Debtors are represented by: David G. Heiman, Esq. Carl E. Black, Esq. Thomas A. Wilson, Esq. JONES DAY North Point 901 Lakeside Avenue Cleveland, OH 44114 Telephone: (216)586-3939 Facsimile: (216)579-0212 E-mail: dgheiman@jonesday.com ceblack@jonesday.com tawilson@jonesday.com - and - Tyler P. Brown, Esq. J.R. Smith, Esq. Henry P. (Toby) Long, III, Esq. Justin F. Paget, Esq. HUNTON & WILLIAMS LLP Riverfront Plaza, East Tower 951 East Byrd Street Richmond, VA 23219 Telephone: (804)788-8200 Facsimile: (804)788-8218 E-mail: tpbrown@hunton.com jrsmith@hunton.com hlong@hunton.com jpaget@hunton.com The United Mine Workers of America is represented by: Sharon L. Levine, Esq. Paul Kizel, Esq. Philip J. Gross, Esq. Nicole M. Brown, Esq. LOWENSTEIN SANDLER LLP 65 Livingston Avenue Roseland, NJ 07068 Telephone: (973)597-2500 E-mail: slevine@lowenstein.com pkizel@lowenstein.com pgross@lowenstein.com nbrown@lowenstein.com - and - Troy Savenko, Esq. KAPLAN VOEKLER CUNNINGHAM & FRANK, PLC 1401 East Cary Street Richmond, VA 23219 Tel: (804)823-4000 E-mail: tsavenko@kv-legal.com About Alpha Natural Alpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by 2014 consolidated revenues of $4.3 billion. As of Dec. 31, 2014, the Company operated 60 mines and 22 coal preparation plants in Northern and Central Appalachia and the Powder River Basin, with approximately 8,900 employees. Alpha Natural Resources, Inc. and certain of its wholly-owned subsidiaries filed voluntary petitions (Bankr. E.D. Va. Lead Case No. 15-33896) on Aug. 3, 2015. The petition was signed by Richard H. Verheij, executive vice president, general counsel and corporate secretary. Jones Day serves as general counsel to the Debtors. Hunton & Williams LLP acts as the Debtors' local counsel. Rothschild Group represents as the Debtors' financial advisor. The Debtors' investment banker is Alvarez & Marsal Holdings, LLC. Kurtzman Carson Consultants serves as the Debtors' claims and noticing agent. ALSIP ACQUISITION: Court Grants Dismissal of Chapter 11 Cases ------------------------------------------------------------- Debtors Alsip Acquisition, LLC, et al., and the Official Committee of Unsecured Creditors sought and obtained from Judge Kevin J. Carey of the U.S. Bankruptcy Court for District of Delaware an order dismissing their Chapter 11 cases. Maria Aprile Sawczuk, Esq., at Goldstein & McClintock, LLP, in Wilimington, Delaware, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware tell the Court that dismissal is the best approach to bring finality to the cases because of these reasons: (a) the Debtors' assets have been sold; (b) Wells Fargo Bank, National Association, the Debtors' pre-petition lender and DIP Lender has been paid; (c) administrative expenses, other than those owed to professionals, have been fully paid; and, (d) the amounts owed to professionals are more than the remaining funds held by the Debtors. Ms. Sawczuk and Ms. Jones relate that the Debtors presently have approximately $707,428 in funds in the estates. They further relate that the Debtors have requested approval of the Global Settlement Agreement, which, if approved, will transfer an additional $243,602 to the Debtors' estates for a total of $951,030 ("Remaining Estate Funds"). They further relate that the Remaining Estate Funds are not encumbered by any liens and all of the Debtors' other assets have been fully liquidated. They contend that there are no remaining secured claims to be paid. Judge Carey ordered that the dismissal of the cases be effective upon the filing of a certification of counsel, by the Debtors and the Official Committee of Unsecured Creditors, that: (a) all quarterly fees of the U.S. Trustee have been paid in full, including quarterly fees that accrue between the entry of the Court's order and the filing of the certification; (b) all allowed administrative expense claims, other than those of Professionals, have been paid in full, and (c) all allowed Professional Fees have been paid. The Official Committee of Unsecured Creditors is represented by: Maria Aprile Sawczuk, Esq. Harold D. Israel, Esq. GOLDSTEIN & MCCLINTOCK, LLP 1201 North Orange Street, Suite 7380 Wilmington, DE 19801 Telephone: (302)444-6710 Facsimile: (302)444-6709 E-mail: marias@restructuringshop.com Alsip Acquisition and its affiliated debtors are represented by: Laura Davis Jones, Esq. Colin R. Robinson, Esq. Peter J. Keane, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 (Courier 19801) Telephone: (302)652-4100 Facsimile: (302)652-4400 E-mail: ljones@pszjlaw.com crobinson@pszjlaw.com pkeane@pszjlaw.com - and - Richard E. Mikels, Esq. Kevin J. Walsh, Esq. Charles W. Azano, Esq. MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO P.C. One Financial Center Boston, MA 02111 Telephone: (617)542-6000 Facsimile: (617)542-2241 E-mail: rmikels@mintz.com kwalsh@mintz.com cazano@mintz.com About Alsip Acquisition Alsip Acquisition, LLC and APCA, LLC were the leading North American provider of responsibly made recycled paper for books and magazines, as well as for commercial printing and packaging applications. The operational and manufacturing headquarters are located in Alsip, Illinois, and consist of a 40-year-old mill and a leased warehouse in Alsip, Illinois. The mill and warehouse were idled in September 2014 following cash losses. Most of Alsip's stock is owned by FutureMark Holdings, LLC. On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Kevin J. Carey (KJC). The cases have been jointly administered, with pleadings maintained on the case docket for Case No. 14-12596. The Debtors have tapped Mintz Levin Cohn Ferris Glovsky and Popeo PC as counsel and Pachulski Stang Ziehl & Jones as co-counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. As of Oct. 31, 2014, the Debtors had $7.74 million of funded indebtedness and related obligations outstanding. The Debtors disclosed $12,906,018 in assets and $34,362,844 in liabilities as of the Chapter 11 filing. The Official Committee of Unsecured Creditors is represented by Maria Aprile Sawczuk, Esq., and Harold D. Israel, Esq., at Goldstein & McClintlock LLLP. The Committee tapped to retain GlassRatner Advisory & Capital Group LLC as its financial advisor. AMERICAN APPAREL: Jan. 20 Confirmation Hearing on Joint Plan ------------------------------------------------------------ BankruptcyData reported that American Apparel filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. Documents filed with the Court explain, "The Plan will allow the Debtors to strengthen their balance sheet by converting over $200 million of prepetition indebtedness into Reorganized American Apparel Equity Interests and enabling the Debtors to obtain a material infusion of new equity and debt capital upon emergence that will permit the Debtors to exit bankruptcy protection expeditiously and with sufficient liquidity to implement their business plan. In addition, the Plan will provide distributions to general unsecured creditors in the form of units in a litigation trust and, to each class of general unsecured creditors that accepts the Plan, a portion of a $1 million cash payment....The Debtors may, subject to the terms of the DIP Documents, convert the DIP Credit Facility into the New Exit Facility Term Loan upon the Effective Date. Pursuant and subject to the DIP Credit Agreement, the New Exit Facility Term Loan will contain commitments for $30 million in incremental loans, subject to reduction (i) based on the amount of the New Equity Investment exceeding $10 million as determined in accordance with the Equity Commitment Agreement....The Plan creates seven Classes of Claims and two Classes of Interests per Debtor. These Classes take into account the differing nature and priority of Claims against and Interests in the Debtors." The Court scheduled a Jan. 20, 2016 confirmation hearing, with objections due by Jan. 7. About American Apparel American Apparel, Inc., American Apparel (USA), LLC, American Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc., KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11 bankruptcy protection (Bankr. D. Del. Proposed Lead Case No. 15-12055) on Oct. 5, 2015. The petition was signed by Hassan Natha as chief financial officer. The Debtors reported total assets of $199,360,934 and total liabilities of $397,576,744. The Debtors and their non-debtor affiliates operate a vertically integrated manufacturing, distribution, and retail business focused on branded fashion-basic apparel, employing approximately 8,500 employees across six manufacturing facilities and approximately 230 retail stores in the United States and 17 other countries worldwide. The Debtors have engaged Jones Day as restructuring counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis & Company as investment banker, FTI Consulting, Inc. as financial advisor, DJM Real Estate as real estate consultant and Garden City Group, LLC as claims and noticing agent. AMERICAN APPAREL: May Conduct Store Closing Sales at 13 Stores -------------------------------------------------------------- American Apparel, Inc., and their affiliated debtors sought and obtained from Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware authorization to conduct store closing sales at nine of their "American Apparel" stores and four of their "OAK" stores. The Debtors tell the Court that they intend to close the closing stores and, in advance thereof, hold "store closing sales" to sell small amounts of inventory that are not suitable for sale online or in other retail stores. The Debtors relate that in their reasoned business judgment, they have determined that their unprofitable American Apparel stores cannot be turned around through a negotiation of rent concessions, a right sizing of the labor force, the generation of additional sales, or otherwise. They further relate that each of the closing stores has experienced operating losses for at least 12 months and that most have above market rents -- some with rents of more than double the prevailing market rate. The Debtors add that many of the stores are also located in areas that they believe are unlikely to drive the retail traffic necessary to attain profitability. The Debtors contend that when they purchased the OAK business in July 2013, they did so with the expectation that these differences could result in significant potential synergies between the two brands that, if executed upon properly, would be profitable to their businesses and enhance the American Apparel brand. The Debtors further contend that for a number of reasons, the integration of the OAK Business into the existing American Apparel operational infrastructure did not result in the hoped for synergies, and the lack of specialized management and oversight over the OAK Business, among other things, resulted in marked underperformance of the OAK stores. The Debtors assert that it is in the best interests of their estates and creditors to divest the OAK Business and to focus instead on the reorganization of the Debtors' core American Apparel retail and online stores, rather than devote additional resources and management to turnaround the OAK Business. The Official Committee of Unsecured Creditors supports the Debtors' motion. On the other hand, Canary New York, Inc. objected to the Debtors' motion. The Debtor relates that Canary is a suitor of the OAK Business and that Canary alleges that its preliminary, nonbinding $600,000 offer will generate a greater recovery for the estates than liquidating the OAK Merchandise. The Debtor tells the Court that according to its analysis, liquidating the OAK Merchandise during the holiday season is expected to generate more than $2 million in proceeds. American Apparel and its affiliated debtors are represented by: Laura Davis Jones, Esq. James E. O'Neill, Esq. Joseph M. Mulvihill, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 N. Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 (Courier 19801) Telephone: (302)652-4100 Facsimile: (302)652-4400 E-mail: ljones@pszjlaw.com joneill@pszjlaw.com jmulvihill@pszjlaw.com - and - Richard L. Wynne, Esq. Erin N. Brady, Esq. JONES DAY 555 South Flower Street, 50th Floor Los Angeles, CA 90071 Telephone: (213)489-3939 Facsimile: (213)243-2539 E-mail: rlwynne@jonesday.com enbrady@jonesday.com - and - Scott J. Greenberg, Esq. Genna L. Ghaul, Esq. JONES DAY 222 East 41st Street New York, NY 10017 Telephone: (212)326-3939 Facsimile: (212)755-7306 Email: sgreenberg@jonesday.com gghaul@jonesday.com The Official Committee of Unsecured Creditors is represented by: Domenic E. Pacitti, Esq. Richard M. Beck, Esq. KLEHR HARRISON HARVEY BRANZBURG LLP 919 Market Street, Suite 1000 Wilmington, DE 19801-3062 Telephone: (302)426-1189 Facsimile: (302)426-9193 E-mail: dpacitti@klehr.com rbeck@klehr.com - and - David M. Posner, Esq. Gianfranco Finizio, Esq. KILPATRICK TOWNSEND & STOCKTON LLP The Grace Building 1114 Avenue of the Americas New York, NY 10036-7703 Telephone: (212)775-8764 Facsimile: (212)658-9523 E-mail: dposner@kilpatricktownsend.com gfinizio@kilpatricktownsend.com - and - Todd C. Meyers, Esq. Paul Rosenblatt, Esq. KILPATRICK TOWNSEND & STOCKTON LLP 1100 Peachtree Street NE, Suite 2800 Atlanta, Georgia 30309-4528 Telephone: (404)815-6482 Facsimile: (404)541-3307 E-mail: tmeyers@kilpatricktownsend.com paulrosenblatt@kilpatricktownsend.com About American Apparel American Apparel, Inc., American Apparel (USA), LLC, American Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc., KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11 bankruptcy protection (Bankr. D. Del. Proposed Lead Case No. 15-12055) on Oct. 5, 2015. The petition was signed by Hassan Natha as chief financial officer. The Debtors reported total assets of $199,360,934 and total liabilities of $397,576,744. The Debtors and their non-debtor affiliates operate a vertically integrated manufacturing, distribution, and retail business focused on branded fashion-basic apparel, employing approximately 8,500 employees across six manufacturing facilities and approximately 230 retail stores in the United States and 17 other countries worldwide. The Debtors have engaged Jones Day as restructuring counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis & Company as investment banker, FTI Consulting, Inc. as financial advisor, DJM Real Estate as real estate consultant and Garden City Group, LLC as claims and noticing agent. AMERICAN MEDIA: Conference Call Held to Discuss Q2 Results ---------------------------------------------------------- American Media, Inc., held an earnings conference call on Nov. 17, 2015, at 3:30 p.m. EST to discuss the financial results for the three and six month periods ended Sept. 30, 2015. The Company filed its Quarterly Report on Form 10-Q for that period with the Securities and Exchange Commission on Nov. 16, 2015. About American Media Based in New York, American Media, Inc., publishes celebrity journalism and health and fitness magazines in the U.S. These include Star, Shape, Men's Fitness, Fit Pregnancy, Natural Health, and The National Enquirer. In addition to print properties, AMI manages 14 different Web sites. The company also owns Distribution Services, Inc., an in-store magazine merchandising company. American Media, Inc., and 15 units, including American Media Operations, Inc., filed for Chapter 11 protection in Manhattan (Bankr. S.D.N.Y. Case No. 10-16140) on Nov. 17, 2010, with a prepackaged plan. The Debtors emerged from Chapter 11 reorganization in December 2010, handing ownership to former bondholders. The new owners include hedge funds Avenue Capital Group and Angelo Gordon & Co. American Media reported a net loss of $54.3 million on $344 million of total operating revenues for the fiscal year ended March 31, 2014, following a net loss of $56.2 million on $349 million of total operating revenues for the year ended March 31, 2013. * * * As reported in the Jan. 9, 2015 edition of the TCR, American Media carries a 'Caa1' corporate family rating from Moody's. American Media's Caa1 CFR reflects the company's elevated total debt to EBITDA leverage that Moody's expect will rise to the 8-9x range (Moody's adjusted) over the rating horizon from about 7x as of Sept. 30, 2014 as a result of lower EBITDA performance that stems from a reduction in circulation sales associated with the bankruptcy filing of AMI's second largest publications wholesaler, Source Interlink Distribution ("Source"). The rating also captures AMI's weak liquidity profile and deteriorating EBITDA cushion under the revolver's first-lien leverage covenant resulting from the lower circulation revenue aggravated by the Source bankruptcy, which required temporary covenant relief through an amendment to the credit facility. As reported in the Jan. 14, 2015 edition of the TCR, Standard & Poor's Ratings Services said that its ratings on U.S. magazine publisher American Media Inc., including the 'CCC' corporate credit rating, are not affected by the company's announcement that it is exchanging $32 million of its first-lien 11.5% notes due 2017 for $39 million in new second-lien 7% notes due 2020. The negative rating outlook remains unchanged. AMERICAN MEDIA: Reports Second Quarter Fiscal Year 2016 Results --------------------------------------------------------------- American Media, Inc., reported financial results for its three and six month periods ended Sept. 30, 2015. The Company announced that first half Fiscal Year 2016 Adjusted EBITDA finalized at $38.4 million, which is an increase of 27% versus the prior year. True cash EBITDA for the first half fiscal year 2016 is $26.4 million, which marks a 150% ($15.8 million) increase versus the prior year with no addbacks. AMI Chairman, President and CEO David Pecker said, "AMI's second quarter and first half results underscore the incredible power of our brands. Our advertising performance is counter intuitive to all industry trends and, coupled with the continued stabilization of the newsstand, are great benchmarks for AMI's continued success." Second Quarter Fiscal Year 2016 AMI print advertising revenue of $12.7 million was up 3% while the consumer magazine industry was down 12%. Digital advertising revenue of $4 million, including mobile, was up 78%. Newsstand revenue of $29.9 million was equal to the prior year, underscoring the return to stability at newsstands. For the second fiscal quarter, Star and OK's print ad revenue was up 3%, digital revenue was up 106%, and EBITDA was up 118% over the prior year. For the second fiscal quarter, Men's Fitness print ad revenue of $1.9 million was equal to prior year, while EBITDA was up 81%. On the newsstand, Men's Fitness showed a 10% gain of single copy sales and announced a 17% circulation rate base increase from 600,000 to 700,000 beginning with the January 2016 issue. Expenses AMI fully implemented its $22.0 million Management Action Plan for Fiscal Year 2016. Over the previous seven years, AMI reduced its total expenses by $180 million. About American Media Based in New York, American Media, Inc., publishes celebrity journalism and health and fitness magazines in the U.S. These include Star, Shape, Men's Fitness, Fit Pregnancy, Natural Health, and The National Enquirer. In addition to print properties, AMI manages 14 different Web sites. The company also owns Distribution Services, Inc., an in-store magazine merchandising company. American Media, Inc., and 15 units, including American Media Operations, Inc., filed for Chapter 11 protection in Manhattan (Bankr. S.D.N.Y. Case No. 10-16140) on Nov. 17, 2010, with a prepackaged plan. The Debtors emerged from Chapter 11 reorganization in December 2010, handing ownership to former bondholders. The new owners include hedge funds Avenue Capital Group and Angelo Gordon & Co. American Media reported a net loss of $54.3 million on $344 million of total operating revenues for the fiscal year ended March 31, 2014, following a net loss of $56.2 million on $349 million of total operating revenues for the year ended March 31, 2013. As of sept. 30, 2015, the Company had $440.10 million in total assets, $451.17 million in total liabilities, $4 million in redeemable noncontrolling interests and a total stockholders' deficit of $15.06 million. * * * As reported in the Jan. 9, 2015 edition of the TCR, American Media carries a 'Caa1' corporate family rating from Moody's. American Media's Caa1 CFR reflects the company's elevated total debt to EBITDA leverage that Moody's expect will rise to the 8-9x range (Moody's adjusted) over the rating horizon from about 7x as of Sept. 30, 2014 as a result of lower EBITDA performance that stems from a reduction in circulation sales associated with the bankruptcy filing of AMI's second largest publications wholesaler, Source Interlink Distribution ("Source"). The rating also captures AMI's weak liquidity profile and deteriorating EBITDA cushion under the revolver's first-lien leverage covenant resulting from the lower circulation revenue aggravated by the Source bankruptcy, which required temporary covenant relief through an amendment to the credit facility. As reported in the Jan. 14, 2015 edition of the TCR, Standard & Poor's Ratings Services said that its ratings on U.S. magazine publisher American Media Inc., including the 'CCC' corporate credit rating, are not affected by the company's announcement that it is exchanging $32 million of its first-lien 11.5% notes due 2017 for $39 million in new second-lien 7% notes due 2020. The negative rating outlook remains unchanged. AMPLIPHI BIOSCIENCES: Amends Code of Business Conduct and Ethics ---------------------------------------------------------------- The Board of Directors of AmpliPhi Biosciences Corporation amended and restated the Company's Code of Business Conduct and Ethics that applies to all of the Company's directors, officers and employees. The principal purpose of the amendment and restatement was to provide additional guidance to covered personnel regarding the available channels for reporting of possible legal or policy violations and to make certain other technical and administrative changes. The revisions to the Code of Conduct did not relate to or result in any waiver, explicit or implicit, of any provision of the Code of Conduct applicable to the Company's principal executive officer, principal financial officer, principal accounting officer, controller or persons performing similar functions, or any other officer of the Company. About AmpliPhi AmpliPhi Biosciences Corp. is a biopharmaceutical company that develops bacteriophage-based therapeutics. It also develops an internally generated pipeline of naturally occurring viruses called bacteriophage (Phage) for the treatment of bacterial infection, such as drug-resistant strains of bacteria that are commonly found in the hospital setting. The company's Phage discovery also focuses on acute & chronic lung, sinus and gastrointestinal infections. AmpliPhi Biosciences was founded in March 1989 and is headquartered in Glen Allen, Virginia. The Company reported net income attributable to common stockholders of $21.8 million for the year ended Dec. 31, 2014, compared to a net loss attributable to common stockholders of $65.2 million for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $36.3 million in total assets, $19.2 million in total liabilities, $4 million in series B redeemable convertible preferred stock, and total stockholders' equity of $13 million. AMPLIPHI BIOSCIENCES: Incurs $1.72 Million Net Loss in 3rd Quarter ------------------------------------------------------------------ Ampliphi Biosciences Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of $1.72 million on $143,000 of revenue for the three months ended Sept. 30, 2015, compared to net income attributable to common stockholders of $20.88 million on $103,000 of revenue for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common stockholders of $7.61 million on $347,000 of revenue compared to net income attributable to common stockholders of $22.81 million on $308,000 of revenue for the same period during the prior year. As of Sept. 30, 2015, the Company had $34.07 million in total assets, $7.47 million in total liabilities, $10.94 million in series B redeemable convertible preferred stock, and $15.66 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/7yZy3e About AmpliPhi AmpliPhi Biosciences Corp. is a biopharmaceutical company that develops bacteriophage-based therapeutics. It also develops an internally generated pipeline of naturally occurring viruses called bacteriophage (Phage) for the treatment of bacterial infection, such as drug-resistant strains of bacteria that are commonly found in the hospital setting. The company's Phage discovery also focuses on acute & chronic lung, sinus and gastrointestinal infections. AmpliPhi Biosciences was founded in March 1989 and is headquartered in Glen Allen, Virginia. The Company reported net income attributable to common stockholders of $21.82 million for the year ended Dec. 31, 2014, compared to a net loss attributable to common stockholders of $65.2 million for the year ended Dec. 31, 2013. ANDALAY SOLAR: Edward Bernstein Named CEO, Pres. and Interim CFO ---------------------------------------------------------------- Andalay Solar, Inc., announces that Mr. Steven Chan is stepping down as CEO, president and interim chief financial officer as of Nov. 20, 2015, and the Company's former director, Mr. Ed Bernstein, is assuming those roles effective Nov. 21, 2015. Mr. Chan will also resign as a member of the Board as of Nov. 20, 2015, but will stay on as an advisor to the Company after that in order to facilitate a smooth transition to Mr. Bernstein. "The Board would like to thank Mr. Chan for presiding over the Company the past year and a half, culminating in an agreement with a Tier One module manufacturer, Hyundai Heavy Industries, licensing and producing Andalay compatible modules, as well as the migration to a low cost licensing model," said Mark Kalow, who continues as a director and board chairman. Mr. Bernstein, who will also serve as a director, effective Nov. 13, 2015, will be tasked with enhancing shareholder value with the Andalay product offering and assets, and assessing and implementing strategic options for the Company. Given Mr. Bernstein's experience with working with companies in challenging and turnaround situations, the Board believes this appointment to be a critical step in moving Andalay forward. Mr. Bernstein was a director of Andalay from 2010 until earlier this year. Most recently, he had served as director and CEO of ACDGO Software, Ltd., a private image technology company from December 2014 to November 2015. From 2008 to 2011, he was CEO and director of Propell Technologies Group, and is also co-founder of Creekside LLC, a private technology consulting company. From April 2002 to October 2006 Mr. Bernstein served as chief executive officer and co-founder of PhotoTLC, Inc. Mr. Bernstein also co-founded Palladium Interactive, Inc., and was an officer of Broderbund Software, Inc., and The Software Toolworks, Inc. Certain details of the Company's compensation arrangements with Mr. Bernstein will be provided in a Current Report Form 8-K to be filed by the Company when finalized. In connection with his appointment as chief executive officer, president and interim chief financial officer, Mr. Bernstein is expected to receive an annual base salary of $250,000 and is eligible for discretionary performance bonus payments as well as stock compensation related incentives. The Company also intends to provide Mr. Bernstein with a "Sale of the Company Bonus" where he will be entitled to receive an agreed upon percentage of any sale proceeds should our Company or substantially all of its assets be sold. About Andalay Solar Founded in 2001, Andalay Solar, Inc., formerly Westinghouse Solar, Inc., is a provider of innovative solar power systems. In 2007, the Company pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, branded "Andalay", quickly won industry acclaim. In 2009, the Company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. A new generation of products named "Instant Connect" was introduced in 2012 and is expected to achieve even greater market acceptance. Andalay Solar reported a net loss attributable to common stockholders of $1.87 million for the year ended Dec. 31, 2014, compared with a net loss attributable to common stockholders of $3.85 million for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $1.84 million in total assets, $4.18 million in total liabilities and a $2.34 million total stockholders' deficit. Burr Pilger Mayer, Inc., in San Jose, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's significant operating losses and negative cash flow from operations raise substantial doubt about its ability to continue as a going concern. ANDALAY SOLAR: Needs More Time to File Third Quarter Form 10-Q -------------------------------------------------------------- Andalay Solar, Inc., was unable, without unreasonable effort or expense, to file its quarterly report on Form 10-Q for the three and nine months ended Sept. 30, 2015, by the Nov. 16, 2015, filing date applicable to smaller reporting companies due to a delay experienced by the Company in completing its financial statements and other disclosures in the Quarterly Report. As a result, the Company is still in the process of compiling required information to complete the Quarterly Report and financial statements for the quarter ended Sept. 30, 2015, to be incorporated in the Quarterly Report. The Company anticipates that it will file the Quarterly Report no later than the fifth calendar day following the prescribed filing date. About Andalay Solar Founded in 2001, Andalay Solar, Inc., formerly Westinghouse Solar, Inc., is a provider of innovative solar power systems. In 2007, the Company pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, branded "Andalay", quickly won industry acclaim. In 2009, the Company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. A new generation of products named "Instant Connect" was introduced in 2012 and is expected to achieve even greater market acceptance. Andalay Solar reported a net loss attributable to common stockholders of $1.87 million for the year ended Dec. 31, 2014, compared with a net loss attributable to common stockholders of $3.85 million for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $1.84 million in total assets, $4.18 million in total liabilities and a $2.34 million total stockholders' deficit. Burr Pilger Mayer, Inc., in San Jose, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's significant operating losses and negative cash flow from operations raise substantial doubt about its ability to continue as a going concern. ANDALAY SOLAR: Reports $720K Net Loss in Third Quarter ------------------------------------------------------ Andalay Solar, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $720,000 on $191,000 of net revenue for the three months ended Sept. 30, 2015, compared to a net loss of $571,000 on $606,000 of net revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $2.07 million on $807,000 of net revenue compared to a net loss of $1.27 million on $1.05 million of net revenue for the same period last year. As of Sept. 30, 2015, the Company had $826,350 in total assets, $3.31 million in total liabilities and a total stockholders' deficit of $2.49 million. "This is a good time to transition to our new CEO Ed Bernstein as we have significantly reduced our historical debt, reduced our operating expenses to be lower than they've ever been during my time at Andalay and we have established the licensing model with a Tier One module partner having Hyundai Heavy Industries as our module partner," commented Steven Chan, president & CEO. "I wish the Company and Ed well with bringing the Company to the next level of success." The Company is still working with financial advisors to raise capital and settle past debts and accounts payable. It is critical to Andalay's future that it successfully does this in order to have the financial strength to be able to execute on the future strategy. The Company said it is still working with financial advisors to raise capital and settle past debts and accounts payable. According to the Company, it is critical to its future that it successfully does this in order to have the financial strength to be able to execute on the future strategy. A full-text copy of the Form 10-Q is available for free at: http://is.gd/zMw6a1 About Andalay Solar Founded in 2001, Andalay Solar, Inc., formerly Westinghouse Solar, Inc., is a provider of innovative solar power systems. In 2007, the Company pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, branded "Andalay", quickly won industry acclaim. In 2009, the Company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. A new generation of products named "Instant Connect" was introduced in 2012 and is expected to achieve even greater market acceptance. Andalay Solar reported a net loss attributable to common stockholders of $1.87 million for the year ended Dec. 31, 2014, compared with a net loss attributable to common stockholders of $3.85 million for the year ended Dec. 31, 2013. Burr Pilger Mayer, Inc., in San Jose, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's significant operating losses and negative cash flow from operations raise substantial doubt about its ability to continue as a going concern. APOLLO MEDICAL: Issues 600,000 Common Shares to NNA --------------------------------------------------- Apollo Medical Holdings, Inc., entered into a Second Amendment and Conversion Agreement with NNA Nevada, Inc., Warren Hosseinion, M.D. and Adrian Vazquez, M.D. Hosseinion is chief executive officer, director and a more than 5% shareholder of the Company and Vazquez is chief medical officer and a more than 5% shareholder of the Company. Pursuant to the Conversion Agreement, the Company agreed to issue 275,000 shares of Common Stock and to pay accrued and unpaid interest of $47,112, to NNA in full satisfaction of NNA’s conversion and other rights under the 8% Convertible Note dated March 28, 2014, issued by the Company to NNA, in the principal amount of $2,000,000. Pursuant to the Conversion Agreement, the Company also agreed to issue a total of 325,000 shares of Common Stock to NNA in exchange for all Warrants held by NNA, under which NNA had the right to purchase 300,000 shares of Common Stock at an exercise price of $10 per share and 200,000 shares at an exercise price of $20 per share, in each case subject to anti-dilution adjustments. The Conversion Agreement amended certain terms of the Registration Rights Agreement, dated March 28, 2014, between the Company and NNA, with respect to the timing of the filing deadline for a resale registration statement covering NNA's registrable securities. The Conversion Agreement amended the Investment Agreement, dated March 28, 2014, between the Company and NNA, (i) to delete NNA's right to subscribe to purchase a pro rata share of certain new equity securities that may be issued by the Company in the future and (ii) to provide that NNA must hold at least 200,000 shares of Common Stock to have the right (y) to appoint a representative to attend all meetings of the Company's Board of Directors and any committee thereof in a nonvoting observer capacity, and (z) to have a representative nominated as a member of the Company’s Board and each committee thereof, including without limitation the Company's compensation committee. On Nov. 17, 2015, the Company agreed to issue a total of 600,000 shares of Common Stock to NNA pursuant to the Conversion Agreement. About Apollo Medical Glendale, Calif.-based Apollo Medical Holdings, Inc., provides hospitalist services in the Greater Los Angeles, California area. Hospitalist medicine is organized around the admission and care of patients in an inpatient facility such as a hospital or skilled nursing facility and is focused on providing, managing and coordinating the care of hospitalized patients. Apollo Medical reported a net loss attributable to the Company of $1.8 million on $32.9 million of net revenues for the year ended March 31, 2015, compared to a net loss attributable to the Company of $5 million on $10.5 million of net revenues for the year ended Jan. 31, 2014. As of Sept. 30, 2015, the Company had $13.64 million in total assets, $17.60 million in total liabilities and a total stockholders' deficit of $3.95 million. APPLIED MINERALS: Annual Meeting Scheduled for Dec. 9 ----------------------------------------------------- The 2015 annual meeting of Applied Minerals, Inc. will be held on Dec. 9, 2015, at Vanderbilt Suites, MetLife Building, 44th Street at Vanderbilt Ave., New York, New York 10166 at 1:30 P.M. Eastern Time. Stockholders may attend the meeting in person. The meeting will be webcast and stockholders and others may attend though the website www.virtualshareholdermeeting.com/AMNL2015. A business update presentation will be provided as part of the meeting and will be available on the Company's Web site, located at www.appliedminerals.com, prior to the beginning of the meeting. About Applied Minerals New York City-based Applied Minerals, Inc. (OTC BB: AMNL) is a leading global producer of halloysite clay used in the development of advanced polymer, catalytic, environmental remediation, and controlled release applications. The Company operates the Dragon Mine located in Juab County, Utah, the only commercial source of halloysite clay in the western hemisphere. Halloysite is an aluminosilicate clay that forms naturally occurring nanotubes. Applied Minerals reported a net loss of $10.3 million in 2014, a net loss of $13.06 million in 2013 and a net loss of $9.73 million in 2012. As of Dec. 31, 2014, the Company had $18.5 million in total assets, $26 million in total liabilities, and a $7.51 million total stockholders' deficit. ASPEN GROUP: Hikes Authorized Shares Under 2012 Equity Plan ----------------------------------------------------------- Aspen Group, Inc., amended the Company's 2012 Equity Incentive Plan to increase the number of authorized shares under the Plan by 4 million shares to a total of 20.3 million shares. In addition, on Nov. 20, 2015, as compensation for their services on a special committee of the Board of Directors, the Company granted 250,000 five-year stock options (exercisable at $0.165 per share) to each of C. James Jensen, Andrew Kaplan and Rick Solomon. The options vest in three equal annual increments with the first vesting date being one year from the grant date, subject to continued service as a director on each applicable vesting date. About Aspen Group Denver, Colo.-based Aspen Group, Inc., was founded in Colorado in 1987 as the International School of Information Management. On Sept. 30, 2004, it was acquired by Higher Education Management Group, Inc., and changed its name to Aspen University Inc. On May 13, 2011, the Company formed in Colorado a subsidiary, Aspen University Marketing, LLC, which is currently inactive. On March 13, 2012, the Company was recapitalized in a reverse merger. Aspen's mission is to become an institution of choice for adult learners by offering cost-effective, comprehensive, and relevant online education. Approximately 88 percent of the Company's degree-seeking students (as of June 30, 2012) were enrolled in graduate degree programs (Master or Doctorate degree program). Since 1993, the Company has been nationally accredited by the Distance Education and Training Council, a national accrediting agency recognized by the U.S. Department of Education. Aspen Group reported a net loss of $4.2 million on $5.2 million of revenues for the year ended April 30, 2015, compared to a net loss of $5.3 million on $3.9 million of revenues for the year ended April 30, 2014. As of July 31, 2015, the Company had $5.6 million in total assets, $3.6 million in total liabilities and $1.9 million in total stockholders' equity. ASSOCIATED WHOLESALERS: Douglas A. Booth Designated as CRO ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware, in a second revised order, authorized ADI Liquidation, Inc., formerly known as AWI Delaware, Inc., et al., to employ Carl Marks Advisory Group LLC and designate Douglas A. Booth as the Debtors' chief restructuring officer. Carl Marks will (i) provide the Debtors a chief restructuring officer and additional personnel; and (ii) designate Mr. Booth as CRO nunc pro tunc to Sept. 1, 2015. The second revised order provides that the fee structure will be adjusted affective as of Oct. 1, 2015, such that Carl Marks will be compensated for work performed by Mr. Booth and any additional Carl Mark Personnel on an hourly basis, with a 10% discount on partner and managing director normal and customary hourly rates plus reimbursement of its actual incurred expenses. Mark Minuti, Esq., at Saul Ewing LLP, counsel for the Debtors submitted a certification of counsel on the Debtors' motion for second revised order authorizing employment of Carl Marks. About Associated Wholesalers Founded in 1962 and headquartered in Robesonia, Pennsylvania, Associated Wholesalers Inc. serviced 800 supermarkets, specialty stores, convenience stores and superettes with grocery, meat, produce, dairy, frozen foods and general merchandise/health and beauty care products. AWI, with distribution facilities in Robesonia, Pennsylvania, and York, Pennsylvania, served the mid-Atlantic United States. AWI is owned by its 500 retail members, who in turn operate supermarkets. AWI had 1,459 employees. White Rose Inc. is a food wholesaler and distributor serving the greater New York metropolitan area. The company traces its origins to 1886, when brothers Joseph and Sigel Seeman founded Seeman Brothers & Doremus to provide grocery deliveries throughout New York City. White Rose carries out its operations through three leased warehouse and distribution centers, two of which are located in Carteret, New Jersey, and one in Woodbridge, New Jersey. White Rose has 777 employees. Associated Wholesalers and its affiliates sought Chapter 11 bankruptcy protection on Sept. 9, 2014, to sell their assets under 11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and better offers. The Debtors were granted joint administration of their Chapter 11 cases for procedural purposes, under the lead case of AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092. As of the Petition Date, the Debtors owed the Bank Group (consisting of lenders, Bank of America, N.A., Bank of American Securities LLC as sole lead arranger and joint book runner, Wells Fargo Capital Finance, LLC as joint book runner and syndication agent, and RBS Capita, as documentation agent) an aggregate principal amount of not less than $131,857,966 (inclusive of outstanding letters of credit), plus accrued interest. The Debtors estimate trade debt of $72 million. AWI Delaware disclosed $11,440 in assets and $125,112,386 in liabilities as of the Chapter 11 filing. Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal advisors to the Debtors, Lazard Middle Market is serving as financial advisor, and Carl Marks Advisors is serving as restructuring advisor to AWI. Carl Marks' Douglas A. Booth has been tapped as chief restructuring officer. Epiq Systems serves as the claims agent. The Official Committee of Unsecured Creditors is represented by David B. Stratton, Esq., and Evelyn J. Meltzer, Esq., at Pepper Hamilton, LLP, in Wilmington, Delaware; and Mark T. Power, Esq., and Christopher J. Hunker, Esq., at Hahn & Hessen LLP, in New York. The Committee also has retained Capstone Advisory Group, LLC, together with its wholly-owned subsidiary Capstone Valuation Services, LLC, as its financial advisors. The Troubled Company Reporter, on Nov. 5, 2014, reported that the Bankruptcy Court authorized Associated Wholesalers to sell substantially all of its assets, including their White Rose grocery distribution business, to C&S Wholesale Grocers, Inc. The C&S purchase price consists of the lesser of the amount of the bank debt, which totals about $18.1 million and $152 million, plus other liabilities, which amount is valued at $194 million. C&S, according to Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, ended up paying $86.5 million more cash to be anointed as the winner at the auction. Associated Wholesalers, which changed its name to AWI Delaware, Inc., prior to the approval of the sale. AWI Delaware notified the Bankruptcy Court on Nov. 12, 2014, that closing occurred in connection with the sale of their assets to C&S. AWI Delaware then changed its name to ADI Liquidation, Inc., following the closing of the sale. ATLANTIC & PACIFIC: Seeks Flatlands Store Sale to Back-up Bidder ---------------------------------------------------------------- The Great Atlantic & Pacific Tea Company, Inc., and its affiliated Debtors ask the U.S. Bankruptcy Court for the Southern District of New York to approve the sale of Store Number 72634, located at 1110 Flatlands Avenue, Brooklyn, New York, to back-up bidder, Bogopa Service Corp. d/b/a Food Bazaar for $4,597,000. Salvatore A. Romanello, Esq., at Weil, Gotshal & Manges LLP in New York, New York, relates that Food Bazaar was the stalking horse bidder for the Flatlands Store. Mr. Romanello further relates that at an auction held on Oct. 8, 2015, Lee & Associates was declared the "Successful Bidder" for a purchase price of $5,000,000 plus inventory and Food Bazaar was declared the Back-Up Bidder for the Flatlands Store for a purchase price of $4,667,000 plus inventory. He contends that it has been five weeks since the auction, and Lee & Associates has yet to submit fully executed documentation memorializing the terms of its Successful Bid. Mr. Romanello further contends that under the court-approved bidding procedures that governed the auction and pursuant to which Lee & Associates submitted its binding bid, Lee & Associates was required to submit such documentation within one business day of the auction. He adds that representatives of Lee & Associate have stated that Lee & Associates does not intend to proceed with the purchase of either the Flatlands Store or Store Number 59512, located at 1425 Kennedy Boulevard, North Bergen, New Jersey ("North Bergen Store") for which Lee & Associates was also the successful bidder. Mr. Romanello asserts that under these circumstances, and given the Debtors' operational shut down to occur no later than Nov. 30, 2015, the Debtors must mitigate their damages by proceeding with the sale of the Stores to Food Bazaar, the Back-Up Bidder. The Debtors have entered into modified agreements with Food Bazaar for the purchase of the Flatlands Store. According to the modified agreements, Food Bazaar is purchasing the Debtors' leasehold interest and furniture, fixtures and equipment at the Stores. Inventory is not being purchased. The modified agreements further provide that Food Bazaar will waive its break-up fee for the Flatlands Store and that the sale of the Flatlands Store will close on Nov. 30, 2015. Lee & Associates' Objection Lee and Associates asserts that the Debtors' decision to spurn any transaction with Lee & Associates and proceed with Food Bazaar is unreasonable and unjustified under the circumstances. It further asserts that the Debtors' contentions regarding the length of time that has passed without a signed agreement is disingenuous, as it is the Debtors that have on numerous occasions failed to provide a final, execution version of a Lease Sale Agreement when requested. Lee & Associates add that the Debtors have placed a great deal of emphasis on Lee & Associates' inability to close on the North Bergen Store as somehow demonstrating an inability to close on the Flatlands Store. Lee & Associates contend that the sales of these two stores are entirely separate transactions with different circumstances surrounding each, and an inability to consummate a sale on one transaction under the circumstances does not demonstrate any inability to consummate a sale on the other transaction. Lee & Associates tells the Court that together with Mr. Francisco Jin, they are prepared to proceed with a prompt closing of a sale transaction on the Flatlands Store on terms that Lee & Associates believes will provide greater benefit to the Debtors' estates. North Bergen's Response to Motion North Bergen UE LLC relates that it had previously filed an objection to the adequate assurance provided by Bogopa and the proposed cure amount. It further relates that discussions regarding adequate assurance are ongoing between North Bergen and Bogopa, and North Bergen is optimistic that an amicable resolution of these issues will be reached. North Bergen tells the Court that because certain adequate assurance issues remain outstanding as to the North Bergen lease as of the deadline for filing a response to the Sale Motion, North Bergen files its Response to clarify the record on this matter and reserves its rights regarding assumption and assignment of the North Bergen lease, which should be resolved separately from the pending Sale Motion regarding Flatlands. The Great Atlantic & Pacific is represented by: Ray C. Schrock, Esq. Salvatore A. Romanello, Esq. Garrett A. Fail, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 Telephone: (212)310-8000 Facsimile: (212)310-8007 E-mail: ray.schrock@weil.com salvatore.romanello@weil.com garrett.fail@weil.com Lee & Associates is represented by: Daniel G. Egan, Esq. DLA PIPER LLP (US) 1251 Avenue of the Americas New York, NY 10020 Telephone: (212)335-4500 Facsimile: (212)335-4501 E-mail: daniel.egan@dlapiper.com North Bergen is represented by: Valerie A. Hamilton, Esq. SILLS CUMMIS & GROSS, P.C. 101 Park Avenue, 28th Floor New York, NY 10178 Telephone: (212)643-7000 Facsimile: (212)643-6500 E-mail: vhamilton@sillscummis.com About Atlantic & Pacific Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea Company, Inc., and its affiliates are one of the nation's oldest leading supermarket and food retailers, operating approximately 300 supermarkets, beer, wine, and liquor stores, combination food and drug stores, and limited assortment food stores across six Northeastern states. The primary retail operations consist of supermarkets operated under a variety of well known trade names, or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food Basics, The Food Emporium, Best Cellars, and A&P Liquors. The Company employs approximately 28,500 employees, over 90% of whom are members of one of twelve local unions whose members are employed by the Debtors under the authority of 35 separate collective bargaining agreements. Then with 429 stores, A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and in 2012 emerged from Chapter 11 bankruptcy as a privately held company with 320 supermarkets. On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching deals for the going concern sales of 120 stores. The Debtors are seeking joint administration under Case No. 15-23007. As of Feb. 28, 2015, the Debtors reported total assets of $1.6 billion and liabilities of $2.3 billion. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore Group L.L.C., as investment banker, FTI Consulting, Inc., as financial advisor, Hilco Real Estate, LLC, as real estate advisor, and Prime Clerk LLC, as claims and noticing agent. Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York issued an order directing joint administration of the Chapter 11 cases of The Great Atlantic & Pacific Tea Company, Inc., and its debtor affiliates under lead case no. 15-23007. ATLANTIC & PACIFIC: Seeks to Sell IP Assets to Key Food for $1.75MM ------------------------------------------------------------------- The Great Atlantic & Pacific Tea Company, Inc., and its debtor affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of New York to sell their intellectual property assets, which include the "Food Emporium" banner, trademarks, domain names, e-commerce business and fully-developed mobile application, to Key Food Stores Co-operative, Inc., for $1.75 million, subject to higher or better offers. In the event a Qualified Bid is received, the Debtors propose to conduct an auction on December 2, 2015. In the event that the Debtors receive objections to the Sale Transaction, the Debtors ask the Court to schedule a hearing to consider approval of the Sale Transaction for December 2, 2015. The Debtors also ask the Court to schedule a sale approval hearing on December 10, at 10:00 a.m. (Eastern Time) if there is an Auction and an objection to the Sale Transaction with the Successful Bidder is filed. The Debtors also ask the Court to grant temporary grant license to the Stalking Horse Bidder to use the "Food Emporium" banner, as set forth in the Stalking Horse Agreement, through December 31, 2015, regardless of whether the Stalking Horse Bidder is the Successful Bidder; provided, that if Key Food is a "Back-Up" Bidder after an Auction, the license will be automatically extended to January 15, 2016. The Debtors are represented by: Ray C. Schrock, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 Email: ray.schrock@weil.com About Atlantic & Pacific Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea Company, Inc., and its affiliates are one of the nation's oldest leading supermarket and food retailers, operating approximately 300 supermarkets, beer, wine, and liquor stores, combination food and drug stores, and limited assortment food stores across six Northeastern states. The primary retail operations consist of supermarkets operated under a variety of well known trade names, or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food Basics, The Food Emporium, Best Cellars, and A&P Liquors. The Company employs approximately 28,500 employees, over 90% of whom are members of one of twelve local unions whose members are employed by the Debtors under the authority of 35 separate collective bargaining agreements. Then with 429 stores, A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and in 2012 emerged from Chapter 11 bankruptcy as a privately held company with 320 supermarkets. On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching deals for the going concern sales of 120 stores. The Debtors are seeking joint administration under Case No. 15-23007. As of Feb. 28, 2015, the Debtors reported total assets of $1.6 billion and liabilities of $2.3 billion. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore Group L.L.C., as investment banker, FTI Consulting, Inc., as financial advisor, Hilco Real Estate, LLC, as real estate advisor, and Prime Clerk LLC, as claims and noticing agent. Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York issued an order directing joint administration of the Chapter 11 cases of The Great Atlantic & Pacific Tea Company, Inc., and its debtor affiliates under lead case no. 15-23007. ATLANTIC & PACIFIC: Sues Lee & Associates for Over $12M Sale Bid ---------------------------------------------------------------- Jonathan Randles at Bankruptcy Law360 reported that the owner of A&P supermarkets on Nov. 23, 2015, filed a lawsuit in New York bankruptcy court accusing comerical real estate broker Lee & Associates of hiding from the Debtor that its proposed $11.8 million purchase of stores in New Jersey and Brooklyn actually were on behalf of a third party. The Great Atlantic & Pacific Tea Co. claims that Lee & Associates President James Wacht misrepresented to the company that he was placing bids for the stores on behalf of the brokerage. About The Great Atlantic & Pacific Tea Company, Inc. Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea Company, Inc., and its affiliates are one of the nation's oldest leading supermarket and food retailers, operating approximately 300 supermarkets, beer, wine, and liquor stores, combination food and drug stores, and limited assortment food stores across six Northeastern states. The primary retail operations consist of supermarkets operated under a variety of well known trade names, or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food Basics, The Food Emporium, Best Cellars, and A&P Liquors. The Company employs approximately 28,500 employees, over 90% of whom are members of one of twelve local unions whose members are employed by the Debtors under the authority of 35 separate collective bargaining agreements. Then with 429 stores, A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and in 2012 emerged from Chapter 11 bankruptcy as a privately held company with 320 supermarkets. On July, 19, 2015, with 300 stores, A&P and 20 affiliated debtors each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching deals for the going concern sales of 120 stores. The Debtors are seeking joint administration under Case No. 15-23007. The Debtor disclosed total assets of $601,441,108 and total liabilities of $1,984,459,086 as of the Petition Date. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore Group L.L.C., as investment banker, FTI Consulting, Inc., as financial advisor, Hilco Real Estate, LLC, as real estate advisor, and Prime Clerk LLC, as claims and noticing agent. The U.S. Trustee for Region 2 appointed seven creditors to serve on the official committee of unsecured creditors. Pachulski Stang Ziehl & Jones LLP serves as its counsel, and Zolfo Cooper, LLC as serves as its financial advisors and bankruptcy consultants. ATP OIL: Executives Dodge Final Part of Shareholder Suit -------------------------------------------------------- Carmen Germaine at Bankruptcy Law360 reported that a Louisiana federal judge on Nov. 23, 2015, dismissed the last part of a proposed class action claiming bankrupt ATP Oil & Gas Corp.'s top brass misled shareholders about the company's liquidity after drilling moratoriums enacted following the Deepwater Horizon oil spill. U.S. District Judge Sarah S. Vance dismissed investors' Exchange Act claims against ATP CEO T. Paul Buhlman, CFO Albert L. Reese Jr., Chief Accounting Officer Keith R. Godwin, and President Leland E. Tate, finding that while the executives may have been wrong about ATP's financial situation. 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. Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, issued an order on June 26, 2014, converting ATP Oil & Gas Corporation's Chapter 11 case to one under Chapter 7 of the Bankruptcy Code. BERRY PLASTICS: Posts $86 Million Net Income for Fiscal 2015 ------------------------------------------------------------ Berry Plastics Group, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing net income attributable to the Company of $86 million on $4.88 billion of net sales for the year ended Sept. 26, 2015, compared to net income of $62 million on $4.95 billion of net sales for the year ended Sept. 27, 2014. As of Sept. 26, 2015, the Company had $5.02 billion in total assets, $5.08 billion in total liabilities and a $65 million total stockholders' deficit. A full-text copy of the Form 10-K is available for free at: http://is.gd/eM50hi About Berry Plastics Berry Plastics Corporation manufactures and markets plastic packaging products, plastic film products, specialty adhesives and coated products. At Jan. 2, 2010, the Company had more than 80 production and manufacturing facilities, primarily located in the United States. Berry is a wholly-owned subsidiary of Berry Plastics Group, Inc. Berry Group is primarily owned by affiliates of Apollo Management, L.P., and Graham Partners. Berry, through its wholly owned subsidiaries operates five reporting segments: Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatings and Specialty Films. The Company's customers are located principally throughout the United States, without significant concentration in any one region or with any one customer. On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of the capital stock of Pliant upon Pliant's emergence from reorganization pursuant to a proceeding under Chapter 11 for a purchase price of $602.7 million. Pliant is a manufacturer of films and flexible packaging for food, personal care, medical, agricultural and industrial applications. * * * As reported by the TCR on Jan. 30, 2015, Moody's Investors Service upgraded the corporate family rating of Berry Plastics to 'B1' from 'B2'. The upgrade of the corporate family rating reflects the pro-forma benefits from the recent restructuring and acquisitions. The TCR reported on Sept. 11, 2015, that Standard & Poor's Ratings Services said it affirmed its 'B+' corporate credit rating on Evansville, Ind.-based Berry Plastics Group Inc. "The corporate credit rating affirmation reflects our view that the AVINTIV acquisition enhances Berry's operations enough to offset the additional debt incurred to fund the transaction, resulting in a neutral effect on credit quality," said Standard & Poor's credit analyst James Siahaan. BG MEDICINE: Common Stock Delisted from Nasdaq ---------------------------------------------- The NASDAQ Stock Market previously notified BG Medicine, Inc. that it was suspending the trading of the Company's common stock effective at the opening of business on Sept. 16, 2015, which it did. Upon suspension of trading on Nasdaq, the Company's common stock transitioned to the OTCQB tier of the over-the-counter markets, where the common stock trades under the symbol "BGMD." At the time of the suspension, Nasdaq further indicated that it would complete the formal delisting action by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission after applicable appeal periods lapsed. As anticipated, on Nov. 23, 2015, Nasdaq issued a public notice that it would file the Form 25-NSE with the SEC on Nov. 24, 2015, to complete the removal of the Company's common stock from formal listing and registration on Nasdaq. The delisting becomes effective ten calendar days after the Form 25-NSE is filed by Nasdaq. The Company's common stock was delisted from Nasdaq as a result of the Company's failure to meet the continued listing standards set forth in Nasdaq Listing Rule 5550(b). The NASDAQ Stock Market LLC filed a Form 25 with the Securities and Exchange Commission notifying the removal from listing or registration of BG Medicine, Inc.'s common stock on the Exchange. About BG Medicine Waltham, Mass.-based BG Medicine is a diagnostics company focused on the development and commercialization of novel cardiovascular diagnostic tests to address significant unmet medical needs, improve patient outcomes and contain healthcare costs. The Company is currently commercializing two diagnostic tests, the first of which is the BGM Galectin-3 test, a novel assay for measuring galectin-3 levels in blood plasma or serum for use as an aid in assessing the prognosis of patients diagnosed with heart failure. The Company's second diagnostic test is the CardioSCORE test, which is designed to identify individuals at high risk for near-term, significant cardiovascular events, such as heart attack and stroke. BG Medicine reported a net loss of $8.06 million in 2014, a net loss of $15.8 million in 2013 and a net loss of $23.8 million in 2012. As of Sept. 30, 2015, the Company had $3.35 million in total assets, $2.03 million in total liabilities, $2.59 million in convertible preferred stock, and a total stockholders' deficit of $1.27 million. Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses from operations, recurring cash used in operating activities and accumulated deficit raise substantial doubt about its ability to continue as a going concern. BG MEDICINE: Harrison Bains Resigns as Director ----------------------------------------------- Harrison M. Bains notified BG Medicine, Inc. that he was resigning from the Company's Board of Directors, effective as of Nov. 17, 2015, the Company disclosed in a Form 8-K report filed with the Securities and Exchange Commossion. The Company said Mr. Bains did not communicate any disputes regarding the Company's operations, policies or practices in connection with his resignation, nor is the Company aware of any. On Nov. 18, 2015, the Board appointed James F. O'Connor, CPA, to join the Board to serve as a Class II director until the 2016 Annual Meeting of Stockholders and until his successor has been duly elected and qualified, or until his earlier resignation, retirement, removal or death. The Board also appointed Mr. O'Connor to the Audit Committee and to the role of Audit Committee Chairman. The Board further determined that Mr. O'Connor is an "audit committee financial expert" as defined by Item 401(h) of Regulation S-K. James F. O'Connor, age 74, has over forty years of substantive business experience covering all aspects of finance, operations, strategy and corporate development. Since 1998, Mr. O'Connor has been the principal Managing Director of The Chartwell Company, a merchant and investment banking firm. Mr. O'Connor is a certified public accountant. Some of Mr. O'Connor's previous directorships include: SPS Technologies (1994-2003), which was sold to Precision Cast Products in 2003; Color Kinetics (2002-2007), which was sold to Phillips Lighting Products in 2007; PC Cox Holding Ltd. (1996-2008); and Caritas Christi Health Care System (2008-2011), which was sold to Cerberus Capital in 2011. Mr. O'Connor received a B.S. from Boston College and was a Rotary International Foundation Fellow at the Swiss School of Economics. The Company's Board concluded that Mr. O'Connor should serve as a director and the Company's Audit Committee Chairman because Mr. O'Connor has extensive experience in corporate finance, accounting, operations, strategy, mergers & acquisitions, as well as experience working on the boards of directors of public, private and non-for-profit companies. In consideration for his Board and Audit Committee service, on the date of his appointment to the Board, Mr. O'Connor received a stock option grant for 12,500 shares of the Company's common stock at an exercise price of $0.52 per share, which was the closing price of the common stock on the grant date. In connection with Mr. O'Connor's appointment to the Board, the Board amended and restated its non-employee director compensation policy, payments under which had been suspended since Oct. 1, 2014. About BG Medicine Waltham, Mass.-based BG Medicine is a diagnostics company focused on the development and commercialization of novel cardiovascular diagnostic tests to address significant unmet medical needs, improve patient outcomes and contain healthcare costs. The Company is currently commercializing two diagnostic tests, the first of which is the BGM Galectin-3 test, a novel assay for measuring galectin-3 levels in blood plasma or serum for use as an aid in assessing the prognosis of patients diagnosed with heart failure. The Company's second diagnostic test is the CardioSCORE test, which is designed to identify individuals at high risk for near-term, significant cardiovascular events, such as heart attack and stroke. BG Medicine reported a net loss of $8.06 million in 2014, a net loss of $15.8 million in 2013 and a net loss of $23.8 million in 2012. As of Sept. 30, 2015, the Company had $3.35 million in total assets, $2.03 million in total liabilities, $2.59 million in convertible preferred stock, and a total stockholders' deficit of $1.27 million. Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses from operations, recurring cash used in operating activities and accumulated deficit raise substantial doubt about its ability to continue as a going concern. BG MEDICINE: Reports Third Quarter 2015 Financial Results --------------------------------------------------------- BG Medicine, Inc. reported financial results for the three and nine months ended Sept. 30, 2015. "Our operating results in the third quarter of 2015 reflect our ongoing efforts to extend our cash runway through the prudent and disciplined management of our resources," said Paul R. Sohmer, M.D., president and CEO of BG Medicine. "The commercialization of automated testing for galectin-3 in the U.S. was initiated in the third quarter. As a result, we continue to expect that product fees generated through the initial sales of automated tests for galectin-3 in the U.S. and payable to the Company by Abbott will be reported next quarter." The Company reported net loss for the third quarter of 2015 of $1.0 million, a 57% improvement from the $2.4 million net loss reported in the third quarter of 2014, on total revenues of $334,000 in the third quarter of 2015 versus total revenues of $695,000 in the third quarter of 2014. The decrease in revenues resulted from a decline in orders from our largest clinical laboratory customer who emerged from bankruptcy in the fourth quarter of 2015. Operating expenses for the second quarter of 2014 declined by 53% from the prior year quarter. Net loss per share attributable to common shareholders in the third quarter of 2015 was $0.27 as compared to $0.28 in 2014. "We continue to focus on ensuring that we have adequate resources to provide support to the development, market introduction and market expansion of automated testing for galectin-3 by our automated partners," said Dr. Sohmer. "During the nine months of 2015, we raised additional capital and continued to significantly reduce our operating expenses and cash burn." For the nine months ended Sept. 30, 2015, the Company reported net loss of $4.4 million, a 35% improvement from the $6.7 million net loss reported for the nine months ended Sept. 30, 2014, on total revenues of $1.3 million versus total revenues of $2.2 million in the first nine months of 2014. Operating expenses for the nine months ended September 30, 2015 declined by 40% from the same time period in 2014. Net loss per share attributable to common shareholders for the first nine months of 2015 was $0.66 as compared to $0.84 in the first nine months of 2014. Operating cash burn declined by $4.5 million, a 63% decrease, to $2.6 million compared to $7.1 million in 2014. About BG Medicine Waltham, Mass.-based BG Medicine is a diagnostics company focused on the development and commercialization of novel cardiovascular diagnostic tests to address significant unmet medical needs, improve patient outcomes and contain healthcare costs. The Company is currently commercializing two diagnostic tests, the first of which is the BGM Galectin-3 test, a novel assay for measuring galectin-3 levels in blood plasma or serum for use as an aid in assessing the prognosis of patients diagnosed with heart failure. The Company's second diagnostic test is the CardioSCORE test, which is designed to identify individuals at high risk for near-term, significant cardiovascular events, such as heart attack and stroke. BG Medicine reported a net loss of $8.06 million in 2014, a net loss of $15.8 million in 2013 and a net loss of $23.8 million in 2012. As of Sept. 30, 2015, the Company had $3.35 million in total assets, $2.03 million in total liabilities, $2.59 million in convertible preferred stock, and a total stockholders' deficit of $1.27 million. Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses from operations, recurring cash used in operating activities and accumulated deficit raise substantial doubt about its ability to continue as a going concern. BIOFUELS POWER: Clay Thomas Resigns as Auditor ---------------------------------------------- Biofuels Power Corporation accepted the resignation of Clay Thomas as its auditor as Mr. Thomas elected to pursue his legal profession in lieu of any further auditing. In connection Mr. Thomas' resignation, the Company's audit committee has appointed Briggs & Veselka Co. to serve as the independent auditors effective Nov. 6, 2015. Mr. Thomas reports for the years ending Dec. 31, 2013, and 2014 contain no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle. Biofuels Power Humble, Tex.-based Biofuels Power Corporation is a distributed energy company that is pioneering the use of biodiesel to fuel small electric generating facilities that are located in close proximity to end-users. BPC's first power plant is currently located near Houston, Texas in the city of Oak Ridge North. Biofuels Power reported a net loss of $1.08 million on $0 of sales for the year ended Dec. 31, 2014, compared with a net loss of $607,000 on $0 of sales for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $2.3 million in total assets, $8 million in total liabilities and a $5.7 million total stockholders' deficit. Clay Thomas, P.C., in Abilene, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered significant losses and will require additional capital to develop its business until the Company either (1) achieves a level of revenues adequate to generate sufficient cash flows from operations; or (2) obtains additional financing necessary to support its working capital requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BIOFUELS POWER: Files Sept. 30 Quarterly Report ----------------------------------------------- Biofuels Power Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $635,000 on $0 of sales for the nine months ended Sept. 30, 2015, compared to a net loss of $800,000 on $0 of sales for the same period a year ago. As of Sept. 30, 2015, the Company had $2.28 million in total assets, $8.21 million in total liabilities and a $5.92 million total stockholders' deficit. During the nine months ended Sept. 30, 2015, the Company had no revenues. Management decided not to incur the cost of operating the power plants for the following reasons: 1. continued high feedstock prices and low power prices during the winter; and 2. the need to move and relocate certain operating assets; and 3. the effort to finalize the development of the H.O. Clarke property (Houston Clean Energy Park). All of these factors caused management to focus on the future expansion of the H.O. Clarke property and not on current operation. "We believe our available resources, together with our anticipated operating revenue and the anticipated proceeds of certain planned short-term borrowings, will be sufficient to pay our anticipated operating expenses for a period of three to six months from the date of this quarterly report on Form 10-Q. Our available resources are not sufficient to pay all of our anticipated capital costs and we are presently seeking additional financing. We believe we will need at least $10 million in additional capital to finance our planned facility expansions and future acquisitions. Capital requirements are difficult to plan for companies like ours that are developing novel business models. We expect that we will need additional capital to pay our day-to-day operating costs, finance our feedstock and fuel inventories, and finance additions to our infrastructure, pay for the development of additional generating facilities and the marketing of our green electricity. We intend to pursue additional financing as opportunities arise," the Company states in the report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/wXZ7qP Biofuels Power Humble, Tex.-based Biofuels Power Corporation is a distributed energy company that is pioneering the use of biodiesel to fuel small electric generating facilities that are located in close proximity to end-users. BPC's first power plant is currently located near Houston, Texas in the city of Oak Ridge North. Biofuels Power reported a net loss of $1.08 million on $0 of sales for the year ended Dec. 31, 2014, compared with a net loss of $607,000 on $0 of sales for the year ended Dec. 31, 2013. Clay Thomas, P.C., in Abilene, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered significant losses and will require additional capital to develop its business until the Company either (1) achieves a level of revenues adequate to generate sufficient cash flows from operations; or (2) obtains additional financing necessary to support its working capital requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BLACKAMG L.L.C.: Bankruptcy Court Dismisses Chapter 11 Case ----------------------------------------------------------- Diane Davis, writing for Bankruptcy Law Reporter, reports that the Bankruptcy Court has dismissed Blackamg, L.L.C.'s Chapter 11 bankruptcy case. According to Bankruptcy Law Reporter, Judge Elaine E. Bucklo of the U.S. District Court for the Northern District of Illinois concluded that the Bankruptcy Court didn't abuse its discretion in dismissing the case. Bankruptcy Law Reporter relates that creditor Northbrook Loans, LLC, had appealed the Bankruptcy Court's decision to the District Court, claiming that the Bankruptcy Court's analysis was flawed because it ignored the creditors' interest and instead focused on Northbrook's conduct during the proceedings. Northbrook Loans, the report states, argued that it was in the best interest of creditors and "more economical" for the Company to remain in bankruptcy and convert to Chapter 7 than to dismiss the case and return to state court. The District Court, according to Bankruptcy Law Reporter, found it significant that Northbrook Loans took an unusual position in the case in that it already had a state foreclosure judgment. Bankruptcy Law Reporter recalls that the Company, before filing for bankruptcy, entered into an agreement to sell the property, subject to all encumbrances except Northbrook Loans' mortgage, to OUT Chicago, LLC. According to the report, the Company filed its bankruptcy petition with the understanding that OUT Chicago would finance its restructuring plan, but when the sale fizzled, the Company, with the support of its other creditors, determined that the reorganization wasn't a viable solution and asked the Bankruptcy Court to dismiss the case. Headquartered in Westerville, Ohio, Blackamg, L.L.C., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 14-32758) on Sept. 8, 2014, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Kevin Jackson, manager. Judge Janet S. Baer presides over the case. Brian M. Graham, Esq., at Brian M. Graham, Attorney at Law, serves as the Company's bankruptcy counsel. BMB MUNAI: FFIN Becomes Wholly Owned Subsidiary of BMBM ------------------------------------------------------- BMB Munai, Inc., and Timur Turlov, on Nov. 23, 2015, entered into an acquisition agreement, by which BMBM acquired FFIN Securities, Inc., in exchange for 224,551,913 shares of BMBM's common stock, which constituted approximately 80.1% of its 280,339,467 shares of issued and outstanding common stock after giving effect to such acquisition. Upon executing the Acquisition Agreement, BMBM acquired all of the issued and outstanding equity securities of FFIN. FFIN proposes to conduct business as a U.S. securities broker-dealer and proposes to file applications to become a member of the Financial Industry Regulatory Authority, Inc. and a licensed securities broker-dealer with the United States Securities and Exchange Commission under the Exchange Act and the securities regulatory authorities of applicable states. As a result of the execution of the Acquisition Agreement and the acquisition of FFIN, Mr. Turlov became BMBM's largest shareholder, and FFIN became a wholly owned subsidiary of BMBM. BMBM's ongoing operations will consist of the continuation of FFIN's business. As part of the acquisition, Boris Cherdabayev and Valery Tolkachev resigned as directors, and Mr. Turlov was appointed as chairman and Arkady Rakhilkin, Mr. Turlov's designee, was appointed to the Company's board of directors, joining the Company's incumbent directors: Askar Tashtitov, Jason Kerr, and Leonard Stillman. Mr. Tashtitov resigned as the president of BMBM. The new board appointed Mr. Turlov as chief executive officer. The other officers remain unchanged. Following is the list of officers of BMBM: Name Position ------------- -------- Timur Turlov Chief Executive Officer Evgeniy Ler Chief Financial Officer and Treasurer Adam Cook Secretary The Acquisition Agreement also provides for the possible acquisitions of three other companies owned by Mr. Turlov in separate closings. Additional information is available for free at: http://is.gd/WfjlCZ About BMB Munai BMB Munai, Inc., is engaged in oil and natural gas exploration and production through Emir Oil LLP, which was sold to a third party entity in 2011. The Company has been focused on satisfying its post-closing undertakings in connection with the sale of Emir Oil, winding down its operations in Kazakhstan and exploring oil and gas opportunities. BMB Munai reported a net loss of $18,800 on $0 of revenues for the year ended March 31, 2015, compared with a net loss of $1.6 million on $0 of revenues for the year ended March 31, 2014. As of Sept. 30, 2015, the Company had $8.59 million in total assets, $8.67 million in total liabilities, all current, and a total shareholders' deficit of $81,267. Eide Bailly LLP, in Salt Lake City, Utah, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2015, citing that BMB Munai, Inc. has no continuing operations that result in positive cash flow. This situation raises substantial doubt about its ability to continue as a going concern. BON-TON STORES: Announces Third Quarter Fiscal 2015 Results ----------------------------------------------------------- The Bon-Ton Stores, Inc., reported operating results for the third quarter of fiscal 2015, the 13-week period ended Oct. 31, 2015. Kathryn Bufano, president and chief executive officer, commented, "Clearly, our third quarter results were challenged as sales were pressured by unseasonably warm weather, which significantly impacted our cold-weather classifications, and by continued weakness in overall traffic trends. However, customers strongly responded to our expanded brand offerings and we also saw sustained momentum in certain core categories. Recognizing that the competitive environment is likely to continue, we remain focused on creating a differentiated and compelling product assortment and leveraging our home town strategy. We also continued to control our expenses, resulting in a net reduction in SG&A in the period. We ended the quarter in a healthy inventory position in terms of freshness and content, primed for holiday selling. Additionally, as previously announced, we amended our private label credit card agreement, extending a valued and successful partnership three years to 2022." Ms. Bufano continued, "Looking ahead, we are not anticipating major changes in the retail environment in the near term. Accordingly, we are pursuing a number of avenues to drive additional process improvements and further reduce expenses." The Company's plan is expected to yield approximately $35 million in annual savings in fiscal 2016. These expense savings, which will benefit SG&A expenses and gross margin, combined with lower capital spending and inventory levels, will positively impact 2016 cash flow. For the 13 weeks period ended Oct. 31, 2015, the Company reported a net loss of $33.99 million on $623.40 million of net sales compared to a net loss of $11 million on $642.73 million of net sales for the 13 weeks period ended Nov. 1, 2014. For the 39 weeks ended Oct. 31, 2015, the Company reported a net loss of $107.62 million on $1.78 billion of net sales compared to a net loss of $78.71 million on $1.81 billion of net sales for the 13 weeks period ended Nov. 1, 2014. As of Oct. 31, 2015, the Company had $1.86 billion in total assets, $1.88 billion in total liabilities and $17.79 million in total shareholders' deficit. A full-text copy of the press release is available at: http://is.gd/P0oJBO About Bon-Ton Stores The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 270 stores, which includes nine furniture galleries and four clearance centers, in 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. For further information, please visit the investor relations section of the Company's Web site at http://investors.bonton.com. Bon-Ton Stores reported a net loss of $6.97 million on $2.75 billion of net sales for the fiscal year ended Jan. 31, 2015, compared to a net loss of $3.55 million on $2.77 billion of net sales for the fiscal year ended Feb. 1, 2014. The Company reported a net loss of $21.6 million for the fiscal year ended Feb. 2, 2013. * * * As reported by the TCR on May 15, 2013, Moody's Investors Service upgraded Bon-Ton Stores's Corporate Family Rating to 'B3' from 'Caa1' and its Probability of Default Rating to 'B3-PD' from 'Caa1-PD'. "The upgrade of Bon-Ton's Corporate Family Rating considers the company's ability to drive modest same store sales growth as well as operating margin expansion beginning in the second half of 2012 and that these positive trends have continued, with the company reporting that its same store were positive, and EBITDA margins expanded, in the first fiscal quarter of 2013," said Moody's Vice President Scott Tuhy. As reported by the TCR on May 17, 2013, Standard & Poor's Ratings Services affirmed the 'B-' corporate credit rating on Bon-Ton Stores. BON-TON STORES: Tranche A Revolver Commitment Hiked to $730MM ------------------------------------------------------------- The Bon-Ton Department Stores, Inc., Carson Pirie Scott II, Inc., Bon-Ton Distribution, LLC, and McRIL, LLC, as borrowers, and The Bon-Ton Stores, Inc. and The Bon-Ton Giftco, LLC, as obligors, entered into a Commitment Increase Letter Acknowledgment supplementing the Second Amended and Restated Loan and Security Agreement, with Bank of America, N.A., as Agent, and certain financial institutions as lenders, dated March 21, 2011. Pursuant to the terms of the Letter Acknowledgment, the Tranche A revolving commitments under the Loan Agreement were increased from $650 million to $730 million. This brings total revolving commitments under the Loan Agreement to $830 million. About Bon-Ton Stores The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 270 stores, which includes nine furniture galleries and four clearance centers, in 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. For further information, please visit the investor relations section of the Company's Web site at http://investors.bonton.com. Bon-Ton Stores reported a net loss of $6.97 million on $2.75 billion of net sales for the fiscal year ended Jan. 31, 2015, compared to a net loss of $3.55 million on $2.77 billion of net sales for the fiscal year ended Feb. 1, 2014. The Company reported a net loss of $21.6 million for the fiscal year ended Feb. 2, 2013. As of Aug. 1, 2015, the Company had $1.6 billion in total assets, $1.58 billion in total liabilities and $15.5 million in total shareholder's equity. * * * As reported by the TCR on May 15, 2013, Moody's Investors Service upgraded Bon-Ton Stores's Corporate Family Rating to 'B3' from 'Caa1' and its Probability of Default Rating to 'B3-PD' from 'Caa1-PD'. "The upgrade of Bon-Ton's Corporate Family Rating considers the company's ability to drive modest same store sales growth as well as operating margin expansion beginning in the second half of 2012 and that these positive trends have continued, with the company reporting that its same store were positive, and EBITDA margins expanded, in the first fiscal quarter of 2013," said Moody's Vice President Scott Tuhy. As reported by the TCR on May 17, 2013, Standard & Poor's Ratings Services affirmed the 'B-' corporate credit rating on Bon-Ton Stores. BOREAL WATER: Has $250,000 Debenture with Saleh Al Sagri -------------------------------------------------------- Boreal Water Collection, Inc. entered into an agreement with Saleh Al Sagri of the Kingdom of Saudi Arabia for $250,000 of Secured Debentures and Common Share Warrants in Units of $1000.00. Each Unit contains one 7.5% interest bearing Secured Debenture in the principal amount of $1000.00 and a Warrant to purchase 1,352,532 common shares at an exercise price of $0.0075 per share. Interest is payable semi-annually. The debenture is re-payable 24 months after the closing date. The security is a "mortgage on the assets of the company" junior to the "existing bridge loan mortgage and line of credit." The warrant exercise period is 2 years from the date of issuance; and may be subscribed in whole or in part on a total of 2 occasions. If all the Warrants are exercised, a total of 338,133,000 common shares will be issued. About Boreal Water Kiamesha Lake, N.Y.-based Boreal Water Collection, Inc., is a personalized bottled water company specializing in premium custom bottled water. Boreal Water reported a net loss of $886,000 on $2.41 million of sales for the year ended Dec. 31, 2014, compared with net income of $613,000 on $2.15 million of sales for the year ended Dec. 31, 2013. As of March 31, 2015, the Company had $3 million in total assets, $2.68 million in total liabilities, and $314,000 in total stockholders' equity. Terry L. Johnson, CPA, in Casselberry, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The accounting firm noted that the Company has incurred a deficit of approximately $3.6 million and has used approximately $800,000 of cash due to its operating activities in the two years ended Dec. 31, 2014. The Company may not have adequate readily available resources to fund operations through Dec. 31, 2015. This raises substantial doubt about the Company's ability to continue as a going concern. BUILDERS FIRSTSOURCE: Pincus Reports 12.1% Stake as of Nov. 25 -------------------------------------------------------------- Warburg Pincus Private Equity IX, L.P., et al., disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of Nov. 25, 2015, they beneficially own 13,263,266 shares of common stock of Builders Firstsource, Inc. representing 12.1 percent of the shares outstanding. A copy of the regulatory filing is available at http://is.gd/FH9295 In a Schedule 13D earlier filed with the SEC, Warburg Pincus Private Equity IX, L.P., et al., disclosed that as of Nov. 19, 2015, they beneficially own 20,263,266 shares of common stock of Builders Firstsource, representing 18.5 percent of the shares outstanding. About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource -- http://www.bldr.com/-- is a supplier and manufacturer of structural and related building products for residential new construction. The Company operates 56 distribution centers and 56 manufacturing facilities in nine states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. Builders Firstsource reported net income of $18.2 million on $1.60 billion of sales for the year ended Dec. 31, 2014, compared to a net loss of $42.7 million on $1.48 billion of sales in 2013. As of Sept. 30, 2015, the Company had $3.03 billion in total assets, $2.88 billion in total liabilities and $156 million in total stockholders' equity. * * * As reported by the TCR on July 15, 2015, Standard & Poor's Ratings Services said it raised its corporate credit rating on Builders FirstSource Inc. to 'B+' from 'B'. "The stable outlook reflects our view that Builders FirstSource will continue to increase sales and EBITDA as U.S. residential construction continues to recover from an historic downturn and the company realizes significant synergies from the merger. As a result, we expect some improvement in the company's leverage measures over the next 12 to 24 months while it maintains adequate liquidity," said Standard & Poor's credit analyst Pablo Garces. In the May 13, 2014, edition of the TCR, Moody's Investors Service upgraded Builders FirstSource's Corporate Family Rating to 'B3' from 'Caa1'. The upgrade reflects Moody's expectation that BLDR's operating performance will continue to benefit from improved housing construction, repair and remodeling. BUILDERS FIRSTSOURCE: Recasts Annual Report Financial Information ----------------------------------------------------------------- Builders FirstSource, Inc. filed a current report on Form 8-K to recast certain financial information contained in its annual report on Form 10-K for the year ended Dec. 31, 2014, due to changes in its reportable segments. As a result of the Company's reorganization following the acquisition of ProBuild Holdings LLC, the Company now has four reportable segments based on an aggregation of the geographic regions in which it operates. The Company began to report under the new reporting segment structure with the filing of its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2015. Also filed with the Current Report on Form 8-K are (i) the condensed combined financial statements (and notes thereto) of ProBuild Holdings, Inc., an affiliate of ProBuild Holdings LLC, as of June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014 and (ii) the unaudited pro forma condensed combined financial information of the Company for the year ended December 31, 2014 and for the nine months ended September 30, 2015, giving effect to the acquisition of ProBuild Holdings LLC and the related acquisition financing transactions. A copy of the Condensed Combined Financial Statements of ProBuild Holdings, Inc. is available for free at http://is.gd/zKupuU A copy of the Revised Consolidated Financial Statements of Builders FirstSource is available at http://is.gd/L3sfPJ About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource -- http://www.bldr.com/-- is a supplier and manufacturer of structural and related building products for residential new construction. The Company operates 56 distribution centers and 56 manufacturing facilities in nine states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. Builders Firstsource reported net income of $18.2 million on $1.60 billion of sales for the year ended Dec. 31, 2014, compared to a net loss of $42.7 million on $1.48 billion of sales in 2013. As of Sept. 30, 2015, the Company had $3.03 billion in total assets, $2.88 billion in total liabilities and $156 million in total stockholders' equity. * * * As reported by the TCR on July 15, 2015, Standard & Poor's Ratings Services said it raised its corporate credit rating on Builders FirstSource Inc. to 'B+' from 'B'. "The stable outlook reflects our view that Builders FirstSource will continue to increase sales and EBITDA as U.S. residential construction continues to recover from an historic downturn and the company realizes significant synergies from the merger. As a result, we expect some improvement in the company's leverage measures over the next 12 to 24 months while it maintains adequate liquidity," said Standard & Poor's credit analyst Pablo Garces. In the May 13, 2014, edition of the TCR, Moody's Investors Service upgraded Builders FirstSource's Corporate Family Rating to 'B3' from 'Caa1'. The upgrade reflects Moody's expectation that BLDR's operating performance will continue to benefit from improved housing construction, repair and remodeling. BUILDERS FIRSTSOURCE: Signs Underwriting Pact with Deutsche Bank ---------------------------------------------------------------- Builders FirstSource, Inc., entered into an underwriting agreement, among the Company, Deutsche Bank Securities Inc., and Warburg Pincus Private Equity IX, L.P., as a selling stockholder. Pursuant to the Underwriting Agreement, subject to the terms and conditions expressed therein, the Selling Stockholder agreed to sell to the Underwriter an aggregate of 7,000,000 shares of the Company's common stock at a price of $13.05 per share. The Securities are being sold by the Selling Stockholder pursuant to a preliminary prospectus supplement, dated Nov. 19, 2015, the final prospectus supplement, dated Nov. 19, 2015, and the related prospectus dated Nov. 26, 2014, each filed with the Securities and Exchange Commission, relating to the Company's registration statement on Form S-3 (File No. 333-199955), as amended by Pre-Effective Amendment No. 1 thereto. The Company has agreed to indemnify the Underwriter against certain liabilities, including certain liabilities under the Securities Act of 1933, as amended. If the Company is unable to provide the required indemnification, the Company has agreed to contribute to payments the Underwriter may be required to make in respect of those liabilities. In addition, the Underwriting Agreement contains customary representations, warranties and agreements of the Company and the Selling Stockholder and customary conditions to closing. The offering is expected to close on Nov. 25, 2015, subject to the conditions stated in the Underwriting Agreement. About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource -- http://www.bldr.com/-- is a supplier and manufacturer of structural and related building products for residential new construction. The Company operates 56 distribution centers and 56 manufacturing facilities in nine states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. Builders Firstsource reported net income of $18.2 million on $1.60 billion of sales for the year ended Dec. 31, 2014, compared to a net loss of $42.7 million on $1.48 billion of sales in 2013. As of Sept. 30, 2015, the Company had $3.03 billion in total assets, $2.88 billion in total liabilities and $156 million in total stockholders' equity. * * * As reported by the TCR on July 15, 2015, Standard & Poor's Ratings Services said it raised its corporate credit rating on Builders FirstSource Inc. to 'B+' from 'B'. "The stable outlook reflects our view that Builders FirstSource will continue to increase sales and EBITDA as U.S. residential construction continues to recover from an historic downturn and the company realizes significant synergies from the merger. As a result, we expect some improvement in the company's leverage measures over the next 12 to 24 months while it maintains adequate liquidity," said Standard & Poor's credit analyst Pablo Garces. In the May 13, 2014, edition of the TCR, Moody's Investors Service upgraded Builders FirstSource's Corporate Family Rating to 'B3' from 'Caa1'. The upgrade reflects Moody's expectation that BLDR's operating performance will continue to benefit from improved housing construction, repair and remodeling. BURLESON LLP: Energy Law Boutique Firm Ceases Operation ------------------------------------------------------- Tripp Baltz, writing for Bloomberg Brief - Distress & Bankruptcy, reported that the the boutique energy-focused law firm Burleson announced it would shutter all its offices and cease as an ongoing operation, highlighting the rough ride that boutique U.S. energy law firms have experienced during a prolonged oil and gas market decline. According to the report, in October, the Houston-based firm had laid off six attorneys in its Pittsburgh office, but at the time managing partner Richard Burleson was still optimistic that his firm could keep up with the shifts in the market. Despite that confident projection, the firm had shrunk from 160 attorneys in five offices to around 60 attorneys, the Bloomberg report said, citing a Law360 article. Susan Brewer, the firm's managing partner and chief executive officer, said the reductions were a direct result of the strain that low-oil prices is putting on U.S. producers, the Bloomberg report related. CACHE INC: Wins Dismissal of Chapter 11 Cases --------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware granted the dismissal of the Chapter 11 cases of Cache, Inc., and its affiliated debtors. The Debtors gave the Court an update regarding additional claim submissions, as well as further information about the terms and conditions for the proposed structured dismissal of the Chapter 11 cases. The Debtors related that the total amount of unpaid Employee Health Claims is $238,044. They further related that the Employee Health Claims will be paid through a contribution of (a) the Employee Health Claims Contribution in the amount of $200,000 derived from the Proceeds of the GOB Sale otherwise due to the Agent and (b) $50,000, from other remaining funds in the estates ("EHC Fund"). The Debtors also gave, among others, these updates to the Court: (a) The total amount of unpaid Remaining Administrative Claims is $2,242,241, excluding claims submitted by Professionals and by Great American. The following claims are excluded from the pool of Remaining Administrative Claims: (i) the Employee Health Claims, which claims will be satisfied from the EHC Fund; (ii) the 503(b)(9) Claims and the Stub Rent Claims, which claims either have been or will be satisfied exclusively from the 503(b)(9)/Stub Rent Disbursement Account; and (iii) Professional Fees, which claims will be satisfied exclusively from the available amounts in the Professional Fee Escrow Account. The Disbursing Agent will remove the foregoing claims from the pool of Remaining Administrative Claims and will review the Debtors' books and records to verify the remaining claims before making a distribution to the holders. (b) According to the mutually acceptable terms and conditions addressing agent Great American Group WF, LLC's Superpriority Claim in the amount of $1,516,466, as negotiated by the Debtors and the Agent, the Superpriority Claim will be paid as follows: $400,000 from funding under the GA Backstop Agreement and $900,000 from remittance from Debtors. The remaining $216,466 will be waived by the Agent. (c) The fees and expenses of the Affected Professionals in the cases substantially exceed the amounts allocated to them in the Professional Fee Escrow Account. Subject to the dismissal of the Chapter 11 case, the payment of any Professional's fees and expenses will be limited to the amounts allocated to that Professional in the Professional Fee Escrow Account. (d) The Debtors have formulated a claims processing protocol for purposes of making speedy reimbursement to employees and medical providers with outstanding Employee Health Claims ("EHCs"). The Protocol first requires that the Debtors promptly reimburse employees holding EHCs that were previously paid by the employee to the medical provider. The Debtors will then pay all EHCs equal to or under $10,000. Third, the Debtors will review claims above $10,000 to arrive at an appropriate payment. In order to arrive at the proper amount payable under the Plan for the benefit of an employee with an outstanding claim above $10,000, the Debtors will use information obtained from employees, medical providers, Aetna or other historical records to assist the Debtors to resolve and pay these larger claims. Cache and its affiliated debtors are represented by: Laura Davis Jones, Esq. David M. Bertenthal, Esq. Joshua M. Fried, Esq. Colin R. Robinson, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Telephone: (302)652-4100 Facsimile: (302)652-4400 E-mail: ljones@pszjlaw.com dbertenthal@pszjlaw.com jfried@pszjlaw.com crobinson@pszjlaw.com About Cache, Inc. Cache, Inc., operates 236 women's apparel specialty stores under the trade name "Cache." On Dec. 4, 2014, New York-based Cache announced that it has received an inquiry from a third party regarding a potential sale of the Company. Cache, Inc., and its two affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.15-10172) on Feb. 4, 2015. The case is assigned to Judge Mary F. Walrath. The Debtors are represented by Laura Davis Jones, Esq., Peter J. Keane, Esq., and Colin R. Robinson, Esq., at Pachulski Stang Ziehl& Jones LLP, in Wilmington, Delaware. The Debtors' restructuring advisors is FTI Consulting Inc., while their investment banker and financial advisor is Janney Montgomery Scott LLC. Thompson Hine represents the Debtors in corporate and securities matter, while Jackson Lewis P.C. represents the Debtors in employment matters. The Debtors' communications services provider is Epiq Systems, Inc., while their noticing and claims management services provider is Kurtzman Carson Consultants. A&G Realty Partners, LLC, serves as the Debtors' real estate consultants. The Debtors had total assets of $53.7 million and total liabilities of $51.1 million as of Sept. 27, 2014. In its schedules, the Debtor disclosed $38,793,006 in assets and $84,113,066 in liabilities. The U.S. Trustee for Region 3 has appointed seven members to the Official Committee of Unsecured Creditors in the Debtors' case. The Committee retained Bayard, P.A., as local Delaware counsel, and Otterbourg P.C. as lead bankruptcy counsel. CASPIAN SERVICES: Harvey Sawikin Reports 13.3% Stake as of Nov. 20 ------------------------------------------------------------------ Harvey Sawikin disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of Nov. 20, 2015, he beneficially owns 6,994,998 shares of common stock of Caspian Services, Inc., representing 13.3 percent of the shares outstanding. A copy of the regulatory filing is available at: http://is.gd/VPJXDF About Caspian Services Headquartered in Salt Lake City, Caspian Services, Inc., was incorporated under the laws of the state of Nevada on July 14, 1998. Since February 2002 the Company has concentrated its business efforts to provide diversified oilfield services to the oil and gas industry in western Kazakhstan and the Caspian Sea, including providing a fleet of vessels, onshore, transition zone and marine seismic data acquisition and processing services and a marine supply and support base in the port of Bautino, in Bautino Bay, Kazakhstan. Caspian reported a net loss of $18.8 million on $29.9 million of total revenue for the year ended Sept. 30, 2014, compared with a net loss of $11.8 million on $33.08 million of total revenues for the year ended Sept. 30, 2013. The Company's independent auditors, Haynie & Company, P.C., in Salt Lake City, Utah, issued a "going concern" qualification on the 2014 consolidated financial statements citing that, "[A] Company creditor has indicated that it believes the Company may be in violation of certain covenants of certain substantial financing agreements. The financing agreements have acceleration right features that, in the event of default, allow for the loan and accrued interest to become immediately due and payable." According to the auditors, as a result of this uncertainty, the Company has included the note payable and all accrued interest as current liabilities at Sept. 30, 2014. At Sept. 30, 2014, the Company had negative working capital of $85.0 million and for the year ended Sept. 30, 2014, the Company had a net loss of $16.6 million." CEETOP INC: Delays Filing of Third Quarter Form 10-Q ---------------------------------------------------- Ceetop Inc. notified the Securities and Exchange Commission it cannot file its Sept. 30, 2015, Form 10-Q within the prescribed time period because management has not completed the process of gathering and analyzing the financial information that will be included in the Company's Form 10-Q. About Ceetop Inc. Oregon-based Ceetop Inc., formerly known as China Ceetop.com, Inc., owned and operated the online retail platform before 2013. Due to excessive competition in online retail, the Company has transformed itself into an integrated supply chain services provider, and focuses on B to B supply chain management and related value-added services among enterprises. Ceetop Inc. reported a net loss of $841,000 on $362,000 of sales for the year ended Dec. 31, 2014, compared with a net loss of $2.88 million on $0 of sales for the year ended Dec. 31, 2013. As of March 31, 2015, the Company had $3.52 million in total assets, $956,000 in total liabilities, all current, and $2.56 million in total stockholders' equity. MJF & Associates, APC, in Los Angeles, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company incurred recurring losses from operations, has a net loss of $841,000 for 2014, and has accumulated deficit of $9.45 million at Dec. 31, 2014. These matters raise substantial doubt about the Company's ability to continue as a going concern. CEETOP INC: Incurs $147,000 Net Loss in Third Quarter ----------------------------------------------------- Ceetop Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $147,000 on $0 of sales for the three months ended Sept. 30, 2015, compared to a net loss of $288,000 on $0 of sales for the same period last year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $435,000 on $0 of sales compared to a net loss of $1.18 million on $0 of sales for the same period a year ago. As of Sept. 30, 2015, the Company had $3.62 million in total assets, $1.46 million in total liabilities, all current and $2.15 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/SAbwnl About Ceetop Inc. Oregon-based Ceetop Inc., formerly known as China Ceetop.com, Inc., owned and operated the online retail platform before 2013. Due to excessive competition in online retail, the Company has transformed itself into an integrated supply chain services provider, and focuses on B to B supply chain management and related value-added services among enterprises. Ceetop Inc. reported a net loss of $841,000 on $362,000 of sales for the year ended Dec. 31, 2014, compared with a net loss of $2.88 million on $0 of sales for the year ended Dec. 31, 2013. MJF & Associates, APC, in Los Angeles, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company incurred recurring losses from operations, has a net loss of $841,000 for 2014, and has accumulated deficit of $9.45 million at Dec. 31, 2014. These matters raise substantial doubt about the Company's ability to continue as a going concern. CHINA GINSENG: Incurs $750,000 Net Loss in First Quarter -------------------------------------------------------- China Ginseng Holdings, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $751,000 on $21,600 of revenue for the three months ended Sept. 30, 2015, compared to a net loss of $571,000 on $5,242 of revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $8.58 million in total assets, $19.09 million in total liabilities and a total stockholders' deficit of $10.5 million. "[E]ven if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurance that the revenue will be sufficient to enable the Company to develop business to a level at which it will generate profits and cash flow from operations. These matters raise substantial doubt about the Company's ability to continue as a going concern," the Company states in the report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/OG5Qkc About China Ginseng Changchun City, China-based China Ginseng Holdings, Inc., conducts business through its four wholly-owned subsidiaries located in China. The Company has been granted 20-year land use rights to 3,705 acres of lands by the Chinese government for ginseng planting and it controls, through lease, approximately 750 acres of grape vineyards. However, recent harvests of grapes showed poor quality for wine production which indicates that the vineyards are no longer suitable for planting grapes for wine production. Therefore, the Company has decided not to renew its lease for the vineyards with the Chinese government upon expiration in 2013 and, going forward, it intends to purchase grapes from the open market in order to produce grape juice and wine. China Ginseng reported a net loss of $3.90 million on $272,600 of revenue for the year ended June 30, 2015, compared with a net loss of $4.76 million on $2.61 million of revenue for the year ended June 30, 2014. Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company had net losses of $3.90 million and $4.76 million for the years ended June 30, 2015 and 2014, respectively, an accumulated deficit of $18.1 million at June 30, 2015 and a working capital deficit of $16.5 million at June 30, 2015, and there are existing uncertain conditions the Company faces relative to its ability to obtain working capital and operate successfully. These conditions raise substantial doubt about its ability to continue as a going concern. COCRYSTAL PHARMA: Names Curtis Dale Interim CFO ----------------------------------------------- The Board of Directors of Cocrystal Pharma, Inc., appointed Curtis Dale to serve as interim chief financial officer of the Company, effective Nov. 16, 2015, subsequent to the Nov. 17, 2015, filing of the Company's Form 10-Q for the Quarter ended Sept. 30, 2015. Mr. Dale's appointment coincides with the Company's consolidation of operations in its Tucker, Georgia headquarters. Mr. Dale replaced the Company's former Chief Financial Officer, Gerald McGuire, who served in the Company's Bothell, Washington offices and elected not to relocate to Georgia. Since September 2015, Mr. Dale has served as controller of the Company. From April 2014 through March 2015, he served as Director of Financial Planning and Analysis for Carestream Dental LLC. Prior to that, from August 2012 through April 2014, he served as Director of Accounting and Finance for Gabriel Brothers, Inc. In 2012, Mr. Dale served as Legal Operations Consultant for NCR Corporation. In 2011, he served as the Head of North American Financial Reporting for Ciba Vision. From 2010 through 2011, he served as the chief financial officer for MedLink Georgia, Inc. and from 2008 through 2010, he served as the executive director of Finance and Administration for Saint Joseph's Translational Research Institute. Mr. Dale is 58 years old. Mr. Dale did not enter into a formal employment agreement with the Company in connection with his appointment and will serve as Interim Chief Financial Officer on an at-will basis. The Company has agreed to pay Mr. Dale $6,000 a month for his service as interim chief financial officer. Mr. Dale previously entered into an employment agreement with the Company in connection with his service as controller pursuant to which he receives an annual base salary of $125,000 and is eligible to receive a discretionary annual bonus, to be determined by the Company's Compensation Committee. In addition, the agreement provides that, subject to Board approval, the Company will grant Mr. Dale 100,000 ten-year stock options, vesting in four equal annual increments with the first vesting date being one year from grant date, subject to continued employment and accelerated vesting under certain conditions. About Cocrystal Pharma Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals, Inc., is a pharmaceutical company with a mission to discover novel antiviral therapeutics as treatments for serious and/or chronic viral diseases. Cocrystal Pharma employs unique technologies and Nobel Prize winning expertise to create first- and best-in-class antiviral drugs. These technologies and the Company's market- focused approach to drug discovery are designed to efficiently deliver small molecule therapeutics that are safe, effective and convenient to administer. The Company's primary business going forward is to develop novel medicines for use in the treatment of human viral diseases. Cocrystal has been developing novel technologies and approaches to create first-in-class and best-in-class antiviral drug candidates since its initial funding in 2008. Subsequent funding was provided to Cocrystal Discovery, Inc., by Teva Pharmaceuticals Industries, Ltd., or Teva, in 2011. The Company's focus is to pursue the development and commercialization of broad-spectrum antiviral drug candidates that will transform the treatment and prophylaxis of viral diseases in humans. By concentrating the Company's research and development efforts on viral replication inhibitors, the Company plans to leverage its infrastructure and expertise in these areas. Cocrystal Pharma reported a net loss of $99,000 in 2014 following a net loss of $3.8 million in 2013. As of Sept. 30, 2015, the Company had $266 million in total assets, $69.4 million in total liabilities and $197 million in total stockholders' equity. COMMUNICATION INTELLIGENCE: Frank Elenio Rejoins Board ------------------------------------------------------ Communication Intelligence Corporation announced that Frank Elenio was voted onto its Board of Directors and audit committee. "We are thrilled to have Frank back on the board at this exciting time for CIC," said Philip Sassower, co-chairman and CEO for CIC. "In the service of board of directors' best practices, we have been seeking an additional board member to establish a majority of independent directors and to have a completely independent audit committee. Frank joined the CIC board in 2010 at the same time I took over as Chairman and CEO, but had to step down in 2011 when he took an executive position with the State of New Jersey. We are very fortunate that he is now available to rejoin our team. Frank has a long track record of working with companies like CIC and is very knowledgeable about our company, our people and our business sector." Mr. Elenio has over 25 years experience working with corporations as a strategic, solution-driven professional focused on finance and accounting, operations and turn-around management. He has extensive CFO level experience at public and private companies, including Wilshire Enterprises, Inc., a real estate investment and management company, WebCollage, Inc., an internet content integrator for manufacturers, GoAmerica, Inc., a wireless internet service provider and Roomlinx, Inc., a provider of wireless high speed internet access to hotels and conference centers. Both a CPA and an MBA, Mr. Elenio is an Adjunct Professor of finance at Seton Hall University. "I have known and worked with Philip Sassower and Andrea Goren for many years and I am looking forward to collaborating with them and the rest of the board at what I believe is a significant and positive inflection point for the company," said Frank Elenio, director for CIC. "The market for electronic signatures and digital transaction management solutions is rapidly expanding in the US and abroad, and CIC is uniquely positioned to take advantage of these positive trends." About Communication Intelligence Redwood Shores, California-based Communication Intelligence Corporation is a supplier of electronic signature products and the recognized leader in biometric signature verification. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common stockholders of $5.74 million on $1.16 million of total revenue compared to a net loss attributable to common stockholders of $5.73 million on $1.05 million of total revenue for the same period during the prior year. As of Sept. 30, 2015, the Company had $1.36 million in total assets, $2.28 million in total liabilities and a $924,000 total deficit. CRAILAR TECH: Bowra to Sell Assets; Bid Deadline January 5 ---------------------------------------------------------- The Bowra Group Inc., the monitor for the estate of Crailar Technologies Inc. et al., is seeking offers: -- to purchase the Company's assets, or, in the alternative -- to make an investment in the Company to allow it to achieve profitable production A sales and investment solicitation process order has been approved by the Supreme Court of British Columbia. The assets for sale are: -- intellectual property consisting of patents, trademarks, and proprietary knowledge; -- inventory of fiber products located in South Carolina, USA; -- equipment for production of fiber product located in South Carolina, USA; and -- fiber supply agreements. The deadline of submit offers is Jan. 5, 2016. For more information, interested buyers may contact: Martin Hyatt Tel: 604.608.6241 Email: mhyatt@bowragroup.com - or - Gordon Brown Tel: 604.638.4946 Email: gbrown@bowragroup.com Crailar Technologies Inc. conducts research, development and commercial sales of environmentally friendly fibers and textile production processes based on hemp and flax. CRYOPORT INC: Stockholders OK Hike of Authorized Common Shares -------------------------------------------------------------- Cryoport, Inc., concluded its 2015 annual meeting of stockholders on Nov. 20, 2015. The Annual meeting was initially commenced on Oct. 28, 2015, and the Company previously disclosed the final voting results with respect to Proposal Nos. 1, 2, 3, and 5. The Annual Meeting was adjourned until Nov. 20, 2015, to allow additional time to vote on Proposal No. 4. At the Annual Meeting, the stockholders approved an amendment to the Company's Amended and Restated Articles of Incorporation to increase the number of authorized shares of the Company's common stock from 20,833,333 shares to 50,000,000 shares. About Cryoport Lake Forest, Calif.-based CryoPort, Inc. (OTC BB: CYRX) provides comprehensive solutions for frozen cold chain logistics, primarily in the life science industries. Its solutions afford new and reliable alternatives to currently existing products and services utilized for bio-pharmaceuticals and biologics, including in-vitro fertilization, cell lines, vaccines, tissue and other commodities requiring a reliable frozen solution. As of Sept. 30, 2015, the Company had $8.91 million in total assets, $2.19 million in total liabilities and $6.71 million in total stockholders' equity. Cryoport reported a net loss attributable to common stockholders of $12.2 million for the year ended March 31, 2015, compared to a net loss attributable to common stockholders of $19.6 million for the year ended March 31, 2014. KMJ Corbin & Company LLP, in Costa Mesa, California, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2015, citing that the Company has incurred recurring operating losses and has had negative cash flows from operations since inception. Although the Company has cash and cash equivalents of $1.4 million at March 31, 2015, management has estimated that cash on hand, which include proceeds from Class B convertible preferred stock received subsequent to the fourth quarter of fiscal 2015, will only be sufficient to allow the Company to continue its operations into the third quarter of fiscal 2016. These matters raise substantial doubt about the Company's ability to continue as a going concern. CUMULUS MEDIA: Crestview Owns 30% of Class A Shares as of Nov. 25 ----------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Crestview Partners II GP, L.P. disclosed that as of Nov. 25, 2015, it beneficially owns 72,953,315 shares of Class A common stock of Cumulus Media, Inc. representing 30.27 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/kI4GTw About Cumulus Media Cumulus Media Inc. (CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands in order to deliver premium choices for listeners, provide substantial reach for advertisers and create opportunities for shareholders. As the largest pure-play radio broadcaster in the United States, Cumulus provides exclusive content that is fully distributed through approximately 460 owned-and-operated stations in 90 U.S. media markets (including eight of the top 10), more than 10,000 broadcast radio affiliates and numerous digital channels. Cumulus is well-positioned in the widening digital audio space through a significant stake in the Rdio digital music service, featuring 30 million songs on-demand in addition to custom playlists and exclusive curated channels. Cumulus is also the leading provider of country music and lifestyle content through its NASH brand, which will serve country fans through radio programming, NASH magazine, concerts, licensed products and television/video. For more information, visit www.cumulus.com Cumulus Media put AR Broadcasting Holdings Inc. and three other units to Chapter 11 protection (Bankr. D. Del. Lead Case No. 11-13674) in 2011 after struggling to pay off debts that topped $97 million as of June 30, 2011. As of Sept. 30, 2015, the Company had $3.12 billion in total assets, $3.10 billion in total liabilities and $19.6 million in total stockholders' equity. Bankruptcy Warning "The lenders under the Credit Agreement have taken security interests in substantially all of our consolidated assets, and we have pledged the stock of certain of our subsidiaries to secure the debt under the Credit Agreement. If the lenders accelerate the required repayment of borrowings, we may be forced to liquidate certain assets to repay all or part of such borrowings, and we cannot assure you that sufficient assets will remain after we have paid all of the borrowings under such Credit Agreement. If we were unable to repay those amounts, the lenders could proceed against the collateral granted to them to secure that indebtedness and we could be forced into bankruptcy or liquidation. Our ability to liquidate assets could also be affected by the regulatory restrictions associated with radio stations, including FCC licensing, which may make the market for these assets less liquid and increase the chances that these assets would be liquidated at a significant loss. Any requirement for us to liquidate assets would likely have a material adverse effect on our business," the Company said in its annual report for the year ended Dec. 31, 2014. * * * Standard & Poor's Ratings Services, in September 2014, revised its rating outlook on Atlanta, Ga.-based Cumulus Media to stable from positive. S&P also affirmed its 'B' corporate credit and existing debt ratings on the company. As reported by the TCR on Sept. 17, 2015, Moody's Investors Service downgraded Cumulus Media Inc.'s Corporate Family Rating to B3 from B2. Cumulus' B3 Corporate Family Rating reflects Moody's expectation that debt-to-EBITDA will remain elevated and in the mid to high 8x through FYE2015 (including Moody's standard adjustments) due to continued revenue declines in core ad sales and network revenue as well as the absence of political ad spending in 2015, an odd numbered year. DALLAS PROTON: Cases Joint Administered for Procedural Purposes --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas directed the joint administration of cases of Dallas Proton Treatment Center, LLC, and Dallas Proton Treatment Holdings, LLC, under Case No. 15-33783. The Court also ordered that the cases will be jointly administered for procedural purposes only and will not be a substantive consolidation of the respective estates. The order was pursuant to the ore tenus motion of Lulu Limited. Lulu Limited is represented by: Martin A. Sosland, Esq. WEIL, GOTSHAL & MANGES LLP 200 Crescent Court, Suite 300 Dallas, TX 75201 Tel: (214) 746-7700 Fax: (214) 746-7777 E-mail: martin.sosland@weil.com About Dallas Proton Treatment Center, LLC Dallas Proton Treatment Center, LLC and Dallas Proton Treatment Holdings, LLC filed Chapter 11 bankruptcy petitions (Bankr. N.D. Tex. Case Nos. 15-33783 and 15-33784, respectively) on Sept. 17, 2015. The petitions were signed by James Thomson as chief technology officer/manager. The Debtors, in an amended schedules, disclosed total assets of $47,177,195 and total liabilities of $78,219,361. Gardere Wynne Sewell LLP represents the Debtors as counsel. DANIEL CARPENTER: Montana's Tax Claim Is Priority Claim ------------------------------------------------------- Diane Davis at Bankruptcy Law Reporter reports that the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held on Nov. 18, 2015, that Montana's tax claim for unpaid corporate taxes in the Chapter 11 case of Daniel Bruce Carpenter and Mary Esther Carpenter is a priority excise tax claim. According to the report, the Hon. Christopher M. Klein of the U.S. Bankruptcy Court for the Eastern District of California concluded that the liability imposed upon corporate responsible officers by Montana Code Section 39-51-1105 is a "tax that has the same status as the underlying corporate tax" for purposes of Bankruptcy Code Section 507(a)(8), which provides priority tax categories that qualify as priority debts. The Debtors, Bankruptcy Law Reporter relates, argued that Section 507(a)(8)(E)'s excise tax priority can't apply to responsible officers like themselves because the tax debt would be a Section 507(a)(8)(E) priority tax as to the corporate taxpayer but merely a non-priority tax claim as to them as vicariously-liable individuals. This would allow them "to confirm a Chapter 11 plan without paying the tax debt in full and to escape the incidental consequence of nondischargeable status" under Section 523(a)(1) for any unpaid portion, the report states, citing the Debtors. Daniel Bruce Carpenter and Mary Esther Carpenter filed a Chapter 11 petition (Bankr. D. Mont. Case No. 13-61192) on August 30, 2013. DEERFIELD RANCH: Court Allows Cash Collateral Use Through Dec. 31 ----------------------------------------------------------------- Judge Alan Jaroslovsky of the U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division, granted final approval of the fifth stipulation for continued interim use of cash collateral, executed by debtor Deerfield Ranch Winery, LLC, secured creditor Rabobank, N.A., and the Official Committee of Unsecured Creditors of Deerfield Ranch Winery, LLC. Rabobank relates that the Debtor is indebted to it under a term loan with an original principal balance of $8,000,000, a current principal balance of $7,659,000, and accrued but unpaid interest to Oct. 31, 2015 ("Statement Date"), in the sum of $179,820. Rabobank further relates that the Debtor is also obligated to it under a line of credit with an original and current principal balance of $3,000,000, late charges of $1,913, and accrued but unpaid interest to the Statement Date in the sum of $112,557. Rabobank adds that that Debtor is obligated to it under the Term Loan and the Line of Credit for such other costs and fees as are set forth in the loan agreements and in other agreements between Rabobank and Debtor, including a swap termination fee of $246,364. Rabobank further contends that it holds a first priority security interest in Debtor's real property and a senior lien in Debtor's personal property, except that each producer of grapes that are in the possession of Debtor and that has a monetary claim against Debtor is secured under California law, in priority senior to that of Rabobank. The Interim Stipulation is intended to allow the Debtor to continue its operations through December 31, 2015. Under the Interim Stipulation, the Debtor will make two monthly adequate protection payments to Rabobank during the time period covered by the Current Budget from Nov. 1, 2015, through and including December 31, 2015, each in the sum of $28,741, for a total of $57,482. The Interim Stipulation also provides that Rabobank will receive, as adequate protection for the use by the Debtor of Cash Collateral, a replacement lien in new Cash Collateral and in all personal property of the Debtor's estate of the same types as those in which Rabobank held a security interest as of the commencement of the case. Further hearing on the Debtor's Cash Collateral Motion is scheduled on Dec. 18, 2015 at 9:00 a.m. Deerfield Ranch Winery is represented by: Scott H. McNutt, Esq. Shane J. Moses, Esq. Thomas B. Rupp, Esq. MCNUTT LAW GROUP LLP 219 9th Street San Francisco, CA 94103 Telephone: (415)995-8475 Facsimile: (415)995-8487 E-mail: smcnutt@ml-sf.com smoses@ml-sf.com Trupp@ml-sf.com Rabobank is represented by: Richard A. Rogan, Esq. Nicolas De Lancie, Esq. JEFFER MANGELS BUTLER & MITCHELL LLP Two Embarcadero Center, Fifth Floor San Francisco, CA 94111-3813 Telephone: (415)398-8080 Facsimile: (415)398-5584 E-mail: rar@jmbm.com nde@jmbm.com About Deerfield Ranch Winery Sonoma Valley-based Deerfield Ranch Winery, LLC, was founded in 1982 by Robert and PJ Rex. Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition (Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015. The Debtor disclosed $25,197,611 in assets and $12,041,939 in liabilities as of the Chapter 11 filing. Scott H. McNutt, Esq., and Shane J. Moses, Esq., at McNutt Law Group LLP serve as the Debtor's counsel. Jigsaw Advisors LLC acts as the Debtor's restructuring financial advisor. Judge Alan Jaroslovsky is assigned to the case. Dana Burwell, as appraiser, will assist in valuing its real property known as 10176 Sonoma Highway, Kenwood, California. Rabobank N.A, is the Debtor's primary secured lender. The U.S. Trustee for Region 17 appointed three creditors to serve on the official committee of unsecured creditors. Pachulski Stang Ziehl & Jones LLP serves as Committee counsel. DIGITAL DOMAIN: Court Approves Amendment to Postpetition Financing ------------------------------------------------------------------ BankruptcyData reported that the U.S. Bankruptcy Court approved Digital Domain Media Group's 25th amendment to the order (I) authorizing the Debtors to obtain postpetition financing and use cash collateral, (II) granting adequate protection, (III) scheduling a final hearing and (IV) granting certain related relief. According to documents filed with the Court, "Notwithstanding the occurrence of a Termination Event, the expiration of the Remedies Notice Period and the termination of the automatic stay under section 362(a) to allow the DIP Agent to exercise any and all default remedies, the DIP Agent and DIP Lenders shall forebear from exercising their remedies under the Final DIP Order, DIP Term Sheet Documentation and applicable bankruptcy law and non-bankruptcy law through and until the earlier of (i) Dec. 18, 2015; or (ii) the occurrence of a Termination Event (other than the occurrence of the Maturity Date) (the 'Forbearance Period')....The Approved Budget will, for the period from Nov. 13, 2015, to Dec. 18, 2015, be replaced with the Approved Budget." About Digital Domain Port St. Lucie, Florida-based Digital Domain Media Group, Inc. --http://www.digitaldomain.com/-- engaged in the creation of original content animation feature films, and development of computer-generated imagery for feature films and trans-media advertising primarily in the United States. Digital Domain Media Group, Inc. and 13 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12568) on Sept. 11, 2012, to sell its business for $15 million to Searchlight Capital Partners LP, subject to higher and better offers. The Company disclosed assets of $205 million and liabilities totaling $214 million. The Debtors also have sought ancillary relief in Canada, pursuant to the Companies' Creditors Arrangement Act in the Supreme Court of British Columbia, Vancouver Registry. Attorneys at Pachulski Stang Ziehl & Jones serve as counsel to the Debtors. FTI Consulting, Inc.'s Michael Katzenstein is the chief restructuring officer. Kurtzman Carson Consultants LLC is the claims and notice agent. An official committee of unsecured creditors appointed in the case is represented by lawyers at Sullivan Hazeltine Allinson LLC and Brown Rudnick LLP. At a bankruptcy auction, the principal part of the business was purchased by a joint venture between Galloping Horse America LLC, an affiliate of Beijing Galloping Horse Co., and an affiliate of Reliance Capital Ltd., based in Mumbai. The $36.7 million total value of the contact includes $3.6 million to cure defaults on contracts and $2.9 million in reimbursement of payroll costs. As the result of a settlement negotiated by the unsecured creditors' committee with secured lenders, there will be some recovery for the committee's constituency. DM RECORDS: Files for Chapter 11 Bankruptcy Protection ------------------------------------------------------ DM Records, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 15-30368) on Nov. 19, 2015, listing its total assets at $4.24 million and its total liabilities at $2.32 million. The petition was signed by Mark Watson, president. Brian Bandell at South Florida Business Journal reports that the Company filed for bankruptcy after it lost a $2.2 million judgment to the owner of songs "Whoomp! (There it is)" and "Dazzey Duks." Business Journal recalls that soul artist Al Bell aka Alvertis Isbell won in 2012 a $2.2 million judgment against DM Records for improperly using both "Whoomp! (There is it)" and "Dazzey Duks." The report says that Mr. Bell's record company Bellmark Records originally released those songs in the early 1990s. The Company, according to the report, acquired Bellmark Records' assets when the latter filed for Chapter 11 bankruptcy protection in 1997. Business Journal relates that Mr. Bell sued the Company, claiming that the two songs actually belonged to Alvert Music, which never filed Chapter 11, to which the jury agreed and ruled in Mr. Bell's favor. According to Business Journal, the Company's reorganization plan proposes to repay creditors over time. The report states that Mr. Bell would get repaid over 30 years under that plan. Judge Raymond B. Ray presides over the case. David L. Merrill, Esq., at Merrill PA serves as the Company's bankruptcy counsel. DM Records, Inc., -- dba DM Music Group; Ashley Watson Publishing, BMI; Sky Records; Koke, Moke and Noke Publishing, BMI; Critique Records; Bass Tracks, ASCAP; Wrap Records; Bellmark Records; and Ichiban Records -- is headquartered in Deerfield Beach, Florida. DOLPHIN DIGITAL: Incurs $341,000 Net Loss in Third Quarter ---------------------------------------------------------- Dolphin Digital Media Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $341,000 on $2.42 million of total revenues for the three months ended Sept. 30, 2015, compared to a net loss of $536,000 on $517,000 of total revenues for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $2.44 million on $2.44 million of total revenues compared to a net loss of $1.48 million on $1.56 million of total revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $3.07 million in total assets, $14.3 million in total liabilities, all current, and a total stockholders' deficit of $11.3 million. As of Sept. 30, 2015, and Sept. 30, 2014, the Company had cash of approximately $0.6 million and approximately $0.4 million, respectively, and a working capital deficit of approximately $12.3 million and approximately $9.1 million, respectively. A full-text copy of the Form 10-Q is available for free at: http://is.gd/8N3aYC About Dolphin Digital Coral Gables, Florida-based Dolphin Digital Media, Inc., is dedicated to the twin causes of online safety for children and high quality digital entertainment. By creating and managing child-friendly social networking websites utilizing state-of the- art fingerprint identification technology, Dolphin Digital Media, Inc. has taken an industry-leading position with respect to internet safety, as well as digital entertainment. Dolphin Digital reported a net loss of $1.87 million on $2.07 million of total revenue for the year ended Dec. 31, 2014, compared to a net loss of $2.46 million on $2.29 million of total revenue for the year ended Dec. 31, 2013. BDO USA, LLP, in Miami, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses from operations, negative cash flows from operations, and does not have sufficient working capital. These events raise substantial doubt about the Company's ability to continue as a going concern. ECO BUILDING: Incurs $7.97 Million Net Loss in Third Quarter ------------------------------------------------------------ Eco Building Products, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $7.97 million on $278,000 of revenue for the three months ended Sept. 30, 2015, compared to net income of $532,000 on $804,000 of revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $1.18 million in total assets, $26.8 million in total liabilities, $1.14 million in liabilities related to discontinued operations and a total stockholders' deficit of $26.8 million. On Sept. 30, 2015, the Company had $188,846 in cash on hand. During the three months ended Sept. 30, 2015, net cash used in the Company's operating activities amounted to $473,530. Net cash used during the same period for the Company's investing activities totaled $176,209. During the same period, the Company received proceeds resulting in net cash from financing activities of $798,279 of which $415,500. A full-text copy of the Form 10-Q is available for free at: http://is.gd/skuIiN About Eco Building Vista, Calif.-based Eco Building Products is a manufacturer of proprietary wood products treated with an eco-friendly proprietary chemistry that protects against mold, rot, decay, termites and fire. Eco Building reported net income of $99,871 on $2.09 million of total revenue for the 12 months ended June 30, 2015, compared to a net loss of $28.94 million on $1.18 million of total revenue for the 12 months ended June 30, 2014. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has an accumulated deficit of $74,876,514, negative working capital, and negative gross margin as of June 30, 2015, which raises substantial doubt about its ability to continue as a going concern. ECO BUILDING: Needs More Time to File Form 10-Q ----------------------------------------------- Eco Building Products Inc. was unable, without unreasonable effort or expense, to file its quarterly report on Form 10-Q for the period ended Sept. 30, 2015, by the Nov. 16, 2015, filing date applicable to smaller reporting companies due to a delay experienced by the Company in completing its financial statements and other disclosures in the Quarterly Report. As a result, the Company is still in the process of compiling required information to complete the Quarterly Report and its independent registered public accounting firm requires additional time to complete its review of the financial statements for the period ended Sept. 30, 2015, to be incorporated in the Quarterly Report. The Company anticipates that it will file the Quarterly Report no later than the fifth calendar day following the prescribed filing date. Revenues from continuing operations were approximately $275,000 and $800,000 for the three months ended Sept. 30, 2015, and 2014, respectively. The decline in revenue was due to the loss of a large unprofitable customer and discontinuance of a product line. Operating expenses from continuing operations were approximately $521,000 and $1,430,000 for the three months ended Sept. 30, 2015, and 2014, respectively. Operating expenses declined due to a reduction in head count and other cost reduction measures by management. Operating loss from continuing operations (not including derivative, interest and other income and expenses) declined to approximately $675,000 from $1,129,000 for the three months ended Sept. 30, 2015, and 2014, respectively. These dollar amounts and results of financials have not been finalized, are approximates and have not been reviewed by the Company's independent accounting firm. Therefore, these dollar amounts are still subject to change. About Eco Building Vista, Calif.-based Eco Building Products is a manufacturer of proprietary wood products treated with an eco-friendly proprietary chemistry that protects against mold, rot, decay, termites and fire. Eco Building reported net income of $99,871 on $2.09 million of total revenue for the 12 months ended June 30, 2015, compared to a net loss of $28.94 million on $1.18 million of total revenue for the 12 months ended June 30, 2014. As of June 30, 2015, the Company had $879,747 in total assets, $19.16 million in total liabilities, $1.14 million in liabilities related to discontinued operations and a $19.43 million total stockholders' deficit. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has an accumulated deficit of $74,876,514, negative working capital, and negative gross margin as of June 30, 2015, which raises substantial doubt about its ability to continue as a going concern. ECOSPHERE TECHNOLOGIES: Delays Third Quarter Form 10-Q for Review ----------------------------------------------------------------- Ecosphere Technologies, Inc. filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. The Company said it continues to work with its independent auditors to finalize the review of its quarterly report on Form 10Q. The Company's quarterly report for the quarter ended Sept. 30, 2015, will include an impairment charge of approximately $12 million related to its investment in an unconsolidated investee due to the recent downturn in the oil and gas industry. About Ecosphere Technologies Stuart, Florida-based Ecosphere Technologies (OTC BB: ESPH) -- http://www.ecospheretech.com/-- is a water engineering, technology licensing and environmental services company that designs, develops and manufactures wastewater treatment solutions for industrial markets. Ecosphere, through its majority-owned subsidiary Ecosphere Energy Services, LLC, provides energy exploration companies with an onsite, chemical free method to kill bacteria and reduce scaling during fracturing and flowback operations. Ecosphere reported a net loss of $11.5 million on $1.11 million of total revenues for the year ended Dec. 31, 2014, compared with net income of $19.2 million on $6.71 million of total revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $15.05 million in total assets, $3.82 million in total liabilities, $3.8 million in total redeemable convertible cumulative preferred stock, and $7.42 million in total equity. Salberg & Company, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company reported a net loss of $11.5 million in 2014, and cash used in operating activities of $4.55 million and $10.3 million in 2014 and 2013, respectively. At Dec. 31, 2014, the Company had a working capital deficiency, and accumulated deficit of $2.86 million, and $109 million, respectively. These matters raise substantial doubt about the Company's ability to continue as a going concern. ECOSPHERE TECHNOLOGIES: Incurs $16.2 Million Net Loss in Q3 ----------------------------------------------------------- Ecosphere Technologies, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $16.2 million on $15,240 of total revenues for the three months ended Sept. 30, 2015, compared to a net loss of $1.94 million on $551,000 of total revenues for the same period last year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $21.33 million on $35,204 of total revenues compared to a net loss of $7.74 million on $688,000 of total revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $3.03 million in total assets, $10.4 million in total liabilities, $3.86 million in total redeemable convertible cumulative preferred stock, and a total deficit of $11.2 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/JeUotO About Ecosphere Technologies Stuart, Florida-based Ecosphere Technologies (OTC BB: ESPH) -- http://www.ecospheretech.com/-- is a water engineering, technology licensing and environmental services company that designs, develops and manufactures wastewater treatment solutions for industrial markets. Ecosphere, through its majority-owned subsidiary Ecosphere Energy Services, LLC, provides energy exploration companies with an onsite, chemical free method to kill bacteria and reduce scaling during fracturing and flowback operations. Ecosphere reported a net loss of $11.5 million on $1.11 million of total revenues for the year ended Dec. 31, 2014, compared with net income of $19.2 million on $6.71 million of total revenues for the year ended Dec. 31, 2013. Salberg & Company, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company reported a net loss of $11.5 million in 2014, and cash used in operating activities of $4.55 million and $10.3 million in 2014 and 2013, respectively. At Dec. 31, 2014, the Company had a working capital deficiency, and accumulated deficit of $2.86 million, and $109 million, respectively. These matters raise substantial doubt about the Company's ability to continue as a going concern. EDENOR SA: Director Edgardo Volosin Tenders Resignation ------------------------------------------------------- Edenor S.A. disclosed it has received the resignation, based on personal grounds, of Sr. Edgardo A. Volosin to the position of permanent director for which he has been appointed in the Ordinary and Extraordinary General Shareholders' meeting held on April 28, 2015. Said resignation is effective as from Nov. 23, 2015, and will be submitted for consideration by the Company's Board of Directors during its next meeting. About Edenor SA Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (both in GWh and Pesos). Through a concession, Edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the city of Buenos Aires. Edenor SA reported a loss of ARS780 million on ARS3.59 billion of revenue for the year ended Dec. 31, 2014, compared with profit of ARS773 million on ARS3.44 billion of revenue for the year ended Dec. 31, 2013. As of June 30, 2015, Edenor had ARS 10.74 billion in total assets, ARS 9.63 billion in total liabilities and ARS 1.11 billion in total equity. EDENOR SA: Posts ARS214 Million Net Income in Third Quarter ----------------------------------------------------------- Edenor S.A. reported net income of ARS214 million on ARS1.04 billion of revenue for the three months ended Sept. 30, 2015, compared to a net loss of ARS721 million on ARS995 million of revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported net income of ARS939 million on ARS2.91 billion of revenue compared to a net loss of ARS1.44 billion on ARS2.74 billion of revenue for the same period last year. As of Sept. 30, 2015, the Company had ARS11.9 billion in total assets, ARS10.6 billion in total liabilities and ARS1.32 billion in total equity. A full-text copy of the Quarterly Report is available at: http://is.gd/OQjUGz About Edenor SA Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (both in GWh and Pesos). Through a concession, Edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the city of Buenos Aires. Edenor SA reported a loss of ARS780 million on ARS3.59 billion of revenue for the year ended Dec. 31, 2014, compared with profit of ARS773 million on ARS3.44 billion of revenue for the year ended Dec. 31, 2013. EFT HOLDINGS: Needs More Time to File Sept. 30 Form 10-Q -------------------------------------------------------- EFT Holdings, Inc., filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. The Company said the compilation, dissemination and review of the information required to be presented in the Quarterly Report on Form 10-Q for the relevant period has imposed time constraints that have rendered timely filing of the Form 10-Q impracticable without undue hardship and expense to the registrant. The Company undertakes the responsibility to file such report no later than the fifth day after its original prescribed due date. About EFT Holding California-based EFT Holdings, Inc., is primarily an e-Business company designed around the "Business-to-Customer" concept, which means that the Company's products are sold directly to customers through its web site. The Company's "Business-to-Customer" model differs from the traditional "Business to Business" model where products are sold to distributors who then sell the products to ultimate customers. EFT Holdings reported a net loss of $5.30 million on $968,000 of net total revenues for the year ended March 31, 2015, compared to a net loss of $20.3 million on $1.80 million of net total revenues for the year ended March 31, 2014. As of June 30, 2015, the Company had $5.6 million in total assets, $14.5 million in total liabilities and a total deficiency of $8.9 million. EFT HOLDINGS: Posts $3.7 Million Net Income for Second Quarter -------------------------------------------------------------- EFT Holdings, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income attributable to the Company of $3.70 million on $158,000 of net total revenues for the three months ended Sept. 30, 2015, compared to net income attributable to the Company of $301,779 on $164,000 of net total revenues for the same period a year ago. For the six months ended Sept. 30, 2015, the Company reported net income attributable to the Company of $2.27 million on $258,000 of net total revenues compared to a net loss attributable to the Company of $233,000 on $462,000 of net total revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $4.32 million in total assets, $9.63 million in total liabilities and a $5.30 million total deficiency. A full-text copy of the Form 10-Q is available for free at: http://is.gd/B04uEm About EFT Holding California-based EFT Holdings, Inc., is primarily an e-Business company designed around the "Business-to-Customer" concept, which means that the Company's products are sold directly to customers through its web site. The Company's "Business-to-Customer" model differs from the traditional "Business to Business" model where products are sold to distributors who then sell the products to ultimate customers. EFT Holdings reported a net loss of $5.30 million on $968,000 of net total revenues for the year ended March 31, 2015, compared to a net loss of $20.3 million on $1.80 million of net total revenues for the year ended March 31, 2014. ELEPHANT TALK: Appoints Robert Turner as Executive Chairman ----------------------------------------------------------- Elephant Talk Communications Corp. announced that the Company has appointed Robert H. Turner as executive chairman and Tim Payne, the current president of Elephant Talk North America, as interim CEO. Together, both appointees will be responsible for managing and growing Elephant Talk's global operations. Mr. Steven van der Velden has stepped down as Chairman, CEO and a director of the Company. As compensation for his service as a director, Mr. Turner will receive an annual base salary of $300,000, to be paid monthly in arrears. The Board may from time to time review and revise the salary, if necessary depending on relevant benchmark-numbers and peer companies. Upon achievement of certain milestone, Mr. Turner may be entitled to receive $75,000 of cash bonus and 150,000 restricted shares of the Company. Mr. Turner is also entitled to receive 2,500,000 options exercisable by Nov. 11, 2022. Since the beginning of the Company’s last fiscal year, Mr. Turner has not been a party to any transaction, or any currently proposed transaction, in which the Company was or is to be a participant and the amount involved exceeds $120,000, or in which any related person of Mr. Turner had or will have a direct or indirect material interest. Mr. Turner brings over 40 years of international C-level global telecom and communications technology experience to Elephant Talk gained through a career leading and servicing major Tier 1, 2, and 3, incumbent and competitive (MVNO/CLEC/ISP/Cable) wireless and wired operators. Mr. Turner's expertise includes decades of P&L leadership, M&A, joint ventures, strategic alliances and global partnerships gained through a career including Senior Sales and Marketing roles at AT&T, President and Chief Operating Officer of BellSouth Communications, Inc. (now AT&T) and serving as Chairman, CEO and President of several international voice and data services/networking companies including PTT Telecom Netherlands US, Inc. (now KPN), TeleZone, Inc. (Toronto, Canada) and Davnet Limited (Sydney, Australia). "On behalf of the Board and the entire management team at Elephant Talk, we are excited to welcome Hal Turner to the Company. We believe he has the ideal mix of business strategy, global management and technology expertise that is needed to advance our industry-leading solutions and add to our growing global customer base that includes Tier 1 customers in the US, Brazil, Europe and the Middle East," said Mr. Carl Stevens, Member of the Board. "Supported by a dedicated and focused team along with technology that is delivering the highest performance and most reliable services in the industry, Hal will play a vital role in further scaling-up the organization while managing its growth and cost structure ensuring we deliver value for our shareholders." "This is an exciting time to be joining a company like Elephant Talk which has created and delivered remarkable technology solutions to MNOs and MVNOs. Elephant Talk's products are at the leading edge of performance and reliability, leveraging technologies such as SDN, NFV and the cloud to overcome the critical cost and competitive issues now facing mobile operators around the globe," said Robert H. Turner, newly appointed executive chairman of the Board of Elephant Talk Communications Corp. "Thanks to the work done by the Board and the senior team at Elephant Talk, the Company is now well positioned to deliver on the promise of its proprietary technology and it is my goal to ensure that the business capitalizes on this opportunity to supply its best-in-class products and customer support, and do so efficiently and profitably." "We would also like to thank Steven van der Velden for his many years of hard work and dedication to Elephant Talk. We look forward to Steven remaining a very large shareholder of the Company and wish him much success in all his future endeavors," continued Mr. Carl Stevens, on behalf of the Board of Directors. Recently, Mr. Turner served as chairman of Pandora Networks, Inc. (now named Panterra Networks), CEO at Pac West Telecomm, Inc. and for the past 28 years, founder at Turner Telecom Holdings Group, LLC, an executive management and board services consultancy and advisory firm focused on serving leading-edge telecom, software and technology companies from start-ups to turnaround, worldwide. Mr. Turner is a featured contributor to key publications in the wireless, networking and technology industries and is also a guest lecturer at The Darla Moore School of Business at The University of South Carolina. Mr. Payne has been president of Elephant Talk North America since April 2014. Tim has over 20 years of domestic US telecom experience driving sales and distribution programs at top telecommunication companies including serving as Senior National Sales Leader at Verizon Telematics, National Sales Manager at Networkfleet, General Manager at Clearwire and District Manager at Sprint Nextel. About Elephant Talk Lutz, Fla.-based Elephant Talk Communications, Inc. (OTC BB: ETAK) -- http://www.elephanttalk.com/-- is an international provider of business software and services to the telecommunications and financial services industry. Elephant Talk reported a net loss of $21.9 million in 2014, a net loss of $25.5 million in 2013 and a net loss of $23.1 million in 2012. As of Sept. 30, 2015, the Company had $30.7 million in total assets, $14.3 million in total liabilities and $16.4 million in total stockholders' equity. EMMAUS LIFE: Designation Agreement with Sarissa, et al., Canceled ----------------------------------------------------------------- Sarissa Capital Management LP, Yutaka Niihara and Emmaus Life Sciences, Inc., entered into amendment No. 1 to the Designation Agreement pursuant to which, among other things, the parties agreed to terminate the Designation Agreement. In connection with the Amendment, Mayu Sris, managing director of Sarissa Capital, resigned from the Board of Directors of Emmaus Life. About Emmaus Life Emmaus Life Sciences, Inc., is engaged in the discovery, development, and commercialization of treatments and therapies primarily for rare and orphan diseases. This biopharmaceutical company's headquarters is in Torrance, California. Emmaus Life reported a net loss of $20.8 million on $500,700 of net revenues for the year ended Dec. 31, 2014, compared to a net loss of $14.06 million on $391,000 of net revenues for the year ended Dec. 31, 2013. As of March 31, 2015, the Company had $2.2 million in total assets, $24.3 million in total liabilities and a $22.1 million total stockholders' deficit. KPMG LLP, in San Diego, California, issued a "going Concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The independent auditors noted that the Company has suffered recurring losses from operations, has significant amounts of debt due within a year, and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. EMMAUS LIFE: Terminates Designation Agreement with Sarissa ---------------------------------------------------------- On April 28, 2015, Dr. Yutaka Niihara, the former president and chief executive officer and current chairman of the Board and chief scientific officer of Emmaus Life Sciences, Inc. filed a complaint in the Court of Chancery of the State of Delaware under Section 225 of the Delaware General Corporation Law against Sarissa Capital Management L.P., T.R. Winston & Company, LLC, and certain incumbent and former directors of the Company (as to whom the action was previously dismissed), as defendants, and the Company as nominal defendant. The Complaint requested that the Court issue an order declaring, among other things, that: * Dr. Niihara validly delivered stockholder consents to the Company to effect certain amendments to the Company's By-laws and to elect certain additional individuals to the Company's Board of Directors, and that such stockholder consents are effective; * the Company's By-laws were validly amended as provided in the stockholder consents; * the size of the Board of Directors was increased by seven, with the vacancies filled by the directors named in the stockholder consents; * any actions taken by the incumbent directors of the Company since April 24, 2015 are invalid and void; and * the actions purportedly taken by written consent were not prohibited by the terms of the Agreement, dated as of Sept. 11, 2013, among the Company, Dr. Niihara, Sarissa and TRW. On June 10, 2015, the Delaware court issued a Status Quo Order providing that, among other things, until conclusion of the case, the Board would be comprised of Dr. Niihara, Mayuran Sriskandarajah, Philip Satow and Dr. Henry McKinnell (subject to the ability to resign and the seating or replacement of directors under the Designation Agreement) and that the Company would generally be prohibited from taking actions outside of the routine day-to-day operations of the Company conducted in its ordinary course of business unless agreed upon all directors. Since the Order was entered, Mr. Satow and Dr. McKinnell have resigned from the Board, and Dr. Scott Gottlieb has been appointed to the Board as a designee of TRW. On Nov. 19, 2015, counsel to Dr. Niihara, Sarissa and the Company filed a joint stipulation to dismiss the action. In connection therewith, on Nov. 19, 2015, the Company, Dr. Niihara and Sarissa entered into Amendment No. 1 to the Designation Agreement. The Amendment terminates the Designation Agreement with respect to the Company, Dr. Niihara and Sarissa, and provides that those parties shall have no further rights or obligations to each other under the Designation Agreement. Furthermore, each of the Company, Sarissa and Dr. Niihara waived all rights each has ever had, has or may have under the Designation Agreement against each other, and released each other from any and all obligations each has ever had, has or may have to the other under the Designation Agreement. As a result of the Amendment, Sarissa no longer has the right to designate any members of the Company's Board, nor does it have the right to approve any actions as were set forth in the Designation Agreement. On Nov. 20, 2015, the Court entered the dismissal, at which time the Order ceased to be in effect. In connection with the Amendment, on Nov. 19, 2015, Mr. Sriskandarajah tendered his resignation from the Board, effective immediately. Prior to his resignation, Mr. Sriskandarajah was a member of the Board's Compensation, Nominating and Corporate Governance Committee, and had previously served as a member of the Board's Audit Committee. About Emmaus Life Emmaus Life Sciences, Inc., is engaged in the discovery, development, and commercialization of treatments and therapies primarily for rare and orphan diseases. This biopharmaceutical company's headquarters is in Torrance, California. Emmaus Life reported a net loss of $20.8 million on $500,700 of net revenues for the year ended Dec. 31, 2014, compared to a net loss of $14.06 million on $391,000 of net revenues for the year ended Dec. 31, 2013. As of March 31, 2015, the Company had $2.2 million in total assets, $24.3 million in total liabilities and a $22.1 million total stockholders' deficit. KPMG LLP, in San Diego, California, issued a "going Concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The independent auditors noted that the Company has suffered recurring losses from operations, has significant amounts of debt due within a year, and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. EMMAUS LIFE: Yutaka Niihara Reports 37.5% Stake as of Nov. 19 ------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Yutaka Niihara, M.D., M.P.H. disclosed that as of Nov. 19, 2015, he beneficially owns 11,093,940 shares of common stock of Emmaus Life Sciences, Inc., representing 37.5 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/lfIG1V About Emmaus Life Emmaus Life Sciences, Inc., is engaged in the discovery, development, and commercialization of treatments and therapies primarily for rare and orphan diseases. This biopharmaceutical company's headquarters is in Torrance, California. Emmaus Life reported a net loss of $20.8 million on $500,700 of net revenues for the year ended Dec. 31, 2014, compared to a net loss of $14.06 million on $391,000 of net revenues for the year ended Dec. 31, 2013. As of March 31, 2015, the Company had $2.2 million in total assets, $24.3 million in total liabilities and a $22.1 million total stockholders' deficit. KPMG LLP, in San Diego, California, issued a "going Concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The independent auditors noted that the Company has suffered recurring losses from operations, has significant amounts of debt due within a year, and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. ENERGY & EXPLORATION: Responds to Involuntary Chapter 11 Petition ----------------------------------------------------------------- Energy and Exploration Partners, Inc. on Nov. 27 disclosed that on the evening of November 25, 2015, certain unsecured creditors filed an involuntary bankruptcy petition in the United States Bankruptcy Court for the Northern District of Texas against one of the Company's operating subsidiaries. "We are aware of the petition filed by certain of our oilfield service suppliers," said Hunt Pettit, Energy & Exploration Partners' Founder and Chief Executive Officer. "The sharp and protracted period of depressed commodity prices, resulting from OPEC's decisions exactly one year ago has created difficult conditions for the entire industry and we are no exception. We are in the final stages of discussions with our lenders to provide new capital to fund operations and capital investments. We value our long-term business relationships with our suppliers and while we are disappointed by their actions, we intend to respond to the petition filed in due course. Most importantly, we will continue to manage our business and daily production operations without interruption. I look forward to providing an update of our progress." The filing of the involuntary petition by certain unsecured creditors initiates a process through which the Company and its stakeholders can come to resolution and affords ENXP certain protections under the law from enforcement actions while the Company continues to operate in the ordinary course. Although the petition was filed in bankruptcy court, ENXP is not in bankruptcy and day to day operations continue as normal. Energy & Exploration Partners has 21 days from the time of service to respond to the petition. About Energy & Exploration Partners Energy and Exploration Partners, Inc. -- http://www.enxp.com-- is an independent exploration and production operator based in Fort Worth, Texas, focused on the acquisition, exploration and development of conventional and unconventional oil and gas resources. Its current operations are focused on the stacked formations in the East Texas Basin. ENERGY FUTURE: $14,000 in Claims Switched Hands Between Aug & Nov ----------------------------------------------------------------- In the Chapter 11 case of Reed and Barton Corporation, five claims switched hands from Aug. 20 to Nov. 17, 2015: Transferee Transferor Claim Amount ---------- ---------- ------------ Claims Recovery Group, LLC Vanguard Cleaning $675.00 Systems Fair Harbor Capital, LLC Milhench Supply Co $4,241.55 Inc Fair Harbor Capital, LLC The Alpha Group, Inc. $1,515.25 Liquidity Solutions, Inc. Leonards Repair & $1,233.09 Towing Liquidity Solutions, Inc. Vintage Graphic $3,653.05 Solutions Tannor Partners Credit Environmental Services $3,519.96 Fund, LP Inc About Reed and Barton Founded in 1824, Reed and Barton Corporation is a designer and distributor of high quality silverware and tableware, along with flatware, crystal drinkware, picture frames, ornaments, and baby giftware. Reed and Barton, which sells products with the Reed & Barton, Lunt, R&B EveryDay, and Williamsburg brands, is based in Taunton, Massachusetts. The privately held company's stock is owned by 28 record shareholders who either are descendants of Henry Reed or trusts for their benefit. Aside from selling its products in department stores and TV shopping networks, the company has an on-site factory store in Taunton and a showroom in Atlanta, Georgia. Reed and Barton sought Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 15-10534) in Boston, Massachusetts, on Feb. 17, 2015. The case is assigned to Judge Henry J. Boroff. The Debtor has tapped Holland & Knight, in Boston, as counsel; Financo, LLC, as investment banker; and Verdolino & Lowey, P.C., as accountant. The Debtor disclosed $18.3 million in assets and $25.7 million in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 1 appointed three creditors to serve on the official committee of unsecured creditors. ENERGY FUTURE: Reaches Settlement With Committee Regarding Plan --------------------------------------------------------------- Tom Hals at Reuters reports that Energy Future Holdings Corp. has reached a settlement with the Official Committee of Unsecured Creditors, the last group of creditors opposed to the Company's Chapter 11 bankruptcy plan. According to court documents, the Company said that it had reached settlements with the Committee, as well as a representative for some junior bondholders. Reuters states that under the settlement, the Committee and bondholders agreed to drop their opposition to the plan and the Hunt Consolidated deal, in exchange of receiving some of the interest that has accrued during the bankruptcy. Reuters relates that the plan centers around the sale of the Oncor power distribution business to a group led by Hunt Consolidated in a deal that has been valued at $19 billion. The report recalls that the Committee had opposed the structure of the deal, which they claimed would let Hunt Consolidated walk away if the deal failed to clear regulatory hurdles. 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. ESP RESOURCES: Delays Third Quarter Form 10-Q --------------------------------------------- ESP Resources, Inc., filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. The Company expects to file its Form 10-Q within the extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About ESP Resources The Woodlands, Texas-based ESP Resources, Inc., through its subsidiaries, manufactures, blends, distributes and markets specialty chemicals and analytical services to the oil and gas industry and also provides services for the upstream, midstream and downstream sectors of the energy industry, including new construction, major modifications to operational support for onshore and offshore production, gathering, refining facilities and pipelines designed to optimize performance and increase operators' return on investment. ESP Resources reported a net loss of $2.06 million on $11.91 million of net sales for the year ended Dec. 31, 2014, compared to a net loss of $5.23 million on $10.59 million of net sales in 2013. Turner, Stone & Company, LLP, in Dallas, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred net losses through Dec. 31, 2014, and has a working capital deficit as of Dec. 31, 2014. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ESP RESOURCES: Incurs $590,000 Net Loss in Third Quarter -------------------------------------------------------- ESP Resources Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $590,000 on $1.80 million of net sales for the three months ended Sept. 30, 2015, compared to a net loss of $734,000 on $3.03 million of net sales for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $1.24 million on $5.60 million of net sales compared to a net loss of $2.15 million on $8.81 million of net sales for the same period during the prior year. As of Sept. 30, 2015, the Company had $4.08 million in total assets, $9.55 million in total liabilities and a total stockholders' deficit of $5.47 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/iMwZ63 About ESP Resources The Woodlands, Texas-based ESP Resources, Inc., through its subsidiaries, manufactures, blends, distributes and markets specialty chemicals and analytical services to the oil and gas industry and also provides services for the upstream, midstream and downstream sectors of the energy industry, including new construction, major modifications to operational support for onshore and offshore production, gathering, refining facilities and pipelines designed to optimize performance and increase operators' return on investment. ESP Resources reported a net loss of $2.06 million on $11.91 million of net sales for the year ended Dec. 31, 2014, compared to a net loss of $5.23 million on $10.59 million of net sales in 2013. Turner, Stone & Company, LLP, in Dallas, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred net losses through Dec. 31, 2014, and has a working capital deficit as of Dec. 31, 2014. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ESSAR STEEL: Algoma Holdings Files for Chapter 15 in Delaware ------------------------------------------------------------- BankruptcyData reported that Amsterdam, Netherlands-based Algoma Holdings filed for Chapter 15 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 15-12349. The Company, which is involved in steel production, is represented by Daniel J. DeFranceschi of Richards, Layton & Finger. This filing relates to Essar Steel Algoma's Nov. 9, 2015 Chapter 15 filing, and Algoma Holdings has already petitioned the Court for joint administration with that proceeding. Essar Steel Algoma previously filed an application in a foreign proceeding (the CCAA Proceeding) under Canada's Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36 pending before the Ontario Superior Court of Justice, Commercial List. 100% of Algoma Holdings B.V.'s common equity is directly owned by Algoma Holdings Cooperatief U.A. Algoma Holdings' Chapter 15 petition indicates total assets greater than $1 billion. About Essar Steel Headquartered in Sault Ste. Marie, Ontario, Canada, ESA is an integrated steel producer. Approximately 80% to 85% of ESA's sales are sheet products with plate products accounting for the balance. For the 12 months ending December 31, 2013, ESA generated revenues of C$1.8 billion. Robert J. Sandoval filed a petition under Chapter 15 of the U.S. Bankruptcy Code for Essar Steel Algoma Inc., and its debtor affiliates on July 16, 2014, following the companies' initiation of a reorganization under Canada's Companies' Creditors Arrangement Act. The lead case is Essar Steel Algoma Inc., Case No. 14-11730 (D. Del.). Essar Steel operates one of Canada's largest integrated steel manufacturing facilities. The Chapter 15 case is assigned to Judge Brendan Linehan Shannon. The Chapter 15 Petitioner's Counsel is Daniel J. DeFranceschi, Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware. * * * The Troubled Company Reporter, on Oct. 15, 2015, reported that Moody's Investors Service downgraded Essar Steel Algoma Inc.'s (ESA) corporate family rating and probability of default rating to Caa3 and Caa3-PD from Caa1 and Caa1-PD respectively. At the same time Moody's downgraded the revolving credit facility rating to B2 from B1, the senior secured term loan facility and senior secured notes rating to Caa1 from B2. The rating on 1839688 Alberta ULC's secured (third/fourth lien) notes (guaranteed by ESA and other subsidiaries of ESA) was downgraded to Ca from Caa2. The outlook is negative. FINJAN HOLDINGS: $39.5M Jury Award Against Blue Coat Affirmed ------------------------------------------------------------- Finjan Holdings, Inc., disclosed that in Finjan, Inc. v. Blue Coat Systems Inc. (5:13-cv-03999-BLF), the Honorable Beth Labson Freeman entered her Order Regarding Non-Jury Legal Issues, and Judgment against Blue Coat Systems affirming the earlier Jury Verdict and Award, all of which is in favor of Finjan. "The significance of the Court's sound rulings regarding our patented technologies should resonate within our industry," said Julie Mar-Spinola, Finjan's CIPO, and VP, Legal. "The industry should take notice of the findings, which we believe, firmly establishes our inventions, as legitimate, patentable, and, therefore, enforceable." "Finjan has a comprehensive portfolio of patented technologies that are being used throughout the industry today. It was no surprise with the increasing enablement of security through cloud provisioned systems - as Blue Coat relies upon - that the focus of this case would be around the '844 Patent, as the jury awarded Finjan $24M in damages for infringement of this patent alone," said Finjan's CEO, Phil Hartstein. The parties have about 28 days to file post-judgment motions with the District Court, and can file notices of appeal to the Court of Appeals for the Federal Circuit about 30 days after the District Court rules. "Absent unforeseeable events, based on the trial record and the Court's rulings, we remain confident that the merits of our claims against Blue Coat will be sustained on appeal," stated Ms. Mar-Spinola. Finjan has also filed a second patent infringement lawsuit against Blue Coat Systems, Inc. (Blue Coat), alleging infringement of seven Finjan patents relating to new infringing Blue Coat products and services. The Complaint (5:15-cv-03295, Docket No. 1), filed July 15, 2015, in the U.S. District Court for the Northern District of California, alleges that Blue Coat's new products and services infringe seven Finjan patents. In particular, Finjan is asserting infringement of U.S. Patent Nos. 6,154,844; 6,965,968; 7,418,731; 8,079,086; 8,225,408; 8,566,580; 8,677,494; four of which are being asserted against Blue Coat for the first time. This matter has also been assigned to Judge Freeman. Finjan has filed patent infringement lawsuits against FireEye, Proofpoint, Sophos, Symantec, and Palo Alto Networks relating to, collectively, more than 20 patents in the Finjan portfolio. The court dockets for the foregoing cases are publicly available on the Public Access to Court Electronic Records (PACER) website, www.pacer.gov, which is operated by the Administrative Office of the U.S. Courts. About Finjan Finjan, formerly known as Converted Organics, is a leading online security and technology company which owns a portfolio of patents, related to software that proactively detects malicious code and thereby protects end-users from identity and data theft, spyware, malware, phishing, trojans and other online threats. Founded in 1997, Finjan is one of the first companies to develop and patent technology and software that is capable of detecting previously unknown and emerging threats on a real-time, behavior-based basis, in contrast to signature-based methods of intercepting only known threats to computers, which were previously standard in the online security industry. Finjan reported a net loss of $10.47 million in 2014 following a net loss of $6.07 million in 2013. As of Sept. 30, 2015, the Company had $9.93 million in total assets, $2.66 million in total liabilities and $7.27 million in total stockholders' equity. FINJAN HOLDINGS: Granted 24th US Patent by USPTO ------------------------------------------------ Finjan Holdings, Inc., announced that the United States Patent and Trademark Office has granted its subsidiary, Finjan, Inc., with U.S. Patent No. 9,189,621 (the '621 Patent) covering malicious mobile code runtime monitoring system and methods. Personal data is at constant risk given the rapid growth of connected devices as well as content available on the internet. Given this, the unprecedented challenge of keeping data secure otherwise known as cybersecurity is becoming more relevant with each passing day. "Finjan's early investments in R&D and product development of - then disruptive - malware protection technologies continue to be recognized by the US Patent and Trademark Office as we just learned with the issuance of the 24th patent to our U.S. portfolio," said Finjan's President & CEO, Phil Hartstein. "This expands coverage in our growing list of cybersecurity technologies covered by more than 40 patents worldwide." The '621 Patent provides protection systems and methods capable of protecting a personal computer or other network accessible devices from malicious operations that might otherwise be influenced by remotely operable code. Remotely operable code that is protectable can include downloadable application programs, program code groupings as well as software components such as JavaTM applets and ActiveXTM controls. Protection can also be provided interactively, automatically or mixed configurable manner using protected client, server or other parameters. About Finjan Finjan, formerly known as Converted Organics, is a leading online security and technology company which owns a portfolio of patents, related to software that proactively detects malicious code and thereby protects end-users from identity and data theft, spyware, malware, phishing, trojans and other online threats. Founded in 1997, Finjan is one of the first companies to develop and patent technology and software that is capable of detecting previously unknown and emerging threats on a real-time, behavior-based basis, in contrast to signature-based methods of intercepting only known threats to computers, which were previously standard in the online security industry. Finjan reported a net loss of $10.47 million in 2014 following a net loss of $6.07 million in 2013. As of Sept. 30, 2015, the Company had $9.93 million in total assets, $2.66 million in total liabilities and $7.27 million in total stockholders' equity. FIRST DATA: Sold $3.4 Billion Senior Notes due 2023 --------------------------------------------------- First Data Corporation issued and sold $3,400,000,000 aggregate principal amount of 7.000% Senior Notes due 2023, which mature on Dec. 1, 2023, pursuant to an indenture, dated Nov. 18, 2015, by and among the Company, the guarantors party thereto and Wells Fargo Bank, National Association, as trustee. The Company intends to use the net proceeds from the issue and sale of the notes, together with proceeds from its initial public offering and borrowings under its senior secured revolving credit facility, to (i) redeem all $1,404 million aggregate principal amount of its outstanding 12.625% senior notes due 2021, all $530 million aggregate principal amount of its outstanding 10.625% senior notes due 2021, and all $1,609 million aggregate principal amount of its outstanding 11.75% senior subordinated notes due 2021 and (ii) pay any applicable premiums and related fees and expenses. The notes accrue interest at the rate of 7.000% per annum and mature on Dec. 1, 2023. Interest on the notes is payable in cash on June 1 and December 1 of each year. The notes are jointly and severally and fully and unconditionally guaranteed on a senior unsecured basis by each of the Company's existing and future direct and indirect wholly owned domestic subsidiaries that guarantees the Company's senior secured credit facilities. A copy of the Indenture is available for free at: http://is.gd/thd57x About First Data Based in Atlanta, Georgia, First Data Corporation provides commerce and payment solutions for financial institutions, merchants, and other organizations worldwide. First Data reported a net loss attributable to the Corporation of $458 million on $11.2 billion of total revenues for the year ended Dec. 31, 2014, compared with a net loss attributable to the Corporation of $869 million on $10.8 billion of total revenues during the prior year. As of Sept. 30, 2015, the Company had $33.4 billion in total assets, $31.4 billion in total liabilities and $1.98 billion in total equity. * * * The Company carries a 'B3' corporate family rating, with a stable outlook, from Moody's Investors Service, a 'B' corporate credit rating, with stable outlook, from Standard & Poor's, and a 'B' long-term issuer default rating from Fitch Ratings. FIRST SOUTH: 4th Circuit Denies Bid for Damages on Sour Loan ------------------------------------------------------------ Patrick Boyle at Bankruptcy Law360 reported that the Fourth Circuit ruled on Nov. 20, 2015, that First South Bank can't seek damages for a failed investment in a real estate development even if it was misled into joining the project because the bank chose to pursue a refund for the claim during a district court trial. First South Bank's decision to limit its request to a $2.7 million rescission from Fifth Third Bank instead of asking for breach of contract damages disqualified it from then winning a treble payment based on damages, the circuit said. FOREST DESIGNS: Files for Chapter 11 Bankruptcy Protection ---------------------------------------------------------- Furniture Today reports that Forest Designs has filed with the U.S. Bankruptcy Court for the District of Arizona for Chapter 11 bankruptcy protection, estimating its liabilities at between $500,000 and $1 million and assets at between $100,000 to $500,000. The report adds that the Company disclosed that its unsecured debt is over $289,000. Court documents show that the Company's largest unsecured creditor is Hardwoods Specialty Products, which is owed $168,071. Forest Designs is a case goods producer whose product line includes bedroom, home office, home entertainment and occasional furniture. FOUNDATION HEALTHCARE: To Get $3.85 Million from Real Estate Sale ----------------------------------------------------------------- Foundation HealthCare, Inc., announced that Grayson County Physicians Property, LLC, an entity in which Foundation indirectly owns a 20% ownership interest, sold the real estate and hospital building in Sherman, Texas where Heritage Park Surgical Hospital is located. Foundation received $3.7 million in proceeds from the sale and expects an additional $150,000 to be released from escrow within the next 12 months. The gain on the sale is $3.3 million before taxes. Foundation will use $2.8 million of the proceeds to reduce long term debt. Foundation, working with physicians in the Sherman, Texas market, developed and constructed Heritage Park Surgical Hospital which opened in 2010. Heritage Park previously sold substantially all of its assets, except the real estate and the building in June 2015. "The Heritage Park real estate sale completes a milestone in Foundation's growth strategy," said Stanton Nelson, Foundation CEO. "Our stated goal is majority ownerships in surgical hospitals; accordingly, this year we have divested our minority interest in two hospitals, including Heritage Park, with the intention of redirecting the capital to reduce debt and acquire majority ownership in surgical hospitals in targeted urban markets." Foundation recently announced its Asset Purchase Agreement to acquire University General Hospital in Houston. "Foundation's growth strategy has led to double-digit revenue performance the past five consecutive quarters. We are excited about re-entering the Houston market and deploying our surgical hospital model," said Nelson. "We believe our experience with Heritage Park Surgical Hospital demonstrates the value of partnering with Foundation HealthCare. Our physician partners at Heritage Park received $6.3 million in distributions or about $78,750 per 1% ownership interest during the five years following the opening of the hospital, in May 2010, through the sale in June 2015. In addition to these distributions, an initial investment of $25,000 resulted in a return of more than $230,000 from the sale of both the operations and real estate units. That represents a total return on investment of over 900% in five years not including the monthly distributions," added Nelson. About Foundation Healthcare Oklahoma-based Foundation Healthcare is a healthcare services company primarily focused on owning controlling interests in surgical hospitals and the inclusion of ancillary service lines. The Company currently owns controlling and noncontrolling interests in surgical hospitals located in Texas. The Company also owns noncontrolling interests in ambulatory surgery centers ("ASCs") located in Texas, Oklahoma, Pennsylvania, New Jersey, Maryland and Ohio. Additionally, the Company provides sleep testing management services to various rural hospitals in Iowa, Minnesota, Missouri, Nebraska and South Dakota under management contracts with the hospitals. The Company provides management services to a majority of its Affiliates under the terms of various management agreements. Prior to Dec. 2, 2013, the Company's name was Graymark Healthcare, Inc. Foundation Healthcare reported a net loss attributable to the Company common stock of $2.09 million on $101.9 million of revenues for the year ended Dec. 31, 2014, compared to a net loss attributable to the Company common stock of $20.4 million on $87.2 million of revenues in 2013. Hein & Associates LLP, in Denver, Colorado, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company had insufficient working capital as of Dec. 31, 2014, to fund anticipated working capital needs over the next twelve months. FRAC SPECIALISTS: Taps CBRE Inc. to Appraise 3 Parcels of Property ------------------------------------------------------------------ Frac Specialists, LLC, et al., ask the U.S. Bankruptcy Court for the Northern District of Texas for permission to employ CBRE, Inc., as real estate appraiser as of Oct. 13, 2015. CBRE will appraise three parcels of real property, namely: (i) 2066 S. Hwy. 084 BUS, Scurry Co., Snyder, Texas (22 acres); (ii) 3711 N. County Rd., 1150, Midland, Texas (28 acres; and (iii) 4004 N. County Rd. 1150, Midland, Texas (11.59 acres). In a declaration in support of the application, Kyle Redfearn said that CBRE will receive a flat fee of $15,000. Moreover, if CBRE is subpoenaed or required to give testimony, produce documents or information, or otherwise required or requested to participate in meetings, conferences, litigation or legal proceedings in connection with the engagement, CBRE will charge the Debtors an hourly fee based on its prevailing rates: Manager/Vice President $450 Senior Appraiser $325 Appraiser/Associate $200 Mr. Redfearn also related that CBRE has received a retainer equal to 1/2 of the total fee ($7,500). Mr. Redfearn assures the Court that CBRE is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Frac Specialists Frac Specialists, LLC, Cement Specialists, LLC, and Acid Specialists, LLC, are oilfield service providers serving the exploration and production industry within the Permian Basin. Noble Natural Resources, LLC, Javier Urias and Alex Hinojos collectively own 100% of the membership interests in the Companies. The Companies sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 15-41974), on May 17, 2015. Larry P. Noble signed the petitions as manager. On May 27, 2015, the Court directed the joint administration of the cases. The Debtors disclosed $61,675,313 in assets and $57,982,488 in liabilities. Judge Michael Lynn presides over the cases. The Debtors tapped Lynda L. Lankford, Esq., and Jeff P. Prostok, Esq., at Forshey & Prostok, LLP, as their counsel. The U.S. Trustee appointed five creditors to serve on an official committee of unsecured creditors. The Committee is represented by Mark E. Andrews, Esq., and Aaron M. Kaufman, Esq., at Dykema Cox Smith. FRAC SPECIALISTS: Taps GB-A to Appraise Machinery and Equipment --------------------------------------------------------------- Frac Specialist LLC, et al., ask the U.S. Bankruptcy Court for the Northern District of Texas for permission to employ Gordon Brothers Asset Advisors, LLC, doing business as Gordon Brothers-AccuVal (GB-A) as appraiser for the Debtors as of Oct. 13, 2015. GB-A will appraise the Debtor's machinery and equipment in preparation for plan negotiations and other valuation matters in the case. Edward P. Zimmer, a member of the Legal Department of Gordon Brothers Group, LLC, the parent entity of GB-A which maintains a business address at 5850 Town and Country Blvd., Suite 901, Frisco, Texas, stated, in a declaration, that GB-A will receive a flat appraisal fee of $17,500. GB-A will also charge the Debtors for its reasonable and necessary expenses incurred in the scope of its engagement. GB-A has received a retainer equal to 1/2 of the total fee. To the best of the debtors' knowledge, GB-A is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Frac Specialists Frac Specialists, LLC, Cement Specialists, LLC, and Acid Specialists, LLC, are oilfield service providers serving the exploration and production industry within the Permian Basin. Noble Natural Resources, LLC, Javier Urias and Alex Hinojos collectively own 100% of the membership interests in the Companies. The Companies sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 15-41974), on May 17, 2015. Larry P. Noble signed the petitions as manager. On May 27, 2015, the Court directed the joint administration of the cases. The Debtors disclosed $61,675,313 in assets and $57,982,488 in liabilities. Judge Michael Lynn presides over the cases. The Debtors tapped Lynda L. Lankford, Esq., and Jeff P. Prostok, Esq., at Forshey & Prostok, LLP, as their counsel. The U.S. Trustee appointed five creditors to serve on an official committee of unsecured creditors. The Committee is represented by Mark E. Andrews, Esq., and Aaron M. Kaufman, Esq., at Dykema Cox Smith. FTE NETWORKS: Tender Offer Expires Dec. 4 ----------------------------------------- As previously disclosed in a current report on Form 8-K filed by FTE Networks, Inc. with the Securities and Exchange Commission on Nov. 3, 2015, the Company entered into a credit agreement, dated Oct. 28, 2015, with Jus-Com, Inc., an Indiana corporation and subsidiary of the Company as the borrower, certain Credit Parties thereto, Lateral Juscom Feeder LLC, as Administrative Agent for the several lenders party to the Agreement, and such Lenders. In connection with the Agreement, the Company undertook to commence a redemption from noteholders of certain senior secured notes of the Company issued in 2011. The company commenced such redemption pursuant to a tender offer, the commencement of which was previously disclosed in the Current Report on Form 8-K filed by the Company with the SEC on Nov. 4, 2015. Under the terms of the Offer, the Company offered to purchase for cash, upon the terms and subject to the conditions set forth in the offer to purchase and the related letter of transmittal, up to an aggregate of $3,514,511.88 principal amount, but not less than an aggregate of $2,811,609.51 principal amount, of the Company's Senior Secured Promissory Notes. These amounts represented approximately 100% and 80%, respectively, of the aggregate principal amount of the Notes outstanding immediately preceding commencement of the Offer. The Company announced an initial settlement date of Nov. 12, 2015, for the Offer and accepted for purchase an aggregate of $3,420,022 principal amount of the Notes, or approximately 97% of the Notes outstanding immediately preceding commencement of the Offer. Holders whose Notes were accepted for purchase on the Initial Settlement Date received the tender offer consideration of $400 per $1,000 principal amount of the Notes, as well as the premium consideration of $100 per $1,000 principal amount of the Notes on the Initial Settlement Date. The Offer will expire at 11:59 p.m., New York City time, on Dec. 4, 2015, unless extended or earlier terminated. A final settlement date will occur promptly following expiration of the Offer and is expected to be the next business day following such expiration, or Dec. 7, 2015. About FTE Networks, Inc. FTE Networks, formerly known as Beacon Enterprise Solutions Group, Inc., is a vertically integrated company with an international footprint. Since its inception, FTE Networks has steadily advanced its management, operational and technical capabilities to become a leading provider of services to the telecommunications and wireless sector with a focus on turnkey solutions. FTE Networks provides a comprehensive array of services centered on quality, efficiency and customer service. As of June 30, 2015, the Company had $4.10 million in total assets, $13.64 million in total liabilities and a $9.53 million total stockholders' deficiency. Bankruptcy Warning "[W]e have not achieved a sufficient level of revenues to support our business and development activities and have suffered substantial recurring losses from operations since our inception, which conditions raise substantial doubt that we will be able to continue operations as a going concern. "Management's plans are to continue to raise additional funds through the sales of debt or equity securities. Currently in process, management's plans are to increase liquidity and enhance capital resources by attempting to complete negotiations for a $6 million asset-based line of credit which is in the final phases of the approval process and completion of refinancing $3.5 million of senior secured notes which will generate an approximate $1.45 million of availability to be used for expansion of the business. However, there is no assurance that additional financing, including the aforementioned transactions, will be available when needed or that management will be able to obtain and close financing on terms acceptable to the Company and whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables and reduce overhead until sufficient additional capital is raised to support further operations, which would have a material adverse effect on the Company's business, financial condition and results of operations, and ultimately we could be forced to discontinue our operations, liquidate and/or seek reorganization under the U.S. bankruptcy code," the Company stated in its quarterly report for the period ended June 30, 2015. FUEL PERFORMANCE: Reports $407K Net Loss for Third Quarter ---------------------------------------------------------- Fuel Performance Solutions, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $407,000 on $122,000 of net revenues for the three months ended Sept. 30, 2015, compared to net income of $26,400 on $677,000 of net revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $1.38 million on $348,000 of net revenues compared to a net loss of $628,000 on $1.50 million of net revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $2.59 million in total assets, $3.76 million in total liabilities and a total stockholders' deficit of $1.16 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/DfwF0f About Fuel Performance Fuel Performance Solutions, Inc., was incorporated in Nevada on April 9, 1996, by a team of individuals who sought to address the challenges of reducing harmful emissions while at the same time improving the operating performance of internal combustion engines, especially with respect to fuel economy and engine cleanliness. After the Company's incorporation, its initial focus was product research and development, but over the past few years, the Company's efforts have been directed to commercializing its product slate, primarily DiesoLiFTTM and the PerfoLiFTTM BD- Series, for use with diesel fuel and bio-diesel fuel blends, by focusing on marketing, sales and distribution efforts in conjunction with our distribution partners. On Feb. 5, 2014, the Company changed its name from International Fuel Technology, Inc., to Fuel Performance Solutions, Inc. Fuel Performance reported a net loss of $1.65 million on $1.72 million of net revenues for the year ended Dec. 31, 2014, compared with a net loss of $1.39 million on $704,000 of net revenues for the year ended Dec. 31, 2013. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, noting that the Company has suffered recurring loss from operations and has a working capital deficit. This factor, the auditors said, raises substantial doubt about the Company's ability to continue as a going concern. FULLCIRCLE REGISTRY: Needs More Time to File Form 10-Q ------------------------------------------------------ FullCircle Registry, Inc., said it was unable to file its quarterly report on Form 10-Q for the period ended Sept. 30, 2015, within the prescribed time period due to its difficulty in completing and obtaining required financial and other information without unreasonable effort and expense. The Company expects to file the Form 10-Q within the time period permitted by this extension. About FullCircle Registry Shelbyville, Kentucky-based FullCircle Registry, Inc., targets the acquisition of small profitable businesses. FullCircle Registry, Inc., has become a holding company with three subsidiaries. They are FullCircle Entertainment, Inc., FullCircle Insurance Agency, Inc. and FullCircle Prescription Services, Inc. Target companies for future acquisition are those in search of exit plans for the owners and are intended to continue autonomous operations as current ownership is phased out over a period of 3-5 years. FullCircle Registry reported a net loss of $653,000 on $1.49 million of revenues for the year ended Dec. 31, 2014, compared to a net loss of $448,000 on $1.88 million of revenues for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $5.57 million in total assets, $6.4 million in total liabilities and a total stockholders' deficit of $819,557. Somerset CPAs, P.C., in Indianapolis, Indiana, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2014, citing that FullCircle Registry has suffered recurring losses from operations and has a net working capital deficiency that raises substantial doubt about the Company's ability to continue as a going concern. FULLCIRCLE REGISTRY: Posts $46.6K Net Income for Third Quarter -------------------------------------------------------------- FullCircle Registry, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $46,600 on $288,000 of revenues for the three months ended Sept. 30, 2015, compared to a net loss of $165,000 on $401,000 of revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $353,000 on $918,000 of revenues compared to a net loss of $425,800 on $1.16 million of revenues for the same period last year. As of Sept. 30, 2015, the Company had $5.50 million in total assets, $6.25 million in total liabilities and a total stockholders' deficit of $747,000. A full-text copy of the Form 10-Q is available for free at: http://is.gd/stAYYP About FullCircle Registry Shelbyville, Kentucky-based FullCircle Registry, Inc., targets the acquisition of small profitable businesses. FullCircle Registry, Inc., has become a holding company with three subsidiaries. They are FullCircle Entertainment, Inc., FullCircle Insurance Agency, Inc. and FullCircle Prescription Services, Inc. Target companies for future acquisition are those in search of exit plans for the owners and are intended to continue autonomous operations as current ownership is phased out over a period of 3-5 years. FullCircle Registry reported a net loss of $653,000 on $1.49 million of revenues for the year ended Dec. 31, 2014, compared to a net loss of $448,000 on $1.88 million of revenues for the year ended Dec. 31, 2013. Somerset CPAs, P.C., in Indianapolis, Indiana, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2014, citing that FullCircle Registry has suffered recurring losses from operations and has a net working capital deficiency that raises substantial doubt about the Company's ability to continue as a going concern. GENERAL MOTORS: Punitive Damage Ruling Mix Up Ignition Bellwether ----------------------------------------------------------------- Pete Brush at Bankruptcy Law360 reported that the Manhattan federal judge preparing for a test-drive trial that will seek to assess liability for General Motors ignition switch defects said on Nov. 20, 2015, that a bankruptcy court ruling allowing consumers to seek punitive damages has left him with tough calls to make on how evidence of alleged gross negligence will be handled. U.S. District Judge Jesse M. Furman made the comments on Nov. 20, with the scheduled first bellwether, Robert S. Scheuer v. General Motors LLC, less than two months away. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. As of March 31, 2015, Motors Liquidation had $1.01 billion in total assets, $69.2 million in total liabilities and $945 million in net assets in liquidation. GENIUS BRANDS: Files Third Quarter Form 10-Q With SEC ----------------------------------------------------- Genius Brands International, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $798,000 on $281,000 of total revenue for the there months ended Sept. 30, 2015, compared to a net loss of $849,000 on $319,000 of total revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $2.42 million on $711,000 of total revenues compared to a net loss of $2.84 million on $712,000 of total revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $16.0 million in total assets, $4.67 million in total liabilities, and $11.3 million in total liabilities. A full-text copy of the Form 10-Q is available for free at: http://is.gd/oG5a08 About Genius Brands Beverly Hills, Calif.-based Genius Brands International, Inc., creates and distributes music-based products which it believes are entertaining, educational and beneficial to the well-being of infants and young children under its brands, including Baby Genius and Little Genius. Genius Brands reported a net loss of $3.72 million in 2014, a net loss of $7.21 million in 2013, a net loss of $2.06 million in 2012 and a net loss of $1.37 million in 2011. GENIUS BRANDS: Issues Letter to Shareholders -------------------------------------------- Genius Brands International, Inc., distributed a letter to its shareholders from Andy Heyward chairman & CEO discussing its results for the third quarter of 2015. A copy of the letter is available at http://is.gd/AxDTcq About Genius Brands Beverly Hills, Calif.-based Genius Brands International, Inc., creates and distributes music-based products which it believes are entertaining, educational and beneficial to the well-being of infants and young children under its brands, including Baby Genius and Little Genius. Genius Brands reported a net loss of $3.72 million in 2014, a net loss of $7.21 million in 2013, a net loss of $2.06 million in 2012 and a net loss of $1.37 million in 2011. As of June 30, 2015, the Company had $16.44 million in total assets, $4.33 million in total liabilities and $12.11 million in total equity. GENIUS BRANDS: Reports Third Quarter 2015 Financial Results ----------------------------------------------------------- Genius Brands International, Inc., reported a net loss of $798,000 on $281,000 of total revenues for the three months ended Sept. 30, 2015, compared to a net loss of $849,000 on $319,000 of total revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $2.42 million on $711,000 of total revenues compared to a net loss of $2.84 million on $712,279 of total revenues for the same period last year. As of Sept. 30, 2015, the Company had $16.0 million in total assets, $4.67 million in total liabilities and $11.3 million in total equity. Management Commentary "The leverage in our new licensing model was demonstrated in the third quarter with record gross profit as our core business segments continued to strengthen," said GBI chairman and CEO, Andy Heyward. "Several milestones including new licensing partners and agreements as well as significant traction with our television and home entertainment segment were all notable achievements made during the quarter. In September, we launched our Kid Genius Channel on Comcast's XFinity on Demand and rolled out over 1,000 product SKUs of all new Baby Genius 'Learn and Grow' products on Amazon. We are already starting to see significant traction with our channel in terms of both ratings growth and interest from advertisers, and we expect to announce material new partnerships in the coming weeks based on our conversations. "In collaboration with Stanford University's Don Roberts, we launched our comprehensive line of Baby Genius consumer products this fall at Amazon.com. The launch included over 48 items and covered numerous key categories from DVDs, Early Learning Activity Toys, Musical Instruments, Plush Toys, Wood Board Puzzles, Soft Books, and Feeding Sets. I am happy to report that in the month of October the Amazon rollout exceeded our internal forecasts and we are experiencing the same metrics in the month of November. "Based on the recent data from Amazon and Comcast, we are confident material revenues will be achieved in the fourth quarter of 2015. It is clearly evident, we have now moved from being a 'story stock' to a company with its products now being manufactured, selling into the marketplace and generating royalty income. Though we currently have a total of approximately 75 products SKUs of Genius Brands' brands in the market, we have over 1,000 product SKUs contracted for and coming to the marketplace in the next two quarters. We expect 2016 to be a transformative year on both an operational and financial level as new products and content will be coming to market and a significant ramp in revenues will drive profitability on a GAAP basis. Our current forecasts show Genius Brands reaching profitability between 2nd and 3rd quarter of 2016, as more film assets are delivered and revenue recognized, and consumer products come in to the marketplace." A full-text copy of the press release is available for free at: http://is.gd/USqICH About Genius Brands Beverly Hills, Calif.-based Genius Brands International, Inc., creates and distributes music-based products which it believes are entertaining, educational and beneficial to the well-being of infants and young children under its brands, including Baby Genius and Little Genius. Genius Brands reported a net loss of $3.72 million in 2014, a net loss of $7.21 million in 2013, a net loss of $2.06 million in 2012 and a net loss of $1.37 million in 2011. GLYECO INC: Amends Form S-1 Prospectus with SEC ----------------------------------------------- Glyeco, Inc., filed an amendment no.1 to its Form S-1 registration statement relating to the distribution, at no charge, to holders of the Company's common stock non-transferable subscription rights to purchase up to 50,200,947 shares of its common stock, par value $0.0001 per share. In this rights offering, stockholders will receive one subscription right for every one share of common stock owned at 5:00 p.m., New York time, as of Oct. 30, 2015, the record date. The Company is offering a total of 71,715,638 subscription rights in the offering. The subscription rights will expire void and worthless if they are not exercised by 5:00 p.m., New York time, on Jan. 22, 2016, unless the Company extends the rights offering period. However, the Company's board of directors reserves the right to cancel the rights offering at any time, for any reason. If the rights offering is cancelled, all subscription payments received by the subscription agent will be returned promptly without interest. Shares of the Company's common stock are, and the Company expects that the shares of common stock to be issued in the rights offering will be, quoted on the OTC Pink Sheets under the symbol "GLYE". On Oct. 30, 2015, the price of the Company's Common Stock was $0.10 per share, as reported by the OTC Pink Sheets. A copy of the Form S-1/A is available for free at: http://is.gd/xnhWat About GlyEco, Inc. Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company formed to roll-out its proprietary and patent pending glycol recycling technology that transforms waste glycols, a hazardous material, into profitable green products. Glyeco reported a net loss attributable to common shareholders of $8.73 million on $5.89 million of net sales for the year ended Dec. 31, 2014, compared with a net loss of $4 million on $5.53 million of net sales for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $15.1 million in total assets, $2.37 million in total liabilities and $12.8 million in total stockholders' equity. Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has yet to achieve profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations and to ultimately achieve viable operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. GLYECO INC: Reports Fiscal Third Quarter Financial Results ---------------------------------------------------------- GlyEco, Inc., disclosed the following financial results for its fiscal quarter ended Sept. 30, 2015, as reported through the filing of its Quarterly Report on Form 10-Q on Nov. 16, 2015, with the Securities and Exchange Commission. Third Quarter Financial Review The Company's net sales was $2.14 million for the quarter ended Sept. 30, 2015, compared to $1.28 million for the quarter ended Sept. 30, 2014, an increase of $0.86 million or 67.1%. Operating loss for the quarter improved by $1.05 million to negative $0.69 million, an improvement of 60.1% when compared to the negative $1.74 million of operating loss for the quarter ended Sept. 30, 2014. Net loss available to common shareholders for the quarter ended Sept. 30, 2015, improved by $1.06 million to negative $0.74 million, an improvement of 59.1% when compared to the negative $1.80 million for the quarter end Sept. 30, 2014. Basic and diluted loss per share for the quarter ended Sept. 30, 2015, was $(0.01) compared to basic and diluted loss per share of $(0.03) for the same period ended Sept. 30, 2014. The increase in total corporate net sales is due to increased sales at both the Company's New Jersey and other manufacturing and distribution facilities. The Company's New Jersey net revenue increase was triggered by adding streams of feedstock from both automotive and industrial sources. However, the Company's New Jersey facility's gross margin decreased due to downward pricing pressure on commodity monoethylene glycol prices. The Company's other six facilities increased net revenues due to increased volumes and gross margins gained through the acquisition of new retail customers. Year-to-Date Highlights * Total Net Sales of $5,526,276, an increase of $984,454 or 21.7% over the same period ended Sept. 30, 2014. * Operating Expenses reduced to $2,219,699, a decrease of $1,512,034 or 40.5% over the same period ended Sept. 30, 2014. * Net Loss reduced to $2,790,246, a decrease of $1,310,822, or 32.0% over the same period ended Sept. 30, 2014. * Addition of 950 national retail automotive and facility management customer locations and two new distributors. * Adjusted EBITDA loss of ($1,259,131), an improvement of 36.0% over the same period ended Sept. 30, 2014. Year-to-Date Financial Review The Company's net sales was $5.53 million for the nine months ended Sept. 30, 2015, compared to $4.54 million for the same period ended Sept. 30, 2014, an increase of $0.98 million or 21.7%. Operating loss for the nine months ended September 30, 2015 improved by $1.29 million to negative $2.66 million, an improvement of 32.5% when compared to the negative $3.95 million of operating loss for the same period ended Sept. 30, 2014. Net loss available to common shareholders for the nine months ended Sept. 30, 2015, improved by $3.55 million to negative $2.79 million, an improvement of 56.0% when compared to the negative $6.34 million of net loss available to common shareholders for the same period ended Sept. 30, 2014. Basic and diluted loss per share for the nine months ended Sept. 30, 2015 was $(0.04) compared to basic and diluted loss per share of $(0.12) for the same period ended Sept. 30, 2014. Third Quarter and Year-to-Date Business Update "We expect that the current low commodity pricing of monoethylene glycol will affect our gross and net profits in the short term," said David Ide, GlyEco's Interim Chief Executive Officer and President. "However, our efforts to strengthen our vertical integration model through increasing downstream demand at the retail level, building out our distribution infrastructure, and controlling customer access should help diminish the commodity effect on our finished product pricing -- which should have an upward effect on sales price, gross profits, and net profits," Ide added. Mr. Ide continued, "Over the next year, our Company expects to continue the increase in production, and consequently revenues, while leveraging our emerging lower cost waste streams, delivering finished non-concentrated and specialty products, and continuing to improve the quality of our products and services." "Our Company is making progress and this is not a short journey for the members of our organization or our shareholders," continued Mr. Ide. "We are laying a foundation which we believe will have its success through modest and planned growth, technology to create efficiencies, quality of product and people, and wins through longer term focus." Mr. Ide added. "Our third quarter, as with our second quarter, achieved a number of wins with our revenues increasing, our operating expenses and cost to operate our facilities reduced, and advancing big ideas within a fragmented industry. We believe the past two quarters are not related to chance but to determination and testing of our operating team, less corporate changes, with the pressure of adding approximately 950 direct deliver customers and creating efficiencies in our seven processing facilities. Over the recent six-month period ended September 30, 2015, our Company also expanded its services into North Carolina and Georgia, and through a partnership into Vermont, Rhode Island and Massachusetts. During the second quarter ended June 30, 2015, two of our facilities generated greater than 20% EBITDA margins and as the third quarter ended September 30, 2015, five of our seven locations generated positive free cash flows to the Company." About GlyEco, Inc. Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company formed to roll-out its proprietary and patent pending glycol recycling technology that transforms waste glycols, a hazardous material, into profitable green products. Glyeco reported a net loss attributable to common shareholders of $8.73 million on $5.89 million of net sales for the year ended Dec. 31, 2014, compared with a net loss of $4 million on $5.53 million of net sales for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $15.1 million in total assets, $2.37 million in total liabilities and $12.8 million in total stockholders' equity. Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has yet to achieve profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations and to ultimately achieve viable operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. GREENSHIFT CORP: Incurs $1.39 Million Net Loss in Third Quarter --------------------------------------------------------------- Greenshift Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.39 million on $1.13 million of total revenue for the three months ended Sept. 30, 2015, compared to net income of $319,000 on $3.03 million of total revenue for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $4.74 million on $3.19 million of total revenue compared to net income of $3.22 million on $10.9 million of total revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $5.11 million in total assets, $44.9 million in total liabilities, and a total stockholders' deficit of $39.7 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/iQpczP Amends Q2 Form 10-Q The Company filed an amendment to its quarterly report for the period ended June 30, 2015, in order to include restated Consolidated Financial Statements and to include the following modifications to the Notes to Consolidated Financial Statements: Note 5, "Fair Value Instruments" was updated to restate the schedule of conversion liabilities; Note 9, "Stockholders' Equity" was updated to restate the estimated settlement value of conversion liabilities at June 30, 2015; Note 12 "Investment in Joint Venture under the Equity Method" was updated to reflect the reduction in GSCT's portion of investee loss; Note 13 ""Supplemental Disclosure of Cash Flow Information" was updated to reflect a non-cash financing item; and, Note 14 "Restatement" was added to outline the corrections that were made to the financial statements. For the three months ended June 30, 2015, the Company reported a restated net loss of $2.22 million on $1.15 million of revenue compared to a net loss of $2.00 million on $1.15 million of revenue as reported. The Company's restated balance sheet at June 30, 2015, showed $5.40 million in total assets, $43.78 million in total liabilities and a total stockholders' deficit of $38.38 million. A full-text copy of the Form 10-Q/A is available for free at: http://is.gd/F5MQMA About Greenshift Corporation Headquartered in New York, GreenShift Corporation develops and commercializes clean technologies designed to integrate into and leverage established production and distribution infrastructure to address the financial and environmental needs of its clients by decreasing raw material needs, facilitating co-product reuse, and reducing waste and emissions. Greenshift reported net income of $1.97 million on $12.8 million of total revenue for the year ended Dec. 31, 2014, compared with a net loss of $4.43 million on $15.5 million of total revenue for the year ended Dec. 31, 2013. GREENSHIFT CORP: Scott Kreisler Holds 9.9% Stake as of Nov. 13 -------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Scott Kreisler disclosed that as of Nov. 13, 2015, he beneficially owns 3,006,684 shares of common stock of Greenshift Corporation representing 9.9 percent of the shares outstanding. A copy of the regulatory filing is available at http://is.gd/BXRj5u About Greenshift Corporation Headquartered in New York, GreenShift Corporation develops and commercializes clean technologies designed to integrate into and leverage established production and distribution infrastructure to address the financial and environmental needs of its clients by decreasing raw material needs, facilitating co-product reuse, and reducing waste and emissions. Greenshift reported net income of $1.97 million on $12.8 million of total revenue for the year ended Dec. 31, 2014, compared with a net loss of $4.43 million on $15.5 million of total revenue for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $5.37 million in total assets, $43.8 million in total liabilities and a total stockholders' deficit of $38.4 million. GT ADVANCED: Gets Court Approval for Sapphire Furnace Auction ------------------------------------------------------------- Carmen Germaine at Bankruptcy Law360 reported that a New Hampshire bankruptcy judge on Nov. 20, 2015, approved GT Advanced Technologies Inc.'s plans to auction off sapphire furnaces in its Mesa, Arizona, facility, a key part of a proposed settlement that would extinguish Apple Inc.’s $439 million secured claim against the bankrupt manufacturer. U.S. Bankruptcy Judge Henry J. Boroff signed off on plans to sell more than 2,100 new and used sapphire furnaces in GTAT's facilities in Arizona and Hong Kong, the first step in a plan that GTAT submitted earlier this month. About GT Advanced Technologies Headquartered in Merrimack, New Hampshire, GT Advanced Technologies Inc. -- http://www.gtat.com/-- produces materials and equipment for the electronics industry. On Nov. 4, 2013, GTAT announced a multi-year supply deal with Apple Inc. to produce sapphire glass material for use in consumer electronics products. Under the deal, Apple would provide GTAT with a prepayment of approximately $578 million paid in four installments and, starting in 2015, GTAT would reimburse Apple for the prepayment over a five-year period. GT is a publicly held corporation whose stock was traded on NASDAQ under the ticker symbol "GTAT." GTAT was de-listed from the NASDAQ stock exchange in October 2014. As of June 28, 2014, the GTAT Group's unaudited and consolidated financial statements reflected assets totaling $1.5 billion and liabilities totaling $1.3 billion. As of Sept. 29, 2014, GTAT had $85 million in cash, $84 million of which is unencumbered. On Oct. 6, 2014, GT Advanced Technologies and eight affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 4-11916). GT says that it has sought bankruptcy protection due to a severe liquidity crisis brought about by its issues with Apple. The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as attorneys and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee has named seven members to the Official Committee of Unsecured Creditors. The Committee' professionals are Kelley Drye as its bankruptcy counsel; Devine, Millimet & Branch, Professional Association as local counsel; EisnerAmper LLP as financial advisors; and Houlihan Lokey Capital, Inc. as investment banker. GTAT has reached a settlement with Apple. The settlement gives Apple an approved claim for $439 million secured by more than 2,000 sapphire furnaces that GT Advanced owns and has four years to sell, with proceeds going to Apple. In addition, Apple gets royalty-free, non-exclusive licenses for GTAT's technology. The bankruptcy case is assigned to Judge Henry J. Boroff. HALCON RESOURCES: Offers to Exchange Outstanding Unsecured Debt --------------------------------------------------------------- Halcon Resources Corporation announced the commencement of an exchange offer to certain eligible holders of its outstanding unsecured debt securities for up to $150 million of a new issue of 12.0% Second Lien Senior Secured Notes due 2022. The following table sets forth information regarding the Existing Notes for which New Notes are being offered and the principal amount of New Notes to be issued for each $1,000 principal amount of tendered Existing Notes, subject to the proration mechanics described in the offering memorandum and the letter of transmittal: CUSIP: 40537QAB6 Series: 9.75% Senior Notes due 2020 Aggregate $462,214,000 Principal Amount Outstanding: Early Tender Premium: $20 Exchange Consideration if Tendered Prior to or on Early Tender Offer Date: $390 Exchange Consideration if Tendered After Early Tender Date: $370 CUSIP: 40537QAD2 Series: 8.875% Senior Notes due 2021 Aggregate Principal Amount Outstanding: $493,671,000 Early Tender Premium: $20 Exchange Consideration if Tendered Prior to or on Early Tender Offer Date: $390 Exchange Consideration if Tendered After Early Tender Date: $370 CUSIP: 40537QAF7 Series: 9.25% Senior Notes due 2022 Aggregate Principal Amount Outstanding: $93,995,000 Early Tender Premium: $20 Exchange Consideration if Tendered Prior to or on Early Tender Offer Date: $390 Exchange Consideration if Tendered After Early Tender Date: $370 The aggregate principal amount of New Notes to be issued in the exchange offer is limited to a maximum of $150 million. The total consideration to be received by eligible holders of Existing Notes who validly tender and do not validly withdraw their Existing Notes prior to 11:59 p.m., New York City time, on Dec. 3, 2015, will include an early tender premium equal to $20 principal amount of New Notes per $1,000 principal amount of Existing Notes accepted for exchange. For Existing Notes validly tendered after the Early Tender Date and on or before the Expiration Date, the eligible holders of Existing Notes accepted for exchange will be eligible to receive the exchange consideration set forth above, which does not include the early tender premium. Eligible holders of Existing Notes accepted for exchange will also receive a cash payment equal to the accrued and unpaid interest in respect of such Existing Notes from the applicable most recent interest payment date to, but not including, the date the exchanges are settled. Interest on the New Notes will accrue from the Settlement Date. The exchange offer will expire at 11:59 p.m., New York City time, on Dec. 17, 2015, unless extended or earlier terminated by Halcon. Tenders of Existing Notes in the exchange offer may be validly withdrawn at any time prior to the Early Tender Date of the exchange offer. However, tenders submitted in the exchange offers after the Early Tender Date of the exchange offer will be irrevocable except where additional withdrawal rights are required by law (as determined by the Company). The exchange offer is conditioned on the satisfaction or waiver of certain customary additional conditions, as described in the Offering Documents. The exchange offer is conditioned upon a minimum of $270.3 million of Existing Notes being tendered as of the Expiration Date. The exchange offer for the Existing Notes may be amended, extended or terminated, in each case either as a whole, or independently with respect to any one or more particular series of Existing Notes. About Halcon Resources Halcon Resources Corporation acquires, produces, explores and develops onshore liquids-rich assets in the United States. This independent energy company operates in the Bakken/Three Forks, El Halcon and Tuscaloosa Marine Shale formations. As of Sept. 30, 2015, the Company had $4.25 billion in total assets, $3.62 billion in total liabilities, $156 million in redeemable noncontrolling interest and $473 million in total stockholders' equity. * * * As reported by the TCR on Jan. 27, 2015, Moody's Investors Service downgraded Halcon's Corporate Family Rating to 'Caa1' from 'B3' and the Probability of Default Rating to 'Caa1-PD' from 'B3-PD'. The downgrade reflects growing risk for Halcon's business profile because of high financial leverage and limited liquidity as its existing hedges roll-off and stop contributing to its borrowing base over the next 12-18 months. In September 2015, Standard & Poor's Ratings Services lowered its corporate credit rating on Oklahoma City-based Halcon Resource Corp. to 'SD' (selective default) from 'B-'. "The downgrade follows Halcon's announcement that it reached an agreement with holders of portions of its senior unsecured notes to exchange the notes for new senior secured third-lien notes," said Standard & Poor's credit analyst Ben Tsocanos. HCSB FINANCIAL: Cancels Hearing on Class Action Suit Settlement --------------------------------------------------------------- The final hearing scheduled for Nov. 23, 2015, to approve a proposed settlement of a putative class action lawsuit between HCSB Financial Corporation, Horry County State Bank, James R. Clarkson, Glenn Raymond Bullard, Ron Lee Paige, Sr., and Edward Lewis Loehr, Jr., the president and chief executive officer, senior executive vice president, executive vice president, and chief financial officer of the Company and the Bank, respectively, and Jan W. Snyder, Acey H. Livingston, and Mark Josephs, on behalf of themselves and as representatives of a class of similarly situated purchasers of the Company's subordinated debt notes, had been cancelled. The proposed settlement is subject to several conditions which have not yet been met. Parties will be advised when, and if, the final hearing is rescheduled by the court, according to a Form 8-K filed with the Securities and Exchange Commission. About HCSB Financial Loris, South Carolina-based HCSB Financial Corporation was incorporated on June 10, 1999, to become a holding company for Horry County State Bank. The Bank is a state chartered bank which commenced operations on Jan. 4, 1988. From its 13 branch locations, the Bank offers a full range of deposit services, including checking accounts, savings accounts, certificates of deposit, money market accounts, and IRAs, as well as a broad range of non-deposit investment services. During the third quarter of 2011, the Bank closed its Covenant Towers branch located at Myrtle Beach. All deposits were transferred to the Bank's Myrtle Beach branch and the Bank does not expect any disruption of service in that market for its customers. HCSB Financial reported a net loss available to common shareholders of $1.4 million on $16.09 million of total interest income for the year ended Dec. 31, 2014, compared to net income available to common shareholders of $911,000 on $17.07 million of total interest income for the year ended Dec. 31, 2013. Elliott Davis Decosimo, LLC, in Columbia, South Carolina, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses that have eroded regulatory capital ratios and the Company's wholly owned subsidiary, Horry County State Bank, is under a regulatory Consent Order with the Federal Deposit Insurance Corporation that requires, among other provisions, capital ratios to be maintained at certain levels. As of Dec. 31, 2014, the Company's subsidiary is considered significantly undercapitalized based on its regulatory capital levels. These considerations raise substantial doubt about the Company's ability to continue as a going concern. The Company also has deferred interest payments on its junior subordinated debentures for 16 consecutive quarters as of Dec. 31, 2014. Under the terms of the debentures, the Company may defer payments for up to 20 consecutive quarters without creating a default. Payment for the 20th quarter interest deferral period will be due in March 2016. If the Company fails to pay the deferred and compounded interest at the end of the deferral period, the trustees of the corresponding trusts, would have the right, after any applicable grace period, to exercise various remedies, including demanding immediate payment in full of the entire outstanding principal amount of the debentures. The balance of the debentures and accrued interest as of December 31, 2014 were $6.19 million and $714,000, respectively. These events also raise substantial doubt about the Company's ability to continue as a going concern as of Dec. 31, 2014. As of Sept. 30, 2015, the Company had $378.54 million in total assets, $389.72 million in total liabilities and a shareholders' deficit of $11.17 million. Bankruptcy Warning The Company has been deferring interest payments on its trust preferred securities since March 2011 and has deferred interest payments for 19 consecutive quarters. The Company is allowed to defer payments for up to 20 consecutive quarterly periods, although interest will also accrue and compound quarterly from the date such deferred interest would have been payable were it not for the extension period. All of the deferred interest, including interest accrued on such deferred interest, is due and payable at the end of the applicable deferral period, which is in March 2016. At Sept. 30, 2015, total accrued interest equaled $852 thousand. "If we are not able to raise a sufficient amount of additional capital, the Company will not be able to pay this interest when it becomes due and the Bank may be unable to remain in compliance with the Consent Order. In addition, the Company must first make interest payments under the subordinated notes, which are senior to the trust preferred securities. Even if the Company succeeds in raising capital, it will have to be released from the Written Agreement or obtain approval from the Federal Reserve Bank of Richmond to pay interest on the trust preferred securities. If this interest is not paid by March 2016, the Company will be in default under the terms of the indenture related to the trust preferred securities. If the Company fails to pay the deferred and compounded interest at the end of the deferral period the trustee or the holders of 25% of the aggregate trust preferred securities outstanding, by providing written notice to the Company, may declare the entire principal and unpaid interest amounts of the trust preferred securities immediately due and payable. The aggregate principal amount of these trust preferred securities is $6.0 million. The trust preferred securities are junior to the subordinated notes, so even if a default is declared the trust preferred securities cannot be repaid prior to repayment of the subordinated notes. However, if the trustee or the holders of the trust preferred securities declares a default under the trust preferred securities, the Company could be forced into involuntary bankruptcy," the Company states in the Form 10-Q for the period ended Sept. 30, 2015. HD SUPPLY: Adopts Majority Voting Policy for Directors ------------------------------------------------------ HD Supply Holdings, Inc.'s Board, upon the recommendation of the Nominating and Corporate Governance Committee, amended Holdings' Corporate Governance Guidelines to adopt a policy to provide for majority voting in uncontested elections of directors, which is effective immediately. Pursuant to the policy, any director nominee in an uncontested election who receives a greater number of votes "withheld" from his or her election than votes "for" his or her election is expected to tender his or her resignation to the Board promptly following the certification of election results. The Board will decide, through a process managed by the Nominating and Corporate Governance Committee, and excluding the nominee in question, whether to accept the resignation at its next regularly scheduled Board meeting. The Board's decision will be promptly disclosed to the public, including the reasons for any rejection of a tendered resignation. An election is considered contested if there are more nominees for election than positions on the Board to be filled by election at the meeting. If a director's tendered resignation is accepted, in accordance with Holdings' By-Laws, the Board may fill any resulting vacancy or may decrease the number of directors comprising the Board. If a director's tendered resignation is declined, the director will continue to serve for the remainder of his or her term and until his or her successor is duly elected, or his or her earlier death, resignation or removal. The Board will consider as candidates for nomination for election or re-election to the Board, or to fill vacancies and new directorships on the Board, only those individuals who agree to tender, promptly following their election, re-election or appointment, an irrevocable resignation that will be effective upon a majority withheld vote for that director and the Board's acceptance of the tendered resignation. About HD Supply HD Supply, Inc., headquartered in Atlanta, Georgia, is one of the largest North American wholesale distributors supporting residential and non-residential construction and to a lesser extent electrical consumption and repair and remodeling. HDS also provides maintenance, repair and operations services. Its businesses are organized around three segments: Infrastructure and Energy; Maintenance, Repair & Improvement; and, Specialty Construction. HDS operates through approximately 800 locations throughout the U.S. and Canada serving contractors, government entities, maintenance professionals, home builders and professional businesses. As of May 3, 2015, HD Supply had $6.3 billion in total assets, $6.8 billion in total liabilities and a $498 million total stockholders' deficit. * * * As reported by the TCR on Aug. 5, 2015, Moody's Investors Service upgraded HD Supply, Inc.'s Corporate Family Rating to B2 from B3 and revised its rating outlook to positive from stable, since key debt credit metrics are becoming more supportive of higher ratings. The upgrade of HDS's Corporate Family Rating to B2 from B3 and the change in rating outlook to positive from stable results from Moody's expectations for key debt credit metrics becoming more supportive of higher ratings, due to solid operating performance and lower levels of balance sheet debt. The TCR reported in August 2015 that Standard & Poor's Ratings Services said that it has raised its corporate credit rating on Atlanta-based industrial distributor HD Supply Inc. to 'B+' from 'B'. "The upgrade reflects the company's consistently good operating performance over the past 12 months, which has caused its leverage to fall below 6x as of May 3, 2015," said Standard & Poor's credit analyst Svetlana Olsha. HD SUPPLY: James G. Berges Resigns as Directors ----------------------------------------------- The Board of Directors of HD Supply Holdings, Inc., and HD Supply, Inc., accepted the offer of resignation of James G. Berges from the Board, and his related responsibilities as lead director and as a member of the Nominating and Corporate Governance and Corporate Development and Finance Committees of Holdings. Effective with the acceptance of Mr. Berges' offer of resignation, the Board appointed Peter A. Leav as a member of Holdings' Nominating and Corporate Governance Committee and reduced the size of the Board from nine to eight members. The independent members of the Board appointed James A. Rubright as the independent Lead Director of the board of directors of Holdings. About HD Supply HD Supply, Inc., headquartered in Atlanta, Georgia, is one of the largest North American wholesale distributors supporting residential and non-residential construction and to a lesser extent electrical consumption and repair and remodeling. HDS also provides maintenance, repair and operations services. Its businesses are organized around three segments: Infrastructure and Energy; Maintenance, Repair & Improvement; and, Specialty Construction. HDS operates through approximately 800 locations throughout the U.S. and Canada serving contractors, government entities, maintenance professionals, home builders and professional businesses. As of May 3, 2015, HD Supply had $6.3 billion in total assets, $6.8 billion in total liabilities and a $498 million total stockholders' deficit. * * * As reported by the TCR on Aug. 5, 2015, Moody's Investors Service upgraded HD Supply, Inc.'s Corporate Family Rating to B2 from B3 and revised its rating outlook to positive from stable, since key debt credit metrics are becoming more supportive of higher ratings. The upgrade of HDS's Corporate Family Rating to B2 from B3 and the change in rating outlook to positive from stable results from Moody's expectations for key debt credit metrics becoming more supportive of higher ratings, due to solid operating performance and lower levels of balance sheet debt. The TCR reported in August 2015 that Standard & Poor's Ratings Services said that it has raised its corporate credit rating on Atlanta-based industrial distributor HD Supply Inc. to 'B+' from 'B'. "The upgrade reflects the company's consistently good operating performance over the past 12 months, which has caused its leverage to fall below 6x as of May 3, 2015," said Standard & Poor's credit analyst Svetlana Olsha. HEALTHWAREHOUSE.COM: Reports 14.5% Quarterly Sales Growth --------------------------------------------------------- HealthWarehouse.com, Inc., announced financial results for the quarter ended Sept. 30, 2015. Net sales for the three months ended Sept. 30, 2015, increased to $1,689,457 from $1,474,986, an increase of $214,471, or 14.5%, resulting from growth in core prescription and over-the-counter sales offset by a reduction in business-to-business sales. Core over-the-counter revenue grew 40.3% and orders grew by 44.3% due to advertising efforts and improved order fulfillment rates and customer satisfaction. Core prescription orders grew 17.3% as new customers grew 70.3% and repeat customers grew 22.1%, continuing the reversal of the downward trend experienced during 2014 due to lack of advertising efforts in the first three quarters of 2014. Net sales for the nine months ended Sept. 30, 2015, increased to $5,172,974 from $4,654,404, an increase of $518,570, or 11.1%, resulting from growth in core prescription, over-the-counter and business-to-business sales. The Company plans to continue to focus on customer acquisition, conversion and retention. The Company believes this strategy has helped to increase new customers by 70.3% and overall orders by 25.9% during the third quarter of 2015 compared to levels experienced prior to the completion of the equity raise in October 2014. The Company believes repeat customers will also continue to grow through the retention of the new customers acquired over the past twelve months. Lalit Dhadphale, President & CEO of HealthWarehouse.com stated, "New customers continue to find HealthWarehouse.com as a cost-saving solution for their prescription drugs and over-the-counter products. With Affordable Care Act and changes to Medicare Part D, Americans are finding affordability for prescription drugs increasingly challenging, as out of pocket costs continue rise. HealthWarehouse.com continues to be the leader in providing transparent, affordable drug prices." In October 2015 a customer shared this review with HealthWarehouse.com, "The cost of prescription medicines is overwhelming; my heart breaks for people both young and old, who do not know to price their medications through HealthWarehouse.com. Thank you for all you do to help make a chronic situation a bit more manageable." 3rd Quarter 2015 Highlights: * Net Sales: Increased by $214,471 or 14.5% compared to the 3rd Quarter of 2014 due to growth in core prescription and over- the-counter sales. * Gross Margin: Increased to 64.2% from 59.3% compared to the 3rd Quarter of 2014. * Net Loss: Improved by $367,653 or 69% compared to the 3rd Quarter of 2014 as a result of the increased net sales, improved gross margins and reduced operating expenses. * EBITDAS: Improved by $128,000 to $(38,161) compared to the 3rd Quarter of 2014. Year to Date 2015 Highlights: * Net Sales: Increased by $518,570 or 11.1% compared to the first nine months of 2014 due to growth in core prescription, over-the-counter and business-to-business sales. * Gross Margin: Increased to 64.2% from 58.7% compared to the first nine months of 2014. * Net Loss: Improved by $757,867 or 63% compared to the first nine months of 2014 as a result of the increased net sales, improved gross margins and reduced operating expenses. * EBITDAS: Improved by $210,199 to $6,041 compared to the first nine months of 2014. About HealthWarehouse.com HealthWarehouse.com, Inc., headquartered in Florence, Kentucky, is a U.S. licensed virtual retail pharmacy ("VRP") and healthcare e-commerce company that sells brand name and generic prescription drugs as well as over-the-counter medical products. Healthwarehouse.com reported a net loss attributable to common stockholders of $2.08 million on $6.12 million of net sales for the year ended Dec. 31, 2014, compared with a net loss attributable to common stockholders of $7.3 million on $10.23 million of net sales in 2013. Marcum LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Sept. 30, 2015, the Company had $1.06 million in total assets, $4.78 million in total liabilities and total stockholders' deficiency of $3.71 million. Bankruptcy Warning "The Company recognizes it will need to raise additional capital in order to fund operations, meet its payment obligations and execute its business plan. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company and whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, attempt to extend note repayments, attempt to negotiate the preferred stock redemption and reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. If the Company is unable to obtain financing on a timely basis, the Company could be forced to sell its assets, discontinue its operation and /or seek reorganization under the U.S. bankruptcy code," the Company states in the report for the period ended Sept. 30, 2015. HUTCHESON MEDICAL: Trustee Can Hire S&W as Special Counsel ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia authorized Ronald Glass, Chapter 11 trustee for Hutcheson Medical Center Inc. and its debtor-affiliates, to continue to employ Scroggins & Williamson P.C. as special counsel. The firm will assist the Chapter 11 Trustee in: a) his efforts to sell assets of the Debtors' bankruptcy estates, including negotiation, drafting and filing necessary agreements, pleadings, and orders, and closing and post-closing issues relating to any such sales; b) contested matters and adversary proceedings in which Scroggins & Williamson has been involved during the Chapter 11 case; and c) any other discrete matters as requested by the Trustee; provided, however, that the firm shall not represent the Trustee in conducting the Chapter 11 case. The firm's professionals and their compensation rates: Attorneys $285-$425 paralegals $75-$150 To the best of Trustee's knowledge, the firm represents no interest adverse to the Debtors or the Debtors' estate and is a "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. About Hutcheson Medical Center Hutcheson Medical Center, Inc., operates the 179-bed hospital and related ancillary facilities, including, without limitation, a skilled nursing home and an ambulatory surgery center, located in Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center. HMC leases the land and buildings that comprise the Medical Center from The Hospital Authority of Walker, Dade and Catoosa Counties. HMC and Hutcheson Medical Division, Inc., sought Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and 14-42864) in Rome, Georgia, on Nov. 20, 2014. The cases are jointly administered under Case No. 14-42863. The cases have been assigned to the Honorable Paul W. Bonapfel. The Debtors are represented by Ashley Reynolds Ray, Esq., and J. Robert Williamson, Esq., at Scroggins and Williamson, in Atlanta, Georgia. HMC disclosed $32.8 million in assets and $52.9 million in liabilities as of the Chapter 11 filing. Ronald Glass has been appointed Chapter 11 trustee for the Debtors. HUTCHESON MEDICAL: U.S. Trustee Files 2nd Bid to Dismiss Ch.11 Case ------------------------------------------------------------------- Guy G. Gebhardt, the Acting United States Trustee for Region 21, filed a renewed motion asking the U.S. Bankrutpcy Court for the Northern District of Georgia, Rome Division, to dismiss the Chapter 11 case of Hutcheson Medical Center, Inc. The U.S. Trustee alleges that the Debtors have been under the protection of the Court as debtors-in-possession for a period exceeding 11 months. During that time the Debtors failed to propose a plan of reorganization or propose a sale of substantially all of the estates' assets, the U.S. Trustee asserts. The estates are administratively insolvent and in financial extremes, the U.S. Trustee points out. Accordingly, the Court should dismiss these cases for cause, the U.S. Trustee further asserts. The U.S. Trustee also asks the Court to schedule an expedited hearing on this motion. The U.S. Trustee is represented by: Martin P. Ochs, Esq. Trial Attorney Office of the United States Trustee 362 Richard B. Russell Building 75 Spring Street, SW Atlanta, GA 30303 Phone: 404.331.4437 Email: martin.p.ochs@usdoj.gov About Hutcheson Medical Center Hutcheson Medical Center, Inc., operates the 179-bed hospital and related ancillary facilities, including, without limitation, a skilled nursing home and an ambulatory surgery center, located in Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center. HMC leases the land and buildings that comprise the Medical Center from The Hospital Authority of Walker, Dade and Catoosa Counties. HMC and Hutcheson Medical Division, Inc., sought Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and 14-42864) in Rome, Georgia, on Nov. 20, 2014. The cases are jointly administered under Case No. 14-42863. The cases have been assigned to the Honorable Paul W. Bonapfel. The Debtors are represented by Ashley Reynolds Ray, Esq., and J. Robert Williamson, Esq., at Scroggins and Williamson, in Atlanta, Georgia. The Debtors' Chapter 11 Plan and Disclosure Statement are due March 20, 2015. HMC disclosed $32.8 million in assets and $52.9 million in liabilities as of the Chapter 11 filing. No request has been made for the appointment of a trustee or examiner. HYDROCARB ENERGY: Chris Herndon Reports Equity Stake ---------------------------------------------------- Chris Herndon disclosed in a Schedule 13D filed with the Securities and Exchange Commission that as of Nov. 16, 2015, he beneficially owns: -- 37,062 shares of common stock; -- 66,667 shares of common stock issuable upon exercise of outstanding and vested options with an exercise price of $6.60 and 25,000 shares issuable upon the exercise of outstanding and vested options with an exercise price of $4.50 (the Reporting Person holds no unvested options), and 133,333 shares of common stock issuable upon conversion of a $100,000 Convertible Promissory Note held by Mr. Herndon which is convertible into common stock at a conversion price of $0.75 per share at any time; and -- 10,211,166 shares of common stock, which only provides Mr. Herndon the right to vote such shares for or against 66.6% of the Issuer's Board of Directors, and 462,500 shares of common stock issuable upon conversion of a convertible note held by Duma Holdings, LLC, 20% of which Mr. Herndon is deemed to beneficially own, which is convertible at the option of the holder into (a) 1.75 units, each consisting of 25,000 shares of common stock of the Company and $100,000 in face amount of Convertible Subordinated Promissory Notes (which convert automatically upon their issuance date into Series B Convertible Preferred Stock at the rate of $1,000 per share, which Series B Convertible Preferred Stock is described in greater detail in the Issuer's Current Report on Form 8-K filed on September 29, 2015); and (b) 350,000 shares of common stock. The Shares represent 2.9% plus 42.1% of the outstanding common voting stock in connection with the vote for or against 66.6% of the Company's Board of Directors. A copy of the Schedule 13D is available for free at: http://is.gd/qdA9to About Hydrocarb Energy Hydrocarb Energy, formerly known as Duma Energy Corp, is a publicly-traded Domestic and International energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa, production in Galveston Bay and Oil Field Services in the United Arab Emirates, the Company maintain offices in Houston, Texas, Abu Dhabi, UAE and Windhoek, Namibia. Hydrocarb Energy reported a net loss of $12.6 million on $3.94 million of revenues for the year ended July 31, 2015, compared to a net loss of $6.55 million on $5.06 million of revenues for the year ended July 31, 2014. As of July 31, 2015, the Company had $31.1 million in total assets, $32.2 million in total liabilities and a total deficit of $1.08 million. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended July 31, 2015, citing that the Company has suffered recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern. HYDROCARB ENERGY: Herndon Has Right to Appoint 66.6% of Directors ----------------------------------------------------------------- Kent P. Watts, Hydrocarb Energy Corporation's chief executive officer and chairman, entered into a voting agreement in favor of Chris Herndon, a member of the Board of Directors of the Company, on or around Aug. 25, 2015. Pursuant to the voting agreement, Mr. Watts provided Mr. Herndon a voting proxy to vote all of the shares of common stock which Mr. Watts owned (approximately 4,946,955 shares as of his entry into the agreement) or which he may acquire in the future, to vote to elect or remove (as applicable) 66.6% of members of the Company's Board of Directors on any stockholder vote. The voting agreement was to become effective, only if Mr. Watts had sold $1 million in securities in private transactions before Sept. 21, 2015, and was to remain effective from such date, if ever, until the earlier of: (a) Aug. 19, 2017; and (b) the due date of a certain convertible note which a company affiliated with Mr. Herndon (Duma Holdings, LLC) may choose to purchase from the Company in the future. On or around the same date, Chris Watts, the nephew of Kent P. Watts, and the largest shareholder of the Company, entered into a voting agreement with Mr. Herndon on substantially similar terms as the voting agreement with Kent P. Watts. As a result of Mr. Watts not selling $1 million in securities in private transactions on similar terms before Sept. 21, 2015, the voting agreements were never effective and expired; provided that on Nov. 16, 2015, the parties entered into a First Amendment to Voting Agreements to remove the prior condition to effectiveness regarding the required sale of $1 million in securities before Sept. 21, 2015, and as a result the voting agreements are currently in full force and effect and will remain in effect until the Termination Date. As a result of the voting agreements, Mr. Herndon has the right to appoint 66.6% of the members of the Company's Board of Directors until the Termination Date. About Hydrocarb Energy Hydrocarb Energy, formerly known as Duma Energy Corp, is a publicly-traded Domestic and International energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa, production in Galveston Bay and Oil Field Services in the United Arab Emirates, the Company maintain offices in Houston, Texas, Abu Dhabi, UAE and Windhoek, Namibia. Hydrocarb Energy Corp. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $12.6 million on $3.94 million of revenues for the year ended July 31, 2015, compared to a net loss of $6.55 million on $5.06 million of revenues for the year ended July 31, 2014. As of July 31, 2015, the Company had $31.1 million in total assets, $32.2 million in total liabilities and a total deficit of $1.08 million. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended July 31, 2015, citing that the Company has suffered recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern. HYDROCARB ENERGY: Robert Harrell Appointed as Director ------------------------------------------------------ The Board of Directors of Hydrocarb Energy Corporation increased the number of members of the Company's Board of Directors from two to three and appointed Robert M. Harrell as a member of the Board of Directors to fill the newly created vacancy, each pursuant to the power provided to the Board of Directors by the Company's Bylaws and the Nevada Revised Statutes. Mr. Harrell formally accepted the appointment as a member of the Board of Directors on Nov. 23, 2015. Mr. Harrell has served as the director of Offshore Select, Americas, of INTECSEA, Inc., an offshore engineering company, since December 2014. From November 2011 to September 2014, Mr. Harrell served as president Europe Region (2013 to October 2014) and Vice President Sales & Commercial, Asia Pacific Region (2011 to 2012), of Wison Offshore & Marine Ltd., a marine contracting company. From June 2005 to October 2011, Mr. Harrell served in various positions with Williams Companies, Inc., including General Manager - Western Gulf of Mexico (2011),General Manager - Eastern Gulf of Mexico (2010) and Director Technical Services - Deepwater (2005 to 2009). Prior to joining Williams, Mr. Harrell served in various management and other positions with J. Ray McDermott and its related entities from 1975 to 2005, at locations based in Houston, Texas; Jakarta, Indonesia; Dubai, UAE; Lynchburg, Virginia; and New Orleans, Louisiana. Mr. Harrell obtained a Bachelor of Civil Engineering Degree from the Georgia Institute of Technology in 1975 and a Master of Business Administration from Harvard University in 1982. About Hydrocarb Energy Hydrocarb Energy, formerly known as Duma Energy Corp, is a publicly-traded Domestic and International energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa, production in Galveston Bay and Oil Field Services in the United Arab Emirates, the Company maintain offices in Houston, Texas, Abu Dhabi, UAE and Windhoek, Namibia. Hydrocarb Energy Corp. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $12.6 million on $3.94 million of revenues for the year ended July 31, 2015, compared to a net loss of $6.55 million on $5.06 million of revenues for the year ended July 31, 2014. As of July 31, 2015, the Company had $31.1 million in total assets, $32.2 million in total liabilities and a total deficit of $1.08 million. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended July 31, 2015, citing that the Company has suffered recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern. ICAGEN INC: Incurs $3.59 Million Net Loss in Third Quarter ---------------------------------------------------------- Icagen, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss applicable to common stock of $3.59 million on $465,000 of sales for the three months ended Sept. 30, 2015, compared to a net loss applicable to common stock of $1.96 million on $71,500 of sales for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss applicable to common stock of $6.42 million on $591,000 of sales compared to net income applicable to common stock of $2.09 million on $408,000 of sales for the same period during the prior year. As of Sept. 30, 2015, the Company had $18.2 million in total assets, $14.3 million in total liabilities, $133,000 in convertible redeemable preferred stock, and $3.78 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/Q90S5J About Icagen Icagen, Inc., formerly known as XRpro Sciences, Inc., is a biopharmaceutical company, focuses on the discovery, development, and commercialization of orally-administered small molecule drugs that modulate ion channel targets. Its drug candidates include ICA-105665, a small molecule compound that targets specific KCNQ ion channels for the treatment of epilepsy and pain, which is in Phase II clinical trial stage; and a compound that targets the sodium channel Nav1.7 for the treatment of pain, which is in Phase I clinical trial stage. XRPro Sciences reported a net loss applicable to common stock of $569,000 in 2014 following a net loss applicable to common stock of $5.88 million in 2013. IMAGEWARE SYSTEMS: Frischer Reports 4.7% Stake as of Nov. 22 ------------------------------------------------------------ In an amended Schedule 13D filed with the Securities and Exchange Commission, Charles Frischer disclosed that as of Nov. 13, 2015, he beneficially owns 4,676,027 shares of common stock of ImageWare Systems, Inc. representing 4.7 percent of the shares outstanding. A copy of the regulatory filing is available at: http://is.gd/XnOZHw About ImageWare Systems Headquartered in San Diego, California, ImageWare Systems, Inc., is a leader in the emerging market for software-based identity management solutions, providing biometric, secure credential, law enforcement and enterprise authorization. Its "flagship" product is the IWS Biometric Engine. Scalable for small city business or worldwide deployment, the Company's biometric engine is a multi- biometric platform that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. The Company's identification products are used to manage and issue secure credentials, including national IDs, passports, driver licenses, smart cards and access control credentials. Its law enforcement products provide law enforcement with integrated mug shot, fingerprint LiveScan and investigative capabilities. The Company also provides comprehensive authentication security software. Imageware Systems incurred a net loss of $9.84 million in 2013, a net loss of $10.2 million in 2012 and a net loss of $3.18 million in 2011. As of Sept. 30, 2015, the Company had $10.32 million in total assets, $4.43 million in total liabilities and $5.89 million in total shareholders' equity. IMAGEWARE SYSTEMS: Issues Corporate Update ------------------------------------------ ImageWare Systems, Inc., has issued financial results for the third quarter ended Sept. 30, 2015, as well as a corporate update to highlight the company's progress since its last quarterly update on Aug. 10, 2015. Operational Highlights * Strategic partnership with Extenua has gone live on Amazon Web Services. American Systems Corporation along with several U.S. federal agencies have already signed up as initial users of the joint product. * Partnered with CDW Corporation to provide ImageWare's GoVerifyID and IWS Cloud ID products to CDW customers. Management Commentary "We continue to make progress on various partnerships," said Jim Miller, ImageWare's chairman and CEO. "As recently announced, our partnership with Extenua has advanced to the next stage of its product launch cycle. This partnership has evolved from testing, to agreement, to integration, and now official market launch. The operating cycle of these events is what we've expected from the outset of our go-to-market strategy, and we will continue to validate this strategy through the advancement of our commercial partnerships. "We continue to believe we have the right products in the right place at the right time, especially as consumer adoption gains traction across the globe. The growing need for biometric solutions is further demonstrated by the organizations that experience security breaches each and every day. These secular trends drive our strong outlook for ImageWare as we look to leverage our commercial partners to reach millions of users across the globe." Third Quarter 2015 Financial Results Total revenues in the third quarter of 2015 increased 29% to $1.2 million compared to $0.9 million in the third quarter of 2014, primarily due to software license revenues in connection with the U.S. Department of Veteran Affairs. Gross margin in the third quarter of 2015 was essentially unchanged at 72.9% compared to 73.0% in the third quarter of 2014. Net loss in the third quarter of 2015 was $1.9 million or ($0.02) per basic share, compared to a net loss of $2.2 million or ($0.02) per basic share in the third quarter of 2014. At Sept. 30, 2015, cash and cash equivalents totaled $4.9 million compared to $0.2 million at Dec. 31, 2014. The increase is a result of the company's convertible preferred offering completed in February 2015. About ImageWare Systems Headquartered in San Diego, California, ImageWare Systems, Inc., is a leader in the emerging market for software-based identity management solutions, providing biometric, secure credential, law enforcement and enterprise authorization. Its "flagship" product is the IWS Biometric Engine. Scalable for small city business or worldwide deployment, the Company's biometric engine is a multi- biometric platform that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. The Company's identification products are used to manage and issue secure credentials, including national IDs, passports, driver licenses, smart cards and access control credentials. Its law enforcement products provide law enforcement with integrated mug shot, fingerprint LiveScan and investigative capabilities. The Company also provides comprehensive authentication security software. Imageware Systems incurred a net loss of $9.84 million in 2013, a net loss of $10.2 million in 2012 and a net loss of $3.18 million in 2011. As of Sept. 30, 2015, the Company had $10.32 million in total assets, $4.43 million in total liabilities and $5.89 million in total shareholders' equity. IMPLANT SCIENCES: Incurs $911K Net Loss in First Quarter -------------------------------------------------------- Implant Sciences Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $911,000 on $14.4 million of revenues for the three months ended Sept. 30, 2015, compared to a net loss of $5.37 million on $1.86 million of revenues for the same period last year. As of Sept. 30, 2015, the Company had $13.6 million in total assets, $92.0 million in total liabilities and a $78.4 million in total stockholders' deficit. Bankruptcy Warning "Despite our current sales, expense and cash flow projections and $3,766,000 in cash available from our line of credit with DMRJ, at October 31, 2015, we will require additional capital in the third quarter of fiscal 2016 to fund operations and continue the development, commercialization and marketing of our products. There can be no assurance that DMRJ will continue to make advances under our revolving line of credit. Our failure to achieve our projections and/or obtain sufficient additional capital on acceptable terms would have a material adverse effect on our liquidity and operations and could require us to file for protection under bankruptcy laws," the Company states in the report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/JJe21y About Implant Sciences Implant Sciences Corporation (OBB: IMSC.OB) -- http://www.implantsciences.com/-- develops, manufactures and sells sensors and systems for the security, safety and defense (SS&D) industries. Marcum LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has had recurring net losses and continues to experience negative cash flows from operations. As of Sept. 15, 2015, the Company's principal obligation to its primary lenders was approximately $65,046,000 and accrued interest of approximately $15,393,000. The Company is required to repay all borrowings and accrued interest to these lenders on March 31, 2016. These conditions raise substantial doubt about its ability to continue as a going concern. IMPLANT SCIENCES: Reports First Quarter Fiscal 2016 Results ----------------------------------------------------------- Implant Sciences Corporation announced financial results for the three months ended Sept. 30, 2015. Revenues for the three months ended Sept. 30, 2015, increased $12.5 million, or 670.1%, to $14.4 million, from $1.9 million for the comparable prior year period. The Company's net loss for the three months ended Sept. 30, 2015, was $0.9 million as compared with a net loss of $5.4 million for the comparable prior year period, a decrease of $4.5 million. Earnings before interest, taxes, depreciation and amortization, stock-based compensation, warrants issued to non-employees and common stock issued to consultants, which is reconciled to net income in this press release, was income of $2.14 million in the three months ended Sept. 30, 2015, compared to a loss of $2.33 million in the comparable prior year period. Dr. William McGann, CEO of Implant Sciences, commented, "We are extremely pleased to announce that during the recently concluded quarter, we successfully completed the fulfillment of the ECAC orders, resulting in the achievement of record quarterly revenues of $14.4 million and adjusted EBITDA income of $2.1 million. The production ramp we experienced was unprecedented and the focus necessary to fulfill our customer demand necessitated new processes and procedures that we believe will continue to yield long-term benefits. In prior earnings releases and conference calls, we discussed our need to become self-sufficient and generate the cash flow required from internal operations. During the first quarter, we successfully self-funded the significant working capital required to deliver the record revenues being reported today." A copy of the press release is available for free at: http://is.gd/ykVlUQ About Implant Sciences Implant Sciences Corporation (OBB: IMSC.OB) -- http://www.implantsciences.com/-- develops, manufactures and sells sensors and systems for the security, safety and defense (SS&D) industries. As of Sept. 30, 2015, the Company had $13.61 million in total assets, $91.96 million in total liabilities and a $78.35 million total stockholders' deficit. Marcum LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has had recurring net losses and continues to experience negative cash flows from operations. As of Sept. 15, 2015, the Company's principal obligation to its primary lenders was approximately $65,046,000 and accrued interest of approximately $15,393,000. The Company is required to repay all borrowings and accrued interest to these lenders on March 31, 2016. These conditions raise substantial doubt about its ability to continue as a going concern. Bankruptcy Warning "Our ability to comply with our debt covenants in the future depends on our ability to generate sufficient sales and to control expenses, and will require that we seek additional capital through private financing sources. There can be no assurances that we will achieve our forecasted financial results or that we will be able to raise additional capital to operate our business. Any such failure would have a material adverse impact on our liquidity and financial condition and could force us to curtail or discontinue operations entirely. Further, upon the occurrence of an event of default under certain provisions of our credit agreements, we could be required to pay default rate interest equal to the lesser of 2.5% per month and the maximum applicable legal rate per annum on the outstanding principal balance outstanding. The failure to refinance or otherwise negotiate further extensions of our obligations to our secured lenders would have a material adverse impact on our liquidity and financial condition and could force us to curtail or discontinue operations entirely and/or file for protection under bankruptcy laws," the Company states in its annual report for the year ended June 30, 2015. INDEPENDENCE TAX IV: Posts $2.42 Million Net Income for Q2 ---------------------------------------------------------- Independence Tax Credit Plus LP IV filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income attributable to the Partnership of $2.42 million on $419,000 of total revenues for the three months ended Sept. 30, 2015, compared to a net loss of $78,288 on $420,000 of total revenues for the same period during the prior year. For the six months ended Sept. 30, 2015, the Company reported net income attributable to the Partnership of $6.80 million on $839,000 of total revenues compared to a net loss attributable to the Partnership of $202,000 on $843,000 of total revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $1.97 million in total assets, $5.90 million in total liabilities and a total partners' deficit of $3.92 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/DiaDFl About Independence Tax IV New York-based Independence Tax Credit Plus L.P. IV is a limited partnership which was formed under the laws of the State of Delaware on Feb. 22, 1995. On July 6, 1995, the Partnership commenced a public offering of Beneficial Assignment Certificates representing assignments of limited partnership interests in the Partnership. The Partnership received $45,844,000 of gross proceeds from the Offering from 2,759 investors. The Offering was terminated on May 22, 1996. The Partnership's initial business was to invest in other partnerships owning leveraged apartment complexes that are eligible for the low-income housing tax credit enacted in the Tax Reform Act of 1986, some of which may also be eligible for the historic rehabilitation tax credit. The Partnership is currently in the process of developing a plan to dispose of all of its investments. It is anticipated that this process will take a number of years. Independence Tax Credit Plus L.P. IV reported a net loss of $2.71 million on $3.6 million of total revenues for the fiscal year ended March 31, 2014, compared to a net loss of $967,365 on $3.45 million of total revenues for the year ended March 31, 2013. INFINITY ENERGY: Posts $5.7 Million Net Income for Third Quarter ---------------------------------------------------------------- Infinity Energy Resources, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $5.70 million for the three months ended Sept. 30, 2015, compared to a net loss of $716,000 for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $2.18 million compared to a net loss of $3.23 million for the same period a year ago. As of Sept. 30, 2015, the Company had $9.71 million in total assets, $13.6 million in total liabilities and a total stockholders' deficit of $3.85 million. The Company has had a history of losses. In addition, the Company has a significant working capital deficit and is currently experiencing substantial liquidity issues. The Company has relied on raising debt and equity capital in recent years in order to fund its ongoing maintenance/expenditure obligations under the Nicaraguan Concession, for its day-to-day operations and its corporate overhead since it has generated no operating revenues or cash flows in recent history. A full-text copy of the Form 10-Q is available for free at: http://is.gd/dSC6N0 About Infinity Energy Overland Park, Kansas-based Infinity Energy Resources and its subsidiaries, are engaged in the acquisition and exploration of oil and gas properties offshore Nicaragua in the Caribbean Sea. In its report on the consolidated financial statements for the year ended Dec. 31, 2014, RBSM, LLP, expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has suffered recurring losses, has no on-going operations, and has a significant working capital deficit. The Company reported a net loss of $3.68 million for the year ended Dec. 31, 2014, compared with a net loss of $2.43 million during the prior year. INTELLIPHARMACEUTICS INT'L: To Present at the LD Micro Main Event ----------------------------------------------------------------- Intellipharmaceutics International Inc. is scheduled to present at the LD Micro Main Event on Dec. 2, 2015. The presentation will take place at 10:00 a.m. (PST) (1:00 PM EST) in the Luxe Sunset Bel Air Hotel in Los Angeles, California. The presentation may be accessed through the Investor Relations' Events and Presentations section on Intellipharmaceutics' Web site at www.intellipharmaceutics.com. About Intellipharmaceutics Toronto, Canada-based Intellipharmaceutics International Inc. is incorporated under the laws of Canada. Intellipharmaceutics is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. Its patented Hypermatrix(TM) technology is a multidimensional controlled- release drug delivery platform that can be applied to the efficient development of a wide range of existing and new pharmaceuticals. Based on this technology, Intellipharmaceutics has a pipeline of product candidates in various stages of development, including filings with the FDA in therapeutic areas that include neurology, cardiovascular, gastrointestinal tract, diabetes and pain. Intellipharmaceutics reported a net loss of $3.85 million on $8.76 million of revenues for the year ended Nov. 30, 2014, compared with a net loss of $11.5 million on $1.52 million of revenues for the year ended Nov. 30, 2013. As of Aug. 31, 2015, the Company had $6.21 million in total assets, $3.87 million in total liabilities and $2.34 million in shareholders' equity. Deloitte LLP, in Toronto, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Nov. 30, 2014, citing that the Company's recurring losses from operations and the accumulated deficit raise substantial doubt about the Company's ability to continue as a going concern. INTERLEUKIN GENETICS: May Issue 41MM Shares Under Incentive Plans ----------------------------------------------------------------- Interleukin Genetics, Inc., filed a Form S-8 registration statement with the Securities and Exchange Commission to register 30,000,000 shares of common stock of the Company authorized for issuance under the Interleukin Genetics, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan. Shares of Common Stock issuable under the 2013 Plan were previously registered on the Registration Statement on Form S-8 of the Company filed with the Commission on Aug. 15, 2013. The Form S-8 Registration Statement was also filed to register 11,622,279 shares of Common Stock issuable upon exercise of a non-qualified stock option granted to Mark Carbeau, chief executive officer of the Company, on April 6, 2015, as an inducement material to him entering into employment with the Company. About Interleukin Waltham, Mass.-based Interleukin Genetics, Inc., is a personalized health company that develops unique genetic tests to provide information to better manage health and specific health risks. As of Sept. 30, 2015, the Company had $7.90 million in total assets, $8.74 million in total liabilities and a total stockholders' deficit of $845,000. Grant Thornton LLP, in Boston, Massachusetts, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raise substantial doubt about the Company's ability to continue as a going concern. JEVIC TRANSPORTATION: Fired Truckers Seek Priority of $12M Claims ----------------------------------------------------------------- Cara Salvatore at Bankruptcy Law360 reported that eighteen hundred truckers fired by Jevic Transportation Inc. have asked the Supreme Court to review a Third Circuit decision denying them $12.4 million in claims after their company went bankrupt, in a case that probes private equity firms' creditor prioritization and possible grounds for flipping it. The petition for certiorari was filed Nov. 16 and seeks review of a precedential Third Circuit decision against the workers, who had made their claim amid a Chapter 11 settlement the company reached with banks and private equity firms. About Jevic Transportation Based in Delanco, New Jersey, Jevic Transportation Inc. -- http://www.jevic.com/-- provided trucking services. Two affiliates -- Jevic Holding Corp. and Creek Road Properties -- have no assets or operations. Jevic et al. sought Chapter 11 protection (Bankr. D. Del. Case No. 08-11008) on May 20, 2008. Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg & Ellers, in Wilmington, Del., represent the Debtors. The U.S. Trustee for Region 3 appointed five creditors to serve on an Official Committee of Unsecured Creditors. Robert J. Feinstein, Esq., Bruce Grohsgal, Esq., and Maria A. Bove, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Del., represent the Official Committee of Unsecured Creditors. Before filing for bankruptcy, the Debtors initiated an orderly wind-down process. As a part of the wind-down process, the Debtors ceased substantially all of their business and terminated roughly 90% of their employees. The Debtors continue to manage the wind-down process in an attempt to deliver all freight in their system and to retrieve their assets. When the Debtors sought protection from their creditors, they estimated assets and debts between $50 million and $100 million. At Oct. 31, 2010, the Debtor had total assets of $425,000, total liabilities of $12.2 million, and a stockholders' deficit of $11.8 million. The Debtor ended the period with $362,000 in cash, which includes restricted cash of $67,000. K&L GATES: Says Remainder of Malpractice Suit Falls Short --------------------------------------------------------- Aebra Coe at Bankruptcy Law360 reported that K&L Gates LLP urged a California federal judge to scrap the sole remaining claim in a legal malpractice suit brought by investors in a bankrupt petroleum company who say they were cheated out of any recovery during Chapter 11 proceedings, arguing the claim is still short on evidence even after repleading. The U.S. District Judge Richard Seeborg gave the putative investor class a chance to amend the claim after it was tossed in June. KU6 MEDIA: Reports Q3 Fiscal Year 2015 Financial Results -------------------------------------------------------- Ku6 Media Co., Ltd. announced its unaudited financial results for the third quarter ended Sept. 30, 2015. Mr. Feng Gao, chief executive officer of Ku6 Media, commented, "The third quarter represented a period of advancement in our services, as well as positive trends in our financials. We have consistently seen user expansion as individuals are providing a wider variety of content on our platform. Ku6 is focusing on the trend toward video social communication with the creation of our 'Model Interactive Community'. We are also expanding our share of the mobile market through the launching of the mobile application 'Modo', which is part of our cooperation agreement with Beijing Modo. Ultimately, our goal is to continue to increase user traffic while simultaneously enhancing our advertising partnerships. In the third quarter, we have increased revenues and continued to progress towards profitability, and have been pleased with our current trends heading into 2016." The Company reported a net loss of $641,000 on $2.45 million of total revenues for the three months ended Sept. 30, 2015, compared to a net loss of $932,000 on $1.61 million of total revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $2.13 million on $7.18 million of total revenues compared to a net loss of $10.68 million on $5.11 million of total revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $8.79 million in total assets, $14.39 million in total liabilities and a total shareholders' deficit of $5.59 million. About Ku6 Media Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video company in China focused on User-Generated Content. Through its premier online brand and online video Web site -- http://www.ku6.com/-- Ku6 Media provides online video uploading and sharing service, video reports, information and entertainment in China. Ku6 Media reported a net loss of $10.7 million in 2014 following a net loss of $34.4 million in 2013. PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's Republic of China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses, negative working capital, net cash outflows, and uncertainties associated with significant changes made, or planned to be made, in respect of the Company's business model, raise substantial doubt about the Company's ability to continue as a going concern. LA PATISSERIE: Case Summary & 15 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: La Pattisserie De France, Inc. 529 Ave. FD Roosevelt Ste 490 Plaza Las Americas San Juan, PR 00918 Case No.: 15-09436 Chapter 11 Petition Date: November 26, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Mildred Caban Flores Debtor's Counsel: Antonio I Hernandez Santiago, Esq. HERNANDEZ LAW OFFICE PO BOX 8509 San Juan, PR 00910-0509 Tel: 787 250-0575 Email: ahernandezlaw@yahoo.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jean R. Auguste Severe, president. A list of the Debtor's 15 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-09436.pdf LATTICE INC: Incurs $1 Million Net Loss in Third Quarter -------------------------------------------------------- Lattice Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss available to common shareholders of $1 million on $1.90 million of revenue for the three months ended Sept. 30, 2015, compared to a net loss available to common shareholders of $321,068 on $2.03 million of revenue for the same period last year. For the nine months ended Sept. 30, 2015, the Company reported a net loss available to common shareholders of $2.06 million on $5.82 million of revenue compared to a net loss available to common shareholders of $1.11 million on $6.61 million of revenue for the same period during the prior year. As of Sept. 30, 2015, the Company had $4.88 million in total assets, $8.84 million in total liabilities and a total shareholders' deficit of $3.96 million. Cash and cash equivalents decreased to approximately $90,000 at Sept. 30, 2015, from approximately $256,000 at Dec. 31, 2014. A full-text copy of the Form 10-Q is available for free at: http://is.gd/ji4qsP About Lattice Inc. Pennsauken, New Jersey-based Lattice Incorporated provides telecommunications services to correctional facilities and specialized telecommunication service providers in the United States. Lattice Inc. reported a net loss of $1.8 million on $8.94 million of revenue for the year ended Dec. 31, 2014, compared to a net loss of $1 million on $8.26 million of revenue in 2013. Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, noting that the Company has a working capital deficit and requires additional working capital to meet its current liabilities. The auditors said these factors raise substantial doubt about the Company's ability to continue as a going concern. LEHMAN BROTHERS: Court Wipes Out FirstBank's $62 Million Claim -------------------------------------------------------------- Jonathan Randles at Bankruptcy Law360 reported that a New York bankruptcy judge on Nov. 23, 2015, wiped out FirstBank Puerto Rico's $61.5 million claim against Lehman Brothers Inc. over a soured interest rate swap agreement, ruling that the bank doesn't qualify as a customer under a federal law designed to protect securities investors. U.S. Bankruptcy Judge Shelly Chapman granted the LBI trustee's motion to expunge FirstBank's claim, ruling that the bank doesn't qualify as the failed broker-dealer's customer under the Securities Investor Protection Act. FirstBank's claim is tied to government securities. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- 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. LEO MOTORS: Incurs $412,000 Net Loss in Third Quarter ----------------------------------------------------- Leo Motors, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $412,000 on $922,000 of revenues for the three months ended Sept. 30, 2015, compared to a net loss of $474,000 on $28,800 of revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $2.10 million on $2.33 million of revenues compared to a net loss of $2.03 million on $28,800 of revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $7.48 million in total assets, $4.13 million in total liabilities and $3.35 million in total equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/1looXw About Leo Motors Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo Motors, Inc., a Nevada corporation, is currently engaged in the research and development of multiple products, prototypes and conceptualizations based on proprietary, patented and patent pending electric power generation, drive train and storage technologies. In 2011, the Company determined its investment in Leo B&T Inc. an investment account was impaired and recorded an expense of $4.5 million. During the 2012 year the Company had a net non operating income largely from the result of the forgiveness of debt for $1.3 million. Leo Motors incurred a net loss of $4.5 million on $693,000 of revenues for the year ended Dec. 31, 2014, compared to a net loss of $1.24 million on $0 of revenues for the year ended Dec. 31, 2013. John Scrudato CPA, in Califon, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred significant accumulated deficits, recurring operating losses and a negative working capital. This and other factors raise substantial doubt about the Company's ability to continue as a going concern. LINDA AWKARD: Court Denies Application to Employ Wendel Webster --------------------------------------------------------------- In a Memorandum Decision and Order dated November 16, 2015 which is available at http://is.gd/Zbak9pfrom Leagle.com, Judge S. Martin Teel, Jr., of the United States Bankruptcy Court for the District of Columbia denied Linda N. Awkard's application to employ Wendell W. Webster, without prejudice to a renewed application. Judge Teel held that in an affidavit accompanying the application, Webster should have disclosed that he was the Chapter 11 trustee in a prior case, In re Ellipsat, Inc., formerly known as Ellipso, Inc., Case No. 09-00148, in which Awkard was a creditor, served as special counsel to the debtor when it was a debtor in possession, and was a proponent of the plan that was confirmed in the case. Awkard had standing to object to Webster's and his law firm's compensation in that case, and Webster had standing to object to Awkard's claims in that case (and, for example, attended the hearing on Awkard's application for compensation as special counsel), Judge Teel said. Webster did not disclose the connection so that the United States Trustee and other parties monitoring the case would be alerted to the connection and could take a position, Judge Teel held. If a renewed application is filed, the effect of Webster's having failed to disclose the connection in this application on that renewed application and on any application for compensation can be addressed when ruling on the renewed application or on any application for compensation. The case is In re LINDA N. AWKARD, (Chapter 11), Debtor, CASE NO. 15-00303 (Bankr. D.C.). Linda N. Awkard, Debtor In Possession, represented by Wendell W. Webster, Esq.-- Webster & Fredrickson, PLLC. LUVU BRANDS: Delays Third Quarter Form 10-Q Filing -------------------------------------------------- Luvu Brands, Inc., filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. The Company said it has experienced a delay in completing the information necessary for inclusion in its Quarterly Report. The Company expects to file the Report within the allotted extension period. About Luvu Brands Luvu Brands, Inc., formerly Liberator Inc., manufactures and markets an array of imaginative home furnishings and lifestyle products which encompass fashionable indoor and outdoor furniture and casual seating, sexual wellness accessories, and self-care solutions. In addition to their ever expanding product lines, Luvu Brands offers high-end, private label contract services to schools and institutions. The Company is headquartered in Atlanta, Georgia in a 140,000 square foot vertically-integrated manufacturing facility that employs over 150 people. Bringing manufacturing back to the USA, sustainable manufacturing practices, and decreasing the overall impact on the environment are core to the Company's operating principles. Luvu Brands, Inc. promotes its products through a variety of consumer channels that include mass-market retailers and websites, wholesalers, and distributors in the United States and globally. The Company's owned brands are Liberator, Jaxx Living, and Avana Comfort. For more information about Luvu Brands, please visit luvubrands.com. Liberator reported a net loss of $474,000 on $15.6 million of net sales for the year ended June 30, 2015, compared to a net loss of $376,000 on $14.7 million of net sales for the year ended June 30, 2014. As of June 30, 2015, the Company had $3.27 million in total assets, $5.59 million in total liabilities, and a $2.32 million total stockholders' deficit. Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a "going concern" qualification on the consolidated financial statements stating that the Company has a net loss of $474,000, a working capital deficiency of $1.76 million, and an accumulated deficit of $8.90 million. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. LUVU BRANDS: Incurs $222K Net Loss in First Quarter --------------------------------------------------- Luvu Brands, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $222,000 on $3.71 million of net sales for the three months ended Sept. 30, 2015, compared to a net loss of $84,300 on $3.57 million of net sales for the same period in 2014. As of Sept. 30, 2015, the Company had $3.53 million in total assets, $6.07 million in total liabilities and a total stockholders' deficit of $2.53 million. As of Sept. 30, 2015, the Company's cash and cash equivalents totaled $453,000, compared to $630,000 in cash and cash equivalents as of Sept. 30, 2014. A full-text copy of the Form 10-Q is available for free at: http://is.gd/QTcKJx About Luvu Brands Luvu Brands, Inc., formerly Liberator Inc., manufactures and markets an array of imaginative home furnishings and lifestyle products which encompass fashionable indoor and outdoor furniture and casual seating, sexual wellness accessories, and self-care solutions. In addition to their ever expanding product lines, Luvu Brands offers high-end, private label contract services to schools and institutions. The Company is headquartered in Atlanta, Georgia in a 140,000 square foot vertically-integrated manufacturing facility that employs over 150 people. Bringing manufacturing back to the USA, sustainable manufacturing practices, and decreasing the overall impact on the environment are core to the Company's operating principles. Luvu Brands, Inc. promotes its products through a variety of consumer channels that include mass-market retailers and websites, wholesalers, and distributors in the United States and globally. The Company's owned brands are Liberator, Jaxx Living, and Avana Comfort. For more information about Luvu Brands, please visit luvubrands.com. Liberator reported a net loss of $474,000 on $15.6 million of net sales for the year ended June 30, 2015, compared to a net loss of $376,000 on $14.7 million of net sales for the year ended June 30, 2014. Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a "going concern" qualification on the consolidated financial statements stating that the Company has a net loss of $474,000, a working capital deficiency of $1.76 million, and an accumulated deficit of $8.90 million. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. MAGNETATION LLC: Jamar Gets Stay Relief to Preserve Mechanic's Lien ------------------------------------------------------------------- The Jamar Company sought and obtained from Judge Gregory F. Kishel of the U.S. Bankruptcy Court for the District of Minnesota relief from the automatic stay for the preservation of its mechanic's lien rights in the property commonly known as Plant 4, located at 28754 County Highway 61, Grand Rapids, Minnesota. The Jamar Company holds these claims against one or more of the Debtors, secured by mechanic's liens on Plant 4: Mag Mining LLC Claim No. 43 and Magnetation LLC Claim No. 194 in the amount of $426,548. James A. Rubenstein, Esq., at Moss & Barnett, in Minneapolis, Minnesota, tells the Court that according to the Debtors' schedules, as amended, 27 companies are either Minnesota based, or assert mechanic's liens on the Debtors' Minnesota properties. He further tells the Court that the aggregate amount of their claims is $24,023,724. Mr. Rubenstein relates that The Jamar Company must commence an action to foreclose on its mechanic's lien within one year of Dec. 17, 2014 or it may lose certain mechanic's lien rights under Minnesota law. The following supported this motion seeking relief from the automatic stay: (1) Scheck Industrial Corporation, which also holds a mechanic's lien in the amount of $3,953,090 against the real property upon which the Concentrator Plant 4 Building is located. (2) Ulland Brothers, Inc., which requested the Court to grant the automatic stay relief to all Minnesota properties in which one or more of the Debtors have an interest and in which miner's/mechanic's lien claimants have filed lien claims in the State of Minnesota, and as claims in the Debtor's bankruptcy proceedings, in order to avoid the Court entertaining multiple motions for limited relief from the automatic stay as to each of the separate Minnesota properties of the Debtors. (3) LeJeune Steel Company, Parsons Electric, LLC, and Hunt Electric Corporation, which are affiliates of The Jamal Company that conduct separate operations under common ownership. They also hold mechanic's liens against Mag Mining LLC and Magnetation LLC, as follows: (a) Le Jeune Steel Company: Mag Mining Claim No. 50 and Magnetation Claim No. 210 in the amount of $1,572,898. (b) Parsons Electric, LLC: It has claims including Mag Mining LLC Claim No. 45 and Magnetation Claim No. 197 in the amount of $2,253,540. (c) Hunt Electric Coporation: Mag Mining LLC Claim No. 52 and Magnetation Claim No. 212 in the amount of $1,908,019. The Jamar Company is represented by: James A. Rubenstein, Esq. MOSS & BARNETT 150 South Fifth Street, Suite 1200 Minneapolis, MN 55402 Telephone: (612)877-5363 E-mail: Jim.Rubenstein@lawmoss.com Scheck Industrial Corporation is represented by: Phillip Bohl, Esq. Abigail M. McGibbon, Esq. GRAY PLANT MOOTY 500 IDS Center 80 South 8th Street Minneapolis, MN 55402 Telephone: (612)632-3000 Facsimile: (612)632-4400 E-mail: Phillip.Bohl@gpmlaw.com Abigail.Mcgibbon@gpmlaw.com Ulland Brothers, Inc. is represented by: Joseph V. Ferguson, Esq. JOHNSON, KILLEN & SEILER, P.A. 230 West Superior St., Suite 800 Duluth, MN 55802 Telephone: (218)722-6331 About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. The U.S. Trustee for Region 12 appointed three creditors of Magnetation LLC to serve on an official committee of unsecured creditors. MARINA BIOTECH: Announces Third Quarter 2015 Financial Results -------------------------------------------------------------- Marina Biotech, Inc., reported financial results for the three and nine months ended Sept. 30, 2015. "We are focused on closing a partnering transaction by year-end," stated J. Michael French, president & chief executive officer of the company. "The nucleic acid therapeutics sector continues to show significant progress in the development of novel RNA and DNA compounds for the treatment of human diseases, particularly rare diseases. I believe that Marina's drug discovery platform allows us to bring a unique set of capabilities to partners who are seeking proprietary compounds against traditionally undruggable targets. Further, I believe that our pipeline and our ability to bring additional programs forward in an expedited manner will provide Marina with further partnering and licensing opportunities. I continue to be encouraged by the level of interest in our capabilities and programs and I look forward to leveraging the value in our platform and pipeline." At Sept. 30, 2015, the Company had cash of $1.3 million and total assets of $8.1 million, compared to cash of $1.8 million and total assets of $9.2 million at Dec. 31, 2014. On Aug. 5, 2015, the Company entered into a Securities Purchase Agreement pursuant to which the Company sold 220 shares of Series D Convertible Preferred Stock and price adjustable warrants to purchase up to 3.4 million shares of the Company's common stock at an exercise price of $0.40 per share, resulting in gross proceeds of $1.1 million. About Marina Biotech Marina Biotech, Inc., headquartered in Bothell, Washington, is a biotechnology company focused on the discovery, development and commercialization of nucleic acid-based therapies utilizing gene silencing approaches such as RNA interference ("RNAi") and blocking messenger RNA ("mRNA") translation. The Company's goal is to improve human health through the development, either through its own efforts or those of its collaboration partners and licensees, of these nucleic acid-based therapeutics as well as the delivery technologies that together provide superior treatment options for patients. The Company has multiple proprietary technologies integrated into a broad nucleic acid-based drug discovery platform, with the capability to deliver novel nucleic acid-based therapeutics via systemic, local and oral administration to target a wide range of human diseases, based on the unique characteristics of the cells and organs involved in each disease. On June 1, 2012, the Company announced that, due to its financial condition, it had implemented a furlough of approximately 90% of its employees and ceased substantially all day-to-day operations. Since that time substantially all of the furloughed employees have been terminated. As of Sept. 30, 2012, the Company had approximately 11 remaining employees, including all of its executive officers, all of whom are either furloughed or working on reduced salary. As a result, since June 1, 2012, its internal research and development efforts have been minimal, pending receipt of adequate funding. Marina Biotech reported a net loss of $6.47 million on $500,000 of license and other revenue for the year ended Dec. 31, 2014, compared to a net loss of $1.57 million on $2.11 million of license and other revenue in 2013. As of Sept. 30, 2015, the Company had $8.12 million in total assets, $8.52 million in total liabilities and a $400,000 total stockholders' deficit. Wolf & Company, P.C., in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing the Company has suffered recurring losses from operations, has a significant accumulated deficit and has been unable to raise sufficient capital to fund its operations through the end of 2015. This raises substantial doubt about the Company's ability to continue as a going concern, the auditors noted. MARINA BIOTECH: Gets Milestone Payment from SMARTICLES Licensee --------------------------------------------------------------- Marina Biotech, Inc., reported that it received a milestone payment, in the amount of $200,000, from its licensee, MiNA Therapeutics Limited, a privately-held biotechnology company pioneering short activating RNA as therapeutic agents for the treatment of human diseases. "We are extremely pleased with MiNA's progress as the forerunner in the development of saRNA-based therapeutics," stated J. Michael French, president and CEO of Marina Biotech. "Further, I believe the rapid advancement of their technology continues to demonstrate the versatility of SMARTICLES for the safe and effective delivery of nucleic acid compounds. We look forward to the continued progress of the MiNA team and to the treatment options that their novel approach can bring to patients in need." About Marina Biotech Marina Biotech, Inc., headquartered in Bothell, Washington, is a biotechnology company focused on the discovery, development and commercialization of nucleic acid-based therapies utilizing gene silencing approaches such as RNA interference ("RNAi") and blocking messenger RNA ("mRNA") translation. The Company's goal is to improve human health through the development, either through its own efforts or those of its collaboration partners and licensees, of these nucleic acid-based therapeutics as well as the delivery technologies that together provide superior treatment options for patients. The Company has multiple proprietary technologies integrated into a broad nucleic acid-based drug discovery platform, with the capability to deliver novel nucleic acid-based therapeutics via systemic, local and oral administration to target a wide range of human diseases, based on the unique characteristics of the cells and organs involved in each disease. On June 1, 2012, the Company announced that, due to its financial condition, it had implemented a furlough of approximately 90% of its employees and ceased substantially all day-to-day operations. Since that time substantially all of the furloughed employees have been terminated. As of Sept. 30, 2012, the Company had approximately 11 remaining employees, including all of its executive officers, all of whom are either furloughed or working on reduced salary. As a result, since June 1, 2012, its internal research and development efforts have been minimal, pending receipt of adequate funding. Marina Biotech reported a net loss of $6.47 million on $500,000 of license and other revenue for the year ended Dec. 31, 2014, compared to a net loss of $1.57 million on $2.11 million of license and other revenue in 2013. As of Sept. 30, 2015, the Company had $8.12 million in total assets, $8.52 million in total liabilities and a $400,000 total stockholders' deficit. Wolf & Company, P.C., in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing the Company has suffered recurring losses from operations, has a significant accumulated deficit and has been unable to raise sufficient capital to fund its operations through the end of 2015. This raises substantial doubt about the Company's ability to continue as a going concern, the auditors noted. MEDICAL CAPITAL: Ex-CEO Reaches Deal With SEC Over Ponzi Scheme --------------------------------------------------------------- Carmen Germaine at Bankruptcy Law360 reported that a California federal judge has paused a suit brought by the U.S. Securities and Exchange Commission against former Medical Capital Holdings Inc. CEO Sidney M. Field over his role in an alleged $1.7 billion Ponzi scheme, after Field and the SEC said they had reached a settlement. U.S. District Judge David O. Carter agreed on Nov. 20, 2015, to halt the case for 60 days after the SEC and Field said they had reached a proposed settlement on Nov. 18, giving them time to finalize a deal. MERCER INT'L: S&P Affirms 'B+' CCR, Outlook Revised to Positive --------------------------------------------------------------- Standard & Poor's Ratings Services said it revised its outlook on Vancouver-based, northern bleached softwood kraft (NBSK) pulp producer Mercer International Inc. to positive from stable. At the same time, Standard & Poor's affirmed its ratings on Mercer, including its 'B+' long-term corporate credit rating on the company. "The outlook revision reflects our view that Mercer's liquidity has improved contributing to an increased likelihood that we will upgrade the company over the next 12 months," said Standard & Poor's credit analyst Alessio Di Francesco. In S&P's view, there is an increased likelihood that Mercer will meet the conditions that require a "strong" liquidity assessment within the next 12 months. As such, S&P would expect to upgrade the company, assuming no change in its business and financial risk profiles. S&P's "aggressive" financial risk assessment on the company reflects its base-case expectation that adjusted debt-to-EBITDA will be in the 3.0x-3.5x range through 2017. It also incorporates S&P's view that Mercer's volatile earnings could result in credit measures that are one or two categories weaker during periods of stress. S&P's "weak" business risk assessment on the company reflects Mercer's participation in the fragmented, commoditized, and highly competitive pulp industry, which limits its pricing power. The business risk profile also reflects the company's limited product and asset diversity as a pure-play NBSK pulp producer, operating only three mills. S&P believes this leaves the company exposed to volatile pulp prices and potential mill disruptions that may negatively affect free cash flow. The positive outlook reflects S&P's view that Mercer's liquidity has improved, contributing to an increased likelihood that S&P will upgrade the company in the next 12 months. It also incorporates S&P's expectation that the company will maintain adjusted debt-to-EBITDA in the low 3x area over the next couple of years, underpinned by relatively balanced supply-demand conditions in the NBSK market. S&P could upgrade Mercer over the next 12 months if S&P revises its liquidity assessment on the company to "strong," with no change in S&P's "aggressive" financial risk assessment. In this scenario, S&P would expect Mercer to maintain adjusted debt-to-EBITDA in the 3x-4x range, with relatively stable liquidity sufficient to withstand substantial adverse market circumstances. S&P could revise the outlook back to stable over the next 12 months if it continues to view its liquidity "adequate." This could occur if the company engages in shareholder-friendly initiatives or its cash flow materially weakens, leading to deterioration in S&P's assessment of its liquidity position. MIDSTATES PETROLEUM: Bruce Stover Is New Chairman of the Board -------------------------------------------------------------- Thomas C. Knudson, chairman of the Board of Directors of Midstates Petroleum Company, Inc., expressed to the Board his intention not to stand for re-election at the Company's 2016 Annual Meeting of Stockholders, and to retire from his position as a director of the Company on May 1, 2016. The Company said Mr. Knudson's decision was not the result of any disagreement with it relating to its operations, policies or practices. Concurrently with his determination to not stand for re-election, Mr. Knudson resigned from his position as chairman of the Board effective immediately; however, Mr. Knudson will continue his role as chairman of the Company's Nominating and Governance Committee. Following Mr. Knudson's resignation, the Board unanimously approved and appointed Mr. Bruce Stover as the Company's new Chairman of the Board. About Midstates Petroleum Company Midstates Petroleum Company, Inc. -- http://www.midstatespetroleum.com/-- is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. Midstates' drilling and completion efforts are currently focused in the Mississippian Lime oil play in Oklahoma and Anadarko Basin in Texas and Oklahoma. The Company's operations also include the upper Gulf Coast tertiary trend in central Louisiana. Midstates reported net income of $117 million on $794 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss of $344 million on $470 million of total revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $2.47 billion in total assets, $2 billion in total liabilities and $466 million in total stockholders' equity. The Company's independent auditor, Deloittee & Touche LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that Midstates' projected debt covenant violation and resulting lack of liquidity raise substantial doubt about its ability to continue as a going concern. * * * Midstates Petroleum carries a 'B' corporate credit rating from Standard & Poor's Ratings Services. As reported by the TCR on April 8, 2013, Moody's Investors Service affirmed Midstates Petroleum's 'B3' Corporate Family Rating. MIDSTATES PETROLEUM: R/C IV Eagle Holds 27.5% Stake as of Nov. 17 ----------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, R/C IV Eagle Holdings, L.P., Riverstone/Carlyle Energy Partners IV, L.P., and R/C Energy GP IV, LLC disclosed that as of Nov. 17, 2015, they beneficially own 2,983,508 shares of common stock of Midstates Petroleum Company, Inc., representing 27.5 percent of the shares outstanding. A copy of the regulatory filing is available at http://is.gd/SkU0au About Midstates Petroleum Company Midstates Petroleum Company, Inc. -- http://www.midstatespetroleum.com/-- is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. Midstates' drilling and completion efforts are currently focused in the Mississippian Lime oil play in Oklahoma and Anadarko Basin in Texas and Oklahoma. The Company's operations also include the upper Gulf Coast tertiary trend in central Louisiana. Midstates reported net income of $117 million on $794 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss of $344 million on $470 million of total revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $2.47 billion in total assets, $2 billion in total liabilities and $466 million in total stockholders' equity. The Company's independent auditor, Deloittee & Touche LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that Midstates' projected debt covenant violation and resulting lack of liquidity raise substantial doubt about its ability to continue as a going concern. * * * Midstates Petroleum carries a 'B' corporate credit rating from Standard & Poor's Ratings Services. As reported by the TCR on April 8, 2013, Moody's Investors Service affirmed Midstates Petroleum's 'B3' Corporate Family Rating. MINT LEASING: Delays Form 10-Q Due to Default Issues ---------------------------------------------------- The Mint Leasing, Inc., was notified on Oct. 19, 2015, by Raven Asset-Based Opportunity Fund I LP, its senior lender, that it was in default of certain provisions of the Amended and Restated Loan and Security Agreement dated Nov. 19, 2013, whereby Raven loaned the Company $9.3 million. Raven has not yet taken any action to enforce their security interests which they hold, and the Company and Raven have agreed in principle to the terms of a forbearance agreement which the Company anticipates entering into shortly after the date of this filing, pursuant to which Raven will forbear from taking any action to enforce the defaults (subject to the mutually agreeable terms of the forbearance agreement) until Dec. 31, 2015. The Company has been delayed in completing the preparation of its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015, because of issues associated with the defaults and negotiation of the forbearance agreement with Raven. The Company intends to file the subject Quarterly Report on Form 10-Q on or before the fifth calendar day following the prescribed due date. About Mint Leasing Houston, Texas-based The Mint Leasing, Inc., is in the business of leasing automobiles and fleet vehicles throughout the United States. Mint Leasing reported a net loss of $3.08 million in 2014, following net income of $3.22 million in 2013. As of June 30, 2015, the Company had $12.45 million in total assets, $13.33 million in total liabilities and a total stockholders' deficit of $887,855. Bankruptcy Warning "Throughout the remainder of the 2015 fiscal year, we plan to continue investigating opportunities to support our long-term growth initiatives. We are exploring opportunities to increase the Company's capital base through institutional or bank funding, the issuance by the Company of additional common or preferred stock and/or the issuance of convertible debt, which may not be available on favorable terms if at all. The Company has also historically engaged various consultants from time to time in an effort to help facilitate the Company's ability to raise funding. Without access to additional capital in the form of debt or equity, the Company's ability to add new leases to its current portfolio will be limited to the excess cash generated by its current lease portfolio, after paying its debt servicing costs. "While the cash flow from its current lease portfolio is sufficient to service the Company's debts and expenses, additional efforts will be needed to generate a profit. Additionally, the Company's Amended Note with MNH comes due on November 19, 2015, and the Company does not have sufficient funding to repay such debt, nor may funding be available on favorable terms if at all. If the Company is unable to raise sufficient funds to repay the note (and other amounts which may be due to MNH including $1.9 million which may be due in connection with a put associated with the outstanding warrant held by MNH), MNH could seek to enforce their security interests over our assets and we could be forced to curtail our operations or seek bankruptcy protection, which could result in the value of our securities becoming worthless," the Company states in its quarterly report for the period ended June 30, 2015. MINT LEASING: Incurs $1.33 Million Net Loss in Third Quarter ------------------------------------------------------------ The Mint Leasing, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.33 million on $749,000 of total revenues for the three months ended Sept. 30, 2015, compared to a net loss of $2.39 million on $1.41 million of total revenues for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $4.21 million on $3 million of total revenues compared to a net loss of $5.31 million on $5.66 million of total revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $11.1 million in total assets, $13.3 million in total liabilities and a total stockholders' deficit of $2.25 million. Bankruptcy Warning "We were notified on October 19, 2015, by Raven Asset-Based Opportunity Fund I LP, the successor to MNH, that we were in default of certain provisions of the Loan Agreement and Amended Loan. Specifically, Raven alleged that we were in default because of (a) our failure to timely make certain monthly payments under the note owed to Raven, (b) our failure to repay certain required overadvances due under the note, (c) our creation of indebtedness to third parties without the approval of Raven, and (d) other alleged defaults. At the same time, Raven declared a total amount of approximately $7.0 million immediately due and payable under the note (representing principal, interest, default interest and late charges). We have not paid Raven the amounts owed to date and do not have sufficient available cash available to make such payments. Notwithstanding the above, Raven has not yet taken any action to enforce their security interests which they hold over substantially all of our assets (notwithstanding their option to do that at any time), and we and Raven are currently in discussions regarding the entry into a forbearance agreement. In the event we are unable to agree to terms of a forbearance agreement with Raven, we may be forced to seek bankruptcy protection and/or Raven may enforce its securities interest, foreclose on our assets and take control and ownership of substantially all of our assets in order to satisfy amounts owed to Raven, any of which could result in the value of our securities becoming worthless and/or us ceasing operations," the Company states in the report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/zh3NzK About Mint Leasing Houston, Texas-based The Mint Leasing, Inc., is in the business of leasing automobiles and fleet vehicles throughout the United States. Mint Leasing reported a net loss of $3.08 million in 2014, following net income of $3.22 million in 2013. MINWIND ENERGY: Sells 4 Turbines to Dean Tofteland-Led Group ------------------------------------------------------------ David Shaffer at Star Tribune reports that four turbines of the Minwind project near Luverne, Minnesota, have been sold for $622,000 to a group of community investors led by farmer Dean Tofteland in a deal that closed this month. Star Tribune relats that seven turbines are approved for sale to the wind farm's lender, First Farmers & Merchants National Bank of Luverne, for $1.96 million in a non-cash deal expected to close this year. Star Tribune says that the sale ends a costly trip through bankruptcy court. The report states that more than 300 small investors stand to lose all or most of their investment in Minwind. MinWind Energy, LLC, is a rural Rock County, Minnesota wind energy company. Headquartered in Luverne, Minnesota, Minwind I, LLC, (Bankr. D. Minn. Case No. 15-30015) and affiliates Minwind II, LLC (Bankr. D. Minn. Case No. 15-30016), Minwind III, LLC (Bankr. D. Minn. Case No. 15-30017), Minwind IV, LLC (Bankr. D. Minn. Case No. 15-30018), Minwind V, LLC (Bankr. D. Minn. Case No. 15-30019), Minwind VI, LLC (Bankr. D. Minn. Case No. 15-30020), Minwind VII, LLC (Bankr. D. Minn. Case No. 15-30021), Minwind VIII, LLC (Bankr. D. Minn. Case No. 15-30022), and Minwind IX, LLC (Bankr. D. Minn. Case No. 15-30023) filed separate Chapter 11 bankruptcy petitions on Jan. 6, 2015. The petitions were signed by James Ouverson, authorized representative. Judge Kathleen H. Sanberg presides over these cases: Minwind I, Minwind II, Minwind IV, and Minwind IX. Judge Katherine A. Constantine presides over the Minwind III case. David C. McLaughlin, Esq., at Fluegel Anderson McLaughlin & Brutlag serves as the Debtors' bankruptcy counsel. Total Total Assets Liabilities ---------- ----------- Minwind I, LLC $133,694 $1.64MM Minwind II, LLC $134,083 $1.81MM Minwind III, LLC $223,217 $1.83MM Minwind IV, LLC $906,895 $1.95MM Minwind IX, LLC $915,662 $1.98MM MISSION NEW ENERGY: All Resolutions Approved at Annual Meeting -------------------------------------------------------------- At Mission NewEnergy Limited's annual general meeting held Nov. 25, 2015, all thee following resolutions put to the members were passed on a show of hands: Resolution 1: Adoption of remuneration report Resolution 2: Re-election of Director - Mr. James Garton Resolution 3: Re-election of Director - Admiral (Retired) Tan Sri Dato' Sri Mohd Anwar bin Haji Mohd Nor Resolution 4: Approval of 10% Placement Facility CEO's Statement at Annual Meeting Thank you, Mr Chairman. On behalf of my fellow directors of the company, I also bid you a warm welcome to the 2015 Annual General Meeting of Mission NewEnergy Limited. The Annual report which was available to all shareholders a month ago has most of the facts & figures of the year under review. My team and I would be delighted to answer any queries that you may have on the contents of the report at the end of this address. I would like to use this opportunity to update you on the status of the company's operations and some of the initiatives that we will be seeking to implement in the forthcoming months. As you may be aware, your Board and the Company's Executive Management team have been focussed on completing the restructure of the group's operations that was initiated in early 2012. The restructure included the closure of unprofitable operations, divestment of core assets, sale of redundant assets, settlement of ongoing legal matters and settlement of the convertible note. Some of the earlier initiatives were undertaken and completed prior to 2015 and shareholders have been updated on these through market announcements and annual reports of prior years. 2015 however has been a significant year where the restructure was finally completed. Material elements to this restructure achieved in the 2015 fiscal year included; * the settlement of the Indonesian arbitration matter, resulting in over US$3 million being received, of which US$2m was utilized towards convertible note settlement, * the sale of our 250,000 tpa refinery for US$22.5 million. As part of the refinery sale we re-invested a portion of the proceeds to retain a 20% stake in the refinery joint venture with Felda Global Ventures Holdings Berhad , the world's largest palm oil producer, and Benefuels a US based company with a ground breaking disruptive and patented technology process that will allow the refinery to be re-commissioned and operated using substantially lower cost feedstock. The joint venture is in the final stages of a detailed engineering study which will determine the full anticipated cost of the retrofit and expected time frame for the retrofit to be completed and the refinery commissioned, * Full settlement of the convertible notes facility with a final payment of US$12 million, realising a net savings of around AS$7.6 million for the Company, * Amicable out of court settlement of the long-standing disagreement with the EPCC contractor of our 250,000 tpa refinery. These initiatives have now left Mission with no debt, an equity stake in a refinery and some cash to maintain operations and look for new opportunities. Your Board continues to look for new opportunities that are achievable within cash constraints although new fund raising may be required in due course to grow the business. In closing, once again my heartfelt thanks to colleagues on the Board for their invaluable guidance and my sincere appreciation to Mission's dedicated employees who continue to contribute their best during these times. To all our investors, my gratitude for your support over these challenging times. Thank you. About Mission NewEnergy Based in Subiaco, Western Australia, Mission NewEnergy Limited is a producer of biodiesel that integrates sustainable biodiesel feedstock cultivation, biodiesel production and wholesale biodiesel distribution focused on the government mandated markets of the United States and Europe. The Company is not operating its biodiesel refining segment. The refineries are being held in care and maintenance either awaiting a return to positive operating conditions or the sale of assets. The Company has materially diminished its Jatropha contract farming operation and the company is now focused on divesting the remaining Indian assets. The Company intends to cease all Indian operations. Mission NewEnergy reported profit of $28.4 million on $7.27 million of total revenue for the year ended June 30, 2015, compared to a loss of $1.09 million on $9.68 million of total revenue for the year ended June 30, 2014. As of June 30, 2015, the Company had $12.6 million in total assets, $5.85 million in total liabilities and $6.76 million in total equity. "Although we incurred an operating profit for the year ended June 30, 2015 of A$28.3 million (2014: A$1.1 million loss), we have a history of net losses and there is a substantial doubt about our ability to continue as a going concern," the Company states in its annual report for the year ended June 30, 2015. MMRGLOBAL INC: Reports $489,000 Net Loss for Third Quarter ---------------------------------------------------------- MMRGlobal, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $489,000 on $77,700 of total revenues for the three months ended Sept. 30, 2015, compared to net income of $1.92 million on $1.89 million of total revenues for the same period last year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $1.92 million on $139,000 of total revenue compared to a net loss of $1.15 million on $2.43 million of total revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $1.93 million in total assets, $10.1 million in total liabilities, all current, and a total stockholders' deficit of $8.19 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/Cr43hG About MMRGlobal Los Angeles, Calif.-based MMR Global, Inc. (OTC BB: MMRF) -- http://www.mmrglobal.com/-- through its wholly-owned operating subsidiary, MyMedicalRecords, Inc., provides secure and easy-to- use online Personal Health Records (PHRs) and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, and professional organizations and affinity groups. MMRGlobal reported a net loss of $2.18 million on $2.57 million of total revenues for the year ended Dec. 31, 2014, compared with a net loss of $7.63 million on $587,000 of total revenues for the year ended Dec. 31, 2013. Rose, Snyder & Jacobs LLP, in Encino, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred significant operating losses and negative cash flows from operations during the years ended Dec. 31, 2014, and 2013. These conditions raise substantial doubt about the Company's ability to continue as a going concern. MONAKER GROUP: Amends Form 10-Q to Deconsolidate Former Unit ------------------------------------------------------------ Monaker Group, Inc., filed an amendment no.1 to its quarterly report on Form 10-Q for the nine months ended Nov. 30, 2014, to reflect and disclose the deconsolidation of the Company's former subsidiary RealBiz Media Group, Inc. that was excluded from the Original Filing and the resulting restatement of its financial statements included in the Original Filing. May 29, 2015, Monaker Group, Inc.'s management determined that the Company's consolidated financial statements as of and for the three and nine months ended Nov. 30, 2014, should be restated, and should no longer be relied upon. The restatement resulted from a re-examination of the Company's ownership interest in Realbiz Media Group, Inc. Such re-examination resulted in the finding and conclusion that although the composition of the board of directors of each of the Company and Realbiz were substantially the same, the Company no longer had control over the operating and financial policies of Realbiz due to the Company's decreased ownership interest in Realbiz. The Company has been deemed to no longer have controlling interest in its consolidated subsidiary during the quarter ended Nov. 30, 2014, and is required to deconsolidate as of that time requiring an amendment to, and restatement of, the consolidated financial statements. Accordingly, financial results of Realbiz that had been consolidated with the financial results of the Company, should be deconsolidated. After Nov. 30, 2014, the Company is a standalone company focused solely on media and marketing of travel, membership programs and employment but still maintaining a non-controlling investment in Realbiz. Realbiz, the former consolidated subsidiary, is now a standalone company focused exclusively on technology solutions for the real estate industry. When the Company originally made its majority controlled investment in Realbiz in October 2012, it was its intention to reduce its investment to the level that the two companies would deconsolidate. As restated, the Company's balance sheet at Nov. 30, 2014, showed $7.59 million in total assets, $12.48 million in total liabilities and a $4.88 million total stockholders' deficit. The Company reported a restated net income of $3.99 million on $310,341 of total revenues for the three months ended Nov. 30, 2014, as compared to a net loss of $2.49 million on $403,950 of total revenues as reported. A full-text copy of the Form 10-Q/A is available at: http://is.gd/PM3Hdf About Monaker Group Monaker Group, Inc., formerly known as Next 1 Interactive, Inc., is a digital media marketing company focusing on lifestyle enrichment for consumers in the travel, home and employment sectors. Core to its marketing services are key elements including proprietary video-centered technology and established partnerships that enhance its reach. Video is quickly becoming consumer's preferred method of searching and educating themselves prior to purchases. Monaker's video creation technology and film libraries combine to create lifestyle video offerings that can be shared both to its customers and through trusted distribution systems of its major partners. The end result is better engagement with consumers who gain in-depth information on related products and services helping to both inform and fulfill purchases. Unlike traditional marketing companies that simply charge for advertising creation, Monaker holds licenses and/or expertise in the travel, real estate and employment sectors allowing it to capture fees at the point of purchase while the majority of transactions are handled by Monaker's partners. This should allow the company to capture greater revenues while eliminating much of the typical overhead associated with fulfillment. Monaker core holdings include Maupintour, NameYourFee.com, RealBiz Media Group - helping it to deliver marketing solutions to consumers at home, work and play. Next 1 Interactive reported a net loss of $50,500 on $1.1 million of total revenue for the year ended Feb. 28, 2015, compared with a net loss of $18.3 million on $1.5 million of total revenues for the year ended Feb. 28, 2014. D'Arelli Pruzansky, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Feb. 28, 2015, citing that the Company has incurred an operating loss of $5.44 million and net cash used in operations of $2.62 million for the year ended Feb. 28, 2015, and the Company had an accumulated deficit of $86.1 million and a working capital deficit of $12.8 million at Feb. 28, 2015. These conditions raise substantial doubt about the Company's ability to continue as a going concern. MONAKER GROUP: Swaps $1.3 Million Notes for Common Shares --------------------------------------------------------- Monaker Group, Inc., entered into two exchange agreements in which it exchanged an aggregate of $1,330,115 of the Company's convertible promissory notes and accrued interest for an aggregate of 532,046 shares of the Company's common stock (calculated at $2.50 per share of Common Stock for the Notes). The exchanged Notes consisted of the following: (i) $764,384 of Notes were exchanged by Monaco Investment Partners II, LP for 305,754 shares of Common Stock; and (ii) $565,731 of Notes were exchanged by the Donald P. Monaco Insurance Trust for 226,292 shares of Common Stock. Donald P. Monaco, a member of the Company's Board of Directors, is the managing general partner of Monaco Investments and the trustee of the Trust. About Monaker Group Monaker Group, Inc., formerly known as Next 1 Interactive, Inc., is a digital media marketing company focusing on lifestyle enrichment for consumers in the travel, home and employment sectors. Core to its marketing services are key elements including proprietary video-centered technology and established partnerships that enhance its reach. Video is quickly becoming consumer's preferred method of searching and educating themselves prior to purchases. Monaker's video creation technology and film libraries combine to create lifestyle video offerings that can be shared both to its customers and through trusted distribution systems of its major partners. The end result is better engagement with consumers who gain in-depth information on related products and services helping to both inform and fulfill purchases. Unlike traditional marketing companies that simply charge for advertising creation, Monaker holds licenses and/or expertise in the travel, real estate and employment sectors allowing it to capture fees at the point of purchase while the majority of transactions are handled by Monaker's partners. This should allow the company to capture greater revenues while eliminating much of the typical overhead associated with fulfillment. Monaker core holdings include Maupintour, NameYourFee.com, RealBiz Media Group - helping it to deliver marketing solutions to consumers at home, work and play. Next 1 Interactive reported a net loss of $50,500 on $1.1 million of total revenue for the year ended Feb. 28, 2015, compared with a net loss of $18.3 million on $1.5 million of total revenues for the year ended Feb. 28, 2014. As of Aug. 31, 2015, the Company had $6.90 million in total assets, $9.88 million in total liabilities and a $2.98 million total stockholders' deficit. D'Arelli Pruzansky, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Feb. 28, 2015, citing that the Company has incurred an operating loss of $5.44 million and net cash used in operations of $2.62 million for the year ended Feb. 28, 2015, and the Company had an accumulated deficit of $86.1 million and a working capital deficit of $12.8 million at Feb. 28, 2015. These conditions raise substantial doubt about the Company's ability to continue as a going concern. MOTORS LIQUIDATION: Administrator Files 2016 Admin. Costs Budget ---------------------------------------------------------------- Pursuant to the Second Amended and Restated Motors Liquidation Company GUC Trust Agreement dated as of July 30, 2015, and between the parties thereto, and that certain Order Authorizing the GUC Trust Administrator to Liquidate New GM Securities for the Purpose of Funding Fees, Costs and Expenses of the GUC Trust and the Avoidance Action Trust, dated March 8, 2012, issued by the Bankruptcy Court for the Southern District of New York, Wilmington Trust Company, in its capacity as trust administrator and trustee of the Motors Liquidation Company GUC Trust is required to provide on an annual basis the projected budgets for certain categories of expenses, other than Reporting and Transfer Costs, to FTI Consulting, Inc., in its capacity as the trust monitor of the GUC Trust, to the DIP Lenders, and to certain additional parties specified in the First Liquidation Order. A copy of the MLC GUC Trust 2016 (Calendar Year) Administrative Costs Budget is available at http://is.gd/LFCy2V About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. As of June 30, 2015, Motors Liquidation had $860 million in total assets, $74 million in total liabilities and $786 million in net assets in liquidation. MOTORS LIQUIDATION: One-Year Extension of GUC Trust Sought ---------------------------------------------------------- In accordance with the GUC Trust Agreement and Motors Liquidation Company's Second Amended Joint Chapter 11 Plan dated as of March 18, 2011, Wilmington Trust Company, in its capacity as trust administrator and trustee, filed a motion with the Bankruptcy Court seeking an order (i) authorizing the reallocation and use of distributable cash held by the GUC Trust to fund anticipated administrative and reporting fees, costs and expenses of the GUC Trust, and (ii) extending the duration of the GUC Trust for an additional 12 months or through and including March 31, 2017. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. As of June 30, 2015, Motors Liquidation had $860 million in total assets, $74 million in total liabilities and $786 million in net assets in liquidation. MUSCLEPHARM CORP: To Explore Sale of BioZone Unit's Business ------------------------------------------------------------ MusclePharm Corporation has previously retained an investment banker to explore the sale of all or substantially all of the assets of its BioZone Laboratories Inc. subsidiary. BioZone is a developer, manufacturer, and marketer of over-the-counter drugs and preparations, cosmetics, and nutritional supplements. BioZone also develops novel drug delivery platforms, including its QuSome technology. "We remain committed to acting in the best interests of our shareholders and further maximizing shareholder value," said Ryan Drexler, executive chairman of the Board. "At the end of the day, we are a sales and marketing company, and that is where we want to focus. As a result, we are going to concentrate on our core competencies while leaving other aspects of the business to strategic partners or outside parties who can bring more expertise to those areas than us." As part of this process, MusclePharm has retained investment bank Canaccord Genuity Inc. to advise the Board of Directors and management with respect to a sale. The Company said there can be no assurance that its evaluation process will result in any transaction or that any transaction, if pursued, will be consummated. MusclePharm, through a Nevada subsidiary, BioZone Laboratories, acquired substantially all of the assets of BioZone Pharmaceuticals Inc., a California company, and its subsidiaries, in January 2014. The transaction included all assets associated with BioZone's QuSomes, HyperSorb and EquaSome technologies; BioZone's Baker-Cummins line of products; and, the name "BioZone". BioZone's patented QuSomes technology enhances the absorption of topical and other drugs. About MusclePharm Headquartered in Denver, Colorado, MusclePharm Corporation (OTC BB: MSLP) -- http://www.muslepharm.com/-- is a healthy life- style company that develops and manufactures a full line of National Science Foundation approved nutritional supplements that are 100 percent free of banned substances. MusclePharm is sold in over 120 countries and available in over 5,000 U.S. retail outlets, including GNC and Vitamin Shoppe. MusclePharm products are also sold in over 100 online stores, including bodybuilding.com, Amazon.com and Vitacost.com. MusclePharm Corporation reported a net loss of $13.8 million in 2014, a net loss of $17.7 million in 2013 and a net loss of $19 million in 2012. As of Sept. 30, 2015, the Company had $62.24 million in total assets, $67.79 million in total liabilities and a $5.54 million total stockholders' deficit. N-VIRO INTERNATIONAL: Delays Third Quarter Form 10-Q ---------------------------------------------------- N-Viro International Corporation filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. N-Viro said it was unable to complete the preparation of the financial statement within the required time period without unreasonable effort or expense, due to delays in gathering and the review of financial information needed to complete the preparation and inclusion of the required financial statement. About N-Viro International Toledo, Ohio-based N-Viro International Corporation owns and sometimes licenses various N-Viro processes and patented technologies to treat and recycle wastewater and other bio-organic wastes, utilizing certain alkaline and mineral by-products produced by the cement, lime, electrical generation and other industries. N-Viro International reported a net loss of $1.76 million on $1.33 million of revenues for the year ended Dec. 31, 2014, compared to a net loss of $1.64 million on $3.37 million of revenues for the year ended Dec. 31, 2013. UHY LLP, in Farmington Hills, Michigan, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses, negative cash flow from operations and net working capital deficiency raise substantial doubt about its ability to continue as a going concern. N-VIRO INTERNATIONAL: Incurs $488K Net Loss in Third Quarter ------------------------------------------------------------ N-Viro International Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $488,000 on $280,000 of revenues for the three months ended Sept. 30, 2015, compared to a net loss of $487,000 on $322,000 of revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $1.51 million on $955,000 of revenues compared to a net loss of $1.30 million on $1.01 million of revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $1.21 million in total assets, $2.40 million in total liabilities and a $1.18 million total stockholders' deficit. The Company had a working capital deficit of $1.83 million at Sept. 30, 2015, compared to a working capital deficit of $938,000 at Dec. 31, 2014, resulting in a decrease in working capital of $895,000. Current assets at Sept. 30, 2015, included cash of $25,000, which is a decrease of $122,000 from Dec. 31, 2014, which included cash equivalents. The net negative change of $895,000 in working capital from Dec. 31, 2014, was primarily from a $510,000 increase in the change in short-term liabilities over assets, a decrease of $519,000 in the short-term portion of deferred stock and warrant costs issued for consulting services, offset by a decrease of $90,000 in convertible debentures and a decrease of $44,000 in notes payable to related parties. A full-text copy of the Form 10-Q is available for free at: http://is.gd/Qktsnh About N-Viro International Toledo, Ohio-based N-Viro International Corporation owns and sometimes licenses various N-Viro processes and patented technologies to treat and recycle wastewater and other bio-organic wastes, utilizing certain alkaline and mineral by-products produced by the cement, lime, electrical generation and other industries. N-Viro International reported a net loss of $1.76 million on $1.33 million of revenues for the year ended Dec. 31, 2014, compared to a net loss of $1.64 million on $3.37 million of revenues for the year ended Dec. 31, 2013. UHY LLP, in Farmington Hills, Michigan, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses, negative cash flow from operations and net working capital deficiency raise substantial doubt about its ability to continue as a going concern. NEPHROS INC: Announces Offer to Exercise 2011 Warrants ------------------------------------------------------ Nephros, Inc. announced the commencement of an offer to holders of certain warrants the opportunity to exercise their warrants at a temporarily reduced cash exercise price of $0.20 per share of common stock. The warrants subject to the Offer to Exercise are the outstanding 2011 warrants to purchase an aggregate of 5,008,689 shares of Nephros common stock at an exercise price of $0.40 per share, issued on March 10, 2011, to investors participating in the Company's 2011 rights offering and issued on March 10, 2011, to Lambda Investors LLC in connection with a private placement financing transaction. The Company is modifying the 2011 warrants to reduce the exercise price from $0.40 per share of common stock to $0.20 per share of common stock, for the period that begins on Nov. 20, 2015, the date the offer will commence, and ends at 12:00 midnight (Eastern Time) on the evening of Dec. 18, 2015, or such later date to which the Company extends the offer in its sole discretion. Each 2011 warrant represents the right to purchase 0.04622664225 shares of Nephros common stock, and the temporarily reduced exercise price of $0.20 is a per share exercise price. Therefore, the number of shares that may be purchased upon exercise of any 2011 warrant will be determined by multiplying the number of 2011 warrants that a holder exercises by 0.04622664225 and rounding down, and the exercise price that such holder will need to pay is such number of shares multiplied by $0.20. Nephros will not issue any fractional shares upon exercise of 2011 warrants. Existing 2011 warrants must be tendered, along with the appropriate exercise price, prior to the expiration of the offer in order to participate. Tenders of existing 2011 warrants may be withdrawn at any time on or prior to the expiration of the offer or after Jan. 20, 2016, which is the 40th business day from commencement of the offer, if Nephros has not accepted the tendered 2011 warrants prior to that date. Withdrawn 2011 warrants will be returned to the holder in accordance with the terms of the offer. Upon termination of the offer, the original terms of the warrants will be reinstituted with an exercise price of $0.40 per share. Nephros established the temporarily reduced exercise price of $0.20 per share in order to encourage the exercise of a substantial number of the 2011 warrants. Nephros believes that it and its stockholders will benefit from raising additional capital to further develop its products and to fund its working capital and general corporate needs. In addition, Nephros entered into an agreement with Lambda Investors LLC on Sept. 29, 2015, pursuant to which Nephros agreed to offer to holders of 2011 Warrants the temporary opportunity to exercise their warrants at an exercise price equal to 50% of the current exercise price of such warrants. The offer is being made to fulfill the obligation of Nephros under that agreement. Completion of the offer is subject to certain conditions, including that Nephros has in place an effective registration statement under the Securities Act of 1933, as amended, for the purpose of registering the exercise of certain 2011 warrants at the reduced cash exercise price of $0.20 per share and the shares issuable upon such exercise having been registered or qualified or deemed to be exempt from registration under the securities laws of the state of residence of the holder of the warrant. The 2011 warrants that are held by Lambda Investors LLC may be deemed beneficially owned by Wexford Capital LP, which is the managing member of Lambda Investors LLC. Arthur H. Amron, a director of Nephros, is a partner and general counsel of Wexford Capital. Paul A. Mieyal, a director of Nephros and the former acting president, acting chief executive officer and acting chief financial officer until April 15, 2015, is a vice president of Wexford Capital. Lambda Investors LLC is eligible to participate in the offer on the same terms and conditions as the other holders of the 2011 warrants. The Company believes that Lambda Investors LLC intends to exercise all of its 2011 Warrants at the reduced cash exercise during the offer, but no formal agreement or arrangement exists that would require Lambda Investors LLC to do so. The Offer to Exercise and related documentation and will be distributed to holders of the warrants on or about Nov. 20, 2015, and will contain important information about the terms and conditions of the offer. A copy of the offering documents may be obtained from Morrow & Co., LLC, the Information Agent for the offering. Holders, banks and brokerage firms may call Morrow at 800-662-5200. Morrow may also be contacted by e-mail at nephros.info@morrowco.com. For questions or assistance, please contact Continental Stock Transfer & Trust Company, which is acting as Depositary Agent for the offer. The Depositary Agent may be reached by contacting the Reorganization Department at 917-262-2378. About Nephros River Edge, N.J.-based Nephros, Inc., is a commercial stage medical device company that develops and sells high performance liquid purification filters. Its filters, which it calls ultrafilters, are primarily used in dialysis centers and healthcare facilities for the production of ultrapure water and bicarbonate. Nephros reported a net loss of $7.37 million on $1.74 million of total net revenues for the year ended Dec. 31, 2014, compared to net income of $1.32 million on $1.74 million of total net revenues for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $3.4 million in total assets, $9.3 million in total liabilities and a stockholders' deficit of $5.9 million. Withum Smith+Brown PC, in Morristown, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred negative cash flow from operations and recurring net losses since inception. These conditions, among others, raise substantial doubt about its ability to continue as a going concern. NET ELEMENT: Kenges Rakishev Reports 23.9% Stake as of Oct. 7 ------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Kenges Rakishev disclosed that as of Oct. 7, 2015, he beneficially owns 21,963,549 shares of common stock of Net Element, Inc., representing 23.9 percent of the shares outstanding. A copy of the regulatory filing is available at: http://is.gd/9hrA6R About Net Element Miami, Fla.-based Net Element International, Inc., formerly Net Element, Inc., currently operates several online media Web sites in the film, auto racing and emerging music talent markets. Net Element reported a net loss of $10.18 million on $21.2 million of net revenues for the 12 months ended Dec. 31, 2014, compared to a net loss of $48.3 million on $18.7 million of net revenues for the 12 months ended Dec. 31, 2013. As of June 30, 2015, the Company had $25.8 million in total assets, $14.5 million in total liabilities, and total stockholders' equity of $11.2 million. BDO USA, LLP, in Miami, Florida, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2014. The accounting firm said that the Company has suffered recurring losses from operations and has used substantial amounts of cash to fund its operating activities that raise substantial doubt about its ability to continue as a going concern. NET ELEMENT: Reports Third Quarter 2015 Results ----------------------------------------------- Net Element, Inc., reported financial results for its quarter ended Sept. 30, 2015. "We're pleased to continue to demonstrate solid revenue growth in the United States and selected emerging markets," commented Oleg Firer, CEO. "We remain focused on product innovation and advancing our platform to bring even more value to our growing client base, which will contribute to our continued growth." In an effort to present a more comparative period on period analysis, we have adjusted net loss to remove the effects of non-cash share based compensation, gains & losses from non-cash debt activities (including extinguishment) and derivative activity. The Company reported an adjusted net loss of $2,931,704, or $0.04 per share for the three months ended September 30, 2015 as compared to an adjusted net loss of $2,225,498, or $0.06 per share, for the three months ended Sept. 30, 2014. This resulted in a net loss increase of $706,206. Net revenues consist primarily of payment processing fees. Net revenues were $12,675,123 for the three months ended Sept. 30, 2015, as compared to $6,026,961 for the three months ended Sept. 30, 2014. The increase in net revenues is primarily a result of previous quarter purchases of portfolios and organic net increases in merchants. In addition, we consolidated online payments revenue for PayOnline and began reporting mobile commerce revenues for branded content. Gross margin for the three months ended Sept. 30, 2015, was $1,969,796 as compared to $1,309,106 for the three months ended Sept. 30, 2014. The year over year increase in gross margin of $660,690 is primarily a result of increases in US Transaction Processing of $535,783 and $595,630 resulting from PayOnline operations (Acquired May 20, 2015). This was offset by a decrease in mobile gross margin of $470,723 resulting primarily from penalty recoveries in 2014 that decreased mobile cost of sales. A copy of the press release is available for free at: http://is.gd/aUXwDJ Form 10-Q Net Element, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stock of $5.13 million on $12.7 million of net revenues for the three months ended Sept. 30, 2015, compared to a net loss attributable to common stock of $4.96 million on $6.02 million of net revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common stock of $9.66 million on $25.12 million of net revenues compared to a net loss attributable to common stock of $7.20 million on $15.8 million of net revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $26.2 million in total assets, $17.03 million in total liabilities, and $9.14 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/IG6ztu About Net Element Miami, Fla.-based Net Element International, Inc., formerly Net Element, Inc., currently operates several online media Web sites in the film, auto racing and emerging music talent markets. Net Element reported a net loss of $10.18 million on $21.2 million of net revenues for the 12 months ended Dec. 31, 2014, compared to a net loss of $48.3 million on $18.7 million of net revenues for the 12 months ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $26.17 million in total assets, $17.03 million in total liabilities, and $9.14 million in total stockholders' equity. BDO USA, LLP, in Miami, Florida, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2014. The accounting firm said that the Company has suffered recurring losses from operations and has used substantial amounts of cash to fund its operating activities that raise substantial doubt about its ability to continue as a going concern. NET ELEMENT: Shareholders OK Reverse Common Stock Split ------------------------------------------------------- Net Element, Inc., held its special meeting of shareholders on Nov. 14, 2015, at which the shareholders: (a) approved an amendment to the Company's Amended and Restated Certificate of Incorporation to effectuate a reverse split of the Company's issued and outstanding shares of Common Stock at a ratio of between 1-for-10 and 1-for-30, inclusive, which ratio will be selected at the sole discretion of the Company's Board of Directors; (b) approved the issuance by the Company of restricted shares of Common Stock issuable pursuant to the terms of that certain letter agreement, dated Sept. 11, 2015, to certain accredited investors (including certain of the Company's directors and officers), and restricted shares of Common Stock issuable upon the exercise of certain options to purchase such shares, for purposes of NASDAQ Listing Rule 5635; and (c) authorized the adjournment of the Special Meeting, if necessary to solicit additional proxies, in the event that there are not sufficient votes at the time of the Special Meeting to approve any of the foregoing proposals. About Net Element Miami, Fla.-based Net Element International, Inc., formerly Net Element, Inc., currently operates several online media Web sites in the film, auto racing and emerging music talent markets. Net Element reported a net loss of $10.18 million on $21.2 million of net revenues for the 12 months ended Dec. 31, 2014, compared to a net loss of $48.3 million on $18.7 million of net revenues for the 12 months ended Dec. 31, 2013. As of June 30, 2015, the Company had $25.8 million in total assets, $14.5 million in total liabilities, and total stockholders' equity of $11.2 million. BDO USA, LLP, in Miami, Florida, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2014. The accounting firm said that the Company has suffered recurring losses from operations and has used substantial amounts of cash to fund its operating activities that raise substantial doubt about its ability to continue as a going concern. NET ELEMENT: To Seek Extension of Nasdaq Compliance Period ---------------------------------------------------------- Net Element, Inc., disclosed that it is in the process of obtaining an extension to the previously reported period within which the Company would be required to achieve compliance with the Nasdaq's minimum bid price requirement. Accordingly, the date when the reverse stock split will be effectuated will be determined by the Company's board of directors at a later date. About Net Element Miami, Fla.-based Net Element International, Inc., formerly Net Element, Inc., currently operates several online media Web sites in the film, auto racing and emerging music talent markets. Net Element reported a net loss of $10.18 million on $21.2 million of net revenues for the 12 months ended Dec. 31, 2014, compared to a net loss of $48.3 million on $18.7 million of net revenues for the 12 months ended Dec. 31, 2013. As of June 30, 2015, the Company had $25.8 million in total assets, $14.5 million in total liabilities, and total stockholders' equity of $11.2 million. BDO USA, LLP, in Miami, Florida, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2014. The accounting firm said that the Company has suffered recurring losses from operations and has used substantial amounts of cash to fund its operating activities that raise substantial doubt about its ability to continue as a going concern. NET TALK.COM: Incurs $651,000 Net Loss in Third Quarter ------------------------------------------------------- Net Talk.com, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $651,000 on $986,000 of net revenues for the three months ended Sept. 30, 2015, compared to a net loss of $682,000 on $1.21 million of net revenues for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $2.22 million on $3.25 million of net revenues compared to a net loss of $1.67 million on $3.66 million of net revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $3.29 million in total assets, $14.1 million in total liabilities and a $10.8 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/8xAoKY Net Talk.Com Based in Miami, Fla., Net Talk.com, Inc., is a telephone company, that provides, sells and supplies commercial and residential telecommunication services, including services utilizing voice over internet protocol technology, session initiation protocol technology, wireless fidelity technology, wireless maximum technology, marine satellite services technology and other similar type technologies. Net Talk.Com reported a net loss of $2.84 million on $5.06 million of net revenues for the year ended Dec. 31, 2014, compared to a net loss of $4.78 million on $6.02 million of net revenues for the year ended Dec. 31, 2013. Zachary Salum Auditors P.A., in South Miami, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred significant recurring losses from operations, its total liabilities exceeds its total assets, and is dependent on outside sources of funding for continuation of its operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. NEWLEAD HOLDINGS: Clarifies Press Release on $44.8MM Settlement --------------------------------------------------------------- NewLead Holdings Ltd. disclosed that the previously announced completion of a referenced $44.8 million balance sheet enhancement program with Magna Group Partners Limited and Hanover Holdings I, LLC, was the satisfaction of the Company's obligations under the $44.8 million court ordered settlement agreement with MGP and Hanover, all as more fully described in NewLead's current reports on Form 6-K, as initially filed on Dec. 2, 2013, and through June 30, 2014, with respect to such Order dated Dec. 2, 2013. The Order was in accordance with a stipulation of settlement among NewLead, MGP and Hanover, in the matter entitled Hanover Holdings I, LLC v. NewLead Holdings Ltd., Case No. 160776/2013. Hanover commenced the Action against the Company on Nov. 19, 2013, to recover an aggregate of $44,822,523 of past-due indebtedness of the Company which Hanover had purchased (and validly assigned to MGP) from certain creditors of the Company. The Order provided for the full and final settlement of the Action, which would be deemed satisfied upon the issuance of common shares as settlement shares until MGP received aggregate cash proceeds from the resale of such settlement shares equal to the sum of approximately $61.6 million, representing 137.5% of the total amount of the Action, plus certain additional "true-up" shares pursuant to a formula set forth in the Settlement Agreement. To satisfy its obligations under the Settlement Agreement, NewLead issued an aggregate of 768,753 common shares (adjusted to give effect to the 1-for-10, 1-for-50 and 1-for-50 reverse stock splits, effective March 6, 2014, May 15, 2014 and July 15, 2014, respectively) or approximately 19.2 billion shares not giving effect to the reverse splits. About NewLead Holdings Ltd. Based in Athina, Greece, NewLead Holdings Ltd. -- http://www.newleadholdings.com/-- is an international, vertically integrated shipping company that owns and manages product tankers and dry bulk vessels. NewLead currently controls 22 vessels, including six double-hull product tankers and 16 dry bulk vessels of which two are newbuildings. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. Newlead reported a net loss attributable to the Company's shareholders of $100 million on $12.6 million of revenues for the year ended Dec. 31, 2014, compared to a net loss attributable to the Company's shareholders of $158 million on $7.34 million of revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $190 million in total assets, $300 million in total liabilities, and a $110 million total shareholders' deficit. Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred a net loss, has negative cash flows from operations, negative working capital, an accumulated deficit and has defaulted under its credit facility agreements resulting in all of its debt being reclassified to current liabilities all of which raise substantial doubt about its ability to continue as a going concern. OMNICOMM SYSTEMS: Cornelis Wit Holds 51.5% Stake as of Nov. 19 -------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Cornelis F. Wit disclosed that as of Nov. 19, 2015, he beneficially owns 84,968,050 shares of common stock of Omnicomm Systems, Inc. representing 51.5 percent of the shares outstanding. Such amount of shares includes: (i) 49,828,050 shares of common stock; (ii) 20,990,000 shares issuable upon exercise of currently exercisable common stock purchase warrants; and (iii) 14,150,000 shares issuable upon conversion of Convertible Debentures. A copy of the regulatory filing is available for free at: http://is.gd/Br3qYC About OmniComm Systems Ft. Lauderdale, Fla.-based OmniComm Systems, Inc., is a healthcare technology company that provides Web-based electronic data capture ("EDC") solutions and related value-added services to pharmaceutical and biotech companies, clinical research organizations, and other clinical trial sponsors principally located in the United States and Europe. OmniComm Systems reported a net loss attributable to common stockholders of $4.66 million on $16.5 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss attributable to common stockholders of $3.36 million on $14.3 million of total revenues for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $6.79 million in total assets, $37.90 million in total liabilities and a total shareholders' deficit of $31.11 million. Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has experienced net losses and negative cash flows and has utilized debt and equity financing to satisfy the Company's capital requirements. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors noted. OMNICOMM SYSTEMS: Cornelis Wit Reports 48.7% Stake as of Nov. 23 ---------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Cornelis F. Wit disclosed that as of Nov. 23, 2015, he beneficially owns 75,968,050 shares of common stock of Omnicomm Systems, Inc. representing 48.7 percent of the shares outstanding. A copy of the regulatory filing is available at: http://is.gd/q7D0LO About OmniComm Systems Ft. Lauderdale, Fla.-based OmniComm Systems, Inc., is a healthcare technology company that provides Web-based electronic data capture ("EDC") solutions and related value-added services to pharmaceutical and biotech companies, clinical research organizations, and other clinical trial sponsors principally located in the United States and Europe. OmniComm Systems reported a net loss attributable to common stockholders of $4.66 million on $16.5 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss attributable to common stockholders of $3.36 million on $14.3 million of total revenues for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $6.79 million in total assets, $37.90 million in total liabilities and a total shareholders' deficit of $31.11 million. Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has experienced net losses and negative cash flows and has utilized debt and equity financing to satisfy the Company's capital requirements. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors noted. OMNICOMM SYSTEMS: Issues 37 Million Shares to Cornelis Wit ---------------------------------------------------------- OmniComm Systems, Inc., issued 7,660,000 shares of common stock to Cornelis F. Wit, the chief executive officer and director of the Company, upon conversion of an aggregate principal amount of $1,915,000 convertible debentures at a conversion price of $.25 per share. On Nov. 19, 2015, the Company issued 29,363,517 shares of common stock to Mr. Wit in exchange for the (1) satisfaction in full of an aggregate principal amount of $7,339,000 promissory notes and a convertible debenture, and (2) cancellation and termination of warrants exercisable into an aggregate amount of 29,363,517 shares of the Company's common stock at an exercise price of $.25 per share. About OmniComm Systems Ft. Lauderdale, Fla.-based OmniComm Systems, Inc., is a healthcare technology company that provides Web-based electronic data capture ("EDC") solutions and related value-added services to pharmaceutical and biotech companies, clinical research organizations, and other clinical trial sponsors principally located in the United States and Europe. OmniComm Systems reported a net loss attributable to common stockholders of $4.66 million on $16.5 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss attributable to common stockholders of $3.36 million on $14.3 million of total revenues for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $6.79 million in total assets, $37.90 million in total liabilities and a total shareholders' deficit of $31.11 million. Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has experienced net losses and negative cash flows and has utilized debt and equity financing to satisfy the Company's capital requirements. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors noted. OW BUNKER: Ch. 11 Cases Reassigned to Judge Julie A. Manning ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Connecticut reassigned the Chapter 11 cases of O.W. Bunker Holding North America Inc., et al., to Judge Julie A. Manning. OW Bunker AS is a global marine fuel (bunker) company founded in Denmark. The company declared bankruptcy on Nov. 7, 2014, following its admission that it had lost US$275 million through a combination of fraud committed by senior executives at its Singaporean unit. The Danish company placed its U.S. subsidiaries -- O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc. and O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014. The U.S. cases are assigned to Judge Alan H.W. Shiff. The U.S. Debtors have tapped Patrick M. Birney, Esq., and Michael R. Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken, Walker & Rhoads LLP is serving as co-counsel. Alvarez & Marsal is the financial advisor.ne fuel (bunker) company founded in Denmark. The company declared bankruptcy on Nov. 7, 2014, following its admission that it had lost US$275 million through a combination of fraud committed by senior executives at its Singaporean unit. The Danish company placed its U.S. subsidiaries -- O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc. and O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014. The U.S. Debtors have tapped Patrick M. Birney, Esq., and Michael R. Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken, Walker & Rhoads LLP is serving as co-counsel. Alvarez & Marsal is the financial advisor. OW BUNKER: Inks Deal with ING Bank, Withdraws Venue Transfer Bid ---------------------------------------------------------------- O.W. Bunker Holding North America Inc., et al., seek permission from the U.S. Bankruptcy Court for the District of Connecticut to withdraw their motion for transfer of venue of cases to the U.S. Bankruptcy Court for the Southern District of New York. On Dec. 24, 2014, the Debtors and the Official Committee of Unsecured Creditors filed the venue transfer motion. On Jan. 2, 2015, NuStar Energy Services, Inc. and NuStar Supply and Trading LLC objected to the joint motion. According to the Debtors, the Committee, they had reached a settlement with ING Bank pursuant to which the Debtors will file a bankruptcy plan. The proposed plan would essentially supersede the Venue Transfer Motion. The Committee and ING Bank have expressed approval for withdrawing the venue transfer motion. NuStar has not responded with its position on withdrawing the venue transfer motion. About O.W. Bunker OW Bunker AS is a global marine fuel (bunker) company founded in Denmark. The company declared bankruptcy on Nov. 7, 2014, following its admission that it had lost US$275 million through a combination of fraud committed by senior executives at its Singaporean unit. The Danish company placed its U.S. subsidiaries -- O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc. and O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014. The U.S. cases are assigned to Judge Alan H.W. Shiff. The U.S. Debtors have tapped Patrick M. Birney, Esq., and Michael R. Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken, Walker & Rhoads LLP is serving as co-counsel. Alvarez & Marsal is the financial advisor.ne fuel (bunker) company founded in Denmark. The company declared bankruptcy on Nov. 7, 2014, following its admission that it had lost US$275 million through a combination of fraud committed by senior executives at its Singaporean unit. The Danish company placed its U.S. subsidiaries -- O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc. and O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014. The U.S. cases are assigned to Judge Alan H.W. Shiff. The U.S. Debtors have tapped Patrick M. Birney, Esq., and Michael R. Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken, Walker & Rhoads LLP is serving as co-counsel. Alvarez & Marsal is the financial advisor. OXYSURE SYSTEMS: Incurs $1.38 Million Net Loss in Third Quarter --------------------------------------------------------------- Oxysure Systems, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.38 million on $1.13 million of net revenues for the three months ended Sept. 30, 2015, compared to a net loss of $462,000 on $818,000 of net revenues for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $3.97 million on $2.80 million of net revenues compared to a net loss of $1.15 million on $1.85 million of net revenues for the same period last year. As of Sept. 30, 2015, the Company had $4.42 million in total assets, $2.24 million in total liabilities and $2.18 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/Zs4yzx About OxySure Systems Frisco, Tex.-based OxySure Systems, Inc. (OTC QB: OXYS) is a medical technology company that focuses on the design, manufacture and distribution of specialty respiratory and emergency medical solutions. The company pioneered a safe and easy to use solution to produce medically pure (USP) oxygen from inert powders. The Company owns nine issued patents and patents pending on this technology which makes the provision of emergency oxygen safer, more accessible and easier to use than traditional oxygen provision systems. Oxysure Systems reported a net loss of $2.75 million in 2014 following a net loss of $712,000 in 2013. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company had accumulated losses of $18.0 million as of Dec. 31, 2014 which raises substantial doubt about its ability to continue as a going concern. PACIFIC RECYCLING: David Denecke Approved as Special Counsel ------------------------------------------------------------ The Hon. Frank R. Alley of the U.S. Bankruptcy Court for the District of Oregon authorized Pacific Recycling, Inc., to employ David Denecke as special counsel nunc pro tunc Aug. 27, 2015. Mr. Denecke is expected to assist the Debtor in all matters arising in or related to the proceeding as of the Petition Date. The Debtor is authorized to pay a reasonable fee for his services upon application and order of the Court. About Pacific Recycling Pacific Recycling, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Ore. Case No. 15-62925) on Aug. 27, 2015. The petition was signed by Rodney Schultz as president. The Debtor disclosed total assets of $5,996,665 and total liabilities of $21,718,414. Hon. Frank R. Alley III is assigned to the case. Cable Huston LLP represents the Debtor as counsel. The U.S. Trustee for Region 18 appointed four creditors of Pacific Recycling Inc. to serve on the official committee of unsecured creditors. PACIFIC RECYCLING: Resolve Objections to Stan Levers Hiring ----------------------------------------------------------- Pacific Recycling, Inc., in support of its application to employ Stan Levers as Chapter 11 consultant, tells the U.S. Bankruptcy Court for the District of Oregon that it has made certain changes to the employment agreement with Mr. Levers to address concerns raised in objections filed with the Court and comments received from the U.S. Trustee. The changes include: 1. Mr. Levers will not be employed by PAC Recycling, LLC, or receive compensation from PAC Recycling, LLC; 2. The total compensation to Mr. Levers does not exceed $300 per hour; and 3. Language has been added to clarify that any compensation or reimbursement of expenses is subject to the approval of the Bankruptcy Code. GE Government Finance, Inc., in a limited objection to the Debtor's application to employ Stan Levers, noted that among other things, a portion of the proposed compensation structure for Stan Levers involved payment of a percentage fee from asset sales. Banner Bank, on a precautionary basis, joined in the GE's limited opposition. According to the Debtor's employment application, GE Governent Finance, one of the major creditors, asked the Debtor to employ a consultant to assist in evaluation of the feasibility of a Plan of Reorganization and explore opportunities for a sale under Section 363 of the Bankruptcy Code. The Debtor met with Clyde Hamstreet and spoke with other consultants and concluded that Mr. Levers was the best fit for the Debtor. Mr. Levers will: a. act as the Debtor's representative in communications with the Court and key creditors; b. oversee matters pertaining to the Chapter 11 bankruptcy; and c. conduct a detailed financial review of the Debtor's current obligations and determine feasibility of reorganization, including preparation of detailed, substantiated financial projections. The Debtor has agreed to compensate Levers on an hourly basis. Mr. Levers has agreed to a reduced hourly rate for the engagement. Mr. Levers customarily charges $250 per hour, but has agreed that his biling rate will be $150 per hour. In addition to the hourly compensation, Mr. Levers will receive a commission or fee of 1.5% on any asset sales that occur during his employment. To the best of the Debtor's knowledge, Mr. Levers has no interest materially adverse to the interest of the estate or of any class of creditors or equity security holders. About Pacific Recycling Pacific Recycling, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Ore. Case No. 15-62925) on Aug. 27, 2015. The petition was signed by Rodney Schultz as president. The Debtor disclosed total assets of $5,996,665 and total liabilities of $21,718,414. Hon. Frank R. Alley III is assigned to the case. Cable Huston LLP represents the Debtor as counsel. The U.S. Trustee for Region 18 appointed four creditors of Pacific Recycling Inc. to serve on the official committee of unsecured creditors. PERPETUAL ENERGY: Moody's Affirms Caa1 Corporate Family Rating -------------------------------------------------------------- Moody's Investor's Services affirmed Perpetual Energy Inc.'s Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating and changed the outlook to negative from stable. Moody's also downgraded Perpetual's senior unsecured notes to Caa2 from Caa1. The Speculative Grade Liquidity Rating of SGL-4 remains unchanged. On November 20, 2015, Perpetual announced a recapitalization plan. In the plan, Perpetual will receive C$25 million in an equity rights offering, convert its C$34.9 million debenture into equity, put in place a C$20 million revolver, raise C$21.3 million by securing Tourmaline shares and decrease the margin loan to C$42 million. The senior unsecured notes were downgraded because the $34 million of debentures are being settled with shares, which eliminates the cushion the lower ranking debentures provided to the senior unsecured notes. "The negative outlook reflects the depletion of Perpetual's alternate sources of liquidity over the next year as it funds negative free cash flow and repays debt maturities," said Paresh Chari, Moody's Analyst. "The weak commodity price environment and weak liquidity makes Perpetual reliant on refinancing a significant maturity in early 2018, which will be difficult." Downgrades: Issuer: Perpetual Energy Inc. -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2(LGD4) from Caa1(LGD4) Outlook Actions: Issuer: Perpetual Energy Inc. -- Outlook, Changed To Negative From Stable Affirmations: Issuer: Perpetual Energy Inc. -- Corporate Family Rating, Affirmed Caa1 -- Probability of Default Rating, Affirmed Caa1-PD RATING RATIONALE Perpetual's Caa1 Corporate Family Rating (CFR) is driven by continuing negative free cash flow and about C$83 million upcoming maturities in 2016 that will deplete its alternate sources of liquidity, namely its Tourmaline shares. The rating also recognizes the low cash margins driven by a high percentage of gas and consequent very weak leveraged full-cycle ratio, and weak retained cash flow to debt and interest coverage. The rating favorably identifies Perpetual's sizeable production and reserves base. Under Moody's Loss Given Default Methodology the C$150 million and C$125 million senior unsecured notes are rated Caa2, one notch below the CFR, due to the amount priority ranking debt of the C$20 million secured revolver, C$42 million secured margin loan and C$21 million Tourmaline secured share financing. The SGL-4 Speculative Grade Liquidity Rating reflects weak liquidity through 2016. Pro forma for the recapitalization, Perpetual will have about C$40 million of cash as we expect the company to fully draw down on its C$20 million revolver. We expect Perpetual will use cash and sell Tourmaline shares (C$175 million at November 10, 2015) to fund expected negative free cash flow of C$30 million through 2016, and repay the C$20 million revolver, C$42 million and C$21 million Tourmaline secured share financing that are due in Q4 2016. After funding the maturities and negative free cash flow in 2016 we expect Perpetual will have about C$75 million of Tourmaline shares left. Perpetual's senior unsecured notes are due in 2018 and 2019. The negative rating outlook reflects our view that Perpetual's alternate sources of liquidity will deplete materially over the next year and that its production and reserves base will also decline. The rating could be downgraded if liquidity deteriorates, principally via a fall in the Tourmaline share price or if there is an increased likelihood that Perpetual won't be able to repay and/or refinance its upcoming maturities in 2018 and 2019. The rating could be upgraded if liquidity improves and we develop confidence that the major debt maturities in 2018 and 2019 can be repaid and/or refinanced, which would most likely be based on retained cash flow to debt that can be maintained above 10% with the company growing production and reserves. Perpetual is a public Calgary, Alberta-based independent exploration and production company with average daily production (net of royalties) of about 18,000 barrels of oil equivalent per day. PLANDAI BIOTECHNOLOGY: Needs More Time to File Q3 Form 10-Q ----------------------------------------------------------- Plandai Biotechnology, Inc., filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the period ended Sept. 30, 2015. The Company said it has experienced a delay in completing the necessary disclosures and finalizing its financial statements with its independent public accountant. As a result of this delay, the Company was unable to file its Quarterly Report by the prescribed filing date of Nov. 16, 2015, without unreasonable effort or expense. About Plandai Based in Goodyear, Arizona, Plandai Biotechnology, Inc., through its recent acquisition of Global Energy Solutions, Ltd., and its subsidiaries, focuses on the farming of whole fruits, vegetables and live plant material and the production of proprietary functional foods and botanical extracts for the health and wellness industry. Its principle holdings consist of land, farms and infrastructure in South Africa. Plandai Biotechnology reported a net loss of $15.5 million on $266,000 of revenues for the year ended June 30, 2014, compared to a net loss of $2.96 million on $359,000 of revenues for the year ended June 30, 2013. As of March 31, 2015, the Company had $9.86 million in total assets, $15.7 million in total liabilities, $4.28 million stockholders' deficit and $1.52 million in non-controlling interest. Terry L. Johnson, CPA, in Casselberry, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2014. "The Company has incurred a deficit of approximately $26 million and has used approximately $44 million of cash due to its operating activities in the two years ended June 30, 2014. The Company may not have adequate readily available resources to fund operations through June 30, 2015. This raises substantial doubt about the Company's ability to continue as a going concern," the auditor noted. POPULAR NORTH AMERICA: Fitch Affirms 'BB-' LT Issuer Default Rating ------------------------------------------------------------------- Fitch Ratings has affirmed the Long-term Issuer Default Ratings (IDRs) at 'BB-' and Short-term IDRs at 'B' for Popular Inc. (BPOP) and its subsidiaries following Fitch's peer review of Puerto Rican banks. The Rating Outlook is Stable. KEY RATING DRIVERS IDRs, VRs, AND SENIOR DEBT Fitch-rated Puerto Rican bank VRs and IDRs incorporate limiting rating factors, and current rating levels are indicative of the significant challenges facing Puerto Rican banks. The Puerto Rican bank VRs and IDRs are significantly more sensitive to economic conditions within their main operating market, the Commonwealth of Puerto Rico (PR), and current rating levels incorporate the weak state of the local economy. Although Fitch recognizes that BPOP has been operating under these conditions for a number of years, while continuing to improve performance and strengthen its balance sheet, the prolonged recessionary environment and fiscal challenges of the Commonwealth together could intensify pressure on retail and commercial customers. In addition, while direct exposure to the Commonwealth and its instrumentalities appears manageable in Fitch's estimation, Fitch remains concerned with the Commonwealth's fiscal situation and potential spill-over effects to the local economy over the medium-to-longer term, especially in light of the Governor of the Commonwealth of Puerto Rico's statements in June regarding the possibility of restructuring numerous debt instruments, including government general obligation (GO) bonds. Presently, BPOP's VR is higher than Puerto Rico's 'CC' general obligation rating. This reflects Fitch's view that the Commonwealth of Puerto Rico operates broadly within the legal system of the United States and transfer and convertibility risk is not foreseeable, as Puerto Rican banks are regulated by the U.S. Federal Reserve and Federal Deposit Insurance Corporation. The affirmation of BPOP's ratings and the Stable Outlook reflects Fitch's view that the bank's current operating performance is sustainable and will likely continue during this difficult operating environment. Fitch recognizes improvements to BPOPs core fundamentals such as stabilization of credit, earnings, capital, and deposit funding. In addition, Fitch recognizes BPOP's solid Dodd Frank Act Stress Testing (DFAST) results, which incorporated severe economic conditions, as well approval to reinstate quarterly dividends in Q3 2015. However, current and expected challenges in Puerto Rico's operating environment limit positive rating momentum at this time. On a comparative basis, asset quality remains in line with the current rating as the adjusted NPA ratio (which includes 90+ days, accruing restructured loans and excludes FHA covered loans) still remains elevated at 8.88%, and NCOs at 0.81% at 3Q'15 are still much higher than U.S. Mid-Tier peers. Fitch notes that BPOP has taken significant steps to reduce its problem assets including the successful execution of loan sales, which has helped reduce NPAs by approximately $1.7 billion since the peak in 2010. Additionally, BPOP's loan portfolio includes $665 million of covered loans, where risk of loss is largely born by the FDIC. BPOP has direct exposure of about $635 million to the local government through investment securities, credit facilities to some of the public corporations, and loans to entities related to the government as well as municipalities. Recent market events in Puerto Rico may put pressure on credit performance, but Fitch does not believe that negative pressure on the ratings would likely develop solely related to its direct exposure to the Commonwealth as these appear to be well structured and mostly secured by collateral and/or with specific sources of payment. Further, Fitch has stressed BPOP's Puerto Rico exposure (a 40% writedown for securities and 20% writedown to other direct and indirect exposures) and has concluded the company's ratings could be sensitive to losses approaching this level. Despite the weak local economy, BPOP has been able to deliver improving results. Core earnings continue on a positive trend with an expectation that ROA, NIM and PPNR-to-average assets will remain in line with current levels, which supports the rating. In particular, Fitch views positively the company's buoyant PPNR-to-average assets ratio has been averaging 1.66% over the past four quarters, which helps to cushion provisioning and its impact to total income. This measure compares favorably to U.S. Mid-Tier peers. Although slow-to-negative economic growth in Puerto Rico may be the norm for some time to come, the company's growth strategy in the U.S., its expectation for rising interest rates in 2016 as well as an improving deposit cost profile could provide a partial offset. Similar to most peers, BPOP has improved its capital position following the peak of the financial crisis. At 3Q'15, BPOP's TCE stood at 12.65% and Common Equity Tier 1 stood at 16.21%. The company also remains in compliance, by a sizeable margin, with its regulatory order minimum capital ratios. Fitch believes that as the company's core earnings improve, its capital position will continue to be maintained at current levels and support the current risk on the balance sheet. BPOP's funding profile has historically been weaker when compared to U.S. bank peers given stronger reliance on non-core funding sources. BPOP faces competition for deposits from locally based commercial banks, several U.S. and foreign banks as well as over one-hundred cooperative banks and the Government Development Bank for municipal deposits. However, BPOP has been reducing its reliance on non-core funding sources, particularly higher cost brokered deposits, over the past several quarters, which has both improved the overall stability of its deposit base as well contributed to earnings growth. Nonetheless, BPOP is not immune to the challenging environment should the recession in Puerto Rico become more pronounced. Also, the company has expanded its consumer assets. Although the Puerto Rico consumer has been resilient considering the current economic environment, further deterioration in economic conditions on the back of a potential fiscal dislocation may put pressure on asset quality and earnings. SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating of '5' and Support Ratings Floor of 'NF' reflect Fitch's view that BPOP is not considered systemically important and therefore, the probability of support is unlikely. The IDRs and VRs do not incorporate any support. LONG- AND SHORT-TERM DEPOSIT RATINGS BPOP's uninsured deposit ratings at its subsidiary banks are rated one notch higher than BPOP's IDR and senior unsecured debt rating because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Hybrid capital instruments issued by BPOP are notched down from the company's VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which may vary considerably. BPOP's preferred stock and trust preferred stock rating at 'B-' is three notches below its Viability Rating (VR) of 'BB-', in accordance with Fitch's assessment of the instruments' non-performance and loss severity risk profiles for issuers that have VRs rated below 'BB+'. HOLDING COMPANY BPOP has a bank holding company (BHC) structure with the bank as the main subsidiary. All subsidiaries are considered core to the parent holding company supporting equalized ratings between bank subsidiaries and the BHC. IDRs and VRs are equalized with those of the operating companies and banks, reflecting its role as the bank holding company, which is mandated in the U.S. to act as a source of strength for its bank subsidiaries. Double leverage is below 120% for the BPOP parent company. SUBSIDIARY AND AFFILIATED COMPANIES All of the BPOP entities factor in a high probability of support from the parent. This reflects the fact that performing parent banks have very rarely allowed subsidiaries to default. It also considers the high level of integration, brand, management, financial and reputational incentives to avoid subsidiary defaults. RATING SENSITIVITIES IDRs, VRs, AND SENIOR DEBT Given uncertainty regarding the Puerto Rico's fiscal situation and potential impacts from current exposure, upside is limited in the near term. Positive rating momentum would be predicated on sustained improvement in the Puerto Rico operating environment coupled with modestly improved operating performance. BPOP's current ratings incorporate the potential for write-downs on its securities holdings and credit exposures to the Commonwealth and its instrumentalities. Fitch has applied loss factors of 40% to securities exposure and 20% for both other direct and indirect exposures in its sensitivity analysis of capital. We believe that capital as measured by tangible common equity-to-tangible assets remains sufficient to absorb these stress losses. However, should market events in the Commonwealth of Puerto Rico actually result in losses approaching this level, or the company's exposure to the Puerto Rican government materially increases, negative pressure on the ratings could develop. SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating and Support Rating Floor are sensitive to Fitch's assumption around capacity to procure extraordinary support in case of need. LONG- AND SHORT-TERM DEPOSIT RATINGS The ratings of long- and short-term deposits issued by BPOP subsidiaries are primarily sensitive to any change in the company's IDRs. This means that should a Long-term IDR be downgraded, deposit ratings could be similarly affected. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of hybrid securities are sensitive to any change in BPOP's VR or to changes in BPOP's propensity to make coupon payments that are permitted but not compulsory under the instruments' documentation. HOLDING COMPANY If BPOP became undercapitalized or increased double leverage significantly, there is the potential that Fitch could notch the holding company IDR and VR from the ratings of the operating companies. SUBSIDIARY AND AFFILIATED COMPANIES As the IDRs and VRs of the subsidiaries are equalized with those of BPOP to reflect support from their ultimate parent, they are sensitive to changes in the parent's propensity to provide support, which Fitch currently does not expect, or from changes in BPOP's IDRs. Fitch has affirmed the following ratings: Popular, Inc. -- Long-term IDR at 'BB-'; -- Senior unsecured at 'BB-'; -- Short-term IDR at 'B'; -- Short-term Debt at 'B'. -- Viability at 'bb-'; -- Preferred stock at 'B-'; -- Support at '5' -- Support floor at 'NF'. Popular North America, Inc. -- Long-term IDR at 'BB-'; -- Senior unsecured at 'BB-'; -- Short-term IDR at 'B'; -- Short-term Debt at B -- Viability rating at 'bb-'; -- Support at '5' -- Support floor at 'NF'. Banco Popular North America -- Long-term IDR at 'BB-'; -- Long-term deposits at 'BB'; -- Short-term IDR at 'B'; -- Short-term deposits at 'B'. -- Viability rating at 'bb-' -- Support at '5' -- Support floor at 'NF'. Banco Popular de Puerto Rico -- Long-term IDR at 'BB-'; -- Long-term deposits at 'BB'; -- Short-term IDR at 'B'; -- Short-term deposits at 'B'; -- Viability rating at 'bb-'; -- Support at '5' -- Support floor at 'NF'. BanPonce Trust I -- Trust preferred at 'B-'. Popular Capital Trust I -- Trust preferred at 'B-'. Popular Capital Trust II -- Trust preferred at 'B-'. Popular North America Capital Trust I --Trust preferred at 'B-'. Popular Capital Trust III -- Trust preferred at 'B-' The Rating Outlook is Stable. POSITRON CORP: Delays Third Quarter Form 10-Q Filing ---------------------------------------------------- Positron Corporation filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. According to the Company, its financial statements could not be completed within the time provided without undue burden and expense. The Company expects to file within the period provided by the extension. About Positron Corporation Headquartered in Fishers, Indiana, Positron Corporation is a molecular imaging company focused on nuclear cardiology. Positron reported a net loss of $2.58 million on $1.46 million of sales for the year ended Dec. 31, 2014, compared to a net loss of $7.1 million on $1.63 million of sales for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $1.64 million in total assets, $2.97 million in total liabilities and a stockholders' deficit of $1.32 million. Sassetti LLC, in Oak Park, Illinois, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has a significant accumulated deficit which raises substantial doubt about the Company's ability to continue as a going concern. POSITRON CORP: Incurs $255,000 Net Loss in Third Quarter -------------------------------------------------------- Positron Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss and comprehensive loss of $255,000 on $304,000 of sales for the three months ended Sept. 30, 2015, compared to a net loss and comprehensive loss of $1.43 million on $396,000 of sales for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss and comprehensive loss of $1.18 million on $978,000 of sales compared to a net loss and comprehensive loss of $2.49 million on $1.20 million of sales for the same period during the prior year. As of Sept. 30, 2015, the Company had $1.52 million in total assets, $3.10 million in total liabilities and a total stockholders' deficit of $1.58 million. Cash and cash equivalents at Sept. 30, 2015 were $28,000 compared to $208,000 at Dec. 31, 2014. Accounts receivable were $147,000 at Sept. 30, 2015, compared to $175,000 at Dec. 31, 2014. A full-text copy of the Form 10-Q is available for free at: http://is.gd/nTnijt About Positron Corporation Headquartered in Fishers, Indiana, Positron Corporation is a molecular imaging company focused on nuclear cardiology. Positron reported a net loss of $2.58 million on $1.46 million of sales for the year ended Dec. 31, 2014, compared to a net loss of $7.1 million on $1.63 million of sales for the year ended Dec. 31, 2013. Sassetti LLC, in Oak Park, Illinois, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has a significant accumulated deficit which raises substantial doubt about the Company's ability to continue as a going concern. PRECISION OPTICS: Stuart Sternberg Holds 15.5% Stake as of Nov. 24 ------------------------------------------------------------------ Stuart Sternberg disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Nov. 24, 2015, he beneficially owns 1,160,355 shares of common stock of Precision Optics Corporation, Inc., representing 15.5 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/sfZDVO About Precision Optics Headquartered in Gardner, Massachusetts, Precision Optics Corporation, Inc., has been a developer and manufacturer of advanced optical instruments since 1982. The Company designs and produces high-quality micro-optics, medical instruments and other advanced optical systems. The Company's medical instrumentation line includes laparoscopes, arthroscopes and endocouplers and a world-class product line of 3-D endoscopes for use in minimally invasive surgical procedures. Precision Optics reported a net loss of $1.17 million on $3.91 million of revenues for the year ended June 30, 2015, compared to a net loss of $1.16 million on $3.65 million of revenues for the year ended June 30, 2014. As of Sept. 30, 2015, the Company had $1.72 million in total assets, $1.33 million in total liabilities, all current, and $385,000 in total stockholders' equity. Stowe & Degon LLC, in Westborough, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has suffered recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. PRESIDENTIAL REALTY: Posts $49K Net Income for Third Quarter ------------------------------------------------------------ Presidential Realty Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $48,771 on $228,300 of total revenues for the three months ended Sept. 30, 2015, compared to a net loss of $730,326 on $213,429 of total revenues for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $250,322 on $700,003 of total revenues compared to a net loss of $924,832 on $653,816 of total revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $1.49 million in total assets, $2.26 million in total liabilities and a total stockholders' deficit of $771,223. "For the nine months ended Sept. 30, 2015, the Company had a loss from operations. This, combined with a history of operating losses and working capital deficiency, has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon the successful execution of our business plan to achieve profitability, and to increase working capital, raising debt and/or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty," the Company states in the report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/uSrtPf About Presidential Realty Headquartered in White Plains, New York, Presidential Realty Corporation, a real estate investment trust, is engaged principally in the ownership of income-producing real estate and in the holding of notes and mortgages secured by real estate or interests in real estate. On Jan. 20, 2011, Presidential stockholders approved a plan of liquidation, which provides for the sale of all of the Company's assets over time and the distribution of the net proceeds of sale to the stockholders after satisfaction of the Company's liabilities. Presidential Realty reported a net loss attributable to the Company of $941,000 on $871,000 of total revenue for the year ended Dec. 31, 2014, compared to net income attributable to the Company of $1.02 million on $847,000 of total revenues during the prior year. Baker Tilly Virchow Krause, LLP, in Melville, New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses from operations and has a working capital deficiency. These factors raise substantial doubt about its ability to continue as a going concern. PWK TIMBERLAND: Wants To Get $950K Secured Loan to Pay Settlement ----------------------------------------------------------------- PWK Timberland, LLC, asks the U.S. Bankruptcy Court for the Western District of Louisiana for authorization to obtain a secured loan, not exceeding $950,000, to be secured by a lien on the Debtor's unencumbered real property. The Debtor plans on obtaining the loan from Farmer's & Merchant's Bank or any other financial institution. The Debtor also intends for the loan to be secured by a lien on the its unencumbered real estate. The Debtor tells the Court that in order to fund the Settlement Agreement authorized by the Court on Nov. 13, 2015, it is necessary that it be authorized to incur debt in an amount up to $950,000. The Debtor further tells the Court that the borrowed funds will be used to supplement funds on hand to fund the Settlement Agreement. PWK Timberland is represented by: Gerald J. Casey, Esq. 613 Alamo Street Lake Charles, LA 70601 Telephone: (337)474-5005 E-mail: info@caseylaw.net About PWK Timberland Lake Charles, Louisiana-based PWK Timberland LLC sought Chapter 11 protection (Bankr. W.D. La. Case No. 13-20242) on March 22, 2013. Gerald J. Casey, Esq., serves as counsel to the Debtor. The Debtor disclosed $15 million in assets and $1.79 million in liabilities as of the Chapter 11 filing. The Debtor has filed a first amended plan of reorganization and explanatory disclosure statement. A copy of the First Amended Disclosure Statement dated April 30, 2014, is available for free at http://bankrupt.com/misc/PWKTIMBERLAND_1stAmdDS.PDF PWK Timberland's Plan provides that all allowed claims will be satisfied in full. The Plan contemplates (i) that the unsecured claims of former members are unimpaired; (ii) the Debtor does not believe there are any general unsecured creditors but if there are, they will be paid in full on the Effective Date; and (iii) equity holders agreed to forgo any payments under the plan until all impaired creditors have been paid in according to the terms of the Plan. QUIKSILVER INC: Apr. 6 Lease Decision Extension Excludes Store 726 ------------------------------------------------------------------ Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware extended debtors Quiksilver, Inc., et. al.'s time for assuming or rejecting unexpired leases of nonresidential real property through April 6, 2016. The extension, however, did not apply to the lease for store number 726, located in Anastasia Plaza in St. Augustine Beach, Florida ("Anastasia Store"). Regency Centers, L.P., objected to the Debtors' request for the extension of their time to assume or reject unexpired leases of nonresidential real property, with respect to the Anastasia Store for these reasons: (i) the Debtors have failed to demonstrate that cause exists to justify an extension under Section 365(d)(4) of the Bankruptcy Code, and (ii) the Landlord has been and continues to be prejudiced by the Debtors' failure to operate or pay rent and related charges as required by the lease and Section 365(d)(3) of the Bankruptcy Code. Regency contends that debtor QS Retail Inc. leases retail space in Anastasia Plaza from RCFL Anastasia LLC, a subsidiary of Regency, pursuant to an Occupancy and Indemnification Agreement. Regency further contends that the leased premises is located in a shopping center. It relates that the lease contemplates short-term use and occupancy of the leased premises from Aug. 28, 2015, through July 27, 2016, and requires continuous operation at the leased premises during the period of occupancy. Regency tells the Court that one day after opening for business at the leased premises, with the store still fully stocked with inventory, the Debtors suddenly terminated retail operations without explanation. Regency further tells the Court that since that time, the store has remained dark, with the inventory still in place, and the Debtors have failed to pay rent. Regency asserts that since the Petition Date, in addition to being in breach of the continuous operations clause of the lease, the Debtors have also failed to pay postpetition rent and other lease obligations totaling approximately $7,865, including unpaid rent and taxes for October 2015 of approximately $4,452. Regency Centers is represented by: Robert L. LeHane, Esq. Gilbert R. Saydah, Jr., Esq. Scott L. Fleischer, Esq. KELLEY DRYE & WARREN LLP 101 Park Avenue New York, NY 10178 Telephone: (212)808-7800 Facsimile: (212)808-7897 E-mail: rlehane@kelleydrye.com gsaydah@kelleydrye.com sfleischer@kelleydrye.com About Quiksilver, Inc. 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 began operations in 1976 as a California company making boardshorts for surfers in the United States under a license agreement with the Quiksilver brand founders in Australia. The Company later reincorporated in Delaware and went public in 1986. In fiscal year 2014 (ended Oct. 31, 2014), 34% of the Company's revenue was generated by the Debtors, within the United States. The remaining 66% is attributable to the Non-Debtor Affiliates located outside the United States. Sales at Company retail stores accounted for approximately 28% of Company revenue during fiscal year 2014. The Company's retail shops include full-price stores, factory outlet stores, and "shop-in-shops." At the end of the fiscal year 2014, the Company had approximately 266 full-price core brand stores, of which 75 are located in the United States. 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. The U.S. trustee overseeing the Chapter 11 cases of Quiksilver Inc. and its affiliates appointed seven members to the official committee of unsecured creditors. QUIKSILVER INC: Seeks to Pay Bonuses to Key Employees ----------------------------------------------------- Quiksilver, Inc., et al., seek authority from the U.S. Bankruptcy Court for the District of Delaware to implement the plan to pay certain key executives designed to incentivize these employees to maximize recoveries to creditors through the restructuring and concurrent sale process. The Debtors also seek authority to implement the plan to make retention payments to certain non-senior management personnel who are central to the Debtors' continuing operations. KEIP The KEIP is designed to provide incentives to three eligible U.S. executives to pursue a timely and successful reorganization or sale. Each of the KEIP Participants will be playing a central role in the chapter 11 process, especially given the ongoing parallel processes for marketing the Debtors and their assets while simultaneously pursuing the consummation of the proposed Chapter 11 Plan sponsored by certain of the Debtors' prepetition stakeholders. Incentivizing the KEIP Participants is critical to ensure that these key members of management continue in their efforts to successfully guide the Debtors through the bankruptcy process and maximize value for the benefit of all the Debtors' stakeholders. The KEIP provides for variable payouts to the KEIP Participants based upon the achievement of relevant target metrics, including (a) emergence from bankruptcy, (b) continued compliance with the postpetition credit agreements, including the covenants contained therein, and (c) the achievement of pre-determined personal goals. Each of these metrics accounts for one-third of the maximum incentive bonus amount, which may be earned by each KEIP Participant, such that failure to achieve any of the three metrics results in a deduction of one-third of the maximum incentive bonus amount. Furthermore, the date of emergence from bankruptcy also impacts the earned bonus amount. If the Emergence Date occurs on or before February 15, 2016, then the full one-third portion of the maximum incentive bonus amount is earned; however, (i) if the Emergence Date occurs on or between February 16, 2016 and March 15, 2016, 85% of the Emergence Amount shall be earned and (ii) if the Emergence Date occurs on or between March 16, 2016 and April 15, 2016, 70% of the Emergence Amount shall be earned. The aggregate proposed payments for the KEIP Participants is $1,469,500, with individual proposed maximum payouts ranging from 75% to 100% of base compensation, and payments shall be made on or before the 15th calendar day following the Emergence Date subject to later disgorgement as set forth in the Plan. In the event that a that a KEIP Participant is terminated by the Debtors without cause or for reasons of death or disability, such KEIP Participant will be entitled to payment of a pro-rata portion of such KEIP Participant's award based on the number of days the KEIP Participant was employed after the Petition Date through the date of termination, divided by the number of days from the Petition Date through the Emergence Date. If the KEIP Participant's employment with the Debtors is terminated for cause prior to the Incentive Bonus Payment Date, he or she will forfeit any right to a payment under the KEIP. Finally, if a KEIP Participant voluntarily terminates his or her employment with the Company or is terminated for cause within 45 calendar days following the Emergence Date, then the KEIP Participant will return any previously paid bonus amount within five business days of such termination. It is important to note that the KEIP is not a "pay to stay" retention plan. Instead, the KEIP utilizes personalized metrics for each KEIP Participant in order to ensure that the KEIP Participants are incentivized to complete the restructuring in an efficient and expeditious manner. In addition, the aggregate proposed payments for the KEIP Participants are well within the previously submitted budget under the DIP Credit Agreements. Accordingly, the KEIP successfully aligns the interests of the Debtors, their employees, and their creditors and is a true incentive plan. KERP The Debtors selected the 14 participants in the KERP based on their status as critical, hard to replace, non-senior management employees. Many of the KERP Participants have developed valuable institutional knowledge regarding the Debtors' ongoing business operations that would be difficult and expensive to replace, and preserving this institutional knowledge is key to the successful completion of the Debtors' reorganization as well as the efficient administration of these Chapter 11 Cases and the Debtors' estates. The KERP provides for a pool of $859,556 consisting of $659,556 in designated payouts as well as an additional $200,000 reserved for additional discretionary payouts to later identified KERP Participants. For the currently designated KERP Participants, the proposed maximum payouts represent between 20% and 50% of each participant's base salary. The earned payout for each KERP Participant is based upon the following metrics: (a) 60% of the proposed maximum payout for an individual KERP Participant is earned on the 45th calendar day following the Emergence Date if the participant is employed with the Company on that date, and (b) 40% of the proposed maximum payout for that participant is earned upon the achievement of pre-determined personal goals. Payments will be made on or before the 15th calendar day following the Emergence Date subject to later disgorgement as set forth in the Plan. In the event that a KERP Participant is terminated by the Debtors without cause or for reasons of death or disability, such KERP Participant will be entitled to payment of the full payout amount on the Retention Bonus Payment Date. If the KERP Participant's employment with the Debtors is terminated for cause prior to the Retention Bonus Payment Date, he or she will forfeit any right to a payment under the KERP. Finally, if a KERP Participant voluntarily terminates his or her employment with the Company or is terminated for cause after the Retention Bonus Payment Date but before the 45th calendar day following the Emergence Date, then the KERP Participant will return the previously paid bonus amount within five business days of the termination. All KERP Participants will not be eligible to participate in any other incentive plan promulgated by the Company after the Emergence Date to the extent such plan is based upon such participant's performance during the Chapter 11 Cases. The Debtors are represented by: Van C. Durrer, II, Esq. Annie Li, Esq.` SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 300 South Grand Avenue, Suite 3400 Los Angeles, California 90071 Telephone: (213) 687-5000 Fax: (213) 687-5600 Email: van.durrer@skadden.com annie.li@skadden.com -- and -- Dain A. De Souza, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP One Rodney Square P.O. Box 636 Wilmington, Delaware 19899-0636 Telephone: (302) 651-3000 Fax: (302) 651-3001 Email: dain.desouza@skadden.com -- and -- John K. Lyons, Esq. Jessica Kumar, Esq. 155 N. Wacker Dr. Chicago, Illinois 60606 Telephone: (312) 407-0700 Fax: (312) 407-0411 Email: john.lyons@skadden.com jessica.kumar@skadden.com 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 began operations in 1976 as a California company making boardshorts for surfers in the United States under a license agreement with the Quiksilver brand founders in Australia. The Company later reincorporated in Delaware and went public in 1986. In fiscal year 2014 (ended Oct. 31, 2014), 34% of the Company's revenue was generated by the Debtors, within the United States. The remaining 66% is attributable to the Non-Debtor Affiliates located outside the United States. Sales at Company retail stores accounted for approximately 28% of Company revenue during fiscal year 2014. The Company's retail shops include full-price stores, factory outlet stores, and "shop-in-shops." At the end of the fiscal year 2014, the Company had approximately 266 full-price core brand stores, of which 75 are located in the United States. 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 andnoticing agent. The U.S. trustee overseeing the Chapter 11 cases of Quiksilver Inc. and its affiliates appointed seven members to the official committee of unsecured creditors. RESPONSE BIOMEDICAL: TSX Reviewing Continued Listing ---------------------------------------------------- Response Biomedical Corp. disclosed that it has received notice that the Toronto Stock Exchange is reviewing the eligibility for continued listing on the TSX of the common shares of Response pursuant to Part VII of the TSX Company Manual. The TSX initiated its review because the price of Response's shares have traded below $0.68 for 30 consecutive trading days, and as a result, the market value of the publicly-held common shares (as defined by the TSX) did not meet the minimum threshold of $2 million required under the TSX rules. Under the TSX definition, shares held by certain significant shareholders and the Company's directors and officers, which in the case of Response total approximately 70% of its outstanding shares, are excluded from the calculation of publicly-held shares. The Company has been granted 120 days in which to demonstrate compliance with the continued listing requirements of the TSX, pursuant to the TSX's Remedial Review Process. Receipt of this notice has no immediate effect on the listing of the Company's shares. Response and the TSX will continue to monitor the Company's market capitalization during the review period. In the event the Company is unable to continue with the listing of its securities on the TSX, other listing alternatives exist for reporting issuers in the U.S. and Canada including the TSX Venture Exchange. About Response Biomedical Based in Vancouver, Canada, Response Biomedical Corporation develops, manufactures and sells diagnostic tests for use with its proprietary RAMP(R) System, a portable fluorescence immunoassay- based diagnostic testing platform. The RAMP(R) technology utilizes a unique method to account for sources of error inherent in conventional lateral flow immunoassay technologies, thereby providing the ability to quickly and accurately detect and quantify an analyte present in a liquid sample. Consequently, an end-user on-site or in a point-of-care setting can rapidly obtain important diagnostic information. Response Biomedical currently has thirteen tests available for clinical and environmental testing applications and the Company has plans to commercialize additional tests. Response Biomedical reported a net loss and comprehensive loss of C$5.99 million in 2013, a net loss and comprehensive loss of C$5.28 million in 2012 and a net loss and comprehensive loss of C$5.37 million in 2011. As of Sept. 30, 2015, the Company had C$12.64 million in total assets, C$13.64 million in total liabilities and a total shareholders' deficit of C$992,000. PricewaterhouseCoopers LLP, in Vancouver, Canada, in its report on the consolidated financial statements for the year ended Dec. 31, 2014, noted that the company has incurred recurring losses from operations and has an accumulated deficit at Dec. 31, 2014, which raises substantial doubt about its ability to continue as a going concern. ROSETTA GENOMICS: Empery Owns 5.6% of Shares of as of Oct. 13 ------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Empery Asset Management, LP, Ryan M. Lane and Martin D. Hoe disclosed that as of Oct. 13, 2015, they beneficially own 1,031,250 Ordinary Shares and 515,625 Ordinary Shares issuable upon exercise of Warrants of Rosetta Genomics Ltd. representing 5.67 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/KkGlRz About Rosetta Based in Rehovot, Israel, Rosetta Genomics Ltd. is seeking to develop and commercialize new diagnostic tests based on a recently discovered group of genes known as microRNAs. MicroRNAs are naturally expressed, or produced, using instructions encoded in DNA and are believed to play an important role in normal function and in various pathologies. The Company has established a CLIA- certified laboratory in Philadelphia, which enables the Company to develop, validate and commercialize its own diagnostic tests applying its microRNA technology. Rosetta Genomics reported a loss from continuing operations of $14.5 million on $1.32 million for the year ended Dec. 31, 2014, a loss from continuing operations of $13.2 million in 2013 and a loss from continuing operations of $10.69 million in 2012. As of June 30, 2015, Rosetta Genomics had $23.3 million in total assets, $3.49 million in total liabilities and $19.8 million in total shareholders' equity. Bankruptcy Warning "We will likely require substantial additional funding and expect to augment our cash balance through financing transactions, including the issuance of debt or equity securities and further strategic collaborations. On December 7, 2012, we filed a shelf registration statement on Form F-3 with the SEC for the issuance of ordinary shares, various series of debt securities and/or warrants to purchase any of such securities, either individually or in units, with a total value of up to $75 million, from time to time at prices and on terms to be determined at the time of such offerings. The filing was declared effective on December 19, 2012. As of the time of the filing of this Annual Report on Form 20-F, we had sold through the Cantor Sales Agreement an aggregate of 4,736,854 of our ordinary shares for gross proceeds of $19.9 million under this shelf registration statement, leaving an aggregate of approximately $55.1 million of securities available for sale under this Form F-3, subject to limitations imposed by the SEC for companies with a public float of less than $75 million. If we need additional funding, there can be no assurance that we will be able to obtain adequate levels of additional funding on favorable terms, if at all. If adequate funds are needed and not available, we may be required to: * delay, reduce the scope of or eliminate certain research and development programs; * obtain funds through arrangements with collaborators or others on terms unfavorable to us or that may require us to relinquish rights to certain technologies or products that we might otherwise seek to develop or commercialize independently; * monetize certain of our assets; * pursue merger or acquisition strategies; or * seek protection under the bankruptcy laws of Israel and the United States," the Company said in its annual report for the year ended Dec. 31, 2014. ROSETTA GENOMICS: Hal Mintz Owns 5.78% of Shares as of Oct. 15 -------------------------------------------------------------- Hal Mintz disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Oct. 15, 2015, he beneficially owns 1,031,250 Ordinary Shares of Rosetta Genomics Ltd, representing 5.78 percent of the shares outstanding. A copy of the regulatory filing is available at http://is.gd/eJCxV1 About Rosetta Based in Rehovot, Israel, Rosetta Genomics Ltd. is seeking to develop and commercialize new diagnostic tests based on a recently discovered group of genes known as microRNAs. MicroRNAs are naturally expressed, or produced, using instructions encoded in DNA and are believed to play an important role in normal function and in various pathologies. The Company has established a CLIA- certified laboratory in Philadelphia, which enables the Company to develop, validate and commercialize its own diagnostic tests applying its microRNA technology. Rosetta Genomics reported a loss from continuing operations of $14.5 million on $1.32 million for the year ended Dec. 31, 2014, a loss from continuing operations of $13.2 million in 2013 and a loss from continuing operations of $10.69 million in 2012. As of June 30, 2015, Rosetta Genomics had $23.3 million in total assets, $3.49 million in total liabilities and $19.8 million in total shareholders' equity. Bankruptcy Warning "We will likely require substantial additional funding and expect to augment our cash balance through financing transactions, including the issuance of debt or equity securities and further strategic collaborations. On December 7, 2012, we filed a shelf registration statement on Form F-3 with the SEC for the issuance of ordinary shares, various series of debt securities and/or warrants to purchase any of such securities, either individually or in units, with a total value of up to $75 million, from time to time at prices and on terms to be determined at the time of such offerings. The filing was declared effective on December 19, 2012. As of the time of the filing of this Annual Report on Form 20-F, we had sold through the Cantor Sales Agreement an aggregate of 4,736,854 of our ordinary shares for gross proceeds of $19.9 million under this shelf registration statement, leaving an aggregate of approximately $55.1 million of securities available for sale under this Form F-3, subject to limitations imposed by the SEC for companies with a public float of less than $75 million. If we need additional funding, there can be no assurance that we will be able to obtain adequate levels of additional funding on favorable terms, if at all. If adequate funds are needed and not available, we may be required to: * delay, reduce the scope of or eliminate certain research and development programs; * obtain funds through arrangements with collaborators or others on terms unfavorable to us or that may require us to relinquish rights to certain technologies or products that we might otherwise seek to develop or commercialize independently; * monetize certain of our assets; * pursue merger or acquisition strategies; or * seek protection under the bankruptcy laws of Israel and the United States," the Company said in its annual report for the year ended Dec. 31, 2014. SALLY HOLDINGS: Has Offering of $750 Million Senior Notes --------------------------------------------------------- Sally Holdings LLC and Sally Capital Inc. filed with the Securities and Exchange Commission a free writing prospectus relating to the offering of $750,000,000 principal amount of 5.625% Senior Notes due 2025 at an issue price of 100%. Interest on the Notes are due on June 1 and December 1 with first interest payment commencing June 1, 2016. Joint Book-Running Managers: Merrill Lynch, Pierce, Fenner & Smith Incorporated J.P. Morgan Securities LLC Wells Fargo Securities, LLC Credit Suisse Securities (USA) LLC Deutsche Bank Securities Inc. Goldman, Sachs & Co. RBC Capital Markets, LLC A full-text copy of the FWP is available for free at: http://is.gd/8Qqs3i About Sally Holdings Sally Holdings, LLC, based in Denton, Texas, is a leading retailer and distributor of beauty products with over 3,800 stores in 10 countries. Annual revenues are around $2.6 billion. The Company's balance sheet at Sept. 30, 2011, showed $1.72 billion in total assets, $2.01 billion in total liabilities, and a $281.69 million total members' deficit. Bankruptcy Warning Sally Holdings' ability to comply with the covenants and restrictions contained in the senior credit facilities and the indentures for the Notes may be affected by economic, financial and industry conditions beyond the Company's control. The breach of any of these covenants and restrictions could result in a default under either the senior credit facilities or the indentures that would permit the applicable lenders or note holders, as the case may be, to declare all amounts outstanding thereunder to be due and payable, together with accrued and unpaid interest. If the Company is unable to repay debt, lenders having secured obligations, such as the lenders under the senior credit facilities, could proceed against the collateral securing the debt. In any such case, the Company may be unable to borrow under the senior credit facilities and may not be able to repay the amounts due under the Term Loans and the Notes. This could have serious consequences to the Company's financial condition and results of operations and could cause the Company to become bankrupt or insolvent. * * * As reported by the TCR on Nov. 7, 2011, Standard & Poor's Ratings Services raised its corporate credit rating on Sally Holdings LLC to 'BB+' from 'BB'. The rating outlook is positive. "Standard & Poor's Rating Services' rating reflects our view that Sally Holdings, which is an indirect wholly owned subsidiary of Sally Beauty Holdings Inc., will continue its positive momentum with organic sales growth of 5% to 7%, positive comparable-store sales, modest gross margin improvement, and continued debt reduction, resulting in improving credit protection measures over the next 12 months," said Standard & Poor's credit analyst Jayne Ross. As reported by the TCR on Sept. 19, 2013, Moody's Investors Service upgraded all ratings of Sally Holdings LLC, including the Corporate Family Rating to Ba2 from Ba3. "The upgrade reflects Sally's continued steady operating performance, cash flow and credit metrics," said Moody's analyst, Mike Zuccaro. For the past year, Sally's lease-adjusted debt/EBITDA has remained stable, in the very low 4.0 times range. "We continue to expect Sally to invest in growth through new store openings and acquisitions, and that the company will use excess cash for shareholder returns while maintaining its existing credit profile." SALON MEDIA: John Warnock Discloses 34.9 Million Shares ------------------------------------------------------- Salon Media Group has been advised by John Warnock and William Hambrecht that they executed a stock transaction that has the effect of equalizing their stock ownership such that John Warnock owns 34,931,240 number of shares and William Hambrecht owns 27,492,732 number of shares. About Salon Media San Francisco, Calif.-based Salon Media Group (OTC BB: SLNM.OB) -- http://www.Salon.com/-- is an online news and social networking company and an Internet publishing pioneer. Salon Media reported a net loss of $3.9 million on $4.9 million of net revenues for the year ended March 31, 2015, compared to a net loss of $2.2 million on $6 million of net revenues for the year ended March 31, 2014. As of Sept. 30, 2015, the Company had $1.99 million in total assets, $9.56 million in total liabilities and a total stockholders' deficit of $7.56 million. Burr Pilger Mayer, Inc., in San Francisco, California, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2015, citing that the Company has suffered recurring losses and negative cash flows from operations and has an accumulated deficit of $122.6 million as of March 31, 2015. These conditions raise substantial doubt about its ability to continue as a going concern. SAMSON RESOURCES: UST Says Kirkland Fee Bid Is Unreasonable ----------------------------------------------------------- Fola Akinnibi at Bankruptcy Law360 reported that bankrupt oil and gas company Samson Resources Corp.'s attorneys at Kirkland & Ellis LLP can't recover fees for defending any fee disputes, the U.S. Trustee said on Nov. 23, 2015, telling a Delaware bankruptcy judge that the firm's request flouts a recent U.S. Supreme Court ruling. The U.S. Trustee, Andrew N. Vara, asked U.S. Bankruptcy Judge Christopher S. Sontchi to reject Kirkland & Ellis' fee request. Vara said the firm's fee request violates the bankruptcy code and a Supreme Court ruling that said firms must cover their own costs. About Samson Resources Samson Resources Corporation, et al., filed Chapter 11 bankruptcy petitions (D. Del. Lead Case No. 15-11934) on Sept. 16, 2015. Philip W. Cook signed the petition as executive vice president and chief financial officer. The Debtors estimated assets and liabilities of more than $1 billion. Samson is an onshore oil and gas exploration and production company with interests in various oil and gas leases primarily located in Colorado, Louisiana, North Dakota, Oklahoma, Texas, and Wyoming. The Operating Companies operate, or have royalty or working interests in, approximately 8,700 oil and gas production sites. Samson was acquired by KKR and Crestview from Charles Schusterman in December 2011 for approximately $7.2 billion. The investor group provided approximately $4.1 billion in equity investments as part of the purchase price. Kirkland & Ellis LLP represents the Debtors as general counsel. Klehr Harrison Harvey Branzburg LLP is the Debtors' local counsel. Alvarez & Marsal LLC acts as the Debtors' financial advisor. Blackstone Advisory Partners L.P. serves as the Debtors' investment banker. Garden City Group, LLC serves as claims and noticing agent to the Debtors. Andrew Vara, acting U.S. trustee for Region 3, appointed three creditors of Samson Resources Corp. and its affiliated debtors to serve on the official committee of unsecured creditors. SANUWAVE HEALTH: Reports Q3 Results, Provides Business Update ------------------------------------------------------------- "We have had a very busy third quarter, analyzing the data from our clinical trial and working on funding for the Company to move forward," stated Kevin A. Richardson, II, Chairman of the board of SANUWAVE. "We revealed our top line data in early October and we currently feel we are in a position to successfully submit our PMA to the FDA. In addition, we expanded our patent portfolio and have seen a strong level of inbound interest in commercializing our patent portfolio." "As we look at the remainder of 2015 we have two milestones which need to be met: 1) begin submission of the PMA to the FDA and 2) raise capital or complete a joint venture, partnership or sale of the wound product to complete the FDA trial successfully and begin commercialization of the product in 2016. We are also working on a number of other non-medical initiatives, which we will keep shareholders abreast of as they occur," concluded Mr. Richardson. Revenues for the three months ended Sept. 30, 2015, were $143,605, compared to $227,492 for the same period in 2014, a decrease of $83,887, or 37%. The decrease in revenues for 2015 was due to lower sales of orthoPACE devices and applicators in Europe. Research and development expenses for the three months ended Sept. 30, 2015, were $569,134, compared to $708,304 for the same period in 2014, a decrease of $139,170, or 20%. Research and development expenses decreased in 2015 as a result of lower payments to third party clinical sites participating in the dermaPACE clinical study, as there were fewer active patients in the clinical study in 2015 as compared to 2014. This is partially offset by higher consulting related costs as we review the data results and prepare to file our PMA with the FDA. General and administrative expenses for the three months ended Sept. 30, 2015, were $778,679, as compared to $780,115 for the same period in 2014, a decrease of $1,436. The decrease in general and administrative expenses is primarily due to reduced consulting expenses and is mostly offset by higher non-cash stock compensation expense and higher legal fees related to employee matters and patent filings in 2015. Net loss for the three months ended Sept. 30, 2015, was $1,026,844, or ($0.02) per basic and diluted share, compared to a net loss of $1,492,905, or ($0.03) per basic and diluted share, for the same period in 2014, a decrease in the net loss of $466,061, or 31%. The decrease in the net loss for 2015 was primarily a result of the reduced operating expenses as discussed above, the gain on warrant valuation adjustment of $302,300 and the gain on sale of property and equipment of $100,000 offset by higher interest expense and lower sales. About SANUWAVE Health Alpharetta, Ga.-based SANUWAVE Health, Inc., is an emerging global regenerative medicine company focused on the development and commercialization of noninvasive, biological response activating devices for the repair and regeneration of tissue, musculoskeletal and vascular structures. SANUWAVE Health reported a net loss of $5.97 million on $847,000 of revenues for the year ended Dec. 31, 2014, compared with a net loss of $11.3 million on $800,000 of revenues in 2013. As of Sept. 30, 2015, the Company had $1.50 million in total assets, $6.62 million in total liabilities and a stockholders' deficit of $5.12 million. Bankruptcy Warning "The continuation of the Company's business is dependent upon raising additional capital before the conclusion of fourth quarter of 2015 to fund operations. Management's plans are to obtain additional capital through the issuance of common or preferred stock, securities convertible into common stock or secured or unsecured debt, investments by strategic partner for market opportunities, which may include strategic partnerships or licensing arrangements or complete a joint venture, partnership or sale of the wound product to complete the FDA trial successfully and begin commercialization of the product in 2016. These possibilities, to the extent available, may be on terms that result in significant dilution to the Company's existing shareholders. Although no assurances can be given, management of the Company believes that potential additional issuances of equity or other potential financing transactions as discussed above should provide the necessary funding for the Company to continue as a going concern. If these efforts are unsuccessful, the Company may be forced to seek relief through a filing under the U.S. Bankruptcy Code," the Company states in the quarterly report for the period ended Sept. 30, 2015. SOUTHERN REGIONAL HEALTH: Wants Until Feb. 25 to Reject Leases -------------------------------------------------------------- Southern Regional Health System, Inc., d/b/a Southern Regional Medical Center and its affiliated debtors sought and obtained from Judge Wendy L. Hagenau of the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division an extension of their time to assume or reject non-residential real property leases from Nov. 27, 2015 to Feb. 25, 2016. The Debtors relate that Southern Regional is a tenant under 8 non-residential real property leases. The Debtors further relate that they anticipate that the sale of their assets will close on or about Jan. 1, 2016, and that the Leases are subject to assumption and assignment at closing as part of the sale transaction. Southern Regional Health, doing business as Southern Regional Medical Center and its affiliated debtors are represented by: J. Robert Williamson, Esq. Ashley Reynolds Ray, Esq. SCROGGINS & WILLIAMSON 1500 Candler Building 127 Peachtree Street, NE Atlanta, GA 30303 Telephone: (404)893-3880 Facsimile: (404)893-3886 E-mail: rwilliamson@swlawfirm.com aray@swlawfirm.com About Southern Regional Health System Southern Regional Health System, Inc., owns the Southern Regional Medical Center, a 331-licensed bed full-service hospital located in Riverdale, Georgia. Managed by Emory Healthcare, Inc., the hospital serves residents throughout the region south of Atlanta. As a leader in neurologic, heart & vascular, bariatric, and women's healthcare services, Southern Regional's medical staff is comprise of more than 480 physicians that blend their passion for healing with advanced technology to offer the latest procedures and treatments. Southern Regional and its subsidiaries sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-64266) on July 30, 2015, in Atlanta, Georgia. The cases are assigned to Judge Wendy L. Hagenau. Southern Regional estimated $50 million to $100 million in assets and $100 million to $500 million in debt. The Debtors' secured creditors are Gemino Healthcare Finance, LLC, and U.S. Foods, Inc. Gemino claims to be owed in excess of $10 million, while U.S. Foods has a $60,000 claim. The Debtors tapped Scroggins & Williamson, P.C., as bankruptcy attorneys, Nelson Mulins Riley & Scarborough LLP, as outside general counsel, and Kurtzman Carson Consultants LLC as claims and balloting agent. The Chapter 11 plan and disclosure statement are due Nov. 27, 2015. SPIRE CORP: Needs More Time to File Form 10-Q --------------------------------------------- Spire Corporation filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. As previously disclosed the Company has limited cash resources and liquidity, and has been exploring various alternatives on how to fund working capital needs and institute cost reduction efforts. The Company's current lack of sufficient cash resources, lack of financing, delays in shipments of certain products coupled with the corresponding delays in receipt of expected revenue from the sale of such products, and the imposition of stricter payment terms from certain of its suppliers, continue to constrain the Company's liquidity and operations. In January 2015, the Company's chief financial officer resigned, and the Company's chief executive officer currently acts as the Company's principal financial officer. In September 2015, the Company announced that it had engaged an investment banking firm for the purpose of assessing strategic alternatives, including, but not limited to, a potential sale of the registrant or certain of its assets. In October 2015, the Company announced a small reduction in force and, due to insufficient financial support, the suspension of all non-essential operations until further notice. In addition, on October 29, 2015, the registrant was notified by its independent registered public accounting firm, RSM US LLP (formerly McGladrey LLP), that RSM has resigned as the Company's independent registered public accounting firm effective immediately. The registrant currently lacks the financial resources to engage a new independent registered public accounting firm. Because the Company's management continues to devote considerable attention to addressing the Company's financial and liquidity issues and because of its lack of a full-time chief financial officer and resignation of its independent auditor, the Company was unable to complete its financial statements for its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2015, within the prescribed time period without unreasonable effort or expense. Although the Company has not completed its financial statements for the quarterly period ended Sept. 30, 2015, the Company anticipates significant changes in its results of operations compared to the corresponding period of 2014 will be reflected by the earnings statement to be included in its Form 10-Q. The Company currently expects that its revenue will decrease by 66% to 71% and 45% to 50%, respectively, for the three and nine months ended Sept. 30, 2015, compared to the same periods in 2014, before considering the effects of the presentation of discontinued operations. This expected change is primarily due to the deconsolidation of its variable interest entity. The Company expects that its operating loss from continuing operations will improve by 50% to 57% and 31% to 38%, respectively, for the three and nine months ended Sept. 30, 2015, compared to the same periods in 2014, before considering the effects of the presentation of discontinued operations. The Company expects that its net loss will improve by 53% to 60% and 34% to 41%, respectively, for the three and nine months ended Sept. 30, 2015, compared to the same periods in 2014, before considering the effects of the presentation of discontinued operations. Since the financial statements for the quarterly period ended Sept. 30, 2015, are not yet completed, actual results may differ materially from its current expectations. About Spire Corp Bedford, Massachusetts-based Spire Corporation currently develops, manufactures and markets customized turn-key solutions for the solar industry, including individual pieces of manufacturing equipment and full turn-key lines for cell and module production and testing. Spire Corporation reported a net loss of $8.52 million in 2013, as compared with a net loss of $1.85 million in 2012. McGladrey LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company incurred an operating loss from continuing operations of $8.4 million and cash used in operating activities of continuing operations was $5.2 million. The Company's credit agreement with a bank is due to expire on April 30, 2014. These factors raise substantial doubt about its ability to continue as a going concern. SPORTS AUTHORITY: Said to Hire Rothschild to Work on Turnaround --------------------------------------------------------------- Laura J. Keller and Lauren Coleman-Lochner, writing for Bloomberg Brief - Distress & Bankruptcy, reported that the Sports Authority Inc. has hired financial adviser Rothschild & Co. as it tries to get its more than $643 million in debt under control, according to two people with knowledge of the matter. According to the report, citing the people, who asked not to be identified because the hiring is private, the investment bank will help the company, which is controlled by Leonard Green & Partners LP, as it continues to implement a turnaround plan. The company's lenders have been exploring options to organize to protect their investments, the people said, the Bloomberg report further cited. Sports Authority's $300 million secured term loan due May 2017 becomes current, meaning it's a year away from maturity, in less than six months, the report noted. Companies typically have a harder time refinancing current debt, Bloomberg said. * * * The Troubled Company Reporter, on July 3, 2015, reported that Moody's Investors Service affirmed The Sports Authority Inc.'s ratings, including its Caa1 Corporate Family Rating, Caa1-PD Probability of Default Rating and Caa1 on the company's $300 million senior secured term loan. Concurrently, Moody's changed the company's ratings outlook to stable from negative reflecting improved liquidity due to the maturity extension of its subordinated notes to February 19, 2018 from May 3, 2016. As a result of the maturity extension, the maturity dates for Sports Authority's ABL revolver and senior secured term loan will remain May, 17, 2017 and November 16, 2017, respectively, and will not accelerate to February 2, 2016. STELLAR BIOTECHNOLOGIES: Oakes Reports 4.5% Stake as of Nov. 24 --------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Frank R. Oakes disclosed that as of Nov. 24, 2015, he beneficially owns 381,585 common shares of Stellar Biotechnologies, Inc. representing 4.5 percent, based on 8,424,758 common shares of the Issuer issued and outstanding as of Nov. 1, 2015. A copy of the regulatory filing is available at: http://is.gd/qVeAJI About Stellar Port Hueneme, Cal.-based Stellar Biotechnologies, Inc.'s business is to commercially produce and market Keyhole Limpet Hemocyanin ("KLH") as well as to develop new technology related to culture and production of KLH and subunit KLH ("suKLH") formulations. The Company markets KLH and suKLH formulations to customers in the United States and Europe. KLH is used extensively as a carrier protein in the production of antibodies for research, biotechnology and therapeutic applications. Stellar Biotechnologies reported a net loss of $8.43 million for the year ended Aug. 31, 2014, a net loss of $14.5 million for the year ended Aug. 31, 2013, and a net loss of $5.52 million for the year ended Aug. 31, 2012. As of June 30, 2015, the Company had $11.2 million in total assets, $1.7 million in total liabilities and $9.4 million in total shareholders' equity. SUNVALLEY SOLAR: Incurs $430,000 Net Loss in Third Quarter ---------------------------------------------------------- Sunvalley Solar, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $429,639 on $817,481 of revenues for the three months ended Sept. 30, 2015, compared to net income of $61,143 on $882,160 of revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $702,251 on $1.88 million of revenues compared to a net loss of $427,012 on $901,788 of revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $6.10 million in total assets, $5.83 million in total liabilities and $271,209 in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/sv6kip About Sunvalley Solar Sunvalley Solar, Inc., is a California-based solar power technology and system integration company. Since the inception of its business in 2007, the company has focused on developing its expertise and proprietary technology to install residential, commercial and governmental solar power systems. Sunvalley Solar reported a net loss of $1.28 million on $3.31 million of revenues for the year ended Dec. 31, 2014, compared with net income of $764,000 on $4.09 million of revenues for the year ended Dec. 31, 2013. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has an accumulated deficit of $3.65 million, which raises substantial doubt about its ability to continue as a going concern. TECHPRECISION CORP: Posts $255K Net Income for Second Quarter ------------------------------------------------------------- TechPrecision Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $255,000 on $4.10 million of net sales for the three months ended Sept. 30, 2015, compared to a net loss of $649,000 on $4.57 million of net sales for the same period during the prior year. For the six months ended Sept. 30, 2015, the Company reported net income of $461,000 on $8.47 million of net sales compared to a net loss of $1.91 million on $10.8 million of net sales for the same period a year ago. As of Sept. 30, 2015, the Company had $10.58 million in total assets, $9.79 million in total liabilities and $789,000 in total stockholders' equity. "This was another quarter of operational and financial progress, as we delivered our second consecutive quarter of net profit and expanded our sales order backlog by approximately $3 million in the last six months," stated Alexander Shen, TechPrecision's chief executive officer. "Our continued efforts with our core customers enabled us to expand our backlog at September 30, 2015 to approximately $17.5 million compared to $14.3 million at March 31, 2015. We improved profitability in the second quarter of fiscal year 2016 on a sales volume that was 10% lower than the same period last fiscal year. We ended Q2 FY2016 with a 25% decrease in selling, general, and administrative expense, and had a net profit of 6% compared to a net loss of 14% for Q2 FY15. We achieved these results with our consistent sharp focus on productivity initiatives, resource realignment, and top line growth with key customers." "Moving forward, we intend to maintain the sharp focus that got us to this point of our recovery," continued Mr. Shen. "We plan to increase our backlog and focus on new business contracts with our core customers which utilize our core competencies in custom, large scale, high precision fabrication and machining, and leverage our established expertise, certifications, and qualifications in the defense, nuclear, and precision industrial sectors. We must continue to execute and maintain operational run rate improvements to improve gross margins, and increase the amount of cash generated from operations." A full-text copy of the Form 10-Q is available for free at: http://is.gd/hjzsb0 About TechPrecision TechPrecision Corporation (OTC BB: TPCSE), through its wholly owned subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical Components Co., Ltd., globally manufactures large-scale, metal fabricated and machined precision components and equipment. TechPrecision reported a net loss of $3.58 million for the year ended March 31, 2015, compared to a net loss of $7.09 million for the year ended March 31, 2014. Marcum LLP, in Bala Cynwyd, Pennsylvania, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2015, citing that the Company has suffered recurring losses from operations, and the Company's liquidity may not be sufficient to meet its debt service requirements as they come due over the next twelve months. These circumstances raise substantial doubt about the Company's ability to continue as a going concern. TELKONET INC: Welcomes John Stark III as New CFO ------------------------------------------------ Telkonet, Inc., announced that John Stark III succeeds Gene Mushrush as the Company's chief financial officer. Mr. Stark joins the Company from Water Tower Capital, LLC, a nationally recognized, specialty investment banking firm, where he served as Managing Principal. Jason Tienor, CEO of Telkonet commented, "John's previous success leading financial teams on the buy side and sell side, will be invaluable as we continue to grow, develop momentum and thoughtfully consider options to improve our capital structure and up-list to a major exchange, at an appropriate time. The Telkonet Board and I look forward to working with John and are confident he will be a tremendous asset to the business as we move forward." Mr. Tienor continued, "The Board of Directors and I would like to thank Gene for his years of dedicated service, wish him all the best in his new endeavors and the best of luck for the future." Mr. Stark's path to becoming an experienced investor and manager began more than two decades ago when he joined the Minneapolis law firm of Briggs and Morgan. His work on a project finance transaction led to him joining the client as Chief Operating Officer and General Counsel, and within six months the client completed an IPO. John's career on the buy side began when he joined the private placement group at Washington Square Capital, and later as the head of the Special Investments Group at PPM America, in Chicago. John's experience on the sell side includes being co-head of the Restructuring Group at Oppenheimer & Co. Inc. in Los Angeles. John has served as a director of: AET Films, American Restaurant Group, Bucyrus International, Carolina Steel, Cherrydale Farms, Coldwater Portfolio Partners, Crescent Communications, IPM Automotive, LePages, NCH NuWorld Marketing, Orius Tele-communications, Peebles, and PPM America. John has a Bachelor's degree from Wabash College, and Juris Doctor degree from Vanderbilt University School of Law. The Company entered into an employment agreement with Mr. Stark for a term commencing effective on Nov. 16, 2015, and expiring on Dec. 31, 2016. The term of the employment agreement will automatically renew for an additional 12 months unless either party provides notice to the other of its intent to terminate the agreement or if the agreement is otherwise terminated in accordance with its terms. Mr. Stark will receive a base salary of $175,000 and bonuses and benefits based on the Company's internal policies and on participation in the Company's incentive and benefit plans. About Telkonet Milwaukee, Wisconsin-based Telkonet, Inc., is a clean technology company that develops and manufactures proprietary energy efficiency and smart grid networking technology. Telkonet reported a net loss attributable to common stockholders of $95,400 in 2014 following a net loss attributable to common stockholders of $4.9 million in 2013. As of Sept. 30, 2015, the Company had $11.5 million in total assets, $5.35 million in total liabilities and $6.12 million in total stockholders' equity. BDO USA, LLP, in Milwaukee, Wisconsin, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has a history of losses from operations, a working capital deficiency, and an accumulated deficit of $121,906,017 that raise substantial doubt about its ability to continue as a going concern. THERAPEUTICSMD INC: Files Copy of Investor Presentation with SEC ---------------------------------------------------------------- TherapeuticsMD, Inc., furnished with the Securities and Exchange Commission an investor presentation which was used, in whole or in part, and subject to modification, on Nov. 17, 2015, and will be used at subsequent meetings with investors or analysts. A copy of the Presentation is available at http://is.gd/y5tbxg About TherapeuticsMD Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a women's healthcare product company focused on creating and commercializing products targeted exclusively for women. The Company currently manufactures and distributes branded and generic prescription prenatal vitamins as well as over-the-counter vitamins and cosmetics. The Company is currently focused on conducting the clinical trials necessary for regulatory approval and commercialization of advanced hormone therapy pharmaceutical products designed to alleviate the symptoms of and reduce the health risks resulting from menopause-related hormone deficiencies. TherapeuticsMD reported a net loss of $54.2 million on $15.02 million of net revenues for the year ended Dec. 31, 2014, compared with a net loss of $28.4 million on $8.77 million of net revenues for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $90.5 million in total assets, $12.9 million in total liabilities and $77.6 million in total stockholders' equity. THOMPSON COBURN: Wants Trustee's Claims of Terrorism Dismissed -------------------------------------------------------------- Alex Wolf at Bankruptcy Law360 reported that Thompson Coburn LLP urged a Pennsylvania federal court on Nov. 23, 2015, to dismiss claims brought by the Chapter 7 trustee of Valley Forge Composite Technologies Inc., saying its downfall stemmed from the CEO's decision to illegally sell military-grade components to China, not the law firm's actions. Trustee John P. Neblett is alleging Thompson Coburn attorney Michael Hawthorne gave the anti-terrorism technology developer "negligent" advice on what to report in a U.S. Securities and Exchange Commission filing about the viability of a company investment. TONGJI HEALTHCARE: Incurs $101,500 Net Loss in Third Quarter ------------------------------------------------------------ Tongji Healthcare Group, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $101,500 on $566,000 of total operating revenue for the three months ended Sept. 30, 2015, compared to a net loss of $51,070 on $649,393 of total operating revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $260,000 on $1.76 million of total operating revenue compared to a net loss of $133,000 on $1.86 million of total operating revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $16.8 million in total assets, $19.4 million in total liabilities and a $2.60 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/WgByDt About Tongji Healthcare Based in Nanning, Guangxi, the People's Republic of China, Tongji Healthcare Group, Inc., a Nevada corporation, operates Nanning Tongji Hospital, a general hospital with 105 licensed beds. Tongji Healthcare reported a net loss of $462,000 on $2.52 million of total operating revenues for the year ended Dec. 31, 2014, compared with a net loss of $730,000 on $2.37 million of total operating revenues for the year ended Dec. 31, 2013. TONGJI HEALTHCARE: Needs More Time to File Q3 Form 10-Q ------------------------------------------------------- Tongji Healthcare Group, Inc., said it has encountered a delay in assembling the information, in particular its financial statements for the quarter ended Sept. 30, 2015, required to be included in its Sept. 30, 2015, Form 10-Q Quarterly Report. The Company expects to file its Sept. 30, 2015, Form 10-Q Quarterly Report with the U.S. Securities and Exchange Commission within five calendar days of the prescribed due date. About Tongji Healthcare Based in Nanning, Guangxi, the People's Republic of China, Tongji Healthcare Group, Inc., a Nevada corporation, operates Nanning Tongji Hospital, a general hospital with 105 licensed beds. Tongji Healthcare reported a net loss of $462,000 on $2.52 million of total operating revenues for the year ended Dec. 31, 2014, compared with a net loss of $730,000 on $2.37 million of total operating revenues for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $17.23 million in total assets, $19.79 million in total liabilities and total stockholders' deficit of $2.56 million. TRANS ENERGY: Incurs $4.6 Million Net Loss in Third Quarter ----------------------------------------------------------- Trans Energy, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $4.60 million on $2.71 million of total operating revenues for the three months ended Sept. 30, 2015, compared to a net loss of $7.30 million on $6.77 million of total operating revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $10.41 million on $10.80 million of total operating revenues compared to a net loss of $19.78 million on $25 million of total operating revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $101 million in total assets, $129 million in total liabilities, and a $28.0 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/b3htRG About Trans Energy St. Mary's, West Virginia-based Trans Energy, Inc. (OTC BB: TENG) -- http://www.transenergyinc.com/-- is an independent energy company engaged in the acquisition, exploration, development, exploitation and production of oil and natural gas. Its operations are presently focused in the State of West Virginia. Trans Energy reported a net loss of $12.5 million on $27.2 million of total operating revenues for the year ended Dec. 31, 2014, compared with a net loss of $17.7 million on $18.4 million of total operating revenues for the year ended Dec. 31, 2013. TRANS ENERGY: Needs More Time to File Q3 Form 10-Q -------------------------------------------------- Trans Energy, Inc. filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. The Company said it has not finalized its financial statements for the period ended Sept. 30, 2015. Accordingly, the Company said it could not complete and file its Form 10-Q quarterly report by the due date, but expects its financial statements and review of the financial statements will be completed and the Form 10-Q finalized in order to file the report within the prescribed extension period. About Trans Energy St. Mary's, West Virginia-based Trans Energy, Inc. (OTC BB: TENG) -- http://www.transenergyinc.com/-- is an independent energy company engaged in the acquisition, exploration, development, exploitation and production of oil and natural gas. Its operations are presently focused in the State of West Virginia. Trans Energy reported a net loss of $12.5 million on $27.2 million of total operating revenues for the year ended Dec. 31, 2014, compared with a net loss of $17.7 million on $18.4 million of total operating revenues for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $103.39 million in total assets, $126.92 million in total liabilities and a total stockholders' deficit of $23.53 million. TRANS-LUX CORP: Announces Completion of Rights Offering ------------------------------------------------------- Trans-Lux Corporation announced the completion of its rights offering, which expired at 5:00 p.m., Eastern Time, on Nov. 19, 2015. The Company received subscriptions and over-subscriptions for a total of 16,512 shares of its Series B Convertible Preferred Stock, representing approximately 33% of the shares offered. All of the subscriptions and over-subscriptions were accepted, for aggregate gross proceeds to the Company of approximately $3.3 million. The Company expects Continental Stock Transfer & Trust Company, the subscription agent for the rights offering, to begin distributing the shares and the sale proceeds early next week. The Series B Convertible Preferred Stock carries a 6.0% cumulative annual dividend and is convertible into shares of common stock at an initial conversion price of $10.00 per share, representing a conversion ratio of 20 shares of common stock for each share of Series B Convertible Preferred Stock held at the time of conversion, subject to adjustment. The shares of Series B Convertible Preferred Stock may be subject to mandatory conversion after three years, or as early as one year if the closing sale price of the common stock has been greater than or equal to $15.00 for 30 consecutive trading days. About Trans-Lux Corporation Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a designer and manufacturer of digital signage display solutions for the financial, sports and entertainment, gaming and leasing markets. Trans-Lux Corporation incurred a net loss of $4.62 million on $24.4 million of total revenue for the year ended Dec. 31, 2014, compared with a net loss of $1.86 million on $20.9 million of total revenue for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $15.4 million in total assets, $18.6 million in total liabilities and a total stockholders' deficit of $3.24 million. BDO USA, LLP, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses from operations and has a significant working capital deficiency that raise substantial doubt about its ability to continue as a going concern. Further, the auditors said, the Company is in default of the indenture agreements governing its outstanding 9-1/2% Subordinated debentures which were due in 2012 and its 8-1/4% Limited convertible senior subordinated notes which were due in 2012 so that the trustees or holders of 25% of the outstanding Debentures and Notes have the right to demand payment immediately. Additionally, the Company has a significant amount due to their pension plan over the next 12 months. TRANS-LUX CORP: Gabelli Funds Holds 35.4% Stake as of Nov. 19 ------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Gabelli Funds, LLC disclosed that as of Nov. 19, 2015, it beneficially owns 699,190 shares of common stock of Trans-Lux Corporation, representing 35.41 percent of the shares outstanding. A copy of the regulatory filing is available at: http://is.gd/vp7zAA About Trans-Lux Corporation Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a designer and manufacturer of digital signage display solutions for the financial, sports and entertainment, gaming and leasing markets. Trans-Lux Corporation incurred a net loss of $4.62 million on $24.4 million of total revenue for the year ended Dec. 31, 2014, compared with a net loss of $1.86 million on $20.9 million of total revenue for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $15.4 million in total assets, $18.6 million in total liabilities and a total stockholders' deficit of $3.24 million. BDO USA, LLP, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses from operations and has a significant working capital deficiency that raise substantial doubt about its ability to continue as a going concern. Further, the auditors said, the Company is in default of the indenture agreements governing its outstanding 9-1/2% Subordinated debentures which were due in 2012 and its 8-1/4% Limited convertible senior subordinated notes which were due in 2012 so that the trustees or holders of 25% of the outstanding Debentures and Notes have the right to demand payment immediately. Additionally, the Company has a significant amount due to their pension plan over the next 12 months. TRANS-LUX CORP: GAMCO Entities File Schedule 13D ------------------------------------------------ In an amended Schedule 13D filed with the Securities and Exchange Commission, GAMCO Asset Management Inc. disclosed that as of Nov. 19, 2015, it beneficially owns 24,584 shares of common stock of Trans-Lux Corporation representing 1.24 percent of the shares outstanding. A copy of the regulatory filing is available at http://is.gd/1uovic In an amended Schedule 13D filed with the SEC, GAMCO Investors, Inc. disclosed that as of Nov. 23, 2015, it does not beneficially own shares of common stock of Trans-Lux Corporation. A copy of the regulatory filing is available for free at http://is.gd/cwc7dO About Trans-Lux Corporation Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a designer and manufacturer of digital signage display solutions for the financial, sports and entertainment, gaming and leasing markets. Trans-Lux Corporation incurred a net loss of $4.62 million on $24.4 million of total revenue for the year ended Dec. 31, 2014, compared with a net loss of $1.86 million on $20.9 million of total revenue for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $15.4 million in total assets, $18.6 million in total liabilities and a total stockholders' deficit of $3.24 million. BDO USA, LLP, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses from operations and has a significant working capital deficiency that raise substantial doubt about its ability to continue as a going concern. Further, the auditors said, the Company is in default of the indenture agreements governing its outstanding 9-1/2% Subordinated debentures which were due in 2012 and its 8-1/4% Limited convertible senior subordinated notes which were due in 2012 so that the trustees or holders of 25% of the outstanding Debentures and Notes have the right to demand payment immediately. Additionally, the Company has a significant amount due to their pension plan over the next 12 months. TRUMP ENTERTAINMENT: Wants Until May 9 to Propose Chapter 11 Plan ----------------------------------------------------------------- Carmen Germaine at Bankruptcy Law360 reported that Trump Entertainment Resorts Inc. on Nov. 19, 2015, asked a Delaware bankruptcy judge to extend the period in which it can exclusively file a Chapter 11 reorganization plan, saying that it needs to retain control in case a previously approved plan falls through. The bankrupt Atlantic City, New Jersey, casino operator is seeking to extend the time in which it is the only one permitted to propose a Chapter 11 plan until May 9, saying that while it has continued to work its way out of the case. About Trump Entertainment Based in Atlantic City, New Jersey, Trump Entertainment Resorts Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and operates three casino hotel properties in Atlantic City, New Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino. The Company conducts gaming activities and provides customers with casino resort and entertainment. Donald Trump is a shareholder of the Company and, as its non- executive Chairman, is not involved in the daily operations of the Company. The Company is separate and distinct from Mr. Trump's privately held real estate and other holdings. Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other affiliates filed for Chapter 11 protection on Feb. 17, 2009 (Bankr. D. N.J. Lead Case No. 09-13654). The Company tapped Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel, and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP served as the Company's auditor and accountant and Lazard Freres & Co. LLC was the financial advisor. Garden City Group was the claims agent. The Company disclosed assets of $2,055,555,000 and debts of $1,737,726,000 as of Dec. 31, 2008. Trump Hotels & Casino Resorts, Inc., filed for Chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Trump Hotels obtained the Court's confirmation of its Chapter 11 plan on April 5, 2005, and in May 2005, it exited from bankruptcy under the name Trump Entertainment Resorts Inc. UNI-PIXEL INC: Has Public Offering of Common Stock and Warrants --------------------------------------------------------------- Uni-Pixel, Inc., announced that it commenced a public offering of units, each unit consisting of one share of common stock and a warrant to purchase one share of common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The offering will be conducted on a "best efforts" basis, with Roth Capital Partners, LLC serving as the lead placement agent and Ladenburg Thalman serving as co-placement agent. The offering of the units will be made under the Company's effective shelf registration statement (File No. 333-200316) declared effective by the U.S. Securities and Exchange Commission on July 10, 2015. The Company will file a prospectus supplement with the SEC for the offering to which this communication relates. When available, the prospectus supplement and accompanying base prospectus, meeting the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained from Roth Capital Partners at 888 San Clemente, Newport Beach, CA 92660 or by calling (800) 678-9147 or e-mail at rothecm@roth.com, or by visiting the EDGAR database on the SEC's web site at www.sec.gov. About Uni-Pixel Inc. The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL) -- http://www.unipixel.com/-- is a production stage company delivering its Clearly Superior(TM) Performance Engineered Films to the Lighting & Display, Solar and Flexible Electronics market segments. Uni-Pixel incurred a net loss of $25.7 million in 2014, a net loss of $15.2 million in 2013 and a net loss of $9.01 million in 2012. As of Sept. 30, 2015, the Company had $26.0 million in total assets, $10.9 million in total liabilities and $15.04 million in total shareholders' equity. UNI-PIXEL INC: Prices Public Offering of Common Stock and Warrants ------------------------------------------------------------------ UniPixel, Inc., announced that it entered into subscription agreements with investors for the sale of 9,625,871 units at a public offering price of $0.85 per Unit in a public offering resulting in expected gross proceeds to the Company of $8.1 million. Each Unit consists of one share of UniPixel common stock, par value $0.001 per share and one warrant to purchase one share of Common Stock at an exercise price of $1.50 per share, exercisable for a period of five years from the date of the closing of the Offering. Roth Capital Partners, LLC acted as lead placement agent in the Offering, with Ladenburg Thalmann & Co. Inc. serving as co-placement agent under the terms of a placement agency agreement entered into with Roth Capital Partners. Under the Placement Agency Agreement, the Company agreed to pay to the placement agents an aggregate placement agent fee equal to 7% of the gross proceeds of the Offering, subject to certain limitations as set forth in the Placement Agency Agreement. The Offering is expected to close on or prior to Nov. 30, 2015, subject to satisfaction of customary closing conditions. The warrants will not be separately listed for trading. The Offering was conducted on a "best efforts" basis pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement (File No. 333-200316) declared effective by the U.S. Securities and Exchange Commission on July 10, 2015. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering are available free of charge on the SEC's website at www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus may also be obtained from the offices of Roth Capital Partners, 888 San Clemente, Suite 400, Newport Beach, CA 92660, (800) 678-9147, or by accessing the SEC’s website, www.sec.gov About Uni-Pixel Inc. The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL) -- http://www.unipixel.com/-- is a production stage company delivering its Clearly Superior(TM) Performance Engineered Films to the Lighting & Display, Solar and Flexible Electronics market segments. Uni-Pixel incurred a net loss of $25.7 million in 2014, a net loss of $15.2 million in 2013 and a net loss of $9.01 million in 2012. As of Sept. 30, 2015, the Company had $26.0 million in total assets, $10.9 million in total liabilities and $15.04 million in total shareholders' equity. UNITED BANCSHARES: Incurs $210K Net Loss in Third Quarter --------------------------------------------------------- United Bancshares, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $209,909 on $636,457 of total interest income for the three months ended Sept. 30, 2015, compared to a net loss of $182,996 on $737,636 of total interest income for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $313,006 on $1.97 million of total interest income compared to a net loss of $607,195 on $2.15 million of total interest income for the same period a year ago. As of Sept. 30, 2015, the Company had $59.14 million in total assets, $56.23 million in total liabilities and $2.91 million in total shareholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/v6Uurn About United Bancshares Located in Philadelphia, Pennsylvania, United Bancshares, Inc., is an African American controlled and managed bank holding company for United Bank of Philadelphia, a commercial bank chartered in 1992 by the Commonwealth of Pennsylvania, Department of Banking. United Bancshares reported a net loss of $343,000 on $2.90 million of total interest income for the year ended Dec. 31, 2014, compared with a net loss of $669,000 on $2.90 million of total interest income for the year ended Dec. 31, 2013. McGladrey LLP, in Blue Bell, Pennsylvania, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, noting that the Company's regulatory capital amounts and ratios are below the required levels stipulated with Consent Orders between the Company and its regulators under the regulatory framework for prompt corrective action. Failure to meet the capital requirements exposes the Company to regulatory sanctions that may include restrictions on operations and growth, mandatory asset disposition, and seizure of the Company. These matters raise substantial doubt about the ability of the Company to continue as a going concern. UNIVERSITY OF NORTH CAROLINA: S&P Affirms BB Rating on 2010 Bonds ----------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook to positive from stable and affirmed its 'BB' rating on The Board of Governors of the University of North Carolina's (UNCP) series 2010A and 2010B limited obligation bonds, secured by dormitory system rental revenue. At the same time, S&P affirmed its 'A-' issuer credit rating (ICR) on UNCP. The outlook on the ICR is stable. "The positive outlook on the series 2010A and 2010B bonds reflects recent enrollment growth at UNCP, which has translated into improved occupancy and improved debt service coverage in fiscal 2015," said Standard & Poor's credit analyst Nick Waugh. Management expects occupancy to remain solid in fiscal 2016 with improved debt service coverage (DSC). "The 'BB' rating on the series 2010 bonds reflects, what we consider, adequate coverage for project housing and stronger DSC for the dormitory system with growing enrollment and improved occupancy," added Mr. Waugh. "We believe somewhat offsetting factors include historical enrollment decreases, the violation of a DSC covenant in fiscal 2012, and the historical reliance on Build America Bonds subsidy payments to achieve break-even DSC for project housing even at 94% occupancy." The project achieved stronger than break-even DSC, excluding the BABs subsidy, in fiscal 2015; S&P views this development positively. The 'A-' ICR on the university reflects UNCP's modest demand profile, deficit operations on a GAAP basis, and just-adequate financial resources compared to median category ratios. Solid levels of state support, positive operating performance on a cash basis, and a modest debt burden support the current rating. The positive outlook on the series 2010A and 2010B limited obligation bonds reflects S&P's view of improved occupancy and coverage in fiscal 2015 and management's projection of continued strong occupancy and stronger DSC for the system and the project in fiscal 2016. A trend of strong occupancy with projected DSC that is in excess of 1x excluding the Build America Bonds (BABS) subsidy could lead to an upgrade during the outlook period. S&P would consider revising the outlook to stable if occupancy declines and project DSC falls below 1x excluding the BABS subsidy. The stable outlook on the ICR reflects Standard & Poor's opinion that during the two-year outlook period, enrollment will likely remain stable or grow modestly, university financial performance will likely be balanced on at least a cash basis, and financial resource ratios will likely remain at current levels. Although S&P do not expect to lower the ICR during the outlook period, significant enrollment decreases could trigger S&P's consideration of lowering the ICR. Additional credit factors that could result in S&P's lowering the rating include significant deficit financial operations and the issuance of significant additional debt that diminishes financial resource ratios compared with the rating category. Raising the ICR during the outlook period is unlikely due to the university's modest demand profile and just-adequate financial resources compared with the rating category. Credit factors that could lead a higher rating beyond the outlook period could include a significant improvement in demand and growing enrollment, a trend of surplus operations on a full-accrual basis, and the significant improvement of financial resource ratios compared with the rating category. URANIUM ONE: Fitch Affirms 'BB-' Issuer Default Rating ------------------------------------------------------ Fitch Ratings has affirmed Canada-incorporated Uranium One Inc.'s Long-term foreign currency Issuer Default Rating at 'BB-'. The Outlook is Stable. Uranium One's IDR includes a three-notch uplift from Fitch's standalone assessment of 'B-' for support from its wholly state-owned parent, JSC Atomic Energy Power Corporation (Atomenergoprom, BBB-/Negative), and, ultimately, the Russian Federation (BBB-/Negative). Atomenergoprom is an integral part of State Atomic Energy Corporation Rosatom (Rosatom), the world's leader in integrated uranium production, nuclear power plant engineering, fabrication and construction, and a top nuclear power utility in Russia. Fitch views the strategic and operational ties as strong between Uranium One and Atomenergoprom and ultimately Rosatom. More robust legal ties, eg, financial guarantees for a large portion of Uranium One's debt would result in a closer rating alignment between Uranium One and Atomenergoprom. Uranium One's standalone creditworthiness is constrained by its small size, its dependence on dividends from its joint ventures (JVs) operating in Kazakhstan, and exposure to a single commodity and, largely, spot uranium prices. As Fitch expected, the company's funds from operations (FFO) adjusted gross leverage exceeded 15x in 2014 and is likely to remain above 8x in 2015 due to weak EBITDA generation and relatively low dividends received from JVs during the period of depressed uranium spot prices. Based on our conservative price forecast for triuranium octoxide (U3O8) increasing from USD37 per pound (lb) in 2016 to USD45/lb until 2019, Fitch expects that Uranium One's FFO, which includes a proportionate share of dividends from JVs, will materially improve in 2016-2017 and its FFO adjusted gross leverage will drop to about 3.6x by end-2017, in line with our rating guidance. KEY RATING DRIVERS Strategic Uranium Mining Asset Uranium One's low-cost position in extraction of U3O8 is important for Rosatom's group successful development. As Rosatom owns 36% of global uranium enrichment capacity, it needs low-cost feedstock to maintain enrichment profit margins and requires contracted uranium supply to attract reactor customers. With expected 2015 cash costs of USD13/lb, Uranium One is one of the lowest-cost uranium producers globally. Nearly all of its production comes from Kazakhstan from JVs with JSC National Atomic Company Kazatomprom (Kazatomprom, BBB-/Stable). Rosatom's strong strategic and operational ties with Uranium One are key to the parent maintaining its long-term aim of being a leader across global nuclear markets. Uranium One has a strategic off-take agreement with Rosatom's subsidiary, to which it sells over half of its production predominantly at spot-based prices. Uranium One also acts as Rosatom's international marketing arm and has long-term off-take agreements with customers in Asia, the US and Europe. 'B-' Standalone Profile Uranium One's standalone creditworthiness is constrained by its small size, dependence on production and dividends from the JVs, exposure to a single commodity and spot uranium prices and high current and expected FFO adjusted gross leverage. Uranium One depends almost exclusively on dividends from JVs to service its debt. In 9M15, it received USD53.6 mil. in dividends from JVs, down from USD67.6 mil. a year ago. At Sept. 30, 2015, it had USD63.5 mil. in dividends receivable from its JVs for 2014 results, while it used up USD112.4 mil. in operating cash flows. In 2015, Uranium One expects that its total attributable production will reach 12.2 mil. lbs of uranium. As uranium prices have re-bounded in 2015, Fitch expects that from 2016 Uranium One's incoming dividend stream will improve noticeably. Based on uranium U3O8 futures prices of USD37/lb in 2016, USD40/lb in 2017, USD43/lb in 2018 and USD45/lb in 2019, Fitch expects that in 2016 the company's FFO, including income from wholly-consolidated operations and a proportionate share of dividends from JVs, will start recovering. Uranium One's JVs have largely reached their design capacity and are generally debt-free, enabling them to distribute most of their free cash flow as dividends. Fitch forecasts that FFO-adjusted leverage will also improve to 3.7x at end-2016, and then to about 3.6x (gross) and about 2.7x (net) by end-2017. JV's cash costs were down in 9M15 on tenge devaluation in August 2015 yoy, and Fitch expects them to stay at around USD11/lb on average in the medium term, assuming a broadly stable exchange rate for the Kazakh tenge. Low-Cost Position Beneficial Uranium One mines nearly all of its uranium from its Kazakhstan's JVs using the in-situ leaching or recovery (ISR) method. In 9M15 the company had cash costs of USD13/lb, flat yoy, while its 3Q15 cash costs were only USD10/lb on 40% YTD Kazakh tenge depreciation. The company sells its uranium predominately at spot-based prices, which distinguishes it from some other miners eg, Kazatomprom, which sell their uranium at a mix of long-term and spot prices. Uranium One's realized price increased in 9M15 to USD37/lb, up from 32/lb in 9M14. Uranium Future Brightens In June 2014 spot uranium prices touched a multi-year low of USD28/lb, before improving to about USD36/lb by end-2014. In 10M15 average spot uranium prices were USD36.7/lb, up from USD32.4/lb in 10M14. Despite the fact that two Japanese nuclear reactors - Sendai 1 and Sendai Unit 2 - have been restarted recently and more are expecting approvals, Uranium One expects mild upward price pressure through end-2015 as suppliers have had to lower offer prices to compete with available mid-term material. UxC, a nuclear consultancy, estimates that global primary production will increase in 2015 by 6m lbs U3O8 (or by 4%) to 151m lbs U3O8. Combined with secondary supplies, aggregate supply in 2015 will total 191m lbs U3O8, or 17m lbs higher than UxC's base case demand of 174m lbs U3O8. UxC's long-term growth outlook for global uranium demand remains positive, as it forecasts 2030 uranium demand of 264m lbs U3O8, a 52% increase on 2015. There are currently 67 reactors under construction in 15 countries with total generating capacity of 66 gigawatts (GW). In total, there are 440 reactors in 31 countries with 380GW of operable nuclear generating capacity, providing about 12% of global electricity supply. KEY ASSUMPTIONS Fitch's key assumptions within our rating case for Uranium One include: -- 3% average annual growth in attributable uranium production and sales in 2016-2019. -- U3O8 prices of USD36/lb in 2015, USD37/lb in 2016, USD40/lb in 2017, USD43/lb in 2018 and USD45/lb in 2019. -- Average USD/KZT exchange rate equal to 282.5 in 2016 and 297.5 thereafter. -- Net working capital changes and capex in line with management's projections. -- Dividends from JVs growing in 2016-2019 due to increasing uranium prices and relatively weak tenge exchange rate. RATING SENSITIVITIES Positive: Future developments that could lead to positive rating action include: -- Stronger legal linkage with the parent, ie, financial guarantees for a large portion of Uranium One's debt or cross default provisions that would include Uranium One. -- Improved financial profile, e.g., FFO-adjusted gross leverage of below 3x and FFO fixed charge cover of at least 4x on a sustained basis (end-2014: 15.3x and 0.9x, respectively), which would be positive for Uranium One's standalone profile. Negative: Future developments that could lead to negative rating action include: -- Weakening linkage with the parent, eg, the inability to obtain timely refinancing from the parent company or its subsidiaries, which could result in Fitch reviewing the current level of parental support. -- Weak liquidity due to lower than expected dividends from JVs as a result of sustained depressed uranium prices. -- Failure to improve the financial profile by end-2017 including FFO-adjusted gross leverage of above 4x and FFO interest coverage of less than 2x based on mid-cycle uranium price assumptions, which would be negative for the standalone profile. LIQUIDITY Uranium One had USD132 mil. of unrestricted cash at Sept. 30, 2015, while the company's short-term debt was negligible USD8 mil. Fitch estimates that Uranium One's FCF will be broadly neutral in 2015 provided that in 4Q15 it receives USD64 mil. of remaining JVs dividends for 2014. Uranium One's repayments will amount to approximately USD81m under its rouble bond due in 2016 and around USD389m under its rouble bond due in 2020 , including amounts under cross currency swaps. Other long-term debt of the company includes USD267m dollar-denominated notes due in 2018, and a USD50m related party loan due in 2020. FULL LIST OF RATING ACTIONS Uranium One Inc. -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook Stable -- Long-term local currency IDR: affirmed at 'BB-'; Outlook Stable -- Foreign currency Short-term IDR: affirmed at 'B' -- Local currency Short-term IDR: affirmed at 'B' -- Senior unsecured rating: affirmed at 'BB-' Uranium One Investments Inc.'s USD300m 6.25% notes due 2018 -- Senior unsecured rating: affirmed at 'BB-' with the RR4 recovery rating. VERITEQ CORP: Salberg & Co. Replaces EisnerAmper as Accountants --------------------------------------------------------------- EisnerAmper LLP resigned as Veriteq Corporation's independent registered public accounting firm on Nov. 18, 2015. With the approval of its Audit Committee, the Company appointed Salberg & Company, P.A. as the Company's new independent registered public accounting firm. The audit report of EisnerAmper on the Company's financial statements for the years ended Dec. 31, 2014, and 2013 did not contain an adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles, except that the audit report stated that there was substantial doubt about the Company's ability to continue as a going concern. The Company said that EisnerAmper's resignation was not a result of any disagreements. During the two most recent fiscal years ended Dec. 31, 2014, and through the subsequent interim period prior to the Company's appointment of Salberg, the Company did not consult with Salberg. About VeriTeQ VeriTeQ (formerly known as Digital Angel Corporation) develops innovative, proprietary RFID technologies for implantable medical device identification, and dosimeter technologies for use in radiation therapy treatment. VeriTeQ -- http://www.veriteqcorp.com/-- offers the world's first FDA cleared RFID microchip technology that can be used to identify implantable medical devices, in vivo, on demand, at the point of care. VeriTeQ's dosimeters provide patient safety mechanisms while measuring and recording the dose of radiation delivered to a patient in real time. Veriteq reported a net loss of $3.91 million on $151,000 of sales for the year ended Dec. 31, 2014, compared to a net loss of $18.2 million on $18,000 of sales for the year ended Dec. 31, 2013. As of March 31, 2015, the Company had $1.66 million in total assets, $9 million in total liabilties, $1.84 million in series D preferred stock, and a $9.18 million total stockholders' deficit. EisnerAmper LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred recurring net losses, and at Dec. 31, 2014, had negative working capital and a stockholders' deficit. These events and conditions raise substantial doubt about the Company's ability to continue as a going concern. VERSO PAPER: Incurs $111 Million Net Loss in Third Quarter ---------------------------------------------------------- Verso Paper Holdings LLC filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $111 million on $782 million of net sales for the three months ended Sept. 30, 2015, compared to a net loss of $37 million on $350 million of net sales for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $293 million on $2.36 billion of net sales compared to a net loss of $170 million on $970 million of net sales for the same period during the prior year. As of Sept. 30, 2015, the Verso Holdings had $2.91 billion in total assets, $3.89 billion in total liabilities and a total deficit of $974 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/xyC03f About Verso Verso is a North American producer of coated papers, including coated groundwood and coated freesheet, and specialty products. Verso is headquartered in Memphis, Tennessee, and owns three paper mills located in Maine and Michigan. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on its Web site at http://www.versopaper.com/ Verso Paper reported a net loss of $356 million on $1.29 billion of net sales for the year ended Dec. 31, 2014, compared with a net loss of $111 million on $1.38 billion of net sales in 2013. * * * The Troubled Company Reporter, on Aug. 25, 2015, reported that Moody's Investors Service says Verso Paper Holdings LLC's (B3, stable) announcement that it will shut down a pulp dryer and coated paper machine and indefinitely idle a paper mill will further strain the company's already weak liquidity position and adds further uncertainty in the company's ability to achieve its synergy target. However, the optimization of the remaining capacity at the Company's Androscoggin mill in Maine should led to a reduction incosts with the elimination of fixed charges and high cost peakpower consumption. As reported by the TCR on July 3, 2015, Standard & Poor's Ratings Services said it raised its corporate credit rating on Verso Paper Holdings LLC and its parent Verso Paper Finance Holdings LLC to 'B-' from 'SD'. The TCR reported on Jan. 16, 2015, that Moody's Investors Service upgraded Verso Paper Holdings LLC's corporate family rating (CFR) to B3 from Caa3 and changed the probability of default rating (PDR) to B3-PD/LD from Caa3-PD. Verso's B3 CFR primarily reflects Moody's expectation that initial proforma leverage of about 9 times can be brought down to mid-6 times through synergy cost savings and cost improvements following the acquisition of NewPage, despite a continuing structural decline in demand for coated paper. VICTORY ENERGY: Settles Litigation with Trilogy ----------------------------------------------- Aurora Energy Partners, a partnership of which Victory Energy Corporation is the managing partner and owner of 50% of the outstanding partnership interests, the Company and Trilogy Operating, Inc. entered into a Settlement Agreement and Release to settle the outstanding litigation between Aurora and Trilogy in the case styled Trilogy Operating, Inc. v. Aurora Energy Partners, which was pending in Howard County, Texas. Pursuant to the Settlement Agreement and Release, Aurora agreed to assign any and all of its interests in four specified wells located in Glasscock and Howard Counties, those being Wagga Wagga #2, Homar #1, Ballarat '185' #1 and BOA North #5. Aurora's assignment of the Obligation Wells will be effective as of May 1, 2014. Aurora and Trilogy further agreed to mutually release each other from any and all demands, claims and causes of action, whether known or unknown, asserted or unasserted, in the Litigation, but only insofar as such claims, demands and causes of action pertain to and are related or connected to the Obligation Wells. The Company has not historically included any production or reserve information in its financial or operational reporting in any of its prior filings for these Obligation Wells. The Company will record a $637,000 non cash gain on the settlement of this matter in its fourth quarter 2015 results of operations. About Victory Energy Austin, Texas-based Victory Energy Corporation is engaged in the exploration, acquisition, development and exploitation of domestic oil and gas properties. Current operations are primarily located onshore in Texas, New Mexico and Oklahoma. Victory Energy reported a net loss of $4.22 million in 2014 following a net loss of $2.11 million in 2013. As of Sept. 30, 2015, the Company had $1.89 million in total assets, $4.13 million in total liabilities, and a $2.24 million total stockholders' deficit. Weaver and Tidwell, L.L.P., in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has experienced recurring losses since its inception and has an accumulated deficit, which raise substantial doubt regarding the Company's ability to continue as a going concern. VIGGLE INC: Fails to Company with Nasdaq Requirement ---------------------------------------------------- Viggle Inc. received a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company that the Staff has determined that the Company violated the shareholder approval requirements of Listing Rule 5550(b)(1). Listing Rule 5550(b)(1) requires that companies listed on the NASDAQ Capital Market are required to maintain a minimum of $2,500,000 in stockholders' equity for continued listing. The Company's Quarterly Report on Form 10-Q for the period ended Sept. 30, 2015, reported stockholders' equity of $2,107,000. As of Sept. 18, 2015, the Company does not meet NASDAQ's alternatives of market value of listed securities or net income from continuing operations. The Letter has no current effect on the listing of the Company's common stock. The Company has until Jan. 4, 2016, to submit a plan to regain compliance with NASDAQ listing requirements to NASDAQ. The Company intends to regain compliance, and is working to develop a plan to regain compliance to be submitted to NASDAQ promptly. About Viggle New York City-based Viggle Inc. is a loyalty marketing company. The Company has developed a loyalty program for television that gives people real rewards for checking into the television shows they are watching on most mobile operating system. Viggle users can redeem their points in the app's rewards catalog for items such as movie tickets, music, or gift cards. Viggle reported a net loss attributable to common stockholders of $78.9 million on $25.5 million of revenue for the year ended June 30, 2015, compared to a net loss attributable to common stockholders of $68.1 million on $17.98 million of revenues for the year ended June 30, 2014. As of Sept. 30, 2015, the Company had $74.0 million in total assets, $59.8 million in total liabilities, $12.04 million in series C convertible preferred stock and $2.10 million in total stockholders' equity. BDO USA, LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has suffered recurring losses from operations and at June 30, 2015, has a deficiency in working capital that raise substantial doubt about its ability to continue as a going concern. VIGGLE INC: Receives Noncompliance Notice from Nasdaq ----------------------------------------------------- Viggle Inc. received written notice from the Listing Qualifications Department of The NASDAQ Stock Market LLC notifying the Company that for the preceding 30 consecutive business days, the Company's common stock did not maintain a minimum closing bid price of $1.00 per share as required by NASDAQ Listing Rule 5550(a)(2). The notice has no immediate effect on the listing or trading of the Company's common stock and the common stock will continue to trade on The NASDAQ Capital Market under the symbol "VGGL" at this time. In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company has a cure period of 180 calendar days, or until May 18, 2016, to regain compliance with NASDAQ Listing Rule 5550(a)(1). Compliance can be achieved automatically and without further action if the closing bid price of the Company's stock is at or above $1.00 for a minimum of 10 consecutive business days at any time during such 180-day period, in which case NASDAQ will notify the Company of its compliance and the matter will be closed. The Company is currently considering available options to resolve this listing deficiency and to regain compliance promptly. About Viggle New York City-based Viggle Inc. is a loyalty marketing company. The Company has developed a loyalty program for television that gives people real rewards for checking into the television shows they are watching on most mobile operating system. Viggle users can redeem their points in the app's rewards catalog for items such as movie tickets, music, or gift cards. Viggle reported a net loss attributable to common stockholders of $78.9 million on $25.5 million of revenue for the year ended June 30, 2015, compared to a net loss attributable to common stockholders of $68.1 million on $17.98 million of revenues for the year ended June 30, 2014. As of Sept. 30, 2015, the Company had $74.0 million in total assets, $59.8 million in total liabilities, $12.04 million in series C convertible preferred stock and $2.10 million in total stockholders' equity. BDO USA, LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has suffered recurring losses from operations and at June 30, 2015, has a deficiency in working capital that raise substantial doubt about its ability to continue as a going concern. VIRTUAL PIGGY: Issues $20,000 Promissory Note to Investor --------------------------------------------------------- Virtual Piggy, Inc., issued a $20,000 principal amount unsecured Promissory Note to Martha McGeary Snider on Nov. 19, 2015, pursuant to a Promissory Note Agreement. The Investor also received a two-year Warrant to purchase 4,000 shares of Company common stock at an exercise price of $0.90 per share. Ms. McGeary Snider is Chairman of the Board of the Company. The Note bears interest at a rate of 10% per annum and matures on the six month anniversary of the issuance date, or on such earlier date that (i) the Company completes the closing of a specified joint venture agreement or (ii) the Company completes the sale of at least an additional $1 million of 10% Secured Convertible Promissory Notes. About Oink (Virtual Piggy, Inc.) Virtual Piggy is the provider of Oink, a secure online and in-store teen wallet. Oink enables teens to manage and spend money within parental controls, while gaining valuable financial management skills. The technology company also delivers payment platforms designed for the Under 21 age group in the global market, and enables online businesses the ability to function in a manner consistent with the Children's Online Privacy Protection Act and similar international children's privacy laws. The company, based in Hermosa Beach, CA, is on the Web at: http://www.oink.com/and holds three technology patents, US Patent No. 8,762,230, 8,650,621 and 8,812,395. As of Sept. 30, 2015, the Company had $1.31 million in total assets, $6.26 million in total liabilities, all current, and a $4.94 million stockholders' deficit. Virtual Piggy reported a net loss of $9.65 million in 2014, a net loss of $16 million in 2013 and a net loss of $12.03 million in 2012. Morison Cogen LLP, in Bala Cynwyd, PA, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's losses from development stage activities raise substantial doubt about its ability to continue as a going concern. VIRTUAL PIGGY: Kathe Anchel Joins as CEO, Martha Snider as Chairman ------------------------------------------------------------------- Virtual Piggy, Inc., announced the addition of Kathe Anchel to Virtual Piggy as CEO, and Martha McGeary Snider to Virtual Piggy as chairman of the Board. Kathe Anchel (pronounced Kayta) joins with more than 15 years of diversified experience leading across product, design and strategy organizations. Kathe has dedicated her career to building - and nurturing teams that build - impactful digital product experiences and platform business models. With a focus on bridging payments technologies with content and commerce, she has worked with global leaders in finance, mobile payments, education, healthcare, retail and content to launch and grow products and brands. Prior to joining Oink, Kathe served as a leader within the Global Consumer Products team of PayPal and previously at eBay Enterprises heading up product experience design. With a passion for delivering solutions to the youth market, Kathe will lead Oink into the youth payments space that not only connects young people and families with a safe, secure way to receive, manage and spend money, but also delivers the last mile of financial literacy for 21st century youth. In her free time, Käthe pens young adult novels and is the mother of two boys and a girl (aka her captive focus group). "I am energized to join this venture at a time when, as parents (and as a company), we're competing for the attention of our young people with streaming media content that is exploding in quantity, diversity and channel distribution. How do you tackle something like financial literacy and safe commerce in a world like this? We start with fueling experiences and conversations that give young people the tools and a foundation for how to measure and create value. How our world structures and perceives the complex idea of value - whether it is the value of currency, time, services, ideas, or connections - greatly influences a young person's view of their own self-worth and opportunities for growth," said Kathe Anchel, CEO of Virtual Piggy. "Our mission is to become a platform for change that empowers young people to make smart choices around the things they value in life, setting them up to become financially responsible and impactful citizens." Anchel added that, "as a parent, sometimes it can seem like it is easier to talk about sex than it is to talk about money. But we as parents come by this honestly. Historically, financial literacy has been an elective at best, absent from most curriculums and avoided in family dialog. If we're going to truly prepare our children for the real world, we need a catalyst for building new habits and for starting new conversations. We believe we can be that catalyst." Martha McGeary Snider has served as the chair of the Board of Advisors for Virtual Piggy, Inc. since 2012. Her role in the company is inspired by her desire to empower the younger generation to become financially literate and socially active change-makers across the world. She is an award-winning philanthropist, business and cultural consultant and is recognized as an innovative and strategic leader. Ms. McGeary Snider served as Policy Advisor on Arts and Culture, Commonwealth of Pennsylvania, under Governor Edward G. Rendell's administration. She serves on numerous national and international philanthropic boards focusing on education advocacy and cultural enrichment. Ms. McGeary Snider received The President's Volunteer Service Award for her distinguished contributions in philanthropy. Her expertise and success in fund raising, networking and marketing brings strength to the board's collective qualifications, skills and experience. "Being a part of building a safe and easy way for the younger generation to be financially literate social change agents is an inspiring opportunity. I am proud to serve as chair of the board of directors and to be a part of a team that is focused and dedicated to creating tools that empower our youngest generation," said Ms. McGeary Snider about her new role as Chairman of the Board for Virtual Piggy. "I am thrilled to be collaborating with Kathe Anchel, whose deep and respected experience in the e-commerce industry and hands-on insights as an active mother will inform and guide our dedication to serve the expanding and promising world of young mobile consumers; our future," added Ms. McGeary Snider in regards to the addition of Ms. Anchel to Virtual Piggy's leadership. "I'm pleased to be leading this mission and joining at the same time as Martha, whose record of nurturing organizations for social change will be critical to propelling us forward," said Ms. Anchel. Oink promotes financial management while empowering millennials and generation Z to make purchasing, saving and other money management decisions for themselves, within set boundaries. Oink's technology serves as a digital wallet, supported by the Oink Card, a Discover prepaid card that allows safe and secure transactions. On Nov. 13, 2015, Jo Webber stepped down from her positions as Chief Executive Officer and a member of the Board of Directors of Virtual Piggy, Inc. In connection with her departure from the Company, the Company agreed to extend the exercise period of Ms. Webber's stock option to purchase a total of 2,000,000 shares of the Company’s common stock at an exercise price of $0.65 to its current expiration date in March 2017. Ms. Webber also agreed to immediately relinquish and terminate her outstanding stock option to purchase a total of 3,000,000 shares of the Company's common stock at an exercise price of $0.04 per share. About Oink (Virtual Piggy, Inc.) Virtual Piggy is the provider of Oink, a secure online and in-store teen wallet. Oink enables teens to manage and spend money within parental controls, while gaining valuable financial management skills. The technology company also delivers payment platforms designed for the Under 21 age group in the global market, and enables online businesses the ability to function in a manner consistent with the Children's Online Privacy Protection Act and similar international children's privacy laws. The company, based in Hermosa Beach, CA, is on the Web at: http://www.oink.com/and holds three technology patents, US Patent No. 8,762,230, 8,650,621 and 8,812,395. Virtual Piggy reported a net loss of $9.65 million in 2014, a net loss of $16 million in 2013 and a net loss of $12.03 million in 2012. As of Sept. 30, 2015, the Company had $1.31 million in total assets, $6.26 million in total liabilities, all current, and a $4.94 million stockholders' deficit. Morison Cogen LLP, in Bala Cynwyd, PA, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's losses from development stage activities raise substantial doubt about its ability to continue as a going concern. VISCOUNT SYSTEMS: 3 Directors Quit Over Proposed Financing ---------------------------------------------------------- In connection with a proposed financing for Viscount Systems, Inc., each of Dennis Raefield, George Eli Birnbaum and Robert Liscouski resigned as directors of the Company. Messrs. Raefield and Liscouski indicated that their resignations were directly related to the proposed financing since they could not vote to approve the financing. "I too am dissatisfied with the course our latest financing has taken," states Mr. Raefield in his letter of resignation. "I cannot in good conscience agree to financing that destroys common shareholder value. A "No" vote on the proposed terms closes off the company's desperate need of cash, but a "Yes" vote basically puts the assets of the company at high risk for the benefit of preferred shareholders." On Nov. 9, 2015, Craig Nemiroff was appointed as a director of the Company. About Viscount Systems Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer, developer and service provider of access control security products. Viscount Systems reported a net loss and comprehensive loss of C$991,000 on C$4.76 million of sales for the year ended Dec. 31, 2014, compared to a net loss and comprehensive loss of C$3.08 million on C$4.13 million of sales in 2013. As of June 30, 2015, the Company had C$1.84 million in total assets, C$1.74 million in total liabilities, C$16,696 in convertible redeemable preferred stock and C$88,796 in total stockholders' equity. Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred losses in developing its business, and further losses are anticipated in the future. The Company requires additional funds to meet its obligations and the costs of its operations and there is no assurance that additional financing can be raised when needed. These factors raise substantial doubt about the Company's ability to continue as a going concern. VISCOUNT SYSTEMS: Corrects Report on Director Appointment --------------------------------------------------------- Viscount Systems, Inc., filed on Nov. 16, 2015, a current report on Form 8-K to disclose the resignation of certain of its directors and the appointment of Craig Nemiroff as a director. However, Mr. Nemiroff was not actually appointed as a director of the Company. By an amended Form 8-K, the Company is restated that Report to remove the disclosure that Mr. Nemiroff was appointed as a director of the Company. About Viscount Systems Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer, developer and service provider of access control security products. Viscount Systems reported a net loss and comprehensive loss of C$991,000 on C$4.76 million of sales for the year ended Dec. 31, 2014, compared to a net loss and comprehensive loss of C$3.08 million on C$4.13 million of sales in 2013. As of June 30, 2015, the Company had C$1.84 million in total assets, C$1.74 million in total liabilities, C$16,696 in convertible redeemable preferred stock and C$88,796 in total stockholders' equity. Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred losses in developing its business, and further losses are anticipated in the future. The Company requires additional funds to meet its obligations and the costs of its operations and there is no assurance that additional financing can be raised when needed. These factors raise substantial doubt about the Company's ability to continue as a going concern. VISCOUNT SYSTEMS: Delays Third Quarter Form 10-Q for Review ----------------------------------------------------------- Viscount Systems, Inc., was unable to file its quarterly report on Form 10-Q for the fiscal quarter ended Sept. 30, 2015, on a timely basis due to the Company gathering information and completing its review, which required additional time to work internally with its staff and externally with its outside auditors to prepare and finalize the Form 10-Q. The Company expects to file its Form 10-Q within the additional time allowed by this report. It is expected that for the three months ended Sept. 30, 2015, the Company will report that its sales decreased compared to those reported for the comparable period in 2014, and that for the nine months ended Sept. 30, 2015, the Company will report that its sales increased compared to those reported for the comparable period in 2014. It is expected that for the three and nine months ended Sept. 30, 2015, cost of sales decreased and gross profits increased compared to those for the comparable periods in 2014. About Viscount Systems Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer, developer and service provider of access control security products. Viscount Systems reported a net loss and comprehensive loss of C$991,000 on C$4.76 million of sales for the year ended Dec. 31, 2014, compared to a net loss and comprehensive loss of C$3.08 million on C$4.13 million of sales in 2013. As of June 30, 2015, the Company had C$1.84 million in total assets, C$1.74 million in total liabilities, C$16,696 in convertible redeemable preferred stock and C$88,796 in total stockholders' equity. Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred losses in developing its business, and further losses are anticipated in the future. The Company requires additional funds to meet its obligations and the costs of its operations and there is no assurance that additional financing can be raised when needed. These factors raise substantial doubt about the Company's ability to continue as a going concern. VISCOUNT SYSTEMS: Incurs C$2.43 Million Net Loss in Third Quarter ----------------------------------------------------------------- Viscount Systems filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of C$2.43 million on C$1.17 million of sales for the three months ended Sept. 30, 2015, compared to net income attributable to common stockholders of C$779,000 on C$1.41 million of sales for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common stockholders of C$42,200 on C$4.58 million of sales compared to a net loss attributable to common stockholders of C$2.28 million on C$3.71 million of sales for the same period during the prior year. As of Sept. 30, 2015, the Company had C$1.88 million in total assets, C$4.19 million in total liabilities and a total stockholders' deficit of C$2.31 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/WIKuWm About Viscount Systems Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer, developer and service provider of access control security products. Viscount Systems reported a net loss and comprehensive loss of C$991,000 on C$4.76 million of sales for the year ended Dec. 31, 2014, compared to a net loss and comprehensive loss of C$3.08 million on C$4.13 million of sales in 2013. Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred losses in developing its business, and further losses are anticipated in the future. The Company requires additional funds to meet its obligations and the costs of its operations and there is no assurance that additional financing can be raised when needed. These factors raise substantial doubt about the Company's ability to continue as a going concern. VUZIX CORP: Provides Business Update, Reports Q3 2015 Results ------------------------------------------------------------- Vuzix Corporation, provided an update on its business initiatives and reported its third quarter financial results for the period ended Sept. 30, 2015. Recent Corporate Highlights: Vuzix CEO and President Paul J. Travers said, "We are seeing momentum in orders of our wearable products, as more and more customers convert successful pilot programs to commercial orders. Total quarterly revenues for the 3 months ended September 30, 2015 were up over 125% from our second quarter ending June 30, 2015, and up 46% over the same period ending September 30, 2014. We are pleased that sales of M100 Smart Glasses advanced 38% in the third quarter compared to the prior year, as customer volume roll-outs accelerate. As our customers' programs mature and with our new products on the horizon we are very excited about the outlook for the Company." Mr. Travers continued, "The order flow from enterprise has also improved the make-up of our sales mix over the course of 2015 as we continue to successfully transition to all new product and technology offerings. We are also well prepared for what we anticipate will be a significant uptick in orders moving to 2016. The Company's newly opened Rochester facility will have the capacity to produce millions of waveguides annually and will be a highly advanced R&D center for new product and development." Some of the highlights during our third quarter include: * Enabled Ubimax xPick and xAssist applications for enterprise on Vuzix M100 Smart Glasses * Added ONtheGO Platforms' Gesture Tech, Ari to M100 Smart Glasses * Presented iWear video headphones at Tokyo Games Show 2015 * Hired Brad Craig to head new developer relations program * Incorporated M100 Smart Glasses into a new NTT DATA remote field service system, which NTT DATA officially launched on Aug. 31, 2015 * Partnered with SOTI to provide enhanced Enterprise Mobility Management (EMM) on M100 Smart Glasses subsequent to the quarter * Partners like XOEye and others started volume production roll- outs to their key accounts. As of Sept. 30, 2015, the Company had cash and cash equivalents totaling $16,072,222. The Company had a positive working capital position of $18,856,052 on Sept. 30, 2015, versus a negative working capital position of $1,427,139 as of Dec. 31, 2014. The Company has paid down its accounts payable and is now investing in inventory and components for the recent launch of its iWear Video Headphones. During the third quarter of 2015 inventories and vendor component purchase deposits increased by $1,109,572 from June 30, 2015 to a total of $3,040,182 as of Sept. 30, 2015. A further similar increase is expected in the fourth quarter to meet supply chain requirements as the new products will commence volume production for sale. About Vuzix Corporation Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear products in the consumer, commercial and entertainment markets. The Company's products, personal display devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 33 patents and 15 additional patents pending and numerous IP licenses in the Video Eyewear field. Founded in 1997, Vuzix is a public company with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. The net loss for the year 2014 was $7.87 million versus a net loss of $10.1 million in 2013. As of Sept. 30, 2015, the Company had $22.13 million in total assets, $2.74 million in total liabilities and $19.38 million in total stockholders' equity. WALTER ENERGY: Court Approves Auction Procedures ------------------------------------------------ Dawn McCarty, writing for Bloomberg Brief - Distress & Bankruptcy, reported that Walter Energy Inc., the bankrupt coal miner, received court approval of a process to sell virtually all assets at Jan. 5 auction. According to the report, the opening bid is an offer by lenders to exchange $1.25 billion in debt and $5.4 million cash for assets. The lender offer doesn't include Walter's foreign assets, but Canadian and U.K. assets will be offered for auction, the report related. About Walter Energy Walter Energy -- http://www.walterenergy.com/-- is a publicly traded "pure-play" metallurgical coal producer for the global steel industry with strategic access to steel producers in Europe, Asia and South America. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 2,700 employees, with operations in the United States, Canada and the United Kingdom. For the year ended Dec. 31, 2014, the Company reported a net loss of $471 million following a net loss of $359 million in 2013. Walter Energy, Inc., and its affiliates sought Chapter 11 protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama on July 15, 2015, after signing a restructuring support agreement with first-lien lenders. Walter Energy disclosed total assets of $5.2 billion and total debt of $5 billion as of March 31, 2015. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree Deakins LLP, as labor and employment counsel; Maynard, Cooper & Gale, P.C., as special counsel; Blackstone Advisory Services, L.P., as investment banker; AlixPartners, LLP, as financial advisor, and Kurtzman Carson Consultants LLC, as claims and noticing agent. The Bankruptcy Administrator for the Northern District of Alabama appointed an Official Committee of Unsecured Creditors and an Official Committee of Retirees. The Creditors Committee tapped Morrison & Foerster LLP and Christian & Small LLP as attorneys. The Retiree Committee retained Adams & Reese LLP and Jenner & Block LLP as attorneys. The informal group of certain unaffiliated First Lien Lenders and First Lien Noteholders (the "Steering Committee") retained Akin, Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard Freres & Co. LLC as financial advisor. WALTER ENERGY: Has Until March 11 to Propose Chapter 11 Plan ------------------------------------------------------------ The Hon. Tamara O. Mitchell of the U.S. Bankruptcy Court for the Northern District of Alabama extended Walter Energy, Inc. et al.'s exclusive periods to file a chapter 11 plan until March 11,2016; and solicit acceptances for that plan until May 10. As reported by the Troubled Company Reporter on Oct. 26, 2015, the Debtors, in their motion, explained that, "The Debtors, along with their advisors, are currently negotiating a path forward with their stakeholders consistent with their restructuring objectives to maintain their businesses as a going concern, preserve jobs, and maximize stakeholder value. The extensions requested in the motion will provide the Debtors and their advisors the opportunity to fully develop and explore all strategic alternatives and negotiate the best way forward." About Walter Energy Walter Energy -- http://www.walterenergy.com/-- is a publicly traded "pure-play" metallurgical coal producer for the global steel industry with strategic access to steel producers in Europe, Asia and South America. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 2,700 employees, with operations in the United States, Canada and the United Kingdom. For the year ended Dec. 31, 2014, the Company reported a net loss of $471 million following a net loss of $359 million in 2013. Walter Energy, Inc., and its affiliates sought Chapter 11 protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama on July 15, 2015, after signing a restructuring support agreement with first-lien lenders. Walter Energy disclosed total assets of $5.2 billion and total debt of $5 billion as of March 31, 2015. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree Deakins LLP, as labor and employment counsel; Maynard, Cooper & Gale, P.C., as special counsel; Blackstone Advisory Services, L.P., as investment banker; AlixPartners, LLP, as financial advisor, and Kurtzman Carson Consultants LLC, as claims and noticing agent. The Bankruptcy Administrator for the Northern District of Alabama appointed an Official Committee of Unsecured Creditors and an Official Committee of Retirees. The Creditors Committee tapped Morrison & Foerster LLP and Christian & Small LLP as attorneys. The Retiree Committee retained Adams & Reese LLP and Jenner & Block LLP as attorneys. The informal group of certain unaffiliated First Lien Lenders and First Lien Noteholders (the "Steering Committee") retained Akin, Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard Freres & Co. LLC as financial advisor. WALTER ENERGY: Wants Bankruptcy Court's OK to End Labor Pacts ------------------------------------------------------------- BankruptcyData reported that Walter Energy filed with the U.S. Bankruptcy Court a motion for an order (i) authorizing the Debtors to (a) reject collective bargaining agreements, (b) implement final labor proposals and (c) terminate retiree benefits and (ii) granting related relief. The motion explains, "The Debtors negotiated with an ad hoc group (the Steering Committee) of certain unaffiliated lenders and holders (the 'First Lien Creditors') of the majority in amount of the Debtors' first lien secured obligations (the 'First Lien Obligations') a going-concern sale of substantially all of their Alabama coal operations and other assets to Coal Acquisition LLC, an entity owned by holders of first lien secured debt (the 'Proposed Buyer') pursuant to a stalking horse purchase agreement. The Proposed Buyer will not buy the Alabama Coal Operations burdened by the Debtors' existing collective bargaining agreements (as amended and supplemented from time to time) and their retiree benefit obligations. Thus, the Stalking Horse APA requires as a closing condition that the Debtors obtain relief from all successor-ship clauses (and similar provisions) in the CBAs that would purport to require the CBAs be binding on the Proposed Buyer....Given the unprecedented decline in the global met coal market and the Debtors' dire financial condition, the Debtors' businesses cannot survive as a going-concern without the relief this Motion requests...The Debtors must reject the CBAs, however, to consummate the 363 Sale to the Proposed Buyer, and, after the 363 Sale closes, the Debtors will be unable to afford the remaining obligations under their CBAs and the Retiree Benefits. Doing so provides the best hope for the Alabama Coal Operations to be sold as a going-concern, thereby maximizing value for all stakeholders, including potential future jobs for the Debtors' employees. The Debtors' employees know better than anyone else the difficulties the coal industry faces and the sacrifices made already in terms of cost cutting and workforce reductions. The Debtors' goal for their restructuring process, including the 363 Sale, is for their core operations to survive, which the Debtors believe is the best hope for future employment for many of the Debtors' employees, the people who are a large part of what makes those assets valuable." The Court scheduled a Dec. 15, 2015 hearing to consider the motion, with objections due by Dec. 9. About Walter Energy Inc. Walter Energy -- http://www.walterenergy.com/-- is a publicly traded "pure-play" metallurgical coal producer for the global steel industry with strategic access to steel producers in Europe, Asia and South America. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 2,700 employees, with operations in the United States, Canada and the United Kingdom. For the year ended Dec. 31, 2014, the Company reported a net loss of $471 million following a net loss of $359 million in 2013. Walter Energy, Inc., and its affiliates sought Chapter 11 protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama on July 15, 2015, after signing a restructuring support agreement with first-lien lenders. Walter Energy disclosed total assets of $5.2 billion and total debt of $5 billion as of March 31, 2015. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree Deakins LLP, as labor and employment counsel; Maynard, Cooper & Gale, P.C., as special counsel; Blackstone Advisory Services, L.P., as investment banker; AlixPartners, LLP, as financial advisor, and Kurtzman Carson Consultants LLC, as claims and noticing agent. The Bankruptcy Administrator for the Northern District of Alabama appointed an Official Committee of Unsecured Creditors and an Official Committee of Retirees. The Creditors Committee tapped Morrison & Foerster LLP and Christian & Small LLP as attorneys. The Retiree Committee retained Adams & Reese LLP and Jenner & Block LLP as attorneys. The informal group of certain unaffiliated First Lien Lenders and First Lien Noteholders (the "Steering Committee") retained Akin, Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard Freres & Co. LLC as financial advisor. WAVE SYSTEMS: Delays Third Quarter Form 10-Q -------------------------------------------- Wave Systems Corp. filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. The Company's independent auditors have determined that a material weakness exists in the Company's control over financial reporting due to insufficient finance and accounting resources within the organization. As a result, the Company has been unable to complete its quarterly financial statements. About Wave Systems Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) -- http://www.wave.com/-- develops, produces and markets products for hardware-based digital security, including security applications and services that are complementary to and work with the specifications of the Trusted Computing Group, an industry standards organization comprised of computer and device manufacturers, software vendors and other computing products manufacturers. Wave Systems reported a net loss of $12.9 million in 2014, a net loss of $20.3 million in 2013 and a net loss of $34 million in 2012. KPMG LLP, in Hartford, Connecticut, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The independent auditors noted that Wave Systems Corp. has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. WAVE SYSTEMS: Reports $1.69 Million Net Loss for Third Quarter -------------------------------------------------------------- wave Systems Corp. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.69 million on $2.56 million of total net revenues for the three months ended Sept. 30, 2015, compared to a net loss of $2.10 million on $4.33 million of total net revenues for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $13.7 million on $7.59 million of total net revenues compared to a net loss of $9.19 million on $7.59 million of total net revenues compared to a net loss of $9.19 million on $14.1 million of total net revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $3.14 million in total assets, $17.0 million in total liabilities and a $13.9 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/49T6OP About Wave Systems Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) -- http://www.wave.com/-- develops, produces and markets products for hardware-based digital security, including security applications and services that are complementary to and work with the specifications of the Trusted Computing Group, an industry standards organization comprised of computer and device manufacturers, software vendors and other computing products manufacturers. Wave Systems reported a net loss of $12.9 million in 2014, a net loss of $20.3 million in 2013 and a net loss of $34 million in 2012. KPMG LLP, in Hartford, Connecticut, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The independent auditors noted that Wave Systems Corp. has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. WEST CORP: Obtains Commitment for $250M Term Loan Refinancing ------------------------------------------------------------- West Corporation has received lender commitments to provide an incremental $250 million term loan due 2021 under the existing Amended and Restated Credit Agreement. The new term loan will have a six year term and will bear interest at a rate of LIBOR + 3.50% with a 0.75% LIBOR floor (base rate loans to be at a rate of base rate + 2.50% with a 1.75% base rate floor). Proceeds of the new term loan, together with cash on hand, will be used to retire in full the $250 million remaining outstanding on the term loan due July 2016. Completion of the refinancing is subject to customary closing conditions. About West Corporation Omaha, Neb.-based West Corporation is a global provider of communication and network infrastructure solutions. West helps manage or support essential enterprise communications with services that include conferencing and collaboration, public safety services, IP communications, interactive services such as automated notifications, large-scale agent services and telecom services. West Corp reported net income of $158 million in 2014 following net income of $143 million in 2013. As of Sept. 30, 2015, the Company had $3.55 billion in total assets, $4.15 billion in total liabilities and a $596 million stockholders' deficit. Bankruptcy Warning "If we cannot make scheduled payments on our debt, we will be in default, and as a result: * our debt holders could declare all outstanding principal and interest to be due and payable; * the lenders under our Senior Secured Credit Facilities could terminate their commitments to lend us money and foreclose against the assets securing our borrowings; and * we could be forced into bankruptcy or liquidation," the Company states in the quarterly report for the period ended Sept. 30 ,2015. * * * As reported by the TCR on June 21, 2013, Standard & Poor's Ratings Services raised its corporate credit rating on West Corp. to 'BB-' from 'B+'. The upgrade reflects Standard & Poor's view that lower debt leverage and a less aggressive financial policy will strengthen the company's financial profile. In the April 4, 2013, edition of the TCR, Moody's Investor Service upgraded West Corporation's Corporate Family Rating to 'B1' from 'B2'. "The CFR upgrade to B1 reflects West's shift to a more conservative capital structure and financial policies as a publicly owned company," stated Moody's analyst Suzanne Wingo. WESTMORELAND COAL: Accelerates Executive Management Transition -------------------------------------------------------------- Westmoreland Coal Company announced that Kevin A. Paprzycki will move to chief executive officer and become a member of the Board of Directors effective Dec. 1, 2015, one month earlier than previously planned. Concurrently, Keith E. Alessi, chief executive officer, will transition from his position as CEO and a member of the Board of Directors to the strategic role of CEO-Emeritus. On November 6th, Mr. Alessi was diagnosed with esophageal cancer. He will immediately commence a temporary medical leave of absence to aggressively pursue treatment. "I intend to fight and defeat this disease and expect to fully recover and return to my duties as CEO-Emeritus as soon as possible," noted Mr. Alessi. The previously announced promotions of John Schadan to president and chief operating officer and Jason Veenstra to chief financial officer and treasurer will accelerate to December 1, as well. "Since 2007, I have had the privilege to work with Keith as he designed and executed the remarkable turnaround of Westmoreland," stated Dick Klingaman, Chairman of the Board. "As part of that effort, Keith identified, assembled, and coached an executive team that is experienced, smart and energetic. I am confident that Kevin, our CEO-designate who has served with Keith since 2007, will provide effective leadership as we continue to reduce costs, improve efficiency, and delever the business." "Speaking on behalf of the entire company, we wish Keith a fast recovery and look forward to his return as a strategic partner," said Kevin A. Paprzycki. "Keith has been an exceptional leader for Westmoreland and we are grateful for his nine years of tireless efforts and personal sacrifices. As he undergoes treatment, Keith and his family have the full support of the over 3,000 Westmoreland employees." About Westmoreland Coal Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest independent coal company in the United States. The Company's coal operations include coal mining in the Powder River Basin in Montana and lignite mining operations in Montana, North Dakota and Texas. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. Westmoreland Coal Company reported a net loss applicable to common shareholders of $173 million in 2014, a net loss applicable to common shareholders of $6.05 million in 2013 and a net loss applicable to common shareholders of $8.58 million in 2012. As of Sept. 30, 2015, the Company had $1.72 billion in total assets, $2.21 billion in total liabilities and a $489 million total deficit. * * * As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating Services raised its corporate credit rating on Westmoreland Coal Co. one-notch to 'B' from 'B-'. "The stable outlook is supported by Westmoreland's committed sales position over the next year, which should result in stable cash flows," said Standard & Poor's credit analyst Chiza Vitta. Moody's upgraded the corporate family rating (CFR) of Westmoreland Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to the company's proposed new $300 million First Lien Term Loan, the TCR reported on Nov. 20, 2014. The upgrade of the CFR reflects the company's successful integration of the Canadian mines acquired in April 2014, and Moody's expectation that the company's Debt/ EBITDA will track at around 5x in 2015 and 2016 and that the company will be break-even to modestly free cash flow positive over the same time period. WESTMORELAND COAL: CEO Keith Alessi Retires ------------------------------------------- Westmoreland Coal Company announced the retirement of Keith E. Alessi as chief executive officer of the Company and his transition to the strategic role of CEO-Emeritus, each of which would become effective as of Dec. 31, 2015, and the appointments of Kevin A. Paprzycki, to serve as chief executive officer of the Company, John A. Schadan, to serve as president and chief operating officer of the Company, and Jason Veenstra, to serve as chief financial officer of the Company, each of which appointments would become effective as of Jan. 1, 2016. On Nov. 12, 2015, the Company announced Mr. Paprzycki's election to the Company's board of directors and the acceleration of the Executive Transitions, each to become effective as of Dec. 1, 2015. The Compensation and Benefits Committee of the Board approved the compensation package for Mr. Schadan as president and chief operating officer, which will consist of $350,000 in base salary, a target of 100% of the amount of base salary for achieving the prescribed goals under the Company's annual incentive plan, and a target of 200% of the amount of base salary for achieving the prescribed goals under the Company's long-term incentive plan. The Committee approved the compensation package for Mr. Veenstra as chief financial officer, which will consist of $300,000 in base salary, a target of 50% of the amount of base salary for achieving the prescribed goals under the AIP, and a target of 100% of the amount of base salary for achieving the prescribed goals under the LTIP. On Nov. 19, 2015, the Committee recommended to the Board a compensation package for Mr. Paprzycki as chief executive officer, which the Board approved. The compensation package for Mr. Paprzycki will consist of $500,000 in base salary, a target of 100% of the amount of base salary for achieving the prescribed goals under the AIP, and a target of 200% of the amount of base salary for achieving the prescribed goals under the LTIP. About Westmoreland Coal Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest independent coal company in the United States. The Company's coal operations include coal mining in the Powder River Basin in Montana and lignite mining operations in Montana, North Dakota and Texas. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. Westmoreland Coal Company reported a net loss applicable to common shareholders of $173 million in 2014, a net loss applicable to common shareholders of $6.05 million in 2013 and a net loss applicable to common shareholders of $8.58 million in 2012. As of Sept. 30, 2015, the Company had $1.72 billion in total assets, $2.21 billion in total liabilities and a $489 million total deficit. * * * As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating Services raised its corporate credit rating on Westmoreland Coal Co. one-notch to 'B' from 'B-'. "The stable outlook is supported by Westmoreland's committed sales position over the next year, which should result in stable cash flows," said Standard & Poor's credit analyst Chiza Vitta. Moody's upgraded the corporate family rating (CFR) of Westmoreland Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to the company's proposed new $300 million First Lien Term Loan, the TCR reported on Nov. 20, 2014. The upgrade of the CFR reflects the company's successful integration of the Canadian mines acquired in April 2014, and Moody's expectation that the company's Debt/ EBITDA will track at around 5x in 2015 and 2016 and that the company will be break-even to modestly free cash flow positive over the same time period. WESTMORELAND COAL: Mangrove Partners Has 5.6% Stake as of Nov. 19 ----------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, The Mangrove Partners Master Fund, Ltd., The Mangrove Partners Fund, L.P., The Mangrove Partners Fund (Cayman), Ltd., Mangrove Partners, Mangrove Capital and Nathaniel August disclosed that as of Nov. 19, 2015, they beneficially own 1,027,127 shares of common stock of Westmoreland Coal Company, representing 5.69 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/ft6j7r About Westmoreland Coal Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest independent coal company in the United States. The Company's coal operations include coal mining in the Powder River Basin in Montana and lignite mining operations in Montana, North Dakota and Texas. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. Westmoreland Coal Company reported a net loss applicable to common shareholders of $173 million in 2014, a net loss applicable to common shareholders of $6.05 million in 2013 and a net loss applicable to common shareholders of $8.58 million in 2012. As of Sept. 30, 2015, the Company had $1.72 billion in total assets, $2.21 billion in total liabilities and a $489 million total deficit. * * * As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating Services raised its corporate credit rating on Westmoreland Coal Co. one-notch to 'B' from 'B-'. "The stable outlook is supported by Westmoreland's committed sales position over the next year, which should result in stable cash flows," said Standard & Poor's credit analyst Chiza Vitta. Moody's upgraded the corporate family rating (CFR) of Westmoreland Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to the company's proposed new $300 million First Lien Term Loan, the TCR reported on Nov. 20, 2014. The upgrade of the CFR reflects the company's successful integration of the Canadian mines acquired in April 2014, and Moody's expectation that the company's Debt/ EBITDA will track at around 5x in 2015 and 2016 and that the company will be break-even to modestly free cash flow positive over the same time period. WESTMORELAND RESOURCE: Jason Veenstra Named Director ---------------------------------------------------- Jason W. Veenstra, age 37, was appointed to the board of directors of Westmoreland Resources GP, LLC, a wholly owned subsidiary of Westmoreland Coal Company, and the general partner of Westmoreland Resource Partners, LP, effective as of Dec. 1, 2015. Mr. Veenstra will replace Keith E. Alessi, who will retire from the Board effective as of Dec. 1, 2015. Mr. Veenstra is not initially expected to serve on any committees of the Board. Mr. Veenstra was appointed to the Board as an employee director and will not receive compensation for such service. There are no understandings or arrangements between Mr. Veenstra and any other person pursuant to which he was selected to serve as a director of the GP. There are no relationships between Mr. Veenstra and the Company or any of its subsidiaries that would require disclosure pursuant to Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission. Effective as of Dec. 1, 2015, Mr. Veenstra will be appointed to serve as chief financial officer of Westmoreland and Mr. Veenstra was appointed Chief Financial Officer of the GP on Nov. 17, 2015. Mr. Veenstra joined Westmoreland in April 2014 as CFO-Canada. Prior to joining Westmoreland, Mr. Veenstra held various roles at Sherritt International from 2006 until 2014, including serving as Director of Business Development and Chief Financial Officer for the coal division. Mr. Veenstra received a Bachelor of Commerce degree in Accounting from the University of Alberta and articled at Ernst & Young LLP to complete his Chartered Accountant designation. Appointment of Certain Officers On Nov. 17, 2015, the Board appointed the following individuals to serve in the following officer positions with the GP until their successors have been elected and qualified or until their earlier removal or resignation: * Kevin A. Paprzycki - Chief Executive Officer and President * Jason W. Veenstra - Chief Financial Officer Mr. Paprzycki, age 45, was previously appointed chief financial officer and treasurer of the GP in December 2014. Effective as of Dec. 1, 2015, Mr. Paprzycki will be appointed to serve as chief executive officer of Westmoreland. Also effective Dec. 1, 2015, Mr. Paprzycki will become a director of Westmoreland. Mr. Paprzycki originally joined Westmoreland as controller and principal accounting officer in June 2006 and was named chief financial officer of Westmoreland in April 2008. Prior to Westmoreland, Mr. Paprzycki was corporate controller at Applied Films Corporation from 2005 to 2006. Mr. Paprzycki became a certified public accountant in 1994 and a certified financial manager and certified management accountant in 2004. About Westmoreland Resource Oxford Resource Partners, LP, now known as Westmoreland Resource Partners, LP, is a producer of high value steam coal, and is the largest producer of surface mined coal in Ohio. Westmoreland Resource reported a net loss of $28.6 million on $322 million of total revenues for the year ended Dec. 31, 2014, compared with a net loss of $23.7 million on $347 million of total revenues for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $440 million in total assets, $413 million in total liabilities and $26.6 million in total partners' capital. WISE METALS: S&P Lowers Corp. Credit Rating to 'B-', Outlook Neg. ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.S.-based aluminum can sheet producer Wise Metals Intermediate Holdings LLC (Wise Metals, also known as Muscle Shoals) to 'B-' from 'B'. The outlook is negative. At the same time, S&P affirmed its 'B-' issue rating and revised its recovery rating to '4' from '5' on the $650 million senior secured notes co-issued by Wise Metals Group LLC And Wise Alloys Finance Corp. due 2018. Recovery prospects in the event of a payment default are in the higher half of the 30%-50% range. S&P also lowered its issue rating on the $150 million senior unsecured payment-in-kind (PIK) toggle notes co-issued by Wise Intermediate Holdings LLC and Wise Holdings Finance Corporation, due 2019, to 'CCC' from 'CCC+'. The '6' recovery rating on these notes remains unchanged. The downgrade takes into account that S&P now expects only $65 million to $70 million EBITDA in 2015 at Wise Metals, versus the $140 million-$160 million S&P expected previously. Consequently, S&P sees adjusted debt to EBITDA at Wise Metals exceeding 12.0x for the first nine months of 2015, which S&P views as unsustainable. S&P also takes into account that the management of the company's parent, The Netherlands-incorporated aluminum producer Constellium N.V., is currently reviewing options to limit the impact of Wise Metals' high leverage (debt to EBITDA) and negative cash flow on the Constellium group. This has prompted S&P to reclassify Wise Metals as a strategically important subsidiary of Constellium, as opposed to core previously, and S&P no longer equalizes its ratings on the two entities. "Wise Metals' operating performance has not met Constellium's and our expectations since its full consolidation in the group in the first quarter of 2015, mainly owing to the impact of unfavorable aluminum premium developments year-to-date, and the high sensitivity of the company's earnings to premium fluctuations. We view Wise Metals' business fundamentals as less protective and less resilient than Constellium's, given the commodity nature of its can sheet activities, which we factor into our assessment of Wise Metals business risk profile as weak. Still, we think that Constellium will address these issues by renegotiating contracts, including 75% of selling contracts on prices and pass-through mechanisms, as well as sourcing agreements, some of which will terminate by end-2015. Constellium has the capacity to supply input materials internally. At the same time, management is sanitizing working capital requirements, by reducing outstanding receivables, decreasing the total size of the asset-backed loan (ABL) facility size, and managing payables, translating into favorable cash development year-to-date but hampering profitability temporarily. Lastly, we understand that Wise Metals' price management strategy is progressively being aligned with Constellium's management and hedging policies. As a result, and because the group has already contracted a considerable portion of 2016 volumes, we expect group EBITDA will increase to $90 million-$120 million in 2016 under our base case. However, at this stage under our rating horizon, we do not capture incremental EBITDA upside from expanding the asset base in body-in-white products, which will likely not generate profits before 2019," S&P said. "We regard Wise Metals' current leverage as very high, based on adjusted debt to EBITDA that we estimate at more than 10x in the next few years, which we view as unsustainable. This has prompted us to lower our assessment of Wise Metals' stand-alone credit profile to 'ccc+' from 'b-'. We nevertheless expect Constellium will continue investing in Wise Metals' assets, because we factor in its strong commitment to use Wise Metals as a key strategic platform to expand its body-in-white business in North America in the coming years. This may not imply, however, that Constellium will be in a position to address Wise Metals' very high leverage in the coming quarters and years," S&P noted. S&P considers that the link between the Constellium group and Wise Metals has weakened moderately, based on the divergence S&P observes in leverage, and on the set-up of the group's organizational structure, with no downstream guarantees to Wise Metals, and no cross–default linkages between the two entities. Therefore, S&P now regards Wise Metals as strategically important to the group. Consequently, S&P continues to think that Constellium is likely to support Wise Metals in case of financial difficulty. However, the extent of this support appears less certain than previously, in S&P's view. The negative outlook reflects Wise Metals' expected weak performance, unsustainable capital structure, and uncertainty over the extent and way in which Constellium will support Wise Metals in the coming quarters. S&P would likely lower its rating on Wise Metals in the coming six months in the absence of improved operating performance or external capital support. S&P would consider revising the outlook to stable if it observed leverage improving to a sustainable level through strengthening performance or external capital support, or a combination of the two. Z TRIM HOLDINGS: Delays Third Quarter Form 10-Q for Review ---------------------------------------------------------- Z Trim Holdings, Inc., notified the Securities and Exchange Commission that it was unable to file its quarterly report on Form 10-Q for its fiscal quarter ended Sept. 30, 2015, by the prescribed date without unreasonable effort or expense because the Company was unable to compile and review certain information required in order to permit the Company to file a timely and accurate report on the Company's financial condition. The Company believes that the Quarterly Report will be completed and filed within the five day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. The Company expects to report a net loss of approximately $(22,876,577) for the nine months ended Sept. 30, 2015, compared to a net loss of $(4,425,108) during the nine months ended Sept. 30, 2014. In addition, the Company expects to report total revenue of approximately $218,732 for the three months ended Sept. 30, 2015, compared to total revenue of $360,710 for the three months ended Sept. 30, 2014. About Z Trim Mundelein, Ill.-based Z Trim Holdings, Inc., is a functional food ingredient company which provides custom product solutions that help answer the food industry's problems. Z Trim's revolutionary technology provides value-added ingredients across virtually all food industry categories. Z Trim's all-natural products, among other things, help to reduce fat and calories, add fiber, provide shelf-stability, prevent oil migration, and add binding capacity -- all without degrading the taste and texture of the final food products. Z Trim Holdings reported a net loss of $5.57 million in 2014, following a net loss of $13.4 million in 2013. As of March 31, 2015, the Company had $2.03 million in total assets, $4.47 million in total liabilities and a $2.43 million total stockholders' deficit. M&K CPAS, PLLC, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company does not have enough cash on hand to meet its current liabilities and has had reoccurring losses as of Dec. 31, 2014. These conditions raise substantial doubt about its ability to continue as a going concern. Z TRIM HOLDINGS: Incurs $1.63 Million Net Loss in Third Quarter --------------------------------------------------------------- Z Trim Holdings, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of $1.63 million on $219,000 of total revenues for the three months ended Sept. 30, 2015, compared to a net loss attributable to common stockholders of $1.41 million on $361,000 of total revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common stockholders of $23.1 million on $835,000 of revenues compared to a net loss attributable to common stockholders of $4.42 million on $889,000 of total revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $1.49 million in total assets, $4.43 million in total liabilities and a $2.93 million total stockholders' deficit. As of Sept. 30, 2015, the Company had a cash balance of $285,000, a decrease of $743,000 from a balance of $1.027 million at Dec. 31, 2014. A full-text copy of the Form 10-Q is available for free at: http://is.gd/UNb1Uc About Z Trim Mundelein, Ill.-based Z Trim Holdings, Inc., is a functional food ingredient company which provides custom product solutions that help answer the food industry's problems. Z Trim's revolutionary technology provides value-added ingredients across virtually all food industry categories. Z Trim's all-natural products, among other things, help to reduce fat and calories, add fiber, provide shelf-stability, prevent oil migration, and add binding capacity -- all without degrading the taste and texture of the final food products. Z Trim Holdings reported a net loss of $5.57 million in 2014, following a net loss of $13.4 million in 2013. M&K CPAS, PLLC, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company does not have enough cash on hand to meet its current liabilities and has had reoccurring losses as of Dec. 31, 2014. These conditions raise substantial doubt about its ability to continue as a going concern. ZYNEX INC: Delays Filing of Third Quarter Form 10-Q --------------------------------------------------- Zynex, Inc., filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2015. Zynex said it needs additional time to prepare its Form 10-Q for the three and nine months ended Sept. 30, 2015. The primary reasons for the delay are a change in chief financial officer of the Company and the resulting inability to complete all of the work necessary in light of certain transactions that were negotiated in October and terminated in early November. Zynex Inc. Zynex, Inc., develops, manufactures and markets medical equipment. The Lone Tree, Colorado-based Company offers electrotherapy products for home use, cardiac monitoring apparatus for hospital use, and EMG and EEG diagnostic devices for neurology clinic use. Zynex reported a net loss of $6.23 million on $11.1 million of net revenue for the year ended Dec. 31, 2014, compared to a net loss of $7.34 million on $21.7 million of net revenue for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $5.41 million in total assets, $8.05 million in total liabilities and a $2.63 million total stockholders' deficit GHP Horwath, P.C., in Denver, Colorado, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, noting that the Company incurred significant losses in 2014 and 2013, and has limited liquidity. These factors raise substantial doubt about its ability to continue as a going concern. ZYNEX INC: Incurs $324,000 Net Loss in Third Quarter ---------------------------------------------------- Zynex, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $324,000 on $2.66 million of net revenue for the three months ended Sept. 30, 2015, compared to net income of $268,000 on $4.40 million of net revenue for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $1.72 million on $8.92 million of net revenue compared to a net loss of $6.73 million on $8.92 million of net revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $4.98 million in total assets, $7.90 million in total liabilities and a $2.92 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/awIE9g Zynex Inc. Zynex, Inc., develops, manufactures and markets medical equipment. The Lone Tree, Colorado-based Company offers electrotherapy products for home use, cardiac monitoring apparatus for hospital use, and EMG and EEG diagnostic devices for neurology clinic use. Zynex reported a net loss of $6.23 million on $11.1 million of net revenue for the year ended Dec. 31, 2014, compared to a net loss of $7.34 million on $21.7 million of net revenue for the year ended Dec. 31, 2013. GHP Horwath, P.C., in Denver, Colorado, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, noting that the Company incurred significant losses in 2014 and 2013, and has limited liquidity. These factors raise substantial doubt about its ability to continue as a going concern. [*] Haynes Sees More Exploration, Production Bankruptcies in 2015 ----------------------------------------------------------------- More exploration and production companies are expected to file for Chapter 11 bankruptcy protection before year-end, Charlie Passut at NGI's Shale Daily reports, citing Haynes and Boone LLP. According to Shale Daily, Haynes and Boone said that 36 North American E&P companies have filed for Chapter 11 to date this year, and warned that sources in the industry and other economic factors indicate that more E&Ps will file for bankruptcy before New Year's Day. Shale Daily quote Haynes and Boone as saying, "With the slump in commodity prices persisting into this fall, [our] energy and bankruptcy practice groups are closely following recent industry developments . . . for some companies, the impact [falling commodity prices has had on borrowing bases] is severe enough to consider bankruptcy." [*] US Activists Target BDC Governance, Fitch Says -------------------------------------------------- Depressed share price valuations and governance concerns have ignited shareholder activism campaigns against three business development companies (BDCs) over the last several months, including two rated by Fitch Ratings. Fitch believes the heightened dialogue may lead to strengthened oversight, which would be beneficial for BDC creditors, provided other equity-friendly measures are not over emphasized. The Fitch-rated universe of BDCs was trading at an average discount to net asset value of 14.3% as of Nov. 19. Given the significant number of new BDCs operating, variations in governance quality have emerged. Activist presence may trigger more widespread attention to management vulnerabilities among these companies. Four fund managers, including TPG and Highland, Elliot Management and River North, have presented arguments for changes at TICC Capital Corp., American Capital. Ltd. (ACAS, 'BB-', Stable), and Fifth Street Finance Corp. (FSC, 'BB+' Outlook Negative), respectively. Key areas of focus include the appropriateness of investing in broadly syndicated loans and CLO equity, the lack of high water marks in incentive fee compensation structures, and the deployment of share repurchase programs. BDCs are paid a relatively high management fee (often 1.375% to 2% of assets) for originating illiquid loans in the middle market. CLOs, which manage broadly syndicated loans (BSLs), charge investors a much lower fee (often 0.5%) given less complexity in the origination and underwriting process and the focus on liquid collateral. Therefore, BDC investments in BSLs raise the question of the appropriateness of the strategy relative to the associated management fee. Fitch acknowledges that arbitrage opportunities may periodically exist in the liquid market, but BDC investors are not likely to appreciate outsized investments in BSLs as part of a BDC's core strategy. CLO equity is another asset class to which some BDC shareholders have aversion. Fitch believes the valuation of CLO equity investments is often less transparent, can yield heightened valuation volatility for the BDC, and can have an outsized impact on BDC leverage. These investments also add an extra layer of leverage to portfolio investments, as CLOs are themselves levered structures. Incentive fees generally come in two parts: an incentive fee earned on net investment income, which excludes credit gains and losses, and an incentive fee earned on total income, which includes credit gains and losses. Within this construct, many BDC managers earned incentive fees even while generating significant realized credit losses 'below the line'. The establishment of a high water mark (or total return concept), as some newer BDCs have implemented, ensures that the manager can only earn incentive fees if credit performance is strong. This better aligns the interests of investors and managers and helps preserve more debt service capacity for the BDC creditors, in Fitch's opinion. Finally, Fitch views share repurchases as generally shareholder friendly and a contributor to higher leverage ratios. However, given the requirements on BDCs to distribute 90% of taxable earnings on an annual basis, repurchases can help manage a BDC's dividend burden. If the earnings per share accretion through a buyback is greater than any accretion otherwise achievable through new loan investments, then the BDC's creditors benefit from the reduction in share count, lowering cash outflows to support dividends. Generally speaking, activist campaigns on Fitch-rated entities do not have a rating impact unless Fitch believes the activist has a credible chance of implementing its desired changes and thatthe changes will be materially adverse to creditors. Fitch believes that not all activist activities have weakened credit profiles, as some have been neutral to mildly positive. [*] Vinson & Elkins Adds David Meyer to Aid NY Restructuring Group ------------------------------------------------------------------ Jeff Montgomery at Bankruptcy Law360 reported that a former Kirkland & Ellis LLP bankruptcy partner has joined the New York office of Vinson & Elkins LLP in a move the international law firm said would bolster its restructuring and reorganization practice group. David Meyer will become part of a Vinson & Elkins restructuring and reorganizing team that represents Fortune 100 and 500 companies, major foreign companies and financial institutions, the firm said in a Nov. 16 announcement. The firm, according to a press release, said that Mr. Meyer advises clients in all aspects of complex corporate restructurings. [^] BOND PRICING: For the Week from Nov. 23 to 27, 2015 ------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- ACE Cash Express Inc AACE 11.000 28.375 2/1/2019 ACE Cash Express Inc AACE 11.000 35.000 2/1/2019 AM Castle & Co CAS 12.750 78.620 12/15/2016 AM Castle & Co CAS 7.000 51.880 12/15/2017 AM Castle & Co CAS 12.750 76.875 12/15/2016 AM Castle & Co CAS 12.750 76.875 12/15/2016 Affinion Investments LLC AFFINI 13.500 44.500 8/15/2018 Alpha Appalachia Holdings Inc ANR 3.250 6.350 8/1/2015 Alpha Natural Resources Inc ANR 9.750 1.000 4/15/2018 Alpha Natural Resources Inc ANR 6.000 1.000 6/1/2019 Alpha Natural Resources Inc ANR 6.250 0.500 6/1/2021 Alpha Natural Resources Inc ANR 7.500 6.500 8/1/2020 Alpha Natural Resources Inc ANR 3.750 2.000 12/15/2017 Alpha Natural Resources Inc ANR 4.875 3.500 12/15/2020 Alpha Natural Resources Inc ANR 7.500 6.250 8/1/2020 Alpha Natural Resources Inc ANR 7.500 6.250 8/1/2020 Alta Mesa Holdings LP / Alta Mesa Finance Services Corp ALTMES 9.625 51.750 10/15/2018 American Eagle Energy Corp AMZG 11.000 18.500 9/1/2019 American Eagle Energy Corp AMZG 11.000 18.500 9/1/2019 Appvion Inc APPPAP 9.000 35.750 6/1/2020 Appvion Inc APPPAP 9.000 45.000 6/1/2020 Arch Coal Inc ACI 7.250 2.100 10/1/2020 Arch Coal Inc ACI 9.875 1.059 6/15/2019 Arch Coal Inc ACI 8.000 4.500 1/15/2019 Arch Coal Inc ACI 8.000 11.645 1/15/2019 Avaya Inc AVYA 10.500 34.000 3/1/2021 Avaya Inc AVYA 10.500 37.290 3/1/2021 BPZ Resources Inc BPZR 8.500 6.950 10/1/2017 BPZ Resources Inc BPZR 6.500 7.300 3/1/2015 BPZ Resources Inc BPZR 6.500 7.625 3/1/2049 Bank of America Corp BAC 1.584 100.058 12/3/2015 Basic Energy Services Inc BAS 7.750 36.198 2/15/2019 Bon-Ton Department Stores Inc/The BONT 8.000 27.835 6/15/2021 Caesars Entertainment Operating Co Inc CZR 10.000 32.875 12/15/2018 Caesars Entertainment Operating Co Inc CZR 12.750 31.330 4/15/2018 Caesars Entertainment Operating Co Inc CZR 6.500 36.000 6/1/2016 Caesars Entertainment Operating Co Inc CZR 10.000 31.750 12/15/2018 Caesars Entertainment Operating Co Inc CZR 5.750 41.000 10/1/2017 Caesars Entertainment Operating Co Inc CZR 5.750 12.250 10/1/2017 Caesars Entertainment Operating Co Inc CZR 10.000 32.500 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 31.250 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 32.500 12/15/2018 Chaparral Energy Inc CHAPAR 9.875 30.875 10/1/2020 Chaparral Energy Inc CHAPAR 8.250 24.750 9/1/2021 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Checkers Drive-In Restaurants Inc CHKR 11.000 105.250 12/1/2017 Chesapeake Energy Corp CHK 2.500 61.750 5/15/2037 Citigroup Inc C 1.834 99.862 9/7/2018 Claire's Stores Inc CLE 8.875 40.115 3/15/2019 Claire's Stores Inc CLE 7.750 31.500 6/1/2020 Claire's Stores Inc CLE 10.500 69.000 6/1/2017 Claire's Stores Inc CLE 7.750 29.625 6/1/2020 Cliffs Natural Resources Inc CLF 5.950 43.150 1/15/2018 Cliffs Natural Resources Inc CLF 4.875 21.020 4/1/2021 Cliffs Natural Resources Inc CLF 5.900 26.937 3/15/2020 Cliffs Natural Resources Inc CLF 4.800 24.000 10/1/2020 Cliffs Natural Resources Inc CLF 7.750 35.900 3/31/2020 Colt Defense LLC / Colt Finance Corp CLTDEF 8.750 4.280 11/15/2017 Colt Defense LLC / Colt Finance Corp CLTDEF 8.750 3.907 11/15/2017 Colt Defense LLC / Colt Finance Corp CLTDEF 8.750 3.907 11/15/2017 Community Choice Financial Inc CCFI 10.750 18.000 5/1/2019 Comstock Resources Inc CRK 7.750 18.940 4/1/2019 Comstock Resources Inc CRK 9.500 21.438 6/15/2020 Constellation Enterprises LLC CONENT 10.625 63.250 2/1/2016 Constellation Enterprises LLC CONENT 10.625 63.125 2/1/2016 Cumulus Media Holdings Inc CMLS 7.750 35.153 5/1/2019 Darden Restaurants Inc DRI 3.350 104.497 11/1/2022 Darden Restaurants Inc DRI 4.500 108.730 10/15/2021 EPL Oil & Gas Inc EXXI 8.250 34.300 2/15/2018 EXCO Resources Inc XCO 7.500 26.511 9/15/2018 EXCO Resources Inc XCO 8.500 23.000 4/15/2022 Emerald Oil Inc EOX 2.000 30.050 4/1/2019 Endeavour International Corp END 12.000 6.000 3/1/2018 Endeavour International Corp END 12.000 6.000 3/1/2018 Endeavour International Corp END 12.000 6.000 3/1/2018 Endo Finance LLC / Endo Finco Inc ENDP 7.500 103.750 12/15/2020 Endo Finance LLC / Endo Finco Inc ENDP 7.500 104.000 12/15/2020 Endo Health Solutions Inc ENDP 7.000 103.750 12/15/2020 Energy & Exploration Partners Inc ENEXPR 8.000 15.500 7/1/2019 Energy & Exploration Partners Inc ENEXPR 8.000 12.875 7/1/2019 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Holdings Corp TXU 9.750 36.000 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 2.500 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 2.500 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 6.875 2.362 8/15/2017 Energy XXI Gulf Coast Inc EXXI 9.250 33.250 12/15/2017 Energy XXI Gulf Coast Inc EXXI 6.875 20.280 3/15/2024 Energy XXI Gulf Coast Inc EXXI 7.500 19.000 12/15/2021 Energy XXI Gulf Coast Inc EXXI 7.750 22.500 6/15/2019 FBOP Corp FBOPCP 10.000 1.843 1/15/2009 FairPoint Communications Inc/Old FRP 13.125 1.879 4/2/2018 Federal Agricultural Mortgage Corp FAMCA 2.625 99.769 6/6/2022 Federal Farm Credit Banks FFCB 3.000 100.055 12/1/2023 Federal Farm Credit Banks FFCB 2.250 100.063 12/1/2020 Federal Farm Credit Banks FFCB 1.930 99.009 12/2/2019 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 GT Advanced Technologies Inc GTAT 3.000 9.100 10/1/2017 GT Advanced Technologies Inc GTAT 3.000 1.063 12/15/2020 Getty Images Inc GYI 7.000 34.250 10/15/2020 Getty Images Inc GYI 7.000 31.200 10/15/2020 Goodman Networks Inc GOODNT 12.125 29.957 7/1/2018 Goodrich Petroleum Corp GDP 8.875 16.865 3/15/2019 Goodrich Petroleum Corp GDP 8.875 32.000 3/15/2018 Goodrich Petroleum Corp GDP 5.000 18.000 10/1/2032 Goodrich Petroleum Corp GDP 8.875 53.500 3/15/2018 Goodrich Petroleum Corp GDP 8.875 15.500 3/15/2019 Goodrich Petroleum Corp GDP 8.875 15.500 3/15/2019 Gymboree Corp/The GYMB 9.125 21.400 12/1/2018 Halcon Resources Corp HKUS 9.750 31.500 7/15/2020 Halcon Resources Corp HKUS 8.875 31.000 5/15/2021 Halcon Resources Corp HKUS 9.250 31.186 2/15/2022 Horsehead Holding Corp ZINC 3.800 32.020 7/1/2017 Huntington Ingalls Industries Inc HII 7.125 105.370 3/15/2021 ION Geophysical Corp IO 8.125 58.800 5/15/2018 JPMorgan Chase & Co JPM 5.750 100.500 12/15/2036 John Hancock Life Insurance Co MFCCN 1.860 97.500 12/15/2015 Las Vegas Monorail Co LASVMC 5.500 5.000 7/15/2019 Lehman Brothers Holdings Inc LEH 4.000 5.750 4/30/2009 Lehman Brothers Holdings Inc LEH 5.000 5.750 2/7/2009 Lehman Brothers Inc LEH 7.500 3.750 8/1/2026 Linn Energy LLC / Linn Energy Finance Corp LINE 8.625 25.690 4/15/2020 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 24.500 11/1/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 27.200 5/15/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 7.750 22.100 2/1/2021 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 20.750 9/15/2021 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 24.375 11/1/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 24.375 11/1/2019 MF Global Holdings Ltd MF 3.375 1.456 8/1/2018 MF Global Holdings Ltd MF 9.000 1.456 6/20/2038 MModal Inc MODL 10.750 10.125 8/15/2020 Magnetation LLC / Mag Finance Corp MAGNTN 11.000 15.000 5/15/2018 Magnetation LLC / Mag Finance Corp MAGNTN 11.000 14.750 5/15/2018 Magnetation LLC / Mag Finance Corp MAGNTN 11.000 14.750 5/15/2018 Magnum Hunter Resources Corp MHRC 9.750 40.240 5/15/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 16.000 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 9.250 16.250 6/1/2021 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 16.500 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 16.500 10/1/2020 Modular Space Corp MODSPA 10.250 48.500 1/31/2019 Modular Space Corp MODSPA 10.250 58.500 1/31/2019 Molycorp Inc MCP 10.000 5.250 6/1/2020 Murray Energy Corp MURREN 11.250 24.250 4/15/2021 Murray Energy Corp MURREN 11.250 24.250 4/15/2021 Murray Energy Corp MURREN 9.500 25.000 12/5/2020 Murray Energy Corp MURREN 9.500 25.000 12/5/2020 Navient Corp NAVI 2.245 95.880 12/15/2015 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 26.750 5/15/2019 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 26.750 5/15/2019 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 26.750 5/15/2019 Nine West Holdings Inc JNY 6.875 32.050 3/15/2019 Noranda Aluminum Acquisition Corp NOR 11.000 10.300 6/1/2019 Nuverra Environmental Solutions Inc NES 9.875 36.330 4/15/2018 OMX Timber Finance Investments II LLC OMX 5.540 12.050 1/29/2020 Peabody Energy Corp BTU 6.000 24.104 11/15/2018 Peabody Energy Corp BTU 10.000 23.500 3/15/2022 Peabody Energy Corp BTU 6.250 14.330 11/15/2021 Peabody Energy Corp BTU 4.750 7.875 12/15/2041 Peabody Energy Corp BTU 6.500 17.890 9/15/2020 Peabody Energy Corp BTU 7.875 16.965 11/1/2026 Peabody Energy Corp BTU 10.000 30.000 3/15/2022 Peabody Energy Corp BTU 6.000 89.000 11/15/2018 Peabody Energy Corp BTU 6.000 17.250 11/15/2018 Peabody Energy Corp BTU 6.250 14.250 11/15/2021 Peabody Energy Corp BTU 6.250 14.250 11/15/2021 Penn Virginia Corp PVA 8.500 24.875 5/1/2020 Penn Virginia Corp PVA 7.250 20.136 4/15/2019 Permian Holdings Inc PRMIAN 10.500 42.750 1/15/2018 Permian Holdings Inc PRMIAN 10.500 42.750 1/15/2018 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.250 50.250 10/1/2018 Quicksilver Resources Inc KWKA 9.125 7.000 8/15/2019 Quicksilver Resources Inc KWKA 11.000 6.750 7/1/2021 Quiksilver Inc / QS Wholesale Inc ZQK 10.000 8.500 8/1/2020 RAAM Global Energy Co RAMGEN 12.500 8.750 10/1/2015 RS Legacy Corp RSH 6.750 0.500 5/15/2019 RS Legacy Corp RSH 6.750 0.440 5/15/2019 RS Legacy Corp RSH 6.750 0.440 5/15/2019 RTI International Metals Inc AA 3.000 100.000 12/1/2015 Ralcorp Holdings Inc CAG 4.950 111.815 8/15/2020 Roundy's Supermarkets Inc RNDY 10.250 113.250 12/15/2020 Roundy's Supermarkets Inc RNDY 10.250 114.125 12/15/2020 Sabine Oil & Gas Corp SOGC 7.250 8.000 6/15/2019 Sabine Oil & Gas Corp SOGC 9.750 10.500 2/15/2017 Sabine Oil & Gas Corp SOGC 7.500 14.750 9/15/2020 Sabine Oil & Gas Corp SOGC 7.500 8.375 9/15/2020 Sabine Oil & Gas Corp SOGC 7.500 8.375 9/15/2020 Samson Investment Co SAIVST 9.750 1.500 2/15/2020 SandRidge Energy Inc SD 7.500 15.345 3/15/2021 SandRidge Energy Inc SD 8.125 14.500 10/15/2022 SandRidge Energy Inc SD 8.750 18.030 1/15/2020 SandRidge Energy Inc SD 7.500 15.000 2/15/2023 SandRidge Energy Inc SD 8.125 24.000 10/16/2022 SandRidge Energy Inc SD 7.500 25.320 2/16/2023 SandRidge Energy Inc SD 7.500 15.000 3/15/2021 SandRidge Energy Inc SD 7.500 15.000 3/15/2021 Sequa Corp SQA 7.000 33.250 12/15/2017 Sequa Corp SQA 7.000 33.000 12/15/2017 Seventy Seven Energy Inc SSE 6.500 17.925 7/15/2022 Sigma-Aldrich Corp SIAL 3.375 104.979 11/1/2020 Springleaf Finance Corp AMGFIN 5.400 99.866 12/1/2015 SquareTwo Financial Corp SQRTW 11.625 64.000 4/1/2017 Swift Energy Co SFY 7.875 12.500 3/1/2022 Swift Energy Co SFY 7.125 12.845 6/1/2017 Swift Energy Co SFY 8.875 13.000 1/15/2020 TMST Inc THMR 8.000 10.000 5/15/2013 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 48.250 2/15/2018 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 46.500 2/15/2018 Terrestar Networks Inc TSTR 6.500 10.000 6/15/2014 TetraLogic Pharmaceuticals Corp TLOG 8.000 45.000 6/15/2019 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 9.500 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 34.500 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 8.500 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 9.500 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.500 13.250 11/1/2016 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 8.500 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 37.750 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.000 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.500 12.625 11/1/2016 Venoco Inc VQ 8.875 14.758 2/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 19.000 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 15.500 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 1.444 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 13.000 1.350 8/1/2020 Verso Paper Holdings LLC / Verso Paper Inc VRS 8.750 1.600 2/1/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 18.375 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 1.492 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 1.492 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 18.375 1/15/2019 Vulcan Materials Co VMC 10.125 98.663 12/15/2015 Walter Energy Inc WLTG 9.500 32.000 10/15/2019 Walter Energy Inc WLTG 11.000 1.000 4/1/2020 Walter Energy Inc WLTG 8.500 0.250 4/15/2021 Walter Energy Inc WLTG 9.500 31.750 10/15/2019 Walter Energy Inc WLTG 9.500 31.750 10/15/2019 Walter Energy Inc WLTG 9.500 31.750 10/15/2019 Warren Resources Inc WRES 9.000 20.500 8/1/2022 Warren Resources Inc WRES 9.000 21.125 8/1/2022 Warren Resources Inc WRES 9.000 21.125 8/1/2022 iHeartCommunications Inc IHRT 10.000 39.400 1/15/2018 ********* 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 ***