text: TCR_Public/151005.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, October 5, 2015, Vol. 19, No. 278 HeadlinesADVANCE WATCH: Has $18.5 Million DIP Agreement with Wells FargoADVANCE WATCH: Hires Epiq as Administrative AgentADVANCE WATCH: Proposes Epiq as Claims and Notice AgentADVANCE WATCH: Proposes Nov. 4 Deadline to Submit BidsADVANCE WATCH: Seeks 45-Day Extension for Schedules and SOFAADVANCE WATCH: Seeks Joint Administration of CasesADVANCED MICRO: Adopts Restructuring Plan; to Cut Workforce by 5%AFFINION GROUP: S&P Lowers CCR to 'CC', Outlook NegativeALEXZA PHARMACEUTICALS: Announces Management PromotionsALEXZA PHARMACEUTICALS: CFO Mark Oki ResignsALPHA NATURAL: Court Approves Hiring of KPMG as AuditorALPHA NATURAL: Court Approves Hunton & Williams as Co-counselALPHA NATURAL: Court Okays Alvarez & Marsal as Financial AdvisorALPHA NATURAL: Files Rule 2015.3 Periodic ReportALPHA NATURAL: Inks Second Out DIP Credit Deal with Citicorp NAALPHA NATURAL: Mooney Green, 2 Others File Rule 2019 StatementsALPHA NATURAL: Wolcott Rivers Files Rule 2019 StatementAMERICAN POWER: Appoints Chuck McDermott as New Board MemberANNA'S LINENS: Hilco Streambank Okayed as IP Marketing AgentANNA'S LINENS: Pachulski Stang Approved as Counsel to PanelANNA'S LINENS: PricewaterhouseCoopers OK'd as Financial AdvisorAOXING PHARMACEUTICAL: Obtains $3 Million From Securities OfferingATLANTIC CITY, NJ: State Approves City Budget to Address DeficitB&G FOODS: S&P Affirms 'BB-' CCR, Off CreditWatch NegativeBAHA MAR: Ch. 11 Case DismissedBAHA MAR: Northshore Files Schedules of Assets and LiabilitiesBERNARD L. MADOFF: Can't Claw Back Overseas Transfers, Firms SayBIRMINGHAM COAL: Administrator Withdraws Bid to Convert CaseBIRMINGHAM COAL: Governmental Bar Date Extended Until Nov. 23BIRMINGHAM COAL: Reiterates Bid for More Time to Decide on LeasesBLACK ELK: Ch. 11 Case Reassigned to Judge Marvin IsgurBLACK ELK: Granted Complex Chapter 11 Bankruptcy Case TreatmentBLACK ELK: Had Until Sept. 30 to File Schedules and StatementsBLACK ELK: Had Until Sept. 30 to File Schedules and StatementsBLACK ELK: U.S. Trustee Forms Five-Member Creditors' CommitteeCAESARS ENTERTAINMENT: Wants $8MM Laundering Compliance Fine OkayedCANNERY CASINO: S&P Puts 'B-' CCR on CreditWatch NegativeCHARLOTTE RUSSE: S&P Lowers Corp. Credit Rating to 'B'CHINA MEDICAL: Paul Weiss Must Submit Privileged Docs, Court SaysCHRYSLER GROUP: Execs Ask 6th Circuit to Reopen Benefits SuitCOCRYSTAL PHARMA: Board OKs Appointment of CEO and CMOCOLT DEFENSE: Union Balks at Proposed Claims Bar DateCOLTS NECK GOLF: Denial of Bid to Appoint Ch. 11 Trustee AffirmedCOMPUTER SCIENCES: S&P Assigns 'BB+' CCR, Outlook StableCONTOURGLOBAL LP: Fitch Assigns 'B+' LT Issuer Default RatingCRYOPORT INC: Appoints Robert Hariri to Board of DirectorsCTI BIOPHARMA: Court Preliminary Okays Derivative Suit SettlementCTI BIOPHARMA: Has Negative $18M Financial Standing at Aug. 31CTI BIOPHARMA: Mark Lampert Reports 5.2% Stake as of Sept. 24CYBERCO: Judge Enters $80MM Judgment Against Huntington NationalDAVID CHARRON: Can't Dodge $364K Contempt Fine, Bankr. Judge SaysDETROIT, MI: Pensioners Lose Appeal From Bankruptcy CutsDEX MEDIA: S&P Lowers Corporate Credit Rating to 'SD'DOVER DOWNS: Regains Compliance with NYSE Listing StandardENERGY COAL SPA: Seeks U.S. Recognition of Italian ReorganizationENERGY COAL: Chapter 15 Case SummaryENERGY FUTURE: Court Approves Amendments to Cash Collateral OrderESTERLINA VINEYARDS: Taps Thomas K. Rackerby as AccountantESTERLINA VINEYARDS: Wants to Hire Provencher & Flatt as CounselFIRST DATA: Has Public Offering of 160 Million Class A SharesFOREST CITY: Fitch Raises Rating on Secured Revolver Loan to BBFREEDOM INDUSTRIES: Judge Inclined to Approve Liquidation PlanFREESEAS INC: Incurs $21.8 Million Net Loss in H1 2015FRESH PRODUCE: Liquidating Plan Set for Nov. 16 HearingGENERAL MOTORS: Response Brief Filed in Ignition Defect CaseGENON ENERGY: S&P Lowers CCR to 'CCC+', Outlook StableGEOMET INC: Bradford Whitmore Reports 27.3% Stake at Sept. 29GREEN MOUNTAIN MINE: Case Summary & 5 Largest Unsecured CreditorsGT ADVANCED: Court Again Denies Employee Bonus ProgramsGTT COMMUNICATIONS: S&P Assigns B+ CCR & Rates $450MM Facility B+GUIDED THERAPEUTICS: Registers 40 Million Shares for ResaleHOME PROPERTIES: Moody's Lowers Issuer Rating to Ba2, Outlook Neg.I.E. LIQUIDATION: Suit Against Litostroj Remains in CanadaICAGEN INC: Signs Settlement Agreement with Joel BellowsIMH FINANCIAL: Closes Sale of Mortgage Loan to SREOF for $11-Mil.IMPLANT SCIENCES: Incurs $21.5M Net Loss in FY Ended June 30INT'L MANUFACTURING: GECC Fails in Bid to Dismiss Clawback SuitINTEGRATED STRUCTURES: Case Summary & 20 Top Unsecured CreditorsINVENERGY THERMAL: S&P Assigns Prelim. 'B+' Rating on $465MM DebtITUS CORP: Offering $10 Million Worth of Common SharesJT THORPE: Limit on Firm's Claims Filing Against Trust RemainsKITTUSAMY LLP: Granted Relief Under Chapter 11KITTUSAMY LLP: Has Interim Authority to Use Cash CollateralKRATON PERFORMANCE: S&P Puts 'B+' CCR on CreditWatch NegativeLESLIE RESOURCES: Court Refuses to Remand Suit Over CTB FundsLINCOLN PAPER: Gets Interim Approval for $6.6M DIP FinancingLINCOLN PAPER: Ordered to Submit Required DocumentsLINCOLN PAPER: Section 341 Meeting Set for October 29LIQUIDMETAL TECHNOLOGIES: Walter Weyler Appointed as DirectorMEDIASHIFT INC: Section 341 Meeting Scheduled for November 6METALICO INC: Carlos Aguero No Longer a ShareholderMETALICO INC: Total Merchant Reports 100% Stake as of Sept. 11MIDSTATES PETROLEUM: R/C IV Eagle Owns 32.2% Stake as of Sept. 30MILLENNIUM HEALTH: Lenders Sparring Over Bankruptcy PlanMILLER ENERGY: Hires Prime Clerk as Claims and Noticing AgentMILLER ENERGY: Obtains Commitment for $20-Mil. DIP FinancingMILLER ENERGY: Seeks Joint Administration of CasesMILLER ENERGY: Wants Oct. 30 Deadline to File SchedulesMINUTEMAN SPILL: Bid to Transfer Venue DeniedMMM HOLDINGS: S&P Lowers Counterparty Credit Rating to 'D'MOLYCORP INC: Director Says $3MM Bonus Plan Fairly Pays ExecsMONTREAL MAINE: Final Hearing Today on $341MM SettlementNEPHROS INC: Obtains Funding from Warrant Exercise by WexfordNET ELEMENT: Extends Letter Agreements Moratorium Date to Oct. 11NEWLEAD HOLDINGS: Announces Time Charter of Newlead CastellanoNEWLEAD HOLDINGS: Commercial Performance of Newlead GranadinoOCONEE REGIONAL: S&P Puts 'CCC' Rating on CreditWatch NegativeOIL & GAS COS: S&P Takes Rating Actions on 25 CompaniesORBITAL ATK: S&P Raises Rating on $300MM Unsecured Notes to 'BB'OTIS PRODUCTIONS: Case Summary & 3 Largest Unsecured CreditorsPARADIGM EAST: Township Opposes Plan, Wants Taxes PaidPATRIOT COAL: Panel Balks at Cash Use Termination, Case ConversionPBF HOLDING: S&P Retains 'BB-' CCR on CreditWatch PositivePETTERS COMPANY: PE Funds' Bid to Intervene GrantedPHARMACYTE BIOTECH: Director Richard Goldfarb ResignsPHOENIX COS: A.M. Best Puts 'b' Issuer Credit Rating Under ReviewPHOENIX COS: S&P Affirms 'B-' LongTerm Counterparty Credit RatingPHOTOMEDEX INC: Fails to Comply with NASDAQ Listing StandardPORTER BANCORP: Completes Debt for Equity ExchangeQUIKSILVER INC: Former Exec Fights Request to Nix Severance DealsRADIOSHACK CORP: Former Managers Seek Class CertificationRADIOSHACK CORP: Proposes TSA, Indemnification SettlementsRELATIVITY MEDIA: Anchorage, Falcon et al. Win Bidding for TV BizRELATIVITY MEDIA: CEO, Group to Acquire All Assets, Except TV BizRESPONSE GENETICS: Cancer Genetics Gets Court OK to Buy AssetsROSETTA GENOMICS: To File June 30 Form 10-Q by Oct. 28SEANERGY MARITIME: Dimitris Anagnostopoulos Elected to BoardSEARS HOLDINGS: Edward Lampert Reports 54.1% Stake as of Oct. 1SECOND CHANCE: Govt Seeks Reconsideration in False Claims Act SuitsSEQUENOM INC: Former CEO to Get $846,000 Separation PaySEVEN COUNTIES: Court Enters Final Decree Closing Chapter 11 CaseSHERIDAN INVESTMENT I: Moody's Lowers CFR to 'B2', Outlook NegSHERIDAN INVESTMENT II: Moody's Lowers CFR to B3, Outlook NegativeSOTHEBY'S: Decision to Increase Lending Can Weaken Credit RatingSPENDSMART NETWORKS: Jerry Rubinstein Named Board ChairmanSPENDSMART NETWORKS: Signs Consulting Agreement with SiskeyST. CATHERINE HOSPITAL: 2013 HAF Subject to Automatic StaySTANDARD PACIFIC: S&P Raises Corp. Credit Rating to 'BB'STEREOTAXIS INC: Warrants Delisted From NASDAQSUCAMPO PHARMACEUTICALS: S&P Assigns 'B' Corp. Credit RatingTARGETED MEDICAL: Squar Milner is New AccountantsTERESA GIUDICE: Former Bankr. Counsel Wants Malpractice Suit NixedTHERAKOS INC: S&P Raises CCR to 'BB-', Outlook NegativeTRANS-LUX CORP: To Commence Rights Offering on Oct. 14TRANSGENOMIC INC: To Divest GAP Business Unit to ADSTEC for $300KVERTIS HOLDINGS: RAG's Bid to Amend Complaint DeniedVIACAO AREA SAO PAULO: U.S. Judge Approves Chapter 15 PetitionVIGGLE INC: Borrows $1M Under $10M Sillerman Credit FacilityVIGGLE INC: Signs Separation Agreement with Former CROVISUALANT INC: Extends Promissory Notes Due Date to Dec. 31WALDEN REAL ESTATE: Case Summary & Largest Unsecured CreditorWAVE SYSTEMS: KPMG Resigns as Principal AccountantsWBH ENERGY: Gets Approval of Agreement With Copano FieldWPCS INTERNATIONAL: Has 2.1 Million Shares Resale ProspectusZOGENIX INC: Reports Positive Results for Relday Phase 1b Trial[*] Fitch Releases Cross-Asset Default Update[*] House Panel Considers Legislation to Reform CFPB[*] More Canada Debt Headed for Distress, Trilogy Says[*] Private Equity Firms Rush to Buy Troubled Home Mortgages[*] Regulators Fail in Bid to Dismiss Payday Lenders' Suit[*] Senate Banking Subcommittee Examines SIPC Oversight [*] Stakeholders Have Mixed Views on Atty Fee Guidelines, Venue[^] BOND PRICING: For the Week from Sept. 28 to Oct. 2, 2015 *********ADVANCE WATCH: Has $18.5 Million DIP Agreement with Wells Fargo---------------------------------------------------------------Advance Watch Company Ltd., Sunburst Products, Inc. and GWGInternational, Ltd. seek Bankruptcy Court's permission to obtain asenior secured superpriority debtor-in-possession revolving creditand letter of credit facility of up to $18.5 million from WellsFargo Bank, National Association, pursuant to the terms andconditions of a Ratification and Amendment Agreement dated as ofSept. 30, 2015. Proceeds of the financing will be used for workingcapital and general corporate purposes, including payment ofPre-Petition Obligation.Specifically, the DIP Loan Documents will provide the Debtors withaccess of up to $4 million in excess of the pre-petition lendingformulas, which the Debtors and their advisors have determinedshould be sufficient to support the Debtors' ongoing operationsand reorganization activities through the pendency of their Chapter11 cases."[T]he Debtors have an immediate need for access to liquidity to,among other things, continue the operation of their business,maintain important relationships with customers, landlords andfranchisees, meet payroll, procure goods and services from vendorsand suppliers and otherwise satisfy their working capital andoperational needs, all of which are required to preserve andmaintain the Debtors' going concern value for the benefit of allparties in interest," said Jeffrey S. Sabin, Esq., at Venable LLP,counsel to the Debtors.The DIP Credit Agreement also provides the Debtors with immediate access to cash collateral.The DIP Facility bears an interest rate of prime rate plus 1.25%for Base Rate Loans (as defined in the DIP Credit Agreement) andLIBOR plus 2.75% for the LIBOR Rate Loans (as defined in the DIPCredit Agreement).The "Maturity Date" is the date that is the earlier of three monthsfrom the date of the DIP Credit Agreement or such later date towhich DIP Loan Agent may consent in its sole and absolutediscretion.On June 21, 2013, the Debtors entered into a revolving CreditAgreement with Wells Fargo Bank, as administrative agent, and thelenders. As of the Petition Date, the Debtors were indebted to thePre-Petition Loan Agent and the Pre-Petition Secured Lenders in anaggregate outstanding principal amount of $13.3 million.The Debtors propose to grant the DIP Loan Agent, for its ownbenefit and the benefit of the DIP Lenders, senior, first-priorityliens on the Collateral securing the DIP Facility, andsuperpriority claims in respect of the obligations under the DIPFacility. About Advance WatchAdvance Watch Company Ltd., Binda USA Holdings, Inc., SunburstProducts, Inc. and GWG International, Ltd. filed Chapter 11bankruptcy petitions (Bankr. S.D.N.Y. Proposed Lead Case No.15-12690) on Sept. 30, 2015. Jeffrey L. Gregg signed the petitionas chief restructuring officer. The Debtors listed total assets of $41.4 million and totalliabilities of $98 million.The Debtors have engaged Venable LLP as counsel.Founded in 1974, Advance Watch is part of a privately-held globalenterprise that designs, assembles, markets, and distributesconsumer watches under the trade name Geneva Watch Group.ADVANCE WATCH: Hires Epiq as Administrative Agent-------------------------------------------------Advance Watch Company, Ltd. and its debtor affiliates seekBankruptcy Court's authority to employ Epiq Bankruptcy Solutions,LLC as administrative agent nunc pro tunc to the Petition Date.The Debtors seek to retain Epiq to provide, as requested, amongother things, these administrative services: a. Assist with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports, as required in furtherance of confirmation of plan of reorganization; b. Generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results; c. Gather data in conjunction with the preparation, and assist with the preparation, of the Debtors' schedules of assets and liabilities and statements of financial affairs; d. Generate, provide and assist with claims reports, claims objections, exhibits, claims reconciliation, and related matters; and e. Provide such other claims processing, noticing, solicitation, balloting, distributions, and other administrative services.Epiq's claims and noticing rates are: Title Rates ----- ---------- Clerical/Administrative Support $30-$45 Case Manager $60-$80 IT / Programming $70-$120 Sr. Case Manager/ Dir. of Case Management $85-$155 Consultant/ Senior Consultant $145-$190 Director/Vice President $190 Executive Vice President WaivedThe Debtors agree to reimburse Epiq for any reasonable out ofpocket expenses including, without limitation, transportation, longdistance communications, printing, photocopying, fax, postage andrelated items.The Services Agreement provides that the Debtors will indemnify, defend and hold Epiq, its affiliates, parent, and each such entity's officers, members, directors, agents, representatives,managers, consultants and employees harmless under certaincircumstances specified in the Services Agreement, except incircumstances resulting solely from Epiq's gross negligence orwillful misconduct.Prior to the Petition Date, Epiq received a retainer of $10,000from the Debtors.To the best of the Debtors' knowledge, Epiq is a "disinterestedperson" as defined in Section 101(14) of the Bankruptcy Code. About Advance WatchAdvance Watch Company Ltd., Binda USA Holdings, Inc., SunburstProducts, Inc. and GWG International, Ltd. filed Chapter 11bankruptcy petitions (Bankr. S.D.N.Y. Proposed Lead Case No.15-12690) on Sept. 30, 2015. Jeffrey L. Gregg signed the petitionas chief restructuring officer. The Debtors listed total assets of $41.4 million and totalliabilities of $98 million.The Debtors have engaged Venable LLP as counsel.Founded in 1974, Advance Watch is part of a privately-held globalenterprise that designs, assembles, markets, and distributesconsumer watches under the trade name Geneva Watch Group.ADVANCE WATCH: Proposes Epiq as Claims and Notice Agent-------------------------------------------------------Advance Watch Company, Ltd. and its debtor affiliates seekBankruptcy Court's authority to employ Epiq Bankruptcy Solutions,LLC as notice and claims agent in order to relieve the Court andthe Clerk's Office of the heavy administrative and other burdensassociated with the number of creditors and otherparties-in-interest involved in their Chapter 11 cases.The Debtors said their estates and their creditors will benefitfrom Epiq's retention because Epiq has developed efficient andcost-effective methods in this area of expertise. Epiq's claims and noticing rates are: Title Rates ----- ----------- Clerical/Administrative Support $30-$45 Case Manager $60-$80 IT / Programming $70-$120 Sr. Case Manager/ Dir. of Case Management $85-$155 Consultant/ Senior Consultant $145-$190 Director/Vice President $190 Executive Vice President WaivedThe Debtors also propose that the cost of Epiq's services be paidfrom their estates pursuant to Section 156(c) of the BankruptcyCode. Prior to the Petition Date, the Debtors provided Epiq a retainer inthe amount of $10,000. Epiq will apply the retainer to all fees,costs and expenses incurred pursuant to the Services Agreement.Under the terms of the Engagement Letter, the Debtors have agreedto indemnify, defend, and hold Epiq, its affiliates, parent, andeach such entity's officers, members, directors, agents,representatives, managers, consultants, and employees harmlessunder certain circumstances specified in the Engagement Letter,except in circumstances resulting solely from Epiq's grossnegligence or willful misconduct or as otherwise provided in theEngagement Letter.To the best of the Debtors' knowledge, Epiq is a "disinterestedperson," as defined in Section 101(14) of the Bankruptcy Code. About Advance WatchAdvance Watch Company Ltd., Binda USA Holdings, Inc., SunburstProducts, Inc. and GWG International, Ltd. filed Chapter 11bankruptcy petitions (Bankr. S.D.N.Y. Proposed Lead Case No.15-12690) on Sept. 30, 2015. Jeffrey L. Gregg signed the petitionas chief restructuring officer. The Debtors listed total assets of $41.4 million and totalliabilities of $98 million.The Debtors have engaged Venable LLP as counsel.Founded in 1974, Advance Watch is part of a privately-held globalenterprise that designs, assembles, markets, and distributes consumer watchesunder the trade name Geneva Watch Group.ADVANCE WATCH: Proposes Nov. 4 Deadline to Submit Bids------------------------------------------------------Advance Watch Company Ltd., et al., ask the Bankruptcy Court to approve proposed bid procedures for the sale of substantially all of their assets free and clear of liens, claims, encumbrances and other interests.The Debtors have determined that their declining revenues areinsufficient to support the continued operation their business as awhole, thus, a prompt sale of their Assets is necessary to ensurethat those Assets are sold at their going concern values.Sunshine Time Inc. had submitted a stalking horse bid for$15,000,000 in cash, subject to higher or better offers."The Stalking Horse Bid is the result of extensive prepetitionmarketing efforts and analysis. Given the exigencies of theDebtors' financial condition and the restrictions in the Debtors'postpetition financing and the Stalking Horse Bid itself, theimmediate sale of assets is the only means to avoid a fire-saleliquidation of all of the Debtors' estates, which would result insignificantly less value for all stakeholders," said Jeffrey S.Sabin, Esq., at Venable LLP, counsel to the Debtors.The Stalking Horse Agreement represents a binding bid for the"Purchased Assets" of the Company, including include certainunexpired leases and contracts and certain inventory, equipment,furnishings, books and records, and customer data.The Stalking Horse Agreement provides that, upon the termination ofthe Stalking Horse Agreement, the Debtors will pay the StalkingHorse Bidder (a) the Stalking Horse Bidder's reasonable fees, costsand expenses incurred in connection with the transactionscontemplated by that Agreement through the date of termination,provided that the amount of such reimbursement does not exceed$300,000 and (b) a termination fee of $350,000. Bidding ProceduresThe Bidding Procedures provide for standard bid protections, suchas initial overbid amounts and subsequent bidding increments. TheStalking Horse Agreement includes provisions for the payment ofbreak-up fees and capped expense reimbursements, as anadministrative expense, upon the Debtors' consummation of atransaction for with another bidder.The following are the key provisions of the Bidding Procedures: a. Cancellation of the Auction. Qualified Bids must be received by the Bid Deadline on Nov. 4, 2015, at 12:00 p.m. (noon) (Eastern Time). If a competing Qualified Bid is not received by the Bid Deadline, the Debtors will cancel the Auction and seek approval of a sale to the applicable Stalking Horse Bidder at a Sale Hearing on Nov. 10, 2015, at such time as is later set by the Court. b. Good Faith Deposit. Potential Bidders may make one or more credit bids of some or all of their claims to the full extent permitted by Section 363(k) of the Bankruptcy Code; however, to the extent that there is a cash component to the bid, such bid must be (i) accompanied by a certified check or wire transfer in the amount of $750,000 payable to the order of the Debtors and (ii) written evidence of available cash, a commitment for financing or ability to timely obtain a satisfactory commitment if selected as the Successful Bidder and such other evidence of ability to consummate the transaction as the Debtors may reasonably request. c. Assessment of Qualified Bids. A Qualified Bid will be valued by the Debtors based upon any and all factors that the Debtors deem pertinent, including, among others, (i) the amount of the Qualified Bid, (ii) the risks and timing associated with consummating a transaction with the Potential Bidder, (iii) any excluded Assets or executory contracts and leases, and (iv) any other factors that the Debtors may deem relevant to the Sale in consultation with the Committee. d. Purchase Price; Minimum Bid. The bidding will start at the aggregate consideration for the Assets and terms proposed in the Qualified Bid that the Debtors select as the highest and best offer prior to the Auction. The initial minimum overbid that may be offered by a bidder other than the Stalking Horse Bidder is equal to the aggregate of the Stalking Horse Bid, the Expense Reimbursement, and the Breakup Fee, plus an initial minimum bid increment of $150,000. Further bids will continue in increments of at least $100,000. e. Stalking Horse Credit Bid. The Stalking Horse Bidder will have the ability to credit bid at the Auction the aggregate amount of (i) the Expense Reimbursement in an amount equal to either (x) as of the date of the Auction, the reasonable fees, costs and expenses actually incurred by the Stalking Horse Bidder in connection with the transactions contemplated by the Stalking Horse Agreement not to exceed $300,000, or (y) an amount agreed upon by the Debtors and the Stalking Horse Bidder not to exceed $300,000; and (ii) the Breakup Fee.The Bidding Procedures establish the following key dates and timesfor the sale process:Oct. 26, 2015 Initial Bid Deadline/Deadline to Submit Indication of InterestNov. 4, 2015, at 12:00 Bid Deadlinep.m. (noon) (Eastern Time)Nov. 6, 2015, at 4:00 Deadline to Distribute Qualified Bidsp.m. (Eastern Time)Nov. 9, 2015, at 9:00 Auctiona.m. (Eastern Time) Location: Otterbourg, Steindler, Houston & Rosen, P.C., 230 Park Avenue New York, New York 10169Nov. 9, 2015, at 5:00 Objection Deadline to Sale/Assumptionp.m. (Eastern Time) and Assignment of Assigned AgreementsNovember 10, 2015, at Sale Hearing such time as is laterset by the Court About Advance WatchAdvance Watch Company Ltd., Binda USA Holdings, Inc., SunburstProducts, Inc. and GWG International, Ltd. filed Chapter 11bankruptcy petitions (Bankr. S.D.N.Y. Proposed Lead Case No.15-12690) on Sept. 30, 2015. Jeffrey L. Gregg signed the petitionas chief restructuring officer. The Debtors listed total assets of $41.4 million and totalliabilities of $98 million.The Debtors have engaged Venable LLP as counsel.Founded in 1974, Advance Watch is part of a privately-held globalenterprise that designs, assembles, markets, and distributesconsumer watches under the trade name Geneva Watch Group.ADVANCE WATCH: Seeks 45-Day Extension for Schedules and SOFA------------------------------------------------------------Advance Watch Company Ltd., et al., ask the Bankruptcy Court toextend their deadlines to file their schedules of assets andliabilities, schedule of current income and expenditures, andschedule of executory contracts and unexpired leases and statementof financial affairs to 45 days after the Petition Date.Additionally, the Debtors request an extension of their deadline tofile the 2015.3 Reports pursuant to Bankruptcy Rule 2015.3(d) to 30days after the date first set for the 341 Meeting.Given the size, geographic scope, and complexity of theiroperations, the Debtors anticipate that they will be unable tocomplete their Schedules, SOFA, and 2015.3 Reports in the shortamount of time provided under Bankruptcy Rules 1007(c) and2015.3(a). The Debtors hold an aggregate amount of approximately $41,457,000in assets and approximately $98,057,000 in liabilities as of thePetition Date. The Debtors also estimate that, as of the PetitionDate, they have approximately 300 creditors on a combined basisand approximately 4,000 customers."While the Debtors, with the assistance of their professionaladvisors, are mobilizing their employees to work diligently andexpeditiously in preparation of the Schedules, SOFA and 2015.3Reports, the Debtors resources are strained," said Jeffrey S.Sabin, Esq., at Venable LLP, counsel to the Debtors.Furthermore, the Debtors do not believe that any of their creditorswill be prejudiced by the extension of time requested. The Debtorssaid the requested extension is only for a limited time period, andwell in advance of substantial deadlines such as that for filingclaims against the estate. Advance Watch Company Ltd., Binda USA Holdings, Inc., SunburstProducts, Inc. and GWG International, Ltd. filed Chapter 11bankruptcy petitions (Bankr. S.D.N.Y. Proposed Lead Case No.15-12690) on Sept. 30, 2015. Jeffrey L. Gregg signed the petitionas chief restructuring officer. The Debtors have engaged Venable LLP as counsel.Advance Watch engages in the design, manufacture, and distributionof digital and analog watches, and clocks.ADVANCE WATCH: Seeks Joint Administration of Cases--------------------------------------------------Advance Watch Company Ltd., Binda USA Holdings, Inc., SunburstProducts, Inc. and GWG International, Ltd. ask the Bankruptcy Courtto direct joint administration of their Chapter 11 cases, foradministrative purposes only, under Case No. 15-12690.The Debtors further seek authority to file, in the lead case, allmonthly operating reports required by the Operating Guidelines andReporting Requirements for Debtors in Possession and Trustees,issued by the Office of the United States Trustee for the SouthernDistrict of New York, by consolidating the information required foreach of the Debtors in one report that tracks and breaks out all ofthe specific information on a Debtor-by-Debtor basis."Given the integrated nature of the Debtors' operations, jointadministration of their chapter 11 cases will provide significantadministrative convenience without harming the substantive rightsof any party in interest," said Jeffrey S. Sabin, Esq. at VenableLLP, counsel to the Debtors. According to Mr. Sabin, many of the motions, hearings, and ordersin these Chapter 11 cases will affect all of the Debtors. Hemaintined that entry of the Order directing joint administration ofthe Debtors' cases will reduce fees and costs by avoidingduplicative filings and objections. Joint administration also willallow the U.S. Trustee and all parties in interest to monitor thesechapter 11 cases with greater ease and efficiency, he added. Advance Watch Company Ltd., Binda USA Holdings, Inc., SunburstProducts, Inc. and GWG International, Ltd. filed Chapter 11bankruptcy petitions (Bankr. S.D.N.Y. Proposed Lead Case No.15-12690) on Sept. 30, 2015. Jeffrey L. Gregg signed the petitionas chief restructuring officer. The Debtors estimated assets of$10 million to $50 million and liabilities of $50 million to $100million.The Debtors have engaged Venable LLP as counsel.Advance Watch engages in the design, manufacture, and distributionof digital and analog watches, and clocks.ADVANCED MICRO: Adopts Restructuring Plan; to Cut Workforce by 5%-----------------------------------------------------------------Advanced Micro Devices, Inc., adopted a restructuring plan focusedon the Company's ongoing efforts to simplify its business and alignresources around its priorities of building great products anddeepening customer relationships.The Plan provides for a global workforce reduction of approximately5%. The Plan includes organizational actions such as outsourcingcertain IT services and application development. The Plan alsoanticipates a charge for the consolidation of certain real estatefacilities. The Company currently expects to record restructuring and assetimpairment charges in the aggregate of approximately $42 millionresulting from the Plan. The Company expects to record a majorityof the restructuring charge in the amount of approximately $41million in the third quarter of fiscal year 2015, of whichapproximately $31 million is related to severance and benefitcosts, approximately $1 million to facilities related consolidationcharges and approximately $9 million of intangible asset relatedcharges associated with the impairment of certain software licensesthat have ongoing payment obligations. The Company expects thePlan will likely result in total cash payments of approximately $26million and $15 million in the fiscal years 2015 and 2016,respectively.The savings from the Plan are anticipated to be approximately $2million and $7 million in the third and fourth quarters of fiscalyear 2015, respectively. The Company anticipates savings ofapproximately $58 million in fiscal year 2016. The actionsassociated with the Plan are expected to be substantially completedby the end of fiscal year 2016. About Advanced Micro DevicesSunnyvale, California-based Advanced Micro Devices, Inc., is aglobal semiconductor company. The Company's products include x86microprocessors and graphics.For the year ended Dec. 27, 2014, the Company reported a net lossof $403 million on $5.50 billion of net revenue compared to a netloss of $83 million on $5.29 billion of net revenue for the yearended Dec. 28, 2013.As of June 27, 2015, the Company had $3.4 billion in total assets,$3.5 billion in total liabilities and a $141 million totalstockholders' deficit. * * *As reported by the TCR on April 22, 2015, Standard & Poor's RatingsServices said it lowered its corporate credit rating on Sunnyvale,Calif.-based Advanced Micro Devices Inc. to B- from B. "Thedowngrade reflects AMD's recently sharpened revenue declines, weakindustry conditions and intense competition from Intel in PCmarkets, and the challenges it faces to grow in targetedenterprise, embedded, and semi-custom product markets to offset PCbusiness declines," said Standard & Poor's credit analyst JohnMoore.As reported by the TCR on June 5, 2014, Fitch Ratings had upgradedthe long-term Issuer Default Rating (IDR) for AMD (NYSE: AMD) to'B-' from 'CCC'. The upgrade primarily reflects AMD's improvedfinancial flexibility from recent refinancing activity, whichextends meaningful debt maturities until 2019.In July 2015, Moody's Investors Service lowered Advanced MicroDevices, Inc's ("AMD") corporate family rating to Caa1 from B3, andthe ratings on the senior unsecured notes to Caa2 from Caa1. The downgrade of the corporate family rating to Caa1 reflects AMD'sprospects for ongoing operating losses over the next year andnegative free cash flow.AFFINION GROUP: S&P Lowers CCR to 'CC', Outlook Negative--------------------------------------------------------Standard & Poor's Ratings Services lowered its corporate creditrating on Affinion Group Holdings Inc. to 'CC' from 'CCC+'. Therating outlook is negative. At the same time, S&P lowered its issue-level rating on thecompany's 13.75%/14.5% payment-in-kind (PIK) toggle notes due 2018to 'CC' from 'CCC-'. The recovery rating remains '6', indicatingS&P's expectation for negligible recovery (0%-10%) of principal inthe event of a payment default. S&P also lowered its issue-level rating on the company's 13.50%senior subordinated notes due 2018 to 'CC' from 'CCC-'. Therecovery rating debt remains '6', indicating S&P's expectation fornegligible recovery (0%-10%) of principal in the event of a paymentdefault. Affinion Investments LLC, an existing wholly ownedunrestricted subsidiary of Affinion Group Inc., is the borrower ofthis debt."The downgrade follows Affinion Group Holdings' announcement of itsoffer to exchange up to $600 million of its debt for common stock,"said Standard & Poor's credit analyst Naveen Sarma. "If thecompany completes the exchange transaction, we would view it asdistressed and tantamount to a default, based on our criteria."The company is offering to exchange all of the outstanding $260million 13.75%/14.5% PIK toggle notes due 2018 for equity.Additionally, the company is offering to exchange all of theoutstanding $360 million 13.5% senior subordinated notes due 2018issued by Affinion Investment.Affinion Group Holdings and Affinion International Holdings Ltd.jointly commenced a rights offering that gives the existingnoteholders the right to purchase 7.5% cash/PIK senior notes due2018 (issued by Affinion International) and 2.5 million shares ofnew common stock for an aggregate cash purchase price of $110million. S&P will assign issue-level and recovery ratings to the proposeddebt upon completion of the transaction. The exchange will significantly reduce the company's debt byapproximately $600 million and lower annual cash interestobligations by approximately $50 million. As a result, combinedwith the net cash proceeds from the rights offering, the companywill have additional flexibility to execute its strategicinitiatives and grow its business. Upon completion of the exchange, S&P will lower the corporatecredit rating to 'SD' (selective default) and the issue-levelratings on the exchanged debt to 'D'. As soon as possiblethereafter, S&P will reassess Affinion Group Holdings'post-transaction capital structure and could raise the corporatecredit rating to 'CCC+' or 'B-'. If the company does not complete the offer, S&P could raise thecorporate rating to 'CCC+' (the rating before the announcement ofthe offer).ALEXZA PHARMACEUTICALS: Announces Management Promotions-------------------------------------------------------Catherine McAuliffe has been promoted to the newly created positionof vice president, operations. In this new role, Ms. McAuliffewill be responsible for site operations including facilities,calibration, environmental health and safety, supply chain andpurchasing at Alexza. Stacy Palermini has been promoted to vice president, finance. Inthis new role, Ms. Palermini will have increased responsibilitiesin managing the accounting, finance, treasury, risk management andhuman resource functions at Alexza.Catherine McAuliffe has served as vice president, operations sinceSeptember 2015. Ms. McAuliffe previously served as Alexza'sexecutive director, operations from 2014 to 2015, as seniordirector, operations from 2007 to 2014 and as director, operationsfrom 2004 to 2007. From 1996 to 2004, Ms. McAuliffe held severalpositions at the Affymax Research Institute, the most recent ofwhich was director, Facilities and EH&S. Ms. McAuliffe holds a MSin Environmental Management from the University of San Franciscoand a BS in Biology from San Jose State University.Stacy Palermini has served as the Company's vice president, financeand corporate secretary since September 2015. Ms. Palermini servedas Alexza's executive director, finance from 2011 to 2015, assenior director, finance from 2007 to 2011, as Director, Financefrom 2005 to 2007, and as controller from 2003 to 2005. From 1996to 2003, Ms. Palermini held various positions of increasingresponsibilities in finance and accounting at various companies,and worked nine years at PricewaterhouseCoopers, a publicaccounting firm, prior to joining industry. Ms. Palermini receiveda BS in accountancy from University of Illinois. About Alexza Mountain View, California-based Alexza Pharmaceuticals, Inc., wasincorporated in the state of Delaware on Dec. 19, 2000, as FaxMed,Inc. In June 2001, the Company changed its name to AlexzaCorporation and in December 2001 became Alexza Molecular DeliveryCorporation. In July 2005, the Company changed its name to AlexzaPharmaceuticals, Inc.The Company is a pharmaceutical development company focused on theresearch, development, and commercialization of novel proprietaryproducts for the acute treatment of central nervous systemconditions.As of June 30, 2015, the Company had $32.6 million in total assets,$96.5 million in total liabilities and a stockholders' deficit of$63.9 million.Alexza Pharmaceuticals reported a net loss of $36.7 million in 2014compared to a net loss of $39.6 million in 2013.Ernst & Young LLP, in Redwood City, California, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has recurringlosses from operations and has a net capital deficiency that raisesubstantial doubt about its ability to continue as a going concern.ALEXZA PHARMACEUTICALS: CFO Mark Oki Resigns--------------------------------------------Alexza Pharmaceuticals, Inc., announced that Mark K. Oki planned toresign from the Company effective as of Oct. 16, 2015, as seniorvice president, finance and chief financial officer. According tothe Company, Mr. Oki's resignation was not the result of anydisagreement. About Alexza Mountain View, California-based Alexza Pharmaceuticals, Inc., wasincorporated in the state of Delaware on Dec. 19, 2000, as FaxMed,Inc. In June 2001, the Company changed its name to AlexzaCorporation and in December 2001 became Alexza Molecular DeliveryCorporation. In July 2005, the Company changed its name to AlexzaPharmaceuticals, Inc.The Company is a pharmaceutical development company focused on theresearch, development, and commercialization of novel proprietaryproducts for the acute treatment of central nervous systemconditions.As of June 30, 2015, the Company had $32.6 million in total assets,$96.5 million in total liabilities and a stockholders' deficit of$63.9 million.Alexza Pharmaceuticals reported a net loss of $36.7 million in 2014compared to a net loss of $39.6 million in 2013.Ernst & Young LLP, in Redwood City, California, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has recurringlosses from operations and has a net capital deficiency that raisesubstantial doubt about its ability to continue as a going concern.ALPHA NATURAL: Court Approves Hiring of KPMG as Auditor-------------------------------------------------------Alpha Natural Resources, Inc. and its debtor-affiliates sought andobtained permission from the Hon. Kevin R. Huennekens of the U.S.Bankruptcy Court for the Eastern District of Virginia to employKPMG LLP as auditor, effective August 3, 2015 petition date.The Debtors require KPMG to: (a) audit of consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (the "PCAOB"); (b) audit of the Debtors' internal control over financial reporting in accordance with the standards of the PCAOB; (c) quarterly review services of the condensed consolidated Financial statements for the quarters ended March 31, 2015 and June 30, 2015 and September 30, 2015; (d) communications with ANR's Audit Committee and Board of Directors prior to the issuance of KPMG's audit reports; (e) reading of the minutes, if any, of the Board of Directors and related Committee meetings; (f) services surrounding comfort letters, if requested by the Debtors; and (g) performance of services for any special audit-related projects, such as research and/or consultation on special business or financial issues, application of new accounting pronouncements, dispositions and acquisitions not previously contemplated (the matters described in subparagraphs (f) and (g) collectively, the "Out-of-Scope Services").The Debtors will compensate KPMG in the following Fee and ExpenseStructure: -- The Debtors and KPMG have agreed to a fixed fee of $2,275,000 for services relating to the Integrated Audit, of which $1,323,700 remains to be paid. Approximately $951,300 of this Fixed Fee was paid pursuant to a prior engagement of KPMG by the Debtors, prior to the parties' execution of the Engagement Letter. Subject to the Court's approval and pursuant to the terms and conditions of the Engagement Letter, the remaining amount of the Fixed Fee will be billed in equal monthly installments of $189,100 from September 1, 2015 through March 31, 2016. -- For Out-of-Scope Services, the hourly rates are as follows and reflect a reduction of approximately 30% from KPMG's normal and customary rates: Partners/Directors $595-$825 Senior Managers $490-$575 Managers $420-$475 Senior Associates $350-$400 Staff $210-$275 -- KPMG may seek reimbursement from the Debtors for unforeseen, documented expenses KPMG may incur in performance of the services contemplated herein and in the Engagement Letter.Robert Z. Slappey, partner of KPMG, assured the Court that the firmis a "disinterested person" as the term is defined in Section101(14) of the Bankruptcy Code and does not represent any interestadverse to the Debtors and their estates.KPMG can be reached at: Robert Z. Slappey KPMG LLP Suite 1010 10 S. Jefferson Street Roanoke, VA 24011-1331 Tel: (540) 982-0505 Fax: (540) 983-8877 E-mail: firstname.lastname@example.com About Alpha NaturalAlpha Natural -- http://www.alphanr.com-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers asmeasured 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 petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June30, 2015, and $7.3 billion in total liabilities as of June 30,2015. The petition was signed by Richard H. Verheij, executivevice 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' localcounsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investmentbanker. Kurtzman Carson Consultants, LLC, is the Debtors' claimsand noticing agent.The U.S. Trustee for Region 4 appointed seven creditors of AlphaNatural Resources Inc. to serve on the official committee ofunsecured creditors.ALPHA NATURAL: Court Approves Hunton & Williams as Co-counsel-------------------------------------------------------------Alpha Natural Resources, Inc. and its debtor-affiliates sought andobtained permission from the Hon. Kevin R. Huennekens of the U.S.Bankruptcy Court for the Eastern District of Virginia to employHunton & Williams LLP as co-counsel, effective August 3, 2015petition date.The Debtors seek to retain Hunton & Williams to perform, amongothers, the following professional services for the Debtors incoordination with Jones Day: (a) perform all necessary services as the Debtors' Virginia bankruptcy co-counsel, including, without limitation, providing the Debtors with advice, representing the Debtors, and preparing necessary documents on behalf of the Debtors in the areas of restructuring and bankruptcy; (b) advise the Debtors with respect to their powers and duties as debtors-in-possession in the continued management and operation of their businesses and properties; (c) attend meetings and negotiate with creditors and other parties-in-interest; (d) take all necessary action to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors and representing the Debtors' interests in negotiations concerning all litigation in which the Debtors are involved, including objections to claims filed against the estates; (e) prepare, or coordinate preparation of, on behalf of the Debtors, all motions, applications, answers, orders, reports and papers necessary to the administration of the Debtors' estates; (f) take any necessary action on behalf of the Debtors to obtain approval of a disclosure statement and confirmation of a plan of reorganization on behalf of the Debtors; (g) advise and assist the Debtors in connection with any offers to provide debtor-in-possession financing and/or exit financing; (h) appear before the Court, any appellate courts and the U.S. Trustee and protect the interests of the Debtors' estates before those Courts and the U.S. Trustee; and (i) perform all other necessary legal services to the Debtors in connection with these chapter 11 cases as requested by the Debtors or by Jones Day on behalf of the Debtors.Hunton & Williams will be paid at these hourly rates: Tyler P. Brown, Partner $730 J.R. Smith, Partner $695 Henry P. Long, III, Associate $505 Justin F. Paget, Associate $495 Shannon E. Daily, Associate $440 Tina L. Canada, Paralegal $225Hunton & Williams will also be reimbursed for reasonableout-of-pocket expenses incurred.Hunton & Williams received advance payment retainers from theDebtors in the total amount of $200,000. Prior to the PetitionDate, Hunton & Williams performed Restructuring Services for theDebtors and paid its fees and expenses out of this retainer in thetotal amount of $152,143.50.Tyler P. Brown, partner of Hunton & Williams, assured the Courtthat the firm is a "disinterested person" as the term is defined inSection 101(14) of the Bankruptcy Code and does not represent anyinterest adverse to the Debtors and their estates.Hunton & Williams intends to make a reasonable effort to complywith the U.S. Trustee's requests for information and additionaldisclosures as set forth in the Guidelines for ReviewingApplications for Compensation and Reimbursement of Expenses Filedunder 11 U.S.C. section 330 by Attorneys in Larger Chapter 11 Cases(the "Appendix B Guidelines"), both in connection with thisapplication and the interim and final fee applications filed byHunton & Williams in the course of its engagement.The following is provided in response to the request for additionalinformation set forth in D.1. of the Appendix B Guidelines: -- Other than the discount discussed above, Hunton & Williams did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. -- None of the professionals from Hunton & Williams included in this engagement have varied or will vary their rate based on the geographic location of the bankruptcy case. -- The billing rates and material financial terms for Hunton & Williams' prepetition engagement by the Debtors are set forth herein. No adjustments were made to either the billing rates or the material financial terms of Hunton & Williams' employment by the Debtors as a result of the filing of these chapter 11 cases.Hunton & Williams can be reached at: Tyler P. Brown, Esq. HUNTON & WILLIAMS LLP Riverfront Plaza, East Tower 951 East Byrd Street Richmond, VA 23219 Tel: (804) 788-8200 Fax: (804) 788-8218 About Alpha NaturalAlpha Natural -- http://www.alphanr.com-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers asmeasured 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 petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June30, 2015, and $7.3 billion in total liabilities as of June 30,2015. The petition was signed by Richard H. Verheij, executivevice 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' localcounsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investmentbanker. Kurtzman Carson Consultants, LLC, is the Debtors' claimsand noticing agent.The U.S. Trustee for Region 4 appointed seven creditors of AlphaNatural Resources Inc. to serve on the official committee ofunsecured creditors.ALPHA NATURAL: Court Okays Alvarez & Marsal as Financial Advisor----------------------------------------------------------------Alpha Natural Resources, Inc. and its debtor-affiliates sought andobtained permission from the Hon. Kevin R. Huennekens of the U.S.Bankruptcy Court for the Eastern District of Virginia to employAlvarez & Marsal North America, LLC as financial advisor, effectiveAugust 3, 2015 petition date.The Debtors require Alvarez & Marsal to: (a) assist the Debtors in the preparation of financial disclosures required by the Court, including the Debtors' schedules of assets and liabilities, statements of financial affairs and monthly operating reports; (b) assist to the Debtors with information and analyses required pursuant to the Debtors' proposed debtor-in- possession financing; (c) assist with the identification and implementation of short- term cash management procedures; (d) advisory assistance in connection with the development and implementation of key employee compensation and other critical employee benefit programs; (e) assist with the identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the affirmation or rejection of each; (f) assist to the Debtors' management team and counsel focused on the coordination of resources related to the ongoing reorganization effort; (g) assist in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; (h) attend at meetings and assistance in discussions with potential investors, banks, and other secured lenders, any official committees appointed in these chapter 11 cases, the United States Trustee, other parties in interest and professionals hired by same, as requested; (i) analysis of creditor claims by type, entity, and individual claim, including assistance with the development of databases, as necessary, to track such claims; (j) assist in the preparation of information and analysis necessary for the confirmation of a plan of reorganization in these chapter 11 cases, including information contained in the disclosure statement; (k) assist in the evaluation and analysis of avoidance actions, including any actions to recover fraudulent conveyances or preferential transfers; (l) assist in the analysis/preparation of information necessary to assess the Debtors' tax attributes in connection with the confirmation of a plan of reorganization in these chapter 11 cases, including the development of the Debtors' discussion of related tax consequences contained in the disclosure statement; (m) litigation advisory services with respect to accounting and tax matters, along with expert witness testimony on case related issues as required by the Debtors; and (n) render such other general business consulting or such other assistance as Debtors' management or counsel may deem necessary consistent with the role of a financial advisor to the extent that it would not be duplicative of services provided by other professionals in these chapter 11 cases.Alvarez & Marsal will be paid at these hourly rates: Managing Director $750-$950 Director $550-$750 Associate $400-$550 Analyst $350-$400Alvarez & Marsal will also be reimbursed for reasonableout-of-pocket expenses incurred.Robert A. Campagna, managing director of Alvarez & Marsal, assuredthe Court that the firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.Alvarez & Marsal can be reached at: Robert A. Campagna ALVAREZ & MARSAL NORTH AMERICA, LLC 600 Madison Avenue New York, NY 10022 Tel: (212) 759-4433 Fax: (212) 759-5532 About Alpha NaturalAlpha Natural -- http://www.alphanr.com-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers asmeasured 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 petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June30, 2015, and $7.3 billion in total liabilities as of June 30,2015. The petition was signed by Richard H. Verheij, executivevice 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' localcounsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investmentbanker. Kurtzman Carson Consultants, LLC, is the Debtors' claimsand noticing agent.The U.S. Trustee for Region 4 appointed seven creditors of AlphaNatural Resources Inc. to serve on the official committee ofunsecured creditors.ALPHA NATURAL: Files Rule 2015.3 Periodic Report------------------------------------------------Alpha Natural Resources Inc. and its affiliates filed a report, asof June 30, 2015, on the value, operations and profitability ofthese companies in which they hold a substantial or controllinginterest: Companies Interest of Estate --------- ------------------ Alpha Coal India Private Limited 100% Alpha Coal Sales International Limited 100% Alpha Natural Resources Singapore Private Limited 100% ANR Second Receivables Funding LLC 100% Dominion Terminal Associates LLP 40.6% Excelven Pty Ltd 24.5% Marshall Land LLC 50% Mountaineer Capital LP 54% Twisted Gun LLC 33.3% Wyoming Quality Healthcare Coalition LLC 33.3%Alpha Natural Resources filed the report pursuant to BankruptcyRule 2015.3. The report is available for free athttp://bankrupt.com/misc/Alpha_PReport063015.pdf About Alpha NaturalAlpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers asmeasured 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 petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June30, 2015, and $7.3 billion in total liabilities as of June 30,2015. The petition was signed by Richard H. Verheij, executivevice 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' localcounsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims andnoticing agent.The U.S. Trustee for Region 4 appointed seven creditors of AlphaNatural Resources Inc. to serve on the official committee ofunsecured creditors.ALPHA NATURAL: Inks Second Out DIP Credit Deal with Citicorp NA---------------------------------------------------------------Alpha Natural Resources, Inc., filed with the Securities andExchange Commission a Form 8-K report disclosing that it hasentered into a Superpriority Secured Second OutDebtor-in-Possession Credit Agreement with Citicorp North America,Inc., as administrative agent and collateral agent.The Company's subsidiaries serve as guarantors.The Second Out DIP Credit Agreement contemplates a last-out letterof credit replacement facility in an aggregate undrawn amount ofapproximately $192 million. Pursuant to the terms of the Second Out Facility, letters of creditthat were outstanding under the Debtor Credit Parties' existingprepetition secured credit facility as of Aug. 3, 2015, are deemedto have been issued postpetition under the Second Out Facility, andthe Debtor Credit Parties are permitted to further extend or renewthese letters of credit on a going-forward basis.The Second Out DIP Credit Agreement matures on the earliest of (i)Feb. 6, 2017, (ii) the acceleration by the lenders of theobligations thereunder following an event of default, (iii) thesale of substantially all of the assets of the Debtor CreditParties, and (iv) the consummation of a plan of reorganization.The Second Out DIP Credit Agreement incorporates by reference theaffirmative and negative covenants contained in that certainSuperpriority Secured Debtor-in-Possession Credit Agreement, datedas of Aug. 6, 2015, among the Company, the Company's subsidiariesparty thereto as guarantors, the lenders party thereto, the issuingbanks party thereto and Citibank, N.A., as administrative agent andcollateral agent, which covenants, subject to certain exceptions,(a) require the Company to maintain certain minimum thresholds ofliquidity, (b) limit the ability of the Debtor Credit Parties to,among other things, expend liquidity on capital expenditures, makedispositions of material leases and contracts, make acquisitions,loans or investments, create liens on their property, dispose ofassets, incur indebtedness, merge or consolidate with thirdparties, enter into transactions with affiliated entities and makematerial changes to their business activities, and (c) require theCompany to achieve the following milestones relating to the DebtorCredit Parties' on-going chapter 11 cases: 1. No later than Oct. 30, 2015, delivery of a five-year businessplan reasonably acceptable to the required lenders under the FirstOut Credit Agreement. 2. No later than Nov. 30, 2015, delivery of a plan and timelinereasonably acceptable to the required lenders under the First OutCredit Agreement (i) to market and implement the asset sales,assignments, closings and abandonments (if any) to the extentreflected in the Agreed Business Plan and (ii) with respect tosignificant executory contract and unexpired lease assumptions andrejections. 3. Within 135 days following the Petition Date, deliver to theadministrative agent an updated Agreed Business Plan reasonablyacceptable to the required lenders under the First Out CreditAgreement, which will incorporate a final plan and assumptions withrespect to collective bargaining agreements and retiree benefits. 4. Within 155 days following the Petition Date, deliverproposals contemplated in the Agreed Business Plan, if any, (i) toauthorized union representatives seeking modifications with respectto collective bargaining agreements and (ii) to authorizedrepresentatives of retirees seeking modifications with respect toretiree benefits, in each case, consistent with and solely to theextent required by the Agreed Business Plan. 5. Within 215 days following the Petition Date, seek BankruptcyCourt approval of any Labor/Benefits Savings consistent with theAgreed Business Plan. 6. To the extent that any Labor/Benefits Savings consistent withthe Agreed Business Plan are not otherwise achieved on a consensualbasis without the need for court relief, obtain any requestedLabor/Benefits Orders within 320 days of the Petition Date. 7. Within 300 days following the Petition Date, file anacceptable plan of reorganization. 8. Within 90 days following the filing of a plan ofreorganization, entry by the Bankruptcy Court of an orderconfirming such plan of reorganization.In addition, the Second Out DIP Credit Agreement also containscustomary events of default.Unreimbursed drawings under letters of credit under the Second OutFacility bear interest at LIBOR plus 4.00% or at the AlternativeBase Rate plus 3.00% (with an ABR floor of 2.00%), as applicable.The Company is obligated to pay the following fees under the SecondOut DIP Credit Agreement: -- a participation fee to each lender equal to 4% multiplied bysuch lender's applicable percentage of the daily aggregate undrawnamount of the letters of credit under the Second Out Facility, paidwithin ten business days after the last day of March, June,September and December of each year; and -- a fronting fee of 0.125% of the stated amount of each issuedand outstanding letter of credit paid to the issuing bank inrespect thereof within ten business days after the last day ofMarch, June, September and December of each year.By order dated Sept. 17, 2015, the Bankruptcy Court approved theterms of the Second Out Facility and authorized the Debtor CreditParties to, among other things, execute and perform theirobligations under the Second Out DIP Credit Agreement.The obligations of the Debtor Credit Parties under the Second OutDIP Credit Agreement are secured by liens on substantially all ofthe assets of the Debtor Credit Parties, which such liens aresubordinate to the liens and security interests of the lendersunder the First Out Credit Agreement. A copy of the exhibits are available for free at: http://is.gd/SqWnYw About Alpha NaturalAlpha Natural -- http://www.alphanr.com-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers asmeasured 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 petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June30, 2015, and $7.3 billion in total liabilities as of June 30,2015. The petition was signed by Richard H. Verheij, executivevice 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' localcounsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims andnoticing agent.The U.S. Trustee for Region 4 appointed seven creditors of AlphaNatural Resources Inc. to serve on the official committee ofunsecured creditors.ALPHA NATURAL: Mooney Green, 2 Others File Rule 2019 Statements---------------------------------------------------------------Mooney, Green, Saindon, Murphy & Welch PC, Morgan, Lewis & BockiusLLP and Crowley, Liberatore, Ryan & Brogan PC disclosed in separatecourt filings that they represent these UMWA health and retirementbenefit plans in the Chapter 11 cases of Alpha Natural ResourcesInc. and its affiliates: (1) United Mine Workers of America 1974 Pension Plan and Trust (2) United Mine Workers of America 1993 Benefit Plan (3) United Mine Workers of America 1992 Benefit Plan (4) United Mine Workers of America Combined Benefit Fund (5) United Mine Workers of America Cash Deferred Savings Plan of 1988 (6) United Mine Workers of America 2012 Retiree Bonus Account PlanThe law firms represent the parties in their capacity as health andretirement benefit plans to which the companies have contributed,according to the filing.The firms made the disclosure pursuant to Rule 2019 of the FederalRules of Bankruptcy Procedure.The firms can be reached at: Crowley, Liberatore, Ryan & Brogan PC Karen M. Crowley, VSB #35881 Ann B. Brogan, VSB #25567 150 Boush Street, Suite 300 Norfolk, VA 23510 Telephone: (757) 333-4500 Facsimile: (757) 333-4501 Mooney, Green, Saindon, Murphy & Welch PC 1920 L Street, N.W., Suite 400 Washington, D.C. 20036 Telephone: (202) 783-0010 Facsimile: (202) 783-6088 Morgan, Lewis & Bockius LLP John C. Goodchild, III 1701 Market St. Philadelphia, PA 19103-2921 Telephone: (215) 963-5000 Facsimile: (215) 963-5001 -- and -- Julia Frost-Davies One Federal St. Boston, MA 02110-1726 Telephone: (617) 951-8000 Facsimile: (617) 345-5054 About Alpha NaturalAlpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers asmeasured 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 petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June30, 2015, and $7.3 billion in total liabilities as of June 30,2015. The petition was signed by Richard H. Verheij, executivevice 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' localcounsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims andnoticing agent.The U.S. Trustee for Region 4 appointed seven creditors of AlphaNatural Resources Inc. to serve on the official committee ofunsecured creditors.ALPHA NATURAL: Wolcott Rivers Files Rule 2019 Statement-------------------------------------------------------Wolcott Rivers Gates disclosed in a court filing that it representsWhayne Supply Co., Cecil I. Walker Machinery Co. and Boyd Fabrication Co. in the Chapter 11 cases of Alpha NaturalResources Inc. and its affiliates:The firm represents the companies in their capacity as tradecreditors, according to the filing.WRG is also counsel to BNP Paribus, which is a holder of 3.25%convertible senior notes issued by Alpha Appalachia Holdings Inc. The firm made the disclosure pursuant to Rule 2019 of the FederalRules of Bankruptcy Procedure.Wolcott Rivers can be reached at: Cullen D. Speckhart (VSB No. 79096) 200 Bendix Road, Suite 300 Virginia Beach, VA 23452 Tel: (757) 497-6633 Fax: (757) 554-0248 E-mail: firstname.lastname@example.com About Alpha NaturalAlpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers asmeasured 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 petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June30, 2015, and $7.3 billion in total liabilities as of June 30,2015. The petition was signed by Richard H. Verheij, executivevice 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' localcounsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims andnoticing agent.The U.S. Trustee for Region 4 appointed seven creditors of AlphaNatural Resources Inc. to serve on the official committee ofunsecured creditors.AMERICAN POWER: Appoints Chuck McDermott as New Board Member------------------------------------------------------------American Power Group Corporation announced that Chuck McDermott hasjoined the Company's Board of Directors and Lew Boyd has resignedfrom the Company's Board of Directors, both effective Oct. 1,2015.Mr. McDermott, 64, has been a general partner of Rockport Capital,a venture capital firm that invests in the areas of alternative andtraditional energy, mobility, and sustainability, since 1998. Mr.McDermott has over 20 years of experience in the cleantechindustry. Prior to joining Rockport Capital, Mr. McDermott wasvice president of Governmental Affairs at Waste Management. Healso directed the successful campaign of Congressman Joseph KennedyII in 1986 and served two terms as his Chief of Staff. During his12 years of senior level energy and environmental policy work inWashington, DC, Mr. McDermott established strong administrative andstrategic relationships that put him at the forefront of cleantechpolicy deliberations. Mr. McDermott attended Yale University andafter leaving Yale began a 14 year career in the music business asa songwriter, performer and recording artist.Maury Needham, American Power Group's chairman of the Board ofDirectors, stated, "We are extremely pleased that Chuck has agreedto join our Board. Chuck brings a wealth of expertise andexperience in the alternative energy services sector as well as astrong governmental affairs background on both a state and federallevel. Mr. Needham added, "On behalf of our Board of Directors andall APG employees, I would like to thank Lew Boyd for his 21 yearsof dedicated service and commitment and we wish him all the best."Mr. Mc Dermott stated, "I believe strongly in APG's mission toimprove the environmental performance of the engines that drive ournational economy. There is an important role that dual fueltechnologies can play on our path to a less carbon-intensive energyfuture and APG's cutting edge technologies deliver immediateenvironmental and financial benefits to its vast and growingcustomer base."Lyle Jensen, CEO of American Power Group stated, "Our dual fueldiesel emission reduction technology and our recently acquiredmodular oil and gas flare capture and recovery technology arepositioned to play key roles in meeting our climate changechallenges at a state, federal, and global level. Having Chuck'spublic and private sector experience brings a wealth of knowledgeand contacts to effectively begin the integration of our emissionreduction capabilities into these policies and regulations." About American Power GroupAmerican Power Group's alternative energy subsidiary, AmericanPower Group, Inc., provides a cost-effective patented TurbochargedNatural Gas conversion technology for vehicular, stationary andoff-road mobile diesel engines. American Power Group's dual fueltechnology is a unique non-invasive energy enhancement system thatconverts existing diesel engines into more efficient andenvironmentally friendly engines that have the flexibility to runon: (1) diesel fuel and liquefied natural gas; (2) diesel fuel andcompressed natural gas; (3) diesel fuel and pipeline or well-headgas; and (4) diesel fuel and bio-methane, with the flexibility toreturn to 100 percent diesel fuel operation at any time. Theproprietary technology seamlessly displaces up to 80% of thenormal diesel fuel consumption with the average displacementranging from 40 percent to 65 percent. The energized fuel balanceis maintained with a proprietary read-only electronic controllersystem ensuring the engines operate at original equipmentmanufacturers' specified temperatures and pressures. Installationon a wide variety of engine models and end-market applicationsrequire no engine modifications unlike the more expensive invasivefuel-injected systems in the market. Additional information athttp://www.americanpowergroupinc.com/ American Power reported a net loss available to common stockholdersof $3.25 million on $6.28 million of net sales for the year endedSept. 30, 2014, compared to a net loss available to commonstockholders of $2.92 million on $7.01 million of net sales for theyear ended Sept. 30, 2013.As of June 30, 2015, the Company had $8.9 million in total assets,$7.7 million in total liabilities and $1.1 million in totalstockholders' equity.ANNA'S LINENS: Hilco Streambank Okayed as IP Marketing Agent------------------------------------------------------------The U.S. Bankruptcy Court for the Central District of Californiaauthorized Anna's Linens, Inc., to employ Hilco IP Services, LLC,doing business as Hilco Streambank, as intellectual propertymarketing agent nunc pro tunc to July 23, 2015.Hilco Streambank is expected to, among other things: (1) collect and secure all available information and dateconcerning the intellectual property for sale, assignment, licenseor other disposition; and (2) assist the Debtor in connection with the conduct of anauction and the transfer of the intellectual property to theacquirers who suffer the highest or otherwise best considerationfor the intellectual property.Hilco Streambank has received no retainer or other payment from theDebtor. Subject to Court approval, the Debtor and Hilco Streambankhave agreed that Hilco Streambank will be paid an initialengagement fee in the amount of $100,000, and a transaction fee inconsideration for the services to be rendered to the Debtor.The transaction fee will be paid as: (1) there will be no transaction fee on the first $3,000,000 ofnet proceeds; (2) 10% of the amount of aggregate net proceeds above $3,000,000up to $4,000,000; plus (3) 12.5% of the amount by which the aggregate net proceedsexceed $4,000,000.To the best of the Debtor's knowledge, Hilco Streambank is"disinterested person" as that term is defined in Section 101(14)of the Bankruptcy Court.The Court order stated that the Debtor's employment of HilcoStreambank as exclusive intellectual property marketing agent isapproved, except as modified in the order. The indemnificationprovisions set forth in the engagement letter under "Limitations ofLiability" are approved, subject during the pendency of theproceeding to these: a. Hilco Streambank will not be entitled to indemnification,contribution or reimbursement pursuant to the Engagement Letter forservices, unless such services and the indemnification,contribution or reimbursement therefor are approved by the Court; b. the Debtor will have no obligation to indemnify HilcoStreambank, or provide contribution or reimbursement to HilcoStreambank, for any claim or expense that is either: (i) judiciallydetermined (the determination having become final) to have arisenfrom Hilco Streambank's gross negligence, fraud,willful misconduct, breach of fiduciary duty, if any, bad faith orself-dealing; (ii) for a contractual dispute in which the Debtoralleges the breach of Hilco Streambank's contractual obligations,unless the Court determines that indemnification, contribution orreimbursement would be permissible pursuant to In re United ArtistsTheatre Co., 315 F.3d 217 (3d Cir. 2003); or (iii) settledprior to a judicial determination as to the exclusions set forth inclauses (i) and (ii) above, but determined by this Court, afternotice and a hearing, to be a claim or expense for which HilcoStreambank should not receive indemnity, contribution orreimbursement under the terms of the Engagement Letter asmodified by the order; c. if, before the earlier of (i) the entry of an orderconfirming a chapter 11 plan in the Chapter 11 Case (that orderhaving become a final order no longer subject to appeal) and (ii)the entry of an order closing the Chapter 11 case, Hilco Streambankbelieves that it is entitled to the payment of any amounts by theDebtor on account of the Debtor's indemnification, contribution andreimbursement obligations under the Engagement Letter (as modifiedby the order), including, without limitation, the advancement ofdefense costs, Hilco Streambank must file an application thereforin the Court, and the Debtor may not pay any such amounts to HilcoStreambank before the entry of an order by this Court approving thepayment. The subparagraph (c) is intended only to specify theperiod of time under which the Court shall have jurisdiction overany request for fees and expenses by Hilco Streambank forindemnification, contribution or reimbursement, and not a provisionlimiting the duration of the Debtor's obligation to indemnify HilcoStreambank. All parties in interest will retain the right toobject to any demand by Hilco Streambank for indemnification,contribution or reimbursement. d. Any limitation on liability or any limitation on amounts tobe contributed by Hilco Streambank to the Engagement Letter underthe terms of the Engagement Letter will be eliminated.On Aug. 24, John-Patrick M. Fritz, associate at the law firm ofLevene, Neale, Bender, Yoo & Brill L.L.P., as bankruptcy counselfor the Debtor, submitted a declaration of non-opposition to theapplication for the Debtor to employ Hilco. About Anna's LinensAnna's Linens is a specialty retailer offering home textiles,furnishings and decor at attractive prices. Headquartered inCosta Mesa, California, operates a chain of 268 company ownedretail stores throughout 19 states in the United States (includingPuerto Rico and Washington, D.C.) generates over $300 million inannual revenue and employs a workforce of over 2,500 associates.Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.Cal. Case No. 15-13008) in Santa Ana, California, on June 14,2015.The case is assigned to Judge Theodor Albert. The Debtor tappedLevene, Neale, Bender, Yoo & Brill LLP as counsel. The Debtorestimated assets of $50 million to $100 million and debt of $100million to $500 million.The U.S. trustee overseeing the Chapter 11 case of Anna's LinensInc. appointed seven creditors to serve on the official committeeof unsecured creditors. Pachulski Stang Ziehl & Jones LLP servesas counsel for the Committee.ANNA'S LINENS: Pachulski Stang Approved as Counsel to Panel-----------------------------------------------------------The U.S. Bankruptcy Court for the Central District of Californiaauthorized the Official Committee of Unsecured Creditors in theChapter 11 case of Anna's Linens, Inc., to retain Pachulski StangZiehl & Jones LLP as its counsel nunc pro tunc to June 25, 2015.To the best of the Committee's knowledge, PSZJ is a "disinterestedperson" as that term is defined in Section 101(14) of theBankruptcy Code.On Aug. 3, Shirley S. Cho, Esq., at PSZJ submitted a declaration ofnon-opposition to the application to retain PSZJ.The firm can be reached at: Jeffrey N. Pomerantz, Esq. Ira D. Kharasch, Esq. Shirley S. Cho, Esq. PACHULSKI STANG ZIEHL & JONES LLP 10100 Santa Monica Blvd., Suite 1300 Los Angeles, CA 90067-4114 Tel: (310) 277-6910 Fax: 310/201-0760 E-mail: firstname.lastname@example.com email@example.com email@example.com About Anna's LinensAnna's Linens is a specialty retailer offering home textiles,furnishings and decor at attractive prices. Headquartered inCosta Mesa, California, operates a chain of 268 company ownedretail stores throughout 19 states in the United States (includingPuerto Rico and Washington, D.C.) generates over $300 million inannual revenue and employs a workforce of over 2,500 associates.Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.Cal. Case No. 15-13008) in Santa Ana, California, on June 14,2015.The case is assigned to Judge Theodor Albert. The Debtor tappedLevene, Neale, Bender, Yoo & Brill LLP as counsel. The Debtorestimated assets of $50 million to $100 million and debt of $100million to $500 million.The U.S. trustee overseeing the Chapter 11 case of Anna's LinensInc. appointed seven creditors to serve on the official committeeof unsecured creditors. Pachulski Stang Ziehl & Jones LLP servesas counsel for the Committee.ANNA'S LINENS: PricewaterhouseCoopers OK'd as Financial Advisor---------------------------------------------------------------The U.S. Bankruptcy Court for the Central District of Californiaauthorized Anna's Linens, Inc., to employ PricewaterhouseCoopersLLP as financial advisor nunc pro tunc to June 14, 2015.The Troubled Company Reporter, on Aug. 19, 2015, reported that theDebtor supplemented its application to employ PwC as financialadvisor, to include amendments to indemnification provisions underthe heading Limitations of Liability.The application was filed with the Court on July 9, 2015.The Debtor noted that after discussion with the Committee and PwC,the Debtor modifies the indemnification provisions as: a. PwC will not be entitled to indemnification, contribution orreimbursement pursuant to the engagement agreement for services,unless such services and the indemnification, contribution orreimbursement are approved by the Court; b. the Debtor will have no obligation to indemnify PwC, orprovide contribution or reimbursement to PwC, for any claim orexpense that is either: (i) judicially determined (thedetermination having become final) to have arisen from PwC's grossnegligence, fraud, willful misconduct, breach of fiduciary duty,ifany, bad faith or self-dealing; (ii) for a contractual dispute inwhich the Debtor alleges the breach of PwC's contractualobligations, unless the Court determines that indemnification,contribution or reimbursement would be permissible pursuant to Inre United Artists Theatre Co., 315 F.3d 217 (3d Cir. 2003); or(iii) settled prior to a judicial determination as to theexclusions set forth in clauses (i) and (ii) above, but determinedby this Court, after notice and a hearing, to be a claim orexpensefor which PwC should not receive indemnity, contribution orreimbursement under the terms of the engagement agreement asmodified by the order.To the best of the Debtor's knowledge, PwC is a "disinterestedperson" as that term is defined in Section 101(14) of theBankruptcy Code.Anna's Linens is a specialty retailer offering home textiles,furnishings and decor at attractive prices. Headquartered inCosta Mesa, California, operates a chain of 268 company ownedretail stores throughout 19 states in the United States (includingPuerto Rico and Washington, D.C.) generates over $300 million inannual revenue and employs a workforce of over 2,500 associates.Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.Cal. Case No. 15-13008) in Santa Ana, California, on June 14,2015.The case is assigned to Judge Theodor Albert. The Debtor tappedLevene, Neale, Bender, Yoo & Brill LLP as counsel. The Debtorestimated assets of $50 million to $100 million and debt of $100million to $500 million.The U.S. trustee overseeing the Chapter 11 case of Anna's LinensInc. appointed seven creditors to serve on the official committeeof unsecured creditors. Pachulski Stang Ziehl & Jones LLP servesas counsel for the Committee.AOXING PHARMACEUTICAL: Obtains $3 Million From Securities Offering------------------------------------------------------------------Aoxing Pharmaceutical Company sold 2,352,941 shares of common stockand 1,764,706 common stock purchase warrants pursuant to aSecurities Purchase Agreement dated as of Sept. 24, 2015. Thepurchaser was an institutional investor.The aggregate purchase price for the securities was $3,000,000.From the proceeds of the offering, Aoxing Pharmaceutical Company,Inc. has paid a fee of $180,000 to Rodman & Renshaw, a unit of H.CWainwright & Co., LLC, which acted as the placement agent for theoffering. Aoxing Pharmaceutical Company, Inc. has also reimbursedWainwright for its out-of-pocket expenses, and has issued toWainwright and its affiliates warrants to purchase 141,176 sharesof common stock.Each Warrant will permit the holder to purchase one share of commonstock from Aoxing Pharmaceutical Company for a price of $1.74 pershare. The Warrants will be exercisable from March 30, 2016, untilMarch 30, 2021. The warrants issued to Wainwright and itsaffiliates are substantially identical to the Warrants, except thatthe termination date is Sept. 24, 2020. Cashless exercise ofeither warrant is permitted only if there is no effectiveregistration statement permitting resale of the common sharesunderlying the warrants. About AoxingAoxing Pharmaceutical Company, Inc., is a Jersey City, New Jersey-based specialty pharmaceutical company. The Company is engaged inthe development, production and distribution of pain-managementproducts, narcotics and other drug-relief medicine.In its report on the consolidated financial statements for theyear ended June 30, 2014, BDO China Shu Lun Pan Certified PublicAccountants LLP expressed substantial doubt about the Company'sability to continue as a going concern, citing that the Companycontinues to incur losses from operations, has negative cash flowfrom operations and a working capital deficit.The Company reported a net loss of $8.63 million for the fiscalyear ended June 30, 2014, compared to a net loss of $17.3 millionfor the year ended June 30, 2013.ATLANTIC CITY, NJ: State Approves City Budget to Address Deficit----------------------------------------------------------------Romy Varghese, writing for Bloomberg News, reported that AtlanticCity, the distressed gambling resort whose finances are beingoverseen by the state of New Jersey, is closing a $101 millionbudget deficit this year by firing workers, tapping state aid anddrawing on casino money.According to the report, the budget approved by the state's LocalFinance Board depends on Governor approving bills that would allowit to spend $33.5 million of Chris Christie revenue from casinosthat now goes to redevelopment projects and marketing, Mayor DonGuardian said after the meeting.The report said the budget is an initial step by thestate-appointed emergency manager Kevin Lavin to ease a fiscalcrisis in the city, whose onetime dominance over gambling in theEast Coast has been eroded by competition from neighboring states. The closing of four of 12 casinos last year battered AtlanticCity's tax base, the report related.B&G FOODS: S&P Affirms 'BB-' CCR, Off CreditWatch Negative----------------------------------------------------------Standard & Poor's Ratings Services affirmed its 'BB-' corporatecredit rating on Parsippany, N.J.–based B&G Foods Inc. At thesame time, S&P removed all of its ratings on the company fromCreditWatch with negative implications, where they had been placedon Sept. 3, 2015, following the acquisition announcement. Theoutlook is stable. At the same time, S&P affirmed its 'BB+' issue-level ratings on thecompany's senior secured facilities, and are assigning a 'BB+'issue rating to a proposed $500 million senior secured incrementalterm loan B due 2022. The recovery ratings remain '1', indicatingS&P's expectations for very high (90% to 100%) recovery in theevent of a payment default. Proceeds from the new term loan B,combined with roughly $300 million of borrowings under the $500million senior secured revolving credit facility, will be used tofund the acquisition. S&P also lowered its issue-level rating on the company's existing$700 million senior unsecured notes maturing in 2021 to 'B+' from'BB-' and revised S&P's recovery rating to '5', indicating itsexpectations for modest recovery (10% to 30%) recovery, on theupper end of the range, from '4'. The downward revision to thesenior unsecured notes is a result of the increase in seniorsecured debt in the capital structure. "The 'BB-' ratings affirmation with a stable outlook reflects ourexpectation that the company will deleverage below 5x by the end of2016," said Standard & Poor's credit analyst Amanda Cusumano. "Weexpect pro forma leverage to be near 6x at the end of 2015. Thisforecast also assumes that proceeds from an equity issuance in thefirst half of 2016 will be used to repay debt. Moreover, webelieve management is committed to deleveraging below 5x, given itsstated leverage target of below 5x as it executes on itsacquisition-based growth strategy, and its track record of payingdown debt and deleveraging following its previous acquisitions. Thecompany also has a track record of issuing equity to repay debt,which demonstrates management's commitment to maintaining leveragebelow 5x." The stable outlook reflects S&P's expectation that B&G will issueequity in the first half of 2016, permitting it to reduce debt toEBITDA to the 4.5x to 5x range by the end of 2016, which isconsistent with expected leverage range to maintain the currentratings. This incorporates S&P's expectation that the company willsuccessfully integrate Green Giant and sustain EBITDA margins inthe 20% area.BAHA MAR: Ch. 11 Case Dismissed-------------------------------Judge Kevin J. Carey of the United States Bankruptcy Court for theDistrict of Delaware granted the separate motions filed by CCABahamas, Ltd., and The Export-Import Bank of China to dismiss thedebtors' bankruptcy cases, except only as to the chapter 11 casefiled by Northshore Mainland Services, Inc.The dismissal motions were filed pursuant to Sections 105(a),109(a), 305(a) and 1112(b) of the Bankruptcy Code. CCA and CEXIMasserted that the debtors' bankruptcy cases should be dismissedbecause: (i) the debtors are not eligible for chapter 11 relief inthe United States because all but one of the debtor corporationsare organized under Bahamian law and hold few assets in the U.S.;(ii) the debtors filed the chapter 11 cases in bad faith as alitigation tactic to avoid insolvency proceedings in The Bahamas;and (iii) the best interests of the debtors and creditors would bebetter served by the dismissal of the cases so that the parties canproceed with insolvency proceedings in The Bahamas. CCA and CEXIMargued that the proceedings belong in the Commonwealth of TheBahamas where the debtors' primary asset, a 3.3 million square footresort complex known as the Baha Mar Resort which is in the finalstages of development, is located.An omnibus objection to the dismissal motions was filed by thedebtors, as well as by the Official Committee of UnsecuredCreditors. The debtors countered that the key players in thechapter 11 cases have substantial contacts in the United States,and that there are significant benefits to the debtors and themajority of creditors in proceeding with a restructuring underchapter 11 of the Bankruptcy Code, rather than a liquidation underthe Winding Up Act in The Bahamas.Judge Carey found that the debtors met the eligibility requirementsof Section 109(a). The judge also found that the totality of factsand circumstances surrounding the debtors' chapter 11 filings donot support a determination of bad faith that would constitutecause to dismiss under Section 1112.Judge Carey, however, agreed that many stakeholders in the Baha MarResort project would expect that any insolvency proceedings wouldlikely take place in The Bahamas, and that no greater good could beaccomplished by exercising jurisdiction over the chapter 11 cases,except for that of Northshore which is a Delaware corporation withoperations in the United States.Lastly, Judge Carey held that considerations of comity wouldsupport abstention pursuant to Section 305(a).The case is In re: NORTHSHORE MAINLAND SERVICES, INC., et al.,Chapter 11, Debtors, CASE NO. 15-11402 (KJC), REF: D.I. 206, 246(Bankr. D. Del.).A full-text copy of Judge Carey's September 15, 2015 memorandum isavailable at http://is.gd/WbEHhmfrom Leagle.com. Northshore Mainland Services Inc. is represented by: Paul S. Aronzon, Esq. Gregory A. Bray, Esq. Mark Shinderman, Esq. Delilah Vinzon, Esq. MILBANK TWEED HADLEY & MCCLOY LLP 601 South Figueroa Street 30th Floor Los Angeles, CA 90017 Email: email@example.com firstname.lastname@example.com email@example.com email@example.com -- and -- Linda Dakin-Grimm, Esq. Tyson Lomazow, Esq. Thomas J. Matz, Esq. Steven Z. Szanzer, Esq. MILBANK TWEED HADLEY & MCCLOY LLP 28 Liberty Street New York, NY 10005-1413 Tel: (212) 530-5000 Fax: (212) 530-5219 Email: email@example.com email@example.com firstname.lastname@example.com email@example.com -- and -- Jeremy C. Hollembeak, Esq. Michael S. Kim, Esq. David H. McGill, Esq. KOBRE & KIM LLP 800 Third Avenue New York, NY 10022 Tel: (212) 488-1200 Fax: (212) 488-1220 Email: firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com -- and -- Matthew I. Menchel, Esq. KOBRE & KIM LLP 2 South Biscayne Boulevard 35th Floor Miami, Florida 33131 Tel: (305) 967-6100 Fax: (305) 967-6120 Email: firstname.lastname@example.com -- and -- Laura Davis Jones, Esq. Peter J. Keane, Esq. James E. O'Neill, Esq. Colin Robinson, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street 17th Floor Wilmington, DE 19801 Tel: (302) 652-4100 Fax: (302) 652-4400 Email: email@example.com firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com United States Trustee is represented by: Natalie M. Cox, Esq. Jane M. Leamy, Esq. UNITED STATES DEPARTMENT OF JUSTICE Office of the United States Trustee 844 King Street Suite 2207 Lockbox 35 Wilmington, DE 19801 Tel: (302) 573-6491 Fax: (302) 573-6497Prime Clerk is represented by: Benjamin Joseph Steele, Esq. PRIME CLERK LLC 830 Third Avenue, 9th Floor New York, NY 10022 Tel: (212) 257-5450 Email: email@example.com Committee of Unsecured Creditors is represented by: Jeffrey L. Cohen, Esq. Lawrence C. Gottlieb, Esq. Richelle Kalnit, Esq. Jeremy Rothstein, Esq. COOLEY LLP The Grace Building 1114 Avenue of the Americas New York, NY 10036-7798 Tel: (212) 479-6000 Fax: (212) 479-6275 Email: firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com -- and -- L. Katherine Good, Esq. Christopher M. Samis, Esq. WHITEFORD TAYLOR & PRESTON LLC The Renaissance Centre, Suite 500 405 North King Street Wilmington, DE 19801-3700 Tel: (302) 353-4144 Fax: (302) 661-7950 Email: email@example.com email@example.com About Baha MarOrlando, Florida-based Northshore Mainland Services Inc., Baha MarEnterprises Ltd., and their affiliates sought protection underChapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,Case No. 15-11402). Baha Mar owns, and is in the final stages ofdeveloping, a 3.3 million square foot resort complex located inCable Beach, Nassau, The Bahamas.The bankruptcy cases are assigned to Judge Kevin J. Carey. TheDebtors are represented by Paul S. Aronzon, Esq., and MarkShinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in LosAngeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &McCloy LLP, in New York. The Debtors' Delaware counsel are LauraDavis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq.,and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, inWilmington, Delaware. The Debtors' Bahamian counsel is GlintonSweeting O'Brien. The Debtors' special litigation counsel is Kobre& Kim LLP. The Debtors' construction counsel is Glaser Weil FinkHoward Avchen & Shapiro LLP.The Debtors' investment banker and financial advisor is MoelisCompany LLC. The Debtors' claims and noticing agent is PrimeClerk LLC. BAHA MAR: Northshore Files Schedules of Assets and Liabilities--------------------------------------------------------------Northshore Mainland Services Inc. filed with the U.S. BankruptcyCourt for the District of Delaware its schedules of assets andliabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property B. Personal Property $1,546,688 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $2,337,876,519 E. Creditors Holding Unsecured Priority Claims F. Creditors Holding Unsecured Non-Priority Claims $1,870,945 -------------- -------------- Total $1,546,688 $2,339,747,464 A copy of the schedules is available for free athttp://is.gd/FUXXEi About Baha MarOrlando, Florida-based Northshore Mainland Services Inc., Baha MarEnterprises Ltd., and their affiliates sought protection underChapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,Case No. 15-11402). Baha Mar owns, and is in the final stages ofdeveloping, a 3.3 million square foot resort complex located inCable Beach, Nassau, The Bahamas.The bankruptcy cases are assigned to Judge Kevin J. Carey. TheDebtors are represented by Paul S. Aronzon, Esq., and MarkShinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in LosAngeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &McCloy LLP, in New York. The Debtors' Delaware counsel are LauraDavis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson,Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & JonesLLP, in Wilmington, Delaware. The Debtors' Bahamian counsel isGlinton Sweeting O'Brien. The Debtors' special litigation counselis Kobre & Kim LLP. The Debtors' construction counsel is GlaserWeil Fink Howard Avchen & Shapiro LLP.The Debtors' investment banker and financial advisor is MoelisCompany LLC. The Debtors' claims and noticing agent is PrimeClerk LLC. * * *In September 2015, Judge Carey dismissed the Chapter 11 proceedingsfiled in the Delaware court by Baha Mar chief executive officerSarkis Izmirlian, ruling in favor of the contractor on the project,China Construction America (CCA), and its financier, the ChinaExport-Import Bank (CEXIM); but denied the motion to dismissNorthshore Mainland Services, Inc.'s bankruptcy case.BERNARD L. MADOFF: Can't Claw Back Overseas Transfers, Firms Say----------------------------------------------------------------John Kennedy at Bankruptcy Law360 reported that dozens ofinvestment companies that withdrew funds from Bernard Madoff's $65billion Ponzi scheme before it collapsed asked a New Yorkbankruptcy court on Sept. 30, 2015, to toss the Madoff trustee'sclawback bid because the transfers took place outside the U.S.The firms, which are based overseas, said the suits should bedismissed because the alleged transfers did not take place on U.S.soil and are thus not subject to the avoidance provisions of theU.S. Bankruptcy Code. About Bernard L. MadoffBernard L. Madoff Investment Securities LLC and Bernard L. Madofforchestrated the largest Ponzi scheme in history, with lossestopping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.Stanton of the U.S. District Court for the Southern District ofNew York granted the application of the Securities InvestorProtection Corporation for a decree adjudicating that the customersof BLMIS are in need of the protection afforded by the SecuritiesInvestor Protection Act of 1970. The District Court's ProtectiveOrder (i) appointed Irving H. Picard, Esq., as trustee for theliquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as hiscounsel, and (iii) removed the SIPA Liquidation proceeding to theBankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland,J.). Mr. Picard has retained AlixPartners LLP as claims agent.On April 13, 2009, former BLMIS clients filed an involuntaryChapter 7 bankruptcy petition against Bernard Madoff (Bankr.S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal &Associates Florida General Partnership, Martin RappaportCharitable Remainder Unitrust, Martin Rappaport, Marc Cherno, andSteven Morganstern -- assert US$64 million in claims against Mr.Madoff based on the balances contained in the last statements theygot from BLMIS.On April 14, 2009, Grant Thornton UK LLP as receiver placed MadoffSecurities International Limited in London under bankruptcyprotection pursuant to Chapter 15 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. 09-16751). The Chapter 15 case was latertransferred to Manhattan. In June 2009, Judge Lifland approvedthe consolidation of the Madoff SIPA proceedings and the bankruptcycase.Judge Denny Chin of the U.S. District Court for the SouthernDistrict of New York on June 29, 2009, sentenced Mr. Madoff to 150years of life imprisonment for defrauding investors in UnitedStates v. Madoff, No. 09-CR-213 (S.D.N.Y.).From recoveries in lawsuits coupled with money advanced by SIPC,Mr. Picard has commenced distributions to victims. As of the endof May 2015, the SIPA Trustee has recovered more than $10.699billion and has distributed approximately $7.576 billion. Whenadditional settlements awaiting distribution are taken intoaccount, the recovery in the Madoff liquidation proceeding totals$10.734 billion.BIRMINGHAM COAL: Administrator Withdraws Bid to Convert Case------------------------------------------------------------Bankruptcy Administrator J. Thomas Corbett notified the U.S.Bankruptcy Court for the Northern District of Alabama that he haswithdrawn his motion to convert the Chapter 11 case of BirminghamCoal & Coke Company, Inc., et al., to a case under Chapter 7 of theBankruptcy Code.The motion also asked, in the alternative, to dismiss with a 180day injunction on refiling, based upon the Debtor providing proofof insurance; filing operating reports and bank statements for themonth ending July 31, 2015; providing articles of incorporation andcopies of federal tax returns; and, paying the required quarterlyfees. About Birmingham CoalBirmingham Coal & Coke Company, Inc. produces and markets coal toindustrial, utility and export markets. It owns and operates threecoal mines with an average annual coal production of approximately480,000 tons. The company also offers coal brokerage services.Birmingham Coal & Coke Company, Inc. was founded in 2000 and isbased in Birmingham, Alabama. As of May 9, 2011, Birmingham Coaloperates as a subsidiary of CanAm Coal Corp. On May 27, 2015, Birmingham Coal and affiliates Cahaba Contracting& Reclamation LLC, and RAC Mining LLC each filed a voluntarypetition for Chapter 11 reorganization (Bankr. N.D. Ala. Lead CaseNo. 15-02075) in Birmingham, Alabama. The Debtors tapped Jones Walker LLP as counsel.Birmingham Coal and Cahaba Contracting each estimated $10 millionto $50 million in assets and debt. RAC Mining estimated $1 millionto $10 million in assets and debt.BIRMINGHAM COAL: Governmental Bar Date Extended Until Nov. 23-------------------------------------------------------------The U.S. Bankruptcy Court for the Northern District of Alabamaapproved an agreed order extending until Nov. 23, 2015, thedeadline to file claims of governmental units against BirminghamCoal & Coke Company, Inc.The agreement was entered among counsel for the Debtors, theOfficial Committee of Unsecured Creditors, and the BankruptcyAdministrator.On June 2, 2015, the Court entered the bar date order setting Sept.3, 2015, as the bar date for governmental units to file claims. On Sept. 2, the United States filed a motion because the ordershortened the governmental entities statutorily-mandated 180 daysto timely file proofs of claim. In its Motion, the United Statesasserted that the Bankruptcy Code allows governmental units until180 days after the petition date, or Nov. 23, to timely file aproof of claim. In a separate filing, the Official Consolidated Unsecured Creditors' Committee objected to the bar date motion stating thatthe proposed bar date is unreasonable as the hearing on the motionis not set until Sept. 21, 2015.The Committee also objects to the provision in the motion providingthat an allowed Section 503(b)(9) claim would be satisfied pursuantto a plan of reorganization, or as ordered by the Court, or paid ifconsented to by Regions Bank. The Committee averred that theclaims must not be paid without consultation and consent of theCommittee and any professional representing the Committee. About Birmingham CoalBirmingham Coal & Coke Company, Inc. produces and markets coal toindustrial, utility and export markets. It owns and operates threecoal mines with an average annual coal production of approximately480,000 tons. The company also offers coal brokerage services.Birmingham Coal & Coke Company, Inc. was founded in 2000 and isbased in Birmingham, Alabama. As of May 9, 2011, Birmingham Coaloperates as a subsidiary of CanAm Coal Corp. On May 27, 2015, Birmingham Coal and affiliates Cahaba Contracting& Reclamation LLC, and RAC Mining LLC each filed a voluntarypetition for Chapter 11 reorganization (Bankr. N.D. Ala. Lead CaseNo. 15-02075) in Birmingham, Alabama. The Debtors tapped Jones Walker LLP as counsel.Birmingham Coal and Cahaba Contracting each estimated $10 millionto $50 million in assets and debt. RAC Mining estimated $1 millionto $10 million in assets and debt.BIRMINGHAM COAL: Reiterates Bid for More Time to Decide on Leases-----------------------------------------------------------------Birmingham Coal & Coke Company, Inc., et al., maintains that theyneed additional time to decide whether to assume or rejectunexpired leases.As previously reported by The Troubled Company Reporter, theDebtors asked the Court to extend their lease decision period up toand including December 23, 2015, asserting that an additional timeis necessary to carefully evaluate the Unexpired Leases and anyother agreement subject to assumption or rejection. The Debtorstell the Court that the requested extension of time will allow themto make reasoned decisions concerning the Unexpired Leases and therelative importance each to the Debtors' restructuring.Regions Bank objected to the extension request. The Debtors, inresponse, argued that they had set valid bases for extending thedeadline to assume or reject the leases. The Debtors also arguedthat the legal method of determining the postpetition obligationssuggested by Regions is not in the best interest of the estates andtheir creditors.According to the Debtors, among other things: 1. Region's objection is flawed in several regards and due to beoverruled; 2. it is disinegenuous for Regions to contend that there is nodifference between its lease and the others which the Debtors haveassumed and seek to assume -- all of those are associated withprofitable mines; and 3. Regions wrongly contends that the Debtors are in default oftheir postpetition obligations under the Regions lease -- namelyfor the rent due to be paid in June. About Birmingham CoalBirmingham Coal & Coke Company, Inc. produces and markets coal toindustrial, utility and export markets. It owns and operates threecoal mines with an average annual coal production of approximately480,000 tons. The company also offers coal brokerage services.Birmingham Coal & Coke Company, Inc. was founded in 2000 and isbased in Birmingham, Alabama. As of May 9, 2011, Birmingham Coaloperates as a subsidiary of CanAm Coal Corp. On May 27, 2015, Birmingham Coal and affiliates Cahaba Contracting& Reclamation LLC, and RAC Mining LLC each filed a voluntarypetition for Chapter 11 reorganization (Bankr. N.D. Ala. Lead CaseNo. 15-02075) in Birmingham, Alabama. The Debtors tapped Jones Walker LLP as counsel.Birmingham Coal and Cahaba Contracting each estimated $10 millionto $50 million in assets and debt. RAC Mining estimated $1 millionto $10 million in assets and debt.BLACK ELK: Ch. 11 Case Reassigned to Judge Marvin Isgur-------------------------------------------------------The Hon. Letitia Z. Paul recused herself in the Chapter 11 case ofBlack Elk Energy Offshore Operations, LLC.In relation to this, the case is reassigned to the Hon. MarvinIsgur of the U.S. Bankruptcy Court for the Southern District ofTexas.Black Elk Energy Offshore Operations, LLC is an independent oil andgas company headquartered in Houston, Texas. The Company filed forChapter 11 protection (Bankr. S.D. Tex. Case No. 15-34287) on Sept.10, 2015. The petition was signed by Jeff Jones, chiefrestructuring officer.The Hon. Marvin Isgur presides over the case. Elizabeth A Green,Esq., and Pamela Gale Johnson, Esq., at Baker & Hostetler LLPrepresent the Debtor in its restructuring effort.In its Voluntary Petition dated Sept. 10, 2015, the Debtorestimated assets at $50,000 to $100,000 and debts at $100,000 to$500,000.BLACK ELK: Granted Complex Chapter 11 Bankruptcy Case Treatment---------------------------------------------------------------The Hon. Marvin Isgur of the U.S. Bankruptcy Court for the SouthernDistrict of Texas granted Black Elk Energy Offshore Operations,LLC, a complex Chapter 11 bankruptcy case treatment.The case was filed as an involuntary case on Aug. 11, 2015. OnAug. 31, the Debtor filed its consent to order for relief and filedits motion to convert the Involuntary Chapter 7 case to a VoluntaryChapter 11 case. On Sept. 1, 2015, the Court entered the order forrelief and entered its order granting the Debtor's motion toconvert case.The Court sets these dates and times as the preset hearing date andtime for hearing all motions and other matters in the case: Oct. 6 at 9:00 a.m. Oct. 13 at 1:30 p.m. Oct. 22 at 1:45 p.m.In its Voluntary Petition dated Sept. 10, 2015, the Debtorestimated assets at $50,000 to $100,000 and debts at $100,000 to$500,000. About Black ElkBlack Elk Energy Offshore Operations, LLC is an independent oil andgas company headquartered in Houston, Texas. The Company filed forChapter 11 protection (Bankr. S.D. Tex. Case No. 15-34287) on Sept.10, 2015. The petition was signed by Jeff Jones, chiefrestructuring officer.The Hon. Marvin Isgur presides over the case. Elizabeth A Green,Esq., and Pamela Gale Johnson, Esq., at Baker & Hostetler LLPrepresent the Debtor in its restructuring effort.BLACK ELK: Had Until Sept. 30 to File Schedules and Statements--------------------------------------------------------------The Hon. Marvin Isgur of the U.S. Bankruptcy Court for the SouthernDistrict of Texas gave Back Elk Energy Offshore Operations, LLC,until Sept. 30, 2015, to file schedules of assets and liabilities,schedules of executory contracts and unexpired leases and statementof financial affairs.Black Elk Energy Offshore Operations, LLC is an independent oil andgas company headquartered in Houston, Texas. The Company filed forChapter 11 protection (Bankr. S.D. Tex. Case No. 15-34287) on Sept.10, 2015. The petition was signed by Jeff Jones, chiefrestructuring officer.The Hon. Marvin Isgur presides over the case. Elizabeth A Green,Esq., and Pamela Gale Johnson, Esq., at Baker & Hostetler LLPrepresent the Debtor in its restructuring effort.In its Voluntary Petition dated Sept. 10, 2015, the Debtorestimated assets at $50,000 to $100,000 and debts at $100,000 to$500,000.BLACK ELK: Had Until Sept. 30 to File Schedules and Statements--------------------------------------------------------------Brendan Kalb, general counsel, on behalf of the Ad Hoc Committee ofholders of Black Elk Energy Offshore Operations, LLC's 13.75%senior secured notes due 2015, substitutes Jeffrey R. Gleit, of thelaw firm of Sullivan & Worcester L.L.P, as its counsel, in place ofTogut, Segal & Segal L.L.P.Black Elk Energy Offshore Operations, LLC is an independent oil andgas company headquartered in Houston, Texas. The Company filed forChapter 11 protection (Bankr. S.D. Tex. Case No. 15-34287) on Sept.10, 2015. The petition was signed by Jeff Jones, chiefrestructuring officer.The Hon. Marvin Isgur presides over the case. Elizabeth A Green,Esq., and Pamela Gale Johnson, Esq., at Baker & Hostetler LLPrepresent the Debtor in its restructuring effort.In its Voluntary Petition dated Sept. 10, 2015, the Debtorestimated assets at $50,000 to $100,000 and debts at $100,000 to$500,000.BLACK ELK: U.S. Trustee Forms Five-Member Creditors' Committee--------------------------------------------------------------Judy A. Robbins, U.S. Trustee for Region 7, appointed fivecreditors to serve in the Official Committee of Unsecured Creditorsin the Chapter 11 case of Black Elk Energy Offshore Operations,LLC.The Committee members are: 1. Gulf Offshore Logistics, LLC Attn: Curt Arcement 4335 Highway 308, P.O. Box 309 Raceland, LA 70394 Tel: (985) 532-1060 Fax: (985) 532-0544 E-mail: firstname.lastname@example.com 2. The Grand Ltd. Attn: Nadja Knoulton 3900 N Causeway Blvd, Suite 1470 Metairie, LA 70002 Tel: (281) 499-4333 Fax: (281) 499-4336 E-mail: email@example.com 3. Montco Oilfield Contractors, LLC Attn: Carroll Price 842 West Sam Houston Parkway N, Suite 500 Houston, TX 77024 Tel: (281) 822-7157 Fax: (281) 822-6795 E-mail: firstname.lastname@example.com 4. Shamrock Management LLC Attn: Jason Lyons 4800 Highway 311 Houma, LA Tel: (985) 872-0505 Fax: (985) 868-5231 E-mail: email@example.com 5. Ryan Marine Services, Inc. Attn: Nancy Ryan 7500 Harborside Drive Galveston, TX 77554 Tel: (409) 763-1269 Fax: (409) 741-3920 E-mail: firstname.lastname@example.com About Black Elk Energy Offshore Operations, LLCBlack Elk Energy Offshore Operations, LLC is an independent oil andgas company headquartered in Houston, Texas. The Company filed forChapter 11 protection (Bankr. S.D. Tex. Case No. 15-34287) on Sept.10, 2015. The petition was signed by Jeff Jones, chiefrestructuring officer.The Hon. Marvin Isgur presides over the case. Elizabeth A Green,Esq., and Pamela Gale Johnson, Esq., at Baker & Hostetler LLPrepresent the Debtor in its restructuring effort.In its Voluntary Petition dated Sept. 10, 2015, the Debtorestimated assets at $50,000 to $100,000 and debts at $100,000 to$500,000.CAESARS ENTERTAINMENT: Wants $8MM Laundering Compliance Fine Okayed-------------------------------------------------------------------Jonathan Randles at Bankruptcy Law360 reported that CaesarsEntertainment Operating Co. on Sept. 30, 2016, asked an Illinoisbankruptcy judge to approve an $8 million penalty for what federalregulators describe as "willful violations" of an anti-moneylaundering law at the company's Las Vegas casino.The penalty stems from Caesars turning a blind eye on transactionsinvolving high rollers in private gambling rooms at the casino overthe span of several years, court papers say. The U.S. TreasuryDepartment's financial crimes unit said Caesars maintained"severely deficient internal controls" for its private gamingsalons. About Caesars EntertainmentCaesars Entertainment Corp., formerly Harrah's Entertainment Inc.,is one of the world's largest casino companies. Caesars casinoresorts operate under the Caesars, Bally's, Flamingo, GrandCasinos, Hilton and Paris brand names. The Company has itscorporate headquarters in Las Vegas. Harrah's announced itsre-branding to Caesar's in mid-November 2010.In January 2015, Caesars Entertainment and subsidiary CaesarsEntertainment Operating Company, Inc., announced that holders ofmore than 60% of claims in respect of CEOC's 11.25% senior securednotes due 2017, CEOC's 8.5% senior secured notes due 2020 andCEOC's 9% senior secured notes due 2020 have signed the Amendedand Restated Restructuring Support and Forbearance Agreement,dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC andthe Consenting Creditors. As a result, The RSA became effectivepursuant to its terms as of Jan. 9, 2015.Appaloosa Investment Limited, et al., owed $41 million on accountof 10% second lien notes in the company, filed an involuntaryChapter 11 bankruptcy petition against CEOC (Bankr. D. Del. CaseNo. 15-10047) on Jan. 12, 2015. The bondholders are representedby Robert S. Brady, Esq., at Young, Conaway, Stargatt & TaylorLLP.CEOC and 172 other affiliates -- operators of 38 gaming and resortproperties in 14 U.S. states and 5 countries -- filed Chapter 11bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) onJan. 15, 2015. CEOC disclosed total assets of $12.3 billion andtotal debt of $19.8 billion as of Sept. 30, 2014.Delaware Bankruptcy Judge Kevin Gross entered a ruling that thebankruptcy proceedings will proceed in the U.S. Bankruptcy Courtfor the Northern District of Illinois.Kirkland & Ellis serves as the Debtors' counsel. AlixPartners isthe Debtors' restructuring advisors. Prime Clerk LLC acts as theDebtors' notice and claims agent. Judge Benjamin Goldgar presidesover the cases.The U.S. Trustee has appointed seven noteholders to serve in theOfficial Committee of Second Priority Noteholders and nine membersto serve in the Official Unsecured Creditors' Committee.The U.S. Trustee appointed Richard S. Davis as Chapter 11examiner. * * *The Troubled Company Reporter, on April 27, 2015, reported thatFitch Ratings has affirmed and withdrawn the Issuer DefaultRatings (IDR) and issue ratings of Caesars Entertainment OperatingCompany (CEOC). These actions follow CEOC's Chapter 11 filing onJan. 15, 2015. Accordingly, Fitch will no longer provide ratingsor analytical coverage for CEOC.In addition, Fitch has affirmed the IDR and issue rating ofChester Downs and Marina LLC (Chester Downs) and the ratings havebeen simultaneously withdrawn for business reason.CANNERY CASINO: S&P Puts 'B-' CCR on CreditWatch Negative---------------------------------------------------------Standard & Poor's Ratings Services said it placed all ratings,including its 'B-' corporate credit rating, on Las Vegas-basedCannery Casino Resorts LLC on CreditWatch with negativeimplications."The CreditWatch listing follows Cannery's failure to secure anamendment to its credit facility after violating its consolidatedtotal leverage covenants under both its first-lien and second-liencredit agreements," said Standard & Poor's credit analyst StephenPagano. S&P believes that Cannery is engaged in ongoing discussions withits lending group to secure an amendment to its credit facilitiesto provide covenant relief. However, the discussions around aresolution are taking longer than S&P previously expected. S&P continues to believe that lenders would be willing to negotiatean amendment to covenant levels to provide Cannery with additionaltime to pursue completion of the previously announced sale of theMeadows to GLPI, which is currently under litigation. The sale ofthe asset would generate significant proceeds that S&P expectsCannery would use to repay debt. S&P believes the net proceedsfrom the contemplated asset sale would be sufficient to fully repayfirst-lien debt and to partially repay second-lien debt, assumingterms similar to those originally agreed upon when the sale wasinitially announced. S&P believes lenders may seek fees or higherinterest costs on the debt in exchange for the amendmentparticularly given the degree of uncertainty regarding the timingof a resolution of the dispute sale and the ultimate pay-down ofdebt. In S&P's view, Cannery has some flexibility, incorporatingexcess cash on the balance sheet, to absorb fees and additionalinterest in exchange for an amendment. At this time, S&P believesCannery and the majority of lenders view a negotiated settlement asa preferable outcome compared to default to provide Cannery someadditional time to resolve the Meadows dispute with GLPI. The CreditWatch listing also reflects S&P's view that Cannery'scapital structure may be unsustainable over the long term if thecompany does not complete the sale of its Meadows property to GLPI. Under S&P's base-case forecast, not including a Meadows sale, itexpects leverage to remain above 9x over the next year, interestcoverage to remain in the mid-1x area, and the company to generateminimal discretionary cash flow after accounting for requiredamortization payments under the term loan. This leaves Cannerywith limited flexibility to absorb higher pricing if the financingenvironment is less favorable as it approaches the 2018 maturity ofits first-lien credit facility. "In resolving the CreditWatch listing, we will continue to monitorthe progress of Cannery's negotiations with its lending group tosecure an amendment and the impact of financing costs to thecompany as a result of any amendment. In the event that we becomeless confident that lenders would be willing to provide Cannerywith covenant relief through an amendment, we could lower theratings by at least one notch. If the company is able to secure anamendment to the credit agreement under terms that would notdeplete the company's excess cash balances or cause EBITDA coverageof cash interest to fall below the mid-1x area, we would likely notlower ratings if we believe that a Meadows sale could be completedover the near term. However, in the event Cannery is able tosecure an amendment, we could lower the ratings on the company ifwe begin to believe a sale of the Meadows is unlikely to occur. This is because we may conclude that the company's capitalstructure is unsustainable over the longer term absent a sale ofthe Meadows and repayment of a meaningful amount of debt," S&Psaid.CHARLOTTE RUSSE: S&P Lowers Corp. Credit Rating to 'B'------------------------------------------------------Standard & Poor's Ratings Services lowered its corporate creditrating on Charlotte Russe Inc. to 'B' from 'B+'. The outlook isstable. At the same time, S&P lowered the issue-level rating onthe senior secured term loan facility to 'B' from 'B+'. Therecovery rating is '4', indicating S&P's expectations for averagerecovery in the event of a default, at the low end of the 30% to50% range."The rating action reflects our expectation for operatingperformance and credit metrics to remain weaker than we previouslyanticipated over the next 12 months as a result of merchandise thathas not resonated well with consumers," said credit analyst AndrewBove. "We expect operating performance will begin to recover infiscal 2016 as the company improves its merchandise mix."The stable outlook reflects S&P's expectation for leverage toremain in mid-4.0x to low-5.0x range, and FFO to debt to remain inthe mid-10% range over the next 12 months, as S&P believesoperating performance will remain weak because of recentmerchandise missteps in the next several quarters and begin togradually improve in fiscal 2016."We could lower the rating if operating performance continues itsnegative trajectory over the next 12 months and improvement seemsunlikely. This could happen if the company cannot address itsmerchandise issues and improve traffic trends. Under thisscenario, the company would follow up its weak performance infiscal 2015 with further gross margin decline of 100 bps, andnegative mid-single-digit comparable sales (compared with ourforecast of flat comparable-sales) in fiscal 2016. This wouldcause debt to EBITDA to weaken to the mid-5.0x area. Although lesslikely, we could also lower the rating if the financial sponsorsissued more debt for shareholder returns, resulting in weakercredit metrics," S&P said."Although unlikely, we could consider a positive rating action ifthe company can meaningfully improve operating performance andcredit metrics over the next few quarters by improving traffictrends and decreasing the amount of markdown activity. Under thisscenario, gross margin would improve by 200 bps from ourexpectations, and comparable-sales would be in the low-single-digitrange (compared with our forecast of negative high-single-digitcomparable-sales) resulting in debt to EBITDA of below 4.0x on asustained basis. In addition, we would continue to view the riskof financial sponsors releveraging the company as minimal," S&Pnoted.CHINA MEDICAL: Paul Weiss Must Submit Privileged Docs, Court Says-----------------------------------------------------------------Aebra Coe at Bankruptcy Law360 reported that Paul Weiss RifkindWharton & Garrison LLP must give the liquidator scrutinizing analleged $355 million fraud at China Medical Technologies Inc.privileged information from an internal investigation the firmoversaw for the bankrupt medical device maker, a New York federaljudge ruled on Sept. 30, 2015.U.S. District Judge Ronnie Abrams said that while audit committeesplay a critical role in monitoring corporate management and acorporation's auditor prebankruptcy, the justifications forprotected attorney-client communications "dissipate in bankruptcy." She reversed a bankruptcy court judgment. About China MedicalChina Medical Technologies Inc., a maker of diagnostic products,filed a Chapter 15 bankruptcy petition in New York to locate moneyfraudulently transferred by its principals.The Debtor, which has been taken over by a trustee, is undergoingcorporate winding-up proceedings before the Grand Court of theCayman Islands. Kenneth M. Krys, the joint official liquidator,wants U.S. courts to recognize the Cayman proceeding as the"foreign main proceeding"The liquidator filed a Chapter 15 petition for China Medical(Bankr. S.D.N.Y. Case No. 12-13736) on Aug. 31, 2012. Curtis C.Mechling, Esq., at Stroock & Stroock & Lavan, LLP, in New York,serves as counsel.Cosimo Borrelli and Yuen Lai Yee (Liz) on Nov. 29, 2012, wereappointed as liquidators of China Medical Technologies Inc.The liquidators may be reached at: Cosimo Borrelli Yuen Lai Yee (Liz) Level 17, Tower 1 Admiralty Centre 18 Harcourt Road Hong KongCHRYSLER GROUP: Execs Ask 6th Circuit to Reopen Benefits Suit-------------------------------------------------------------Dani Meyer at Bankruptcy Law360 reported that former Chryslerexecutives urged the U.S. Court of Appeals for the Sixth Circuit onSept. 29, 2015, to breathe new life into their retirement benefitand age discrimination suit against Daimler AG, arguing that theautomaker's contention that their trust agreement isn't enforceabledistorts the intended framework of the Employee Retirement IncomeSecurity Act.The plaintiffs said in their reply brief that the courts generallyrecognize that ERISA plans are operated through trust agreementsand regard them as enforceable contracts, rejecting Daimler'sargument that the Rabbi Trust -- created to hold assets. About Old Carco LLC (f/k/a Chrysler LLC)Chrysler Group LLC, formed in 2009 from a global strategic alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles and products. Headquartered in Auburn Hills, Michigan, Chrysler Group LLC's product lineup features some of the world's most recognizable vehicles, including the Chrysler 300, Jeep Wrangler and RamTruck.Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter 11protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead CaseNo. 09-50002). Chrysler hired Jones Day, as lead counsel; TogutSegal & Segal LLP, as conflicts counsel; Capstone Advisory GroupLLC, and Greenhill & Co. LLC, for financial advisory services; andEpiq Bankruptcy Solutions LLC, as its claims agent. Chryslerchanged its corporate name to Old CarCo following its sale to aFiat-owned company. As of Dec. 31, 2008, Chrysler had$39,336,000,000 in assets and $55,233,000,000 in debts. Chryslerhad $1.9 billion in cash at that time.In connection with the bankruptcy filing, Chrysler reached anagreement with Fiat SpA, the U.S. and Canadian governments andother key constituents regarding a transaction under Section 363 ofthe Bankruptcy Code that would effect an alliance between Chryslerand Italian automobile manufacturer Fiat. As part of that deal,Fiat acquired a 20% equity interest in Chrysler Group.Under the terms approved by the Bankruptcy Court, the companyformerly known as Chrysler LLC on June 10, 2009, formally soldsubstantially all of its assets, without certain debts andliabilities, to a new company that will operate as Chrysler GroupLLC. The U.S. and Canadian governments provided Chrysler with$4.5 billion to finance its bankruptcy case. Those loans are to be repaid with the proceeds of the bankruptcy estate's liquidation. Old Carco's Second Amendment Joint Plan of Liquidation wasconfirmed by the Bankruptcy Court on April 23, 2010.COCRYSTAL PHARMA: Board OKs Appointment of CEO and CMO------------------------------------------------------The Board of Directors of Cocrystal Pharma, Inc., approved theappointment of Jeffrey Meckler to serve as the Company's chiefexecutive officer. Prior to his appointment, Mr. Meckler had beenserving as the Company's interim chief executive officer. As previously disclosed, on Sept. 21, 2015, the Company and Mr.Meckler entered into an employment agreement, subject toratification by the Board, pursuant to which Mr. Meckler willreceive an annual salary of $340,000 and be eligible for an annualbonus equal to up to 50% of his base salary, subject to achievementof certain performance targets. In addition, effective Oct. 1,2015, Mr. Meckler received a grant of 16,000,000 ten-year stockoptions, vesting in five equal annual increments with the firstvesting date being one year from grant date, subject to continuedemployment on each applicable vesting date and accelerated vestingunder certain conditions. Mr. Meckler's employment is on anat-will basis. In addition, on Oct. 1, 2015, the Board approved the appointment ofDr. Douglas Mayers as the Company's chief medical officer. Aspreviously disclosed, on Sept. 18, 2015, the Company and Dr. Mayersentered into an employment agreement, subject to ratification bythe Board, pursuant to which Dr. Mayers will receive an annualsalary of $280,000 and be eligible for an annual bonus equal to upto 35% of his base salary, subject to achievement of certainperformance targets. In addition, effective Oct. 1, 2015, Dr.Mayers received a grant of 2,400,000 ten-year stock options,vesting in four equal annual increments with the first vesting datebeing one year from grant date, subject to continued employment oneach applicable vesting date and accelerated vesting under certainconditions. Dr. Mayer's employment is on an at-will basis. About Cocrystal PharmaCocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals,Inc., is a pharmaceutical company with a mission to discover novelantiviral therapeutics as treatments for serious and/or chronicviral diseases. Cocrystal Pharma employs unique technologies andNobel Prize winning expertise to create first- and best-in-classantiviral drugs. These technologies and the Company's market-focused approach to drug discovery are designed to efficientlydeliver small molecule therapeutics that are safe, effective andconvenient to administer.The Company's primary business going forward is to develop novelmedicines for use in the treatment of human viral diseases.Cocrystal has been developing novel technologies and approaches tocreate first-in-class and best-in-class antiviral drug candidatessince its initial funding in 2008. Subsequent funding wasprovided to Cocrystal Discovery, Inc., by Teva PharmaceuticalsIndustries, Ltd., or Teva, in 2011. The Company's focus is topursue the development and commercialization of broad-spectrumantiviral drug candidates that will transform the treatment andprophylaxis of viral diseases in humans. By concentrating theCompany's research and development efforts on viral replicationinhibitors, the Company plans to leverage its infrastructure andexpertise in these areas.Cocrystal Pharma reported a net loss of $99,000 in 2014 following anet loss of $3.8 million in 2013.As of June 30, 2015, the Company had $269.12 million in totalassets, $72.6 million in total liabilities and $196.52 million intotal stockholders' equity.COLT DEFENSE: Union Balks at Proposed Claims Bar Date-----------------------------------------------------The International United Auto Workers and its Local 376 objected toColt Holding Company LLC, et al.'s motion asking the Court toestablishing deadlines and procedures for filing proofs of claim.According to the Union, the proposed bar date order contains alimited exception that provides that a proof of claim need not befiled by "current employee[s] of the Debtors, if an order of theCourt authorized the Debtors to honor such claim[s] in the ordinarycourse of business as a wage, commission, or benefit, provided,however, that a current employee must submit a proof of claim bythe General Bar Date for all other claims arising before thePetition Date, including claims for benefits not provided forpursuant to an order of the Court, wrongful termination,discrimination, harassment, hostile work environment, andretaliation." The UAW submits that the exception is too narrow, with the resultthat employees will be subject to the proposed general bar date asto wage claims, benefit claims, or other contract based claimswhich they may assert, notwithstanding the non-modification ofSection 1114 of the Bankruptcy Code "retiree benefits," theunrejected status of the CBA, and the continued application to theDebtors of the CBA's mandatory arbitration provisions.The UAW requested that the proposed bar date order be modified tomake clear that proofs of claim for the Debtors' UAW-representedemployees and retirees need only be filed after any rejection ofthe CBA.The UAW is the collective bargaining representative of the Debtors'United States hourly employees. The UAW and the Debtor Colt'sManufacturing Company LLC are parties to a current collectivebargaining agreement entered into on April 1, 2014, which isterminable by either party to the CBA no earlier than March 31,2019, and the rejection of which is governed by Bankruptcy CodeSection 1113, 11 U.S.C. 1113.The Debtors, in their motion, requested that the Court set 45 daysafter the service date, at 5:00 p.m., as the general bar date, andDec. 11, 2015, at 5:00 p.m., as the governmental bar date.Proofs of claim must be submitted to the Debtors' claim agentKurtzman Carson Consultants LLC, by overnight mail, courierservice, hand delivery or in person to: Colt Claims Processing c/o Kurtzman Carson Consulting, LLC 2335 Alaska Avenue El Segundo, CA 90245 About Colt DefenseColt Defense LLC is one of the world's oldest and most iconicdesigners, developers, and manufacturers of firearms for military,law enforcement, personal defense, and recreational purposes andwas founded over 175 years ago by Samuel Colt, who patented thefirst commercial successful revolving cylinder firearm in 1836 andbegan supplying U.S. and international military customers withfirearms in 1847. Colt is incorporated in Delaware andheadquartered in West Hartford, Connecticut.In 1992, Colt Manufacturing Company, then the principal operatingsubsidiary, filed chapter 11 petitions in the U.S. BankruptcyCourtfor the District of Connecticut. An investment by Zilkha & Co.allowed CMC to confirm a chapter 11 plan and emerge fromBankruptcyin 1994. Sometime after 1994, majority ownership of the Companytransitionedfrom Zilkha & Co. to Sciens Capital Management.On June 12, 2015, Colt's exchange offer, consent solicitation andsolicitation of acceptances of a prepackaged plan ofreorganization, dated April 14, 2015, as supplemented, withrespectto its $250 million in 8.75% Senior Notes due 2017 expired. Theconditions to the exchange offer, the consent solicitation and theprepackaged plan of reorganization were not satisfied, and thoseconditions were not waived by Colt. Colt's restructuring supportagreement with Marblegate Special Opportunities Master Fund, L.P.and Morgan Stanley Senior Funding, Inc., the Company's seniorsecured term loan lenders, requires it to file for Chapter 11bankruptcy.Accordingly, Colt Holding Company LLC and nine affiliates,including Colt Defense LLC, on June 14, 2015, filed voluntarypetitions (Bankr. D. Del. Lead Case No. 15-11296) for relief underChapter 11 of the Bankruptcy Code to pursue a sale of the assetsasa going concern. Colt Defense estimated $100 million to $500million in assets and debt. On June 16, 2015, the Court directed the joined administration ofthe assets.The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny&Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC asclaims and noticing agent. Perella Weinberg Partners L.P. isacting as financial advisor of the Company, and Mackinac PartnersLLC is acting as its restructuring advisor.Wilmington Savings Fund Society, FSB, as agent under the $13.33million Term DIP Loan Agreement, is represented by Pryor CashmanLLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP'sLeonard Klingbaum, Esq. Cortland Capital Market Services LLC, as agent under the $6.67million Senior DIP Credit Agreement, is represented by Holland &Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & LavanLLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP'sRichard Borins, Esq., and Tracy Sandler, Esq.The U.S. Trustee for Region 3 appointed five creditors of ColtDefense Inc. and its affiliates to serve on the official committeeof unsecured creditors. MagPul Industries Corp. has resigned fromthe committee leaving only four Committee members. * * *Colt's equity sponsor, Sciens Capital Management, has agreed toactas a stalking horse bidder in the proposed asset sale. Details ofthe deal were not provided in Colt's news statement announcing theChapter 11 filing. Colt, however, said it would be solicitingcompeting bids and has appointed an independent committee of itsboard of managers to manage the process and evaluate bids. Coltexpects to complete the entire Chapter 11 process in 60-90 days.Sciens Capital is represented by Skadden, Arps, Slate, Meagher &Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq.COLTS NECK GOLF: Denial of Bid to Appoint Ch. 11 Trustee Affirmed-----------------------------------------------------------------Judge Freda L. Wolfson of the United States District Court for theDistrict of New Jersey affirmed the bankruptcy court's denial ofSalvatore Martelli's motion to appoint a trustee under Section 1104of the Bankruptcy Code, but reversed the denial of his motion forrelief from automatic stay.On December 23, 2014, the United States Bankruptcy Court for theDistrict of New Jersey issued an order denying Martelli's motionfor reconsideration for, inter alia, an order denying theappointment of a Chapter 11 trustee or examiner, and denying hisrequest for a comfort order that the automatic stay does not act toprevent him from filing a case in the New Jersey Superior Courtagainst Dr. Anthony DeGennaro, Carmella DeGenarro and PegasusProperties, LLC, to recover an allegedly fraudulent transfer or, inthe alternative, for an order granting relief from the automaticstay to allow him to file the fraudulent transfer suit against theDeGennaros and Pegasus.Judge Wolfson held that while the state court found that DeGennaroacted "oppressively and unfairly," this does not necessarily equateto dishonesty. The judge explained that "unfairness," in contrastto "dishonesty", is not one of the listed "causes" for appointmentof a Chapter 11 trustee under section 1104(a)(1). Judge Wolfsonalso added that while the debtor Colts Neck Golf and Country Club,Inc. ("CNGCC") appears to have breached its fiduciary duties toMartelli prior to filing for bankruptcy, Martelli has not shownthat the debtor has continued to breach its fiduciary duties asdebtor-in-possession after the bankruptcy petition was filed. Neither did Judge Wolfson find that the appointment of a trusteewould be in the best interests of the creditors of the debtor'sestate.Judge Wolfson, however, held that the bankruptcy court abused itsdiscretion in denying Martelli's request for relief from automaticstay because the bankruptcy court's explanation did not providesufficient reason for its denial. Judge Wolfson found that, as amatter of equity, permitting Martelli to pursue a lawsuit againstPegasus and DeGennaro will not result in any harm to the debtor'sestate. Instead, such a suit can only benefit the estate since noestate funds will go toward the litigation, and any recovery willbe added to the estate, which can be distributed to creditors.The case is SALVATORE MARTELLI, Appellant, v. COLTS NECK GOLF ANDCOUNTRY CLUB, Appellee, CASE NO. 14-8101 (FLW) (D.N.J.).A full-text copy of Judge Wolfson's August 24, 2015 opinion isavailable at http://is.gd/K8F99Efrom Leagle.com. Salvatore Martelli is represented by: Jules L. Rossi, Esq. 208 Main St. Asbury Park, NJ 07712 Tel: (732) 774-5520Colts Neck Golf & Country Club, Inc. is represented by: Joseph M. Casello, Esq. COLLINS, VELLA & CASELLO, LLC 2317 Highway 34, Suite 1A Manasquan, New Jersey 08736 Tel: (732) 751-1766Colts Neck, New Jersey-based Colts Neck Golf & Country Club, Inc.,dba Colts Neck Golf Club, sought protection under Chapter 11 of theBankruptcy Code on June 11, 2014 (Bankr. D.N.J., Case No.14-22032). The case was assigned to Judge Christine M. Gravelle. The Debtor's Counsel is Joseph Casello, Esq., at Collins, Vella &Casello, in Farmingdale, New Jersey.COMPUTER SCIENCES: S&P Assigns 'BB+' CCR, Outlook Stable--------------------------------------------------------Standard & Poor's Ratings Services said that it has assigned its'BB+' corporate credit rating to Nevada-based Computer SciencesGovernment Services Inc. The outlook is stable.At the same time, S&P assigned its 'BB+' issue-level rating and '3'recovery rating to the company's proposed $3.5 billion securedcredit facility (which comprises a $500 million term loan A1 due2018, a $1 billion term loan A2 due 2020, a $500 million revolverdue 2020, and a $1.5 billion term loan B due 2022). The '3'recovery rating indicates S&P's expectation for meaningful(50%-70%; lower half of the range) recovery in a simulated defaultscenario."Our rating on CS Gov takes into account the competitive nature ofthe government services market and the company's elevated debtlevels, but also incorporates its leading market positions, itshigher profit margins compared with most government informationtechnology (IT) service providers', and its solid and predictablefree cash flow, much of which we expect will be used for debtreduction over the next two years," said Standard & Poor's creditanalyst Chris Mooney.The stable outlook on CS Gov reflects S&P's belief that the companywill likely generate solid cash flow despite the challengingconditions for service contractors, which--if used for debtreduction--should cause the company's debt-to-EBITDA metric todecline to 3.2x-3.6x over the next year from slightly less than 4xon a pro forma basis.S&P could raise its rating on CS Gov if the company'sdebt-to-EBITDA metric fell below 2.75x for a sustained period,which would most likely occur if the company reduced its debt andposted an operational performance that exceeded S&P's expectationsover the next year, including a significant increase in new awardsand a meaningful improvement in the company's EBITDA margins frommanagement's cost-reduction efforts.S&P could lower its rating on CS Gov if the company's debt-to-EBITDmetric rises above 4x and its FFO-to-debt ratio remains below 20%for a sustained period, which could occur if the company curtailedits debt reduction and posted lower-than-expected earnings becauseof the loss of key contracts, integration problems, or increasedprice competition for new awards.CONTOURGLOBAL LP: Fitch Assigns 'B+' LT Issuer Default Rating-------------------------------------------------------------Fitch Ratings (Fitch) has assigned a first time 'B+' Long-termIssuer Default Rating (IDR) to ContourGlobal L.P. (CGLP). TheRating Outlook is Stable. Simultaneously, Fitch has assigned'BB+/RR1' rating to ContourGlobal Power Holdings S.A.'s (CGPH) $30million super senior revolver due 2018 and 'BB-/RR3' to CGPH's $400million senior secured notes due 2019. CGPH is a financingsubsidiary of CGLP and the ratings of its debt obligationsprimarily benefit from a guarantee from CGLP. The individual security ratings at CGLP are notched based on arecovery model that reflects the IDR and the priority ranking ofthe debt obligations in a hypothetical default scenario. KEY RATING DRIVERS Diversified Assets with Long Term Contracts CGLP owns and/or operates approximately 3.6GW (CGLP's share 2.8GW)of generation facilities with 314MW (CGLP's share 216MW) underconstruction. The generation facilities are diversifiedgeographically with presence in 20 countries and three continents.Europe, Latin America, and Africa are expected to account for 53%,34% and 13% of 2016 EBITDA. The generation capacity (includingprojects under construction) is comprised of 31% gas, 31% coal, 22%wind, 11% hydro, 3% fuel oil and remaining in solar and biomass.Long term contracts and regulated revenues account for 91% of totalrevenue between 2014 and 2021. Power Purchase Agreements (PPAs)have a weighted average life of approximately 12 years. Majority ofPPAs are either capacity based which covers fuel cost and othervariable costs or with fixed long term prices with inflationpass-through. Most PPA offtakers hold an investment grade creditrating. Counterparty Concentration CGLP's two largest projects Maritsa (908MW lignite, CGLP's share663MW) in Bulgaria and Arrubal (800MW natural gas) in Spain willrepresent approximately 27% and 14% of 2015 EBITDA, which is acredit concern. With acquisitions and new projects coming intoservice, the combined EBITDA of these two projects could decline to36% but remain substantial. The normalized cash available to CGLPfrom these two projects as a percentage of all cash available toCGLP is generally consistent with the EBITDA proportion. Bulgaria'sNatsionalna Elektricheska Kompania EAD (NEK) is the offtaker forMaritsa. NEK is not rated by Fitch. NEK's parent Bulgarian EnergyHolding EAD (BEH) currently holds an IDR of BB- and NegativeOutlook by Fitch. BEH is 100% owned by the Bulgarian governmentthrough the Ministry of Economy. Gas Natural, SDG S.A.(IDR'BBB+'/Stable Outlook) is the offtaker for Arrubal in Spain. Maritsa Settlement The recent settlement between NEK and Maritsa regarding PPAcapacity price reduction under the direction of Bulgaria's Energyand Water Regulatory Commission (EWRC) removes a substantialoverhang for CGLP; however, it highlights the political challengesthat CGLP faces. Under the settlement, CGLP will reduce capacityprices by 15% and NEK will pay CGLP approximately EUR88 million innet proceeds, eliminating the uncertainty of chronic late paymentsfrom NEK. Limited Financial Flexibility CGLP relies on external funding sources to execute its growthstrategy. Non-resource senior secured project financing is theprimary source of funding. Project assets are encumbered and aresubject to various security restrictions that could be very complexand prevent upstream distribution to CGLP. Additionally, CGLP'scapability to access public capital markets is largely untested. Challenging Operating Environment Though CGLP's exposure to commodity prices and demand changes aremitigated by the terms of the PPAs, it is subject to structuralchanges and political risk. Fitch's general view is that European wholesale power prices willremain at their current low level through 2019. Carbon policies arerelatively less drastic in Bulgaria than in western Europe. Somecentral European countries from the European Union, which havesubstantial power generation from coal and lignite-fired plants,such as Bulgaria and Poland, benefit from a gradual phase-out offree carbon dioxide allowances until 2020. Power plants in thesecountries do not have to purchase 100% of CO2 allowances but40%-60% and going up to 100% by 2020. In the other parts of theEuropean Union (EU), power plants have to purchase 100% of theirCO2 allowances, which dents their profit margins on powergeneration. The price of CO2 allowances is slowly going up(EUR8/tonne) but it is still relatively low compared to 2011(EUR22/tonne) due to economic slowdown and oversupply. However, theEU intends to limit supply in order to support CO2 prices. In Spain, gas-fired power plants, including CGLP's Arrubal plant,receive capacity payments from the system operator. Although thiscapacity payment currently represents only 4% of project's totalrevenue, the political pressure to reduce payment could be a longterm concern. These capacity payments were reduced as part of alarger energy sector reform in 2012-2014 targeting elimination ofthe tariff deficit in Spain. CGLP's capacity payment from thesystem operator was reduced by approximately 33%. To compensate forthe reduction, the capacity payment contract was extended till 2017instead of 2015. To mitigate political risks, CGLP enters into Political RiskInsurance (PRI) policies for non-investment grade countries exceptfor the Kramatorsk project in Ukraine. PRI coverage includesexpropriation, political violence, currency inconvertibility,forced divesture, forced abandonment and breach of contract vianon-honoring of arbitral award. Credit Metrics CGLP's credit metrics are at the low end of the range for therating. There is limited headroom in the assigned 'B+' rating levelif material negative credit events occur. Fitch evaluates CGLP'scredit metrics both on consolidated basis and on distributionbasis. The consolidated method acknowledges that although projectdebt is non-recourse, CGLP will likely provide financial support intime of stress especially for its large projects. Additionally,many projects such as Maritsa are contracted with government orquasi-government entities, thus could be complex to terminate. Asseveral projects which have been acquired or become fullyoperational in 2015 - 2016, Fitch projects consolidated FFO leaseadjusted leverage to decline to 6.3x in 2017 from the current 8x.On a distribution only basis, Fitch projects recoursedebt/distribution to average 4.8x for the next three years. Thedistribution cash flow is structurally inferior to cash flow at theoperating company level. Long-term Re-contracting Risks Re-contracting exposes CGLP to uncontrollable factors such as fueland energy prices and demand changes. The PPAs for approximately45% of the total capacity will expire before 2025 which includeMaritsa's PPA expiring in 2024 and Arrubal's in 2021. If the weakwholesale power prices and low capacity utilisation for gas-firedplants were to continue in Europe, many PPA contracts are likely tobe re-contracted with a shorter term or become uncontracted. Pending Yieldco Could Add Complexity In April 2015, CGLP filed with the SEC to establish a ContourGlobalYield Limited to be publicly listed in the U.S. Generally, ayieldco structure is credit negative or at best neutral to thesponsor. Fitch acknowledges that yieldco structure adds additionalfunding source and could improve scale and distribution to thesponsor. However, CGLP will likely transfer its most valuableassets to yieldco, and potentially create more layers of structuralsubordination and cash leakage. A yieldco structure will alsoincentivize the pursuit of more aggressive growth strategy in orderto achieve distribution targets. If yieldco becomes publicallylisted, CGLP's ratings will be evaluated based on factors such asthe usage of the equity proceeds, the severity of structuralsubordination and cash leakage, the planned limited partnerownership and distribution structure. Recovery Analysis The 'BB+/RR1' ratings for CGPH's super senior revolver and'BB-/RR3' for its $400 million senior secured notes are based onFitch's recovery waterfall and incorporates the limit on totalsecurity available to the secured debtholders under the creditagreement. Fitch values CGLP's equity interest in its operatingsubsidiaries at $462 million under a distressed scenario. The 'RR1'rating for the revolver reflects outstanding recovery prospectsgiven default with securities historically recovering 91% - 100% ofcurrent principal and related interest and reflects a three-notchpositive differential from CGLP's 'B+' IDR. The 'RR3' rating forthe senior secured notes reflects a one-notch positive differentialfrom the 'B+' IDR and indicates good recovery of principal andrelated interest of between 51% -70%. Liquidity CCGLP will continue to rely on external financing for itsinvestment needs. In April 2015, CGPH entered into a three-yearsuper-senior $30 million bank revolving credit agreement. Thefacility is currently undrawn. In July 2015, CGPH entered into a$150 million senior secured bridge loan agreement which if notrefinanced would term out to 2019, primarily to fund its equitycommitment in the Vorotan project and construction in KivuWatt andCap des Biches. Debt maturity is manageable. The existing seniorsecured notes and the senior secured bridge loan are not due until2019. The primary financial covenant requires CGLP to maintain the DebtService Coverage Ratio above 2.25x, and the non-guarantor combinedleverage ratio (excluding project financed subsidiaries) equal toor less than 5.0 to 1.0. Considering the contributions fromacquired or to be completed new projects, Fitch estimates CGLP tohave approximately $300 million in debt capacity at the corporatelevel in the next two years. As of Sept. 25, 2015, cash and cashequivalents includes $99 million of unrestricted cash and $227million cash for debt service or security at the project level. KEY ASSUMPTIONS -- Approximately $140 million equity investment for committed acquisitions or construction in 2015; -- Continuation of Arrubal's reduced capacity payment from the system operator until government contract expires in 2017; -- Receives NEK payment of EUR 88 million regarding to overdue receivables in Q4, 2015; -- Reduce capacity payment from NEK by 15% starting June 2015; -- Maritsa and Arrubal availability factors are at required level of 82% for Maritsa, and 86%-93% for Arrubal. Fitch notes that actual availabilities have been higher historically. RATING SENSITIVITIES Positive: Based on the projected credit metrics for the next 3-5 years, andpending the yieldco transaction, it is unlikely that CGLP's ratingswill be upgraded. Nevertheless, future developments that may,individually or collectively, lead to a positive rating actioninclude: -- On a consolidated basis, FFO lease adjusted gross leverage below 5.0x on a sustained basis; On a distribution only basis, recourse debt/distribution below 3.0x on a sustained basis. -- Materially reduced counterparty concentration risks such that EBITDA from any single offtaker is consistently less than 15%; -- High likelihood of recontracting major PPAs at a level that is similar to existing pricing levels with similar durations. Negative: Future developments that could lead to negative ratingaction include: -- On a consolidated basis, FFO lease adjusted gross leverage above 7.5x on a sustained basis; On a distribution only basis, recourse debt/distribution above 5.5x on a sustained basis; -- If the major PPAs experience unexpected and material price reduction from current levels or termination; -- If more than 50% of total revenue becomes uncontracted; -- The yieldco transaction, if executed, leads to material structural subordination, cash leakage or additional yieldco or sponsor debt such that they cause credit metrics to breach the above-outlined negative guideline ratios. FULL LIST OF RATING ACTIONS Fitch has assigned the following ratings and Outlook: CGLP -- Long-term IDR 'B+'; Stable Outlook. CGPH -- $30 million super senior revolver (guaranteed) 'BB+/RR1'; -- $400 million 7.125% senior secured notes due 2019 (guaranteed) 'BB-/RR3'.CRYOPORT INC: Appoints Robert Hariri to Board of Directors----------------------------------------------------------Cryoport, Inc., announced the appointment of Robert Hariri, MD, PhDto its Board of Directors. Dr. Hariri is the chairman, founder and chief scientific officer ofCelgene Cellular Therapeutics, one of the world's largest humancellular therapeutics companies and wholly owned subsidiary ofCelgene Corporation. He has pioneered the use of stem cells andbiomaterials to treat a range of life threatening diseases and hasmade transformative contributions in the field of tissueengineering.Dr. Hariri is a visionary scientist, surgeon, aviator andentrepreneur. He has over 100 issued and pending patents; authoredover 100 published chapters, articles and abstracts; and is mostrecognized for his discovery of pluripotent stem cells from theplacenta and as a member of the team which discovered thephysiological activities of TNF (tumor necrosis factor). Along with J. Craig Venter, PhD, Dr. Hariri, is co-founder &president of Human Longevity Cellular Therapeutics, Inc. located inSan Diego, CA, a leader in genomics and cellular technology. He isFounder and Chairman of Myos Corporation located in Cedar Knolls,NJ, an emerging bio-therapeutics and bio-nutrition company focusedon the discovery, development and commercialization of productsthat improve muscle health and function essential to the managementof sarcopenia, cachexia and chronic and acute muscle diseases.Dr. Hariri also serves on numerous Boards of Directors, includingMyos Corporation, Bionik Laboratories and Provista Diagnostics. Dr.Hariri is a member of the scientific advisory board for the ArchonX PRIZE for Genomics, which is awarded by the X PRIZE Foundation. He is also a member of the Board of Trustees of the J. Craig VenterInstitute, a Trustee of the Liberty Science Center and has beenappointed Commissioner of the New Jersey Commission on CancerResearch. Dr. Hariri was recipient of the Thomas Alva Edison Award in 2007and 2011, The Fred J. Epstein Lifetime Achievement Award and hasreceived numerous other honors for his many contributions tobiomedicine and aviation. He is an Adjunct Associate Professor ofPathology at the Mount Sinai School of Medicine and served as amember of the Board of Visitors of his alma mater, ColumbiaUniversity School of Engineering & Applied Sciences and the Science& Technology Council of the College of Physicians and Surgeons. Dr. Hariri was awarded his M.D. and Ph.D. degrees from CornellUniversity Medical College and received his surgical training atThe New York Hospital-Cornell Medical Center. He also directed theAitken Neurosurgery Laboratory and the Center for Trauma Research. Dr. Hariri has also produced several feature films anddocumentaries, which can be reviewed at www.imdb.com.Dr. Hariri stated, "As an established investor in Cryoport's commonstock, I have a great deal of confidence in the need and demand forCryoport's cold chain and logistical solutions in the life sciencesmarket, which is expected to increase substantially as cellulartherapies such as stem cells, immunotherapies and, especially,CAR-T cell therapies come to commercialization. These advancedtherapies require rigid and well-designed enhanced cold chainmanagement solutions to ensure effective patient treatment, astemperature excursion will affect efficacy. To effectively bringthese therapies through clinical trials and commercialization,after receiving FDA approval, the use of advanced cold-chainsolutions, such as Cryoport's, is crucial. The cellular therapiesmarket, on a broad scale, is greatly enhanced by the presence anduse of Cryoport's technologies." He continued, "My extensive involvement with cellular andregenerative medicines throughout my career brought Cryoport to myattention long before being invited to join the Company's Board ofDirectors. As indicated by my previous actions, I believe theCompany is an incredible investment opportunity as the servicesCryoport provide are crucial to the development of the next stageof the life sciences industry and cellular therapies, inparticular." Jerrell Shelton, CEO of Cryoport, said, "The appointment of such anotable cellular therapy industry participant as Dr. Robert Haririspeaks volumes about Cryoport's positioning within the advancinglife sciences markets, including stem cells; immunotherapies,especially CAR-T cell therapies; animal husbandry; and humanreproductive medicine. Dr. Hariri will be an enormous asset to ourcompany and its Board of Directors, as he brings wide ranging andextensive experience within cellular and regenerative therapies." "Cryoport's services as applied in cellular and regenerativemedicines achieve the highest possible standards in cold chainlogistics, especially as related to standardizing cellcryopreservation during shipment packaging, shipping, information,and, sometimes, short duration storage. Dr. Hariri's recognitionof Cryoport as the most advanced cryogenic logistics solution inthe world is a tribute to the Cryoport team and the servicesprovided by the company," concluded Shelton.As a non-employee director, he will participate in the Company'sdirector compensation plan governed by the Compensation Committeeand will receive an initial grant to purchase 50,000 shares of theCompany's common stock upon joining the Board, which will vestmonthly over four years. In addition, Dr. Hariri elected toreceive shares of unregistered common stock of the Company in lieuof cash compensation for his services as a director of the Company. Under the director compensation plan, Dr. Hariri will be issuedshares of common stock calculated by dividing the quarterly cashcompensation of $10,000 that he is eligible to receive for hisservices, multiplied by 1.15, by the volume weighted average priceof the Company's common stock for the last five days of the tradingmonth ending each quarter. About CryoportLake Forest, Calif.-based CryoPort, Inc. (OTC BB: CYRX) providescomprehensive solutions for frozen cold chain logistics, primarilyin the life science industries. Its solutions afford new andreliable alternatives to currently existing products and servicesutilized for bio-pharmaceuticals and biologics, including in-vitrofertilization, cell lines, vaccines, tissue and other commoditiesrequiring a reliable frozen solution.Cryoport reported a net loss attributable to common stockholders of$12.2 million for the year ended March 31, 2015, compared to a netloss attributable to common stockholders of $19.6 million for theyear ended March 31, 2014. As of June 30, 2015, the Company had $4million in total assets, $1.9 million in total liabilities and $2million in total stockholders' equity.KMJ Corbin & Company LLP, in Costa Mesa, California, issued a"going concern" qualification on the consolidated financialstatements for the year ended March 31, 2015, citing that theCompany has incurred recurring operating losses and has hadnegative cash flows from operations since inception. Although theCompany has cash and cash equivalents of $1.4 million at March 31,2015, management has estimated that cash on hand, which includeproceeds from Class B convertible preferred stock receivedsubsequent to the fourth quarter of fiscal 2015, will only besufficient to allow the Company to continue its operations into thethird quarter of fiscal 2016. These matters raise substantialdoubt about the Company's ability to continue as a going concern.CTI BIOPHARMA: Court Preliminary Okays Derivative Suit Settlement-----------------------------------------------------------------As previously disclosed in the Quarterly Report on Form 10-Q forthe quarter ended June 30, 2015, filed by CTI BioPharma Corp. withthe Securities and Exchange Commission on Aug. 6, 2015, the Company(as nominal defendant) and the Company's directors (as individualdefendants) entered into a memorandum of understanding on May 13,2015, to settle the shareholder derivative action titled Lopez &Soper v. Nudelman, et al., Case No. 14-2-18941-9 SEA, pending inthe Superior Court of the State of Washington, King County. On Sept. 25, 2015, the Court issued an order granting preliminaryapproval to the proposed settlement. The Court has scheduled ahearing on Dec. 10, 2015, at 4:00 p.m. (PT) in Courtroom E-960 ofthe Superior Court of Washington, King County located at 516 ThirdAvenue, Seattle, Washington, 98104, to determine, among otherthings, whether it should issue an order for final approval of theproposed settlement. Pursuant to the Court's Order, no later thanNov. 20, 2015, any objections to the settlement must be filed inwriting with the Court and duly served, in each case, in accordancewith the requirements specified in the Notice of ProposedSettlement. Additional information concerning the terms of theproposed settlement and the Dec. 10, 2015, hearing may also befound in such Notice of Proposed Settlement. About CTI BioPharmaCTI BioPharma Corp. (NASDAQ and MTA: CTIC) --http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused onthe acquisition, development and commercialization of noveltargeted therapies covering a spectrum of blood-related cancersthat offer a unique benefit to patients and healthcare providers.The Company has a commercial presence in Europe and a late-stagedevelopment pipeline, including pacritinib, CTI's lead productcandidate that is currently being studied in a Phase 3 program forthe treatment of patients with myelofibrosis. CTI BioPharma isheadquartered in Seattle, Washington, with offices in London andMilan under the name CTI Life Sciences Limited.CTI Biopharma reported a net loss attributable to commonshareholders of $96 million in 2014, compared with a net lossattributable to common shareholders of $49.6 million in 2013.As of March 31, 2015, the Company had $63.1 million in totalassets, $48.7 million in total liabilities, $240,000 in commonstock purchase warrants, $14.1 million in total shareholders'equity.CTI BIOPHARMA: Has Negative $18M Financial Standing at Aug. 31--------------------------------------------------------------CTI Parent Company reported total estimated and unaudited netfinancial standing of negative $18.9 million as of Aug. 31, 2015.The total estimated and unaudited net financial standing of CTIConsolidated Group as of Aug. 31, 2015, was negative $17.8million.CTI Parent Company trade payables outstanding for greater than 30days were approximately $9.5 million as of Aug. 31, 2015.CTI Consolidated Group trade payables outstanding for greater than30 days were approximately $11.9 million as of Aug. 31, 2015.During August 2015, there were solicitations for payment onlywithin the ordinary course of business and there were noinjunctions or suspensions of supply relationships that affectedthe course of normal business.As of Aug. 31, 2015, there were no amounts overdue of a financialor tax nature, or amounts overdue to social security institutionsor overdue to employees.During the month of August 2015, the Company's common stock, no parvalue, outstanding increased by 62,012 shares. As a result, thenumber of issued and outstanding shares of Common Stock as of Aug.31, 2015, was 180,721,087.A full-text copy of the press release is available for free at: http://is.gd/uXUFXi About CTI BioPharmaCTI BioPharma Corp. (NASDAQ and MTA: CTIC) --http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused onthe acquisition, development and commercialization of noveltargeted therapies covering a spectrum of blood-related cancersthat offer a unique benefit to patients and healthcare providers.The Company has a commercial presence in Europe and a late-stagedevelopment pipeline, including pacritinib, CTI's lead productcandidate that is currently being studied in a Phase 3 program forthe treatment of patients with myelofibrosis. CTI BioPharma isheadquartered in Seattle, Washington, with offices in London andMilan under the name CTI Life Sciences Limited.CTI Biopharma reported a net loss attributable to commonshareholders of $96 million in 2014, compared with a net lossattributable to common shareholders of $49.6 million in 2013.As of March 31, 2015, the Company had $63.1 million in totalassets, $48.7 million in total liabilities, $240,000 in commonstock purchase warrants, $14.1 million in total shareholders'equity.CTI BIOPHARMA: Mark Lampert Reports 5.2% Stake as of Sept. 24-------------------------------------------------------------In a Schedule 13G filed with the Securities and ExchangeCommission, Mark N. Lampert, director and officer of BVF Inc.,disclosed that as of Sept. 24, 2015, he beneficially owned10,000,000 shares of common stock of CTI Biopharma Corp., whichrepresents 5.2 percent of the shares outstanding. A copy of theregulatory filing is available for free at http://is.gd/dTHDDj About CTI BioPharmaCTI BioPharma Corp. (NASDAQ and MTA: CTIC) --http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused onthe acquisition, development and commercialization of noveltargeted therapies covering a spectrum of blood-related cancersthat offer a unique benefit to patients and healthcare providers.The Company has a commercial presence in Europe and a late-stagedevelopment pipeline, including pacritinib, CTI's lead productcandidate that is currently being studied in a Phase 3 program forthe treatment of patients with myelofibrosis. CTI BioPharma isheadquartered in Seattle, Washington, with offices in London andMilan under the name CTI Life Sciences Limited.CTI Biopharma reported a net loss attributable to commonshareholders of $96 million in 2014, compared with a net lossattributable to common shareholders of $49.6 million in 2013.As of March 31, 2015, the Company had $63.1 million in totalassets, $48.7 million in total liabilities, $240,000 in commonstock purchase warrants, $14.1 million in total shareholders'equity.CYBERCO: Judge Enters $80MM Judgment Against Huntington National----------------------------------------------------------------A federal district court in Michigan (United State District CourtWestern District of Michigan Southern Division) on September 28,2015, entered a judgment (Case 1:12-cv-01113) against HuntingtonNational Bank in the amount of $71,833,628.81, that with interestwill exceed $80 million. The judgment will be shared by victims ofa $100 million Ponzi scheme perpetrated by Barton Watson through anentity known as Cyberco and its affiliate, Teleservices. MarciaMeoli, Trustee of Teleservices, who pursued relief on behalf of thevictims of the Ponzi Scheme, was represented by John E. Anding, ofDrew, Cooper & Anding, P.C. as special trial counsel and DouglasDonnell of Mike Meyers Beckett & Jones.The scheme involved phony sales of nonexistent computer equipmentfrom Teleservices to Cyberco, both of which were created by Watson."The judgment affirms the trial verdict entered by the bankruptcycourt and adopts its findings that Huntington turned a "blind eye"to the six- and seven-figure "large round dollar transfers" intoCyberco's depository accounts from Teleservices, which Huntingtonadmitted came from an unknown and suspicious source," said JohnAnding quoting the language used by the Bankruptcy Judge whoauthored the opinion adopted by the District Court.The transfers taken by Huntington were the fruits of the fraud, andconstituted tens of millions stolen from victims across the nation.From these stolen monies and immediately prior to the collapse ofthe Ponzi scheme, Huntington repaid itself a $17 million loan ithad made to Cyberco. The Court's judgment affirmed the verdict andorders Huntington to repay the entirety of over $71 million instolen funds to victims of the Ponzi scheme.In addition to repaying the full amount of the $71 million instolen funds, Huntington must pay prejudgment interest. Theinterest will add in excess of $9 million to the judgment bringingthe total judgment to over $80 million. * * *Kat Greene at Bankruptcy Law360 reported that U.S. District JudgePaul L. Maloney adopted the report and recommendation of thebankruptcy judge tasked with unwinding Barton Watson's scheme, inwhich he took out large loans from various banks purportedly to runa computer business. About Drew, Cooper & Anding (DC&A)Since its inception in 1991, the law firm of Drew Cooper & Andinghas dedicated itself to providing exemplary representation to itsclients throughout Michigan and across the country. Whether anindividual client or a corporation, we use the same creative anddynamic approach, employing the latest in litigation technology,allowing us to compete with larger national firms. Drew Cooper &Anding prides itself on being a firm of trial lawyers withcollective courtroom experience exceeding 100 years. The firm hasbeen listed in the Bar Register of Preeminent Lawyers since 1997and is a Martindale‐Hubbell AV rated firm based upon peer review.For more information please visit their website:http://dca-lawyers.com/or call: (616) 454-8300. DAVID CHARRON: Can't Dodge $364K Contempt Fine, Bankr. Judge Says-----------------------------------------------------------------Katy Stech, writing for The Wall Street Journal, reported that in a26-page ruling, U.S. Bankruptcy Judge James Boyd ruled thatMichigan lawyer David W. Charron's contempt fine is not the type ofdebt that a person can get rid of in bankruptcy.According to the report, the lawyer filed for bankruptcy protectionto avoid paying the contempt fine of $363,506 -- for orchestratingthe sale of an insurance firm despite a court order not to do so. The report related that the fine came from the messy breakup ofthat insurance firm in 2007 that led to "all-out warfare in thecivil justice system," as one judge put it.The Journal, citing court documents, related that Mr. Charronrepresented a co-owner who promised to buy out Glenn Morris, theformer co-owner of insurance agency Morris, Schnoor & Gremel Inc.,for $2.5 million but later stopped making payments.DETROIT, MI: Pensioners Lose Appeal From Bankruptcy Cuts--------------------------------------------------------ABI.org reported that a federal judge on Oct. 1, 2015, ruledagainst Detroit pension beneficiaries who had appealed the city'sfinal bankruptcy plan of adjustment.Matt Helms at Detroit Free Press reported that Detroit pensionbeneficiaries had appealed the city's final bankruptcy plan ofadjustment, the post-bankruptcy blueprint for city finances andoperations after it emerged from the nation's largest-evermunicipal insolvency.Judge Bernard Friedman of the U.S. District Court in Detroit tossedout appeals by city retirees who had asked the federal court toremove pension cuts from the city's December 2014 bankruptcysettlement with thousands of creditors, deals that helped the cityshed $7 billion in debt.The retirees, including members of the Detroit Active and RetiredEmployee Association (DAREA), had sought full restoration ofpension benefits, even though a majority of retirees in the city'sGeneral Retirement System voted to accept the settlement.Detroit's lawyers asked Friedman to reject the appeals, arguingthey were "equitably moot," a legal doctrine that says a bankruptcyexit plan shouldn't be reopened once it is substantiallyconsummated, because doing so could hinder the success of the planand harm other parties who've reached settlements. About the City of DetroitThe City of Detroit, Michigan, weighed down by more than $18billion in accrued obligations, sought municipal bankruptcyprotection on July 18, 2013, by filing a voluntary Chapter 9petition (Bankr. E.D. Mich. Case No. 13-53846). Detroit estimatedmore than $1 billion in both assets and debts.Kevyn Orr, who was appointed in March 2013 as Detroit's emergencymanager, signed the petition. Detroit is represented by lawyersat Jones Day and Miller Canfield Paddock and Stone PLC.Michigan Governor Rick Snyder authorized the bankruptcy filing.The filing makes Detroit the largest American city to seekbankruptcy, in terms of population and the size of the debts andliabilities involved.The City's $18 billion in debt includes $5.85 billion in specialrevenue obligations, $6.4 billion in post-employment benefits,$3.5 billion for underfunded pensions, $1.13 billion on secured andunsecured general obligations, and $1.43 billion onpension-related debt, according to a court filing. Debt serviceconsumes 42.5 percent of revenue. The city has 100,000 creditorsand 20,000 retirees.Detroit is represented by David G. Heiman, Esq., and HeatherLennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,Esq., at Jones Day, in Los Angeles, California; and Jonathan S.Green, Esq., and Stephen S. LaPlante, Esq., at Miller CanfieldPaddock and Stone PLC, in Detroit, Michigan.Sharon Levine, Esq., at Lowenstein Sandler LLP, is representingthe American Federation of State, County and Municipal Employeesand the International Union.Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, isrepresenting the United Automobile, Aerospace and AgriculturalImplement Workers of America.A nine-member official committee of retired workers appointed inthe case is represented by Dentons US LLP. Lazard Freres & Co.LLC serves as the Retiree Committee's financial advisor.Detroit filed a notice that the effective date of itsbankruptcy-exit plan occurred on Dec. 10, 2014. Judge StevenRhodes on Nov. 12, 2014, entered an order confirming the EighthAmended Plan for the Adjustment of Debts of the City of Detroit.Thomas Tucker, a federal bankruptcy judge since 2003, took overDetroit's landmark bankruptcy case following the retirement ofJudge Rhodes.DEX MEDIA: S&P Lowers Corporate Credit Rating to 'SD'-----------------------------------------------------Standard & Poor's Ratings Services said that it lowered itscorporate credit rating on Dex Media Inc. to 'SD' (selectivedefault) from 'CCC+'. At the same time, S&P lowered itsissue-level rating on the company's subordinated notes due 2017 to'D' from 'CCC-'. The '6' recovery rating on the subordinated notesis unchanged, indicating S&P's expectation for negligible recovery(0%-10%) of principal in the event of a payment default.Additionally, S&P lowered its issue-level rating on R.H. DonnelleyInc.'s senior secured term loan to 'CCC-' from 'CCC' and placed iton CreditWatch negative. The '5' recovery rating on the term loanis unchanged, indicating S&P's expectation for modest recovery(10%-30%; upper half of the range) of principal in the event of apayment default.S&P also lowered its issue-level ratings on Dex Media East Inc.,Dex Media West Inc., and SuperMedia Inc.'s credit facilities to'CCC' from 'CCC+' and placed the ratings on CreditWatch negative.The '4' recovery rating on the credit facilities is unchanged,indicating S&P's expectation for average recovery (30%-50%; upperhalf of the range) of principal in the event of a payment default.The downgrade follows Dex Media's failure to pay the cash portionof the interest payment on its subordinated notes due 2017. Theinterest payment was due on Sept. 30, 2015. The company currentlyhas adequate liquidity to service its debt.An event of default has not occurred under the indentures governingthe notes, which provide a 30-day grace period. "However, we do notexpect a payment to be made within the stated grace period, giventhe company's heavy debt burden, which we view as unsustainable,"said Standard & Poor's credit analyst Minesh Patel.Furthermore, Dex Media has disclosed that certain lenders arenegotiating a possible restructuring of its credit facilities. S&Pbelieves that the company is unlikely to be able to refinance itscredit facilities, which mature in December 2016 and theprobability of a restructuring has increased meaningfully.Accordingly, S&P has lowered its ratings on the credit facilitiesto reflect the possibility that the company could use the graceperiod to restructure the credit facilities. If the creditfacilities are impaired or if the company fails to service thecredit facilities, S&P will lower the issue-level ratings furtherto 'CC' or 'D'. S&P could also lower its issue-level ratings onthe credit facilities if credit facility lenders accelerate thematurity date.DOVER DOWNS: Regains Compliance with NYSE Listing Standard----------------------------------------------------------Dover Downs Gaming & Entertainment, Inc., announced that it hasregained compliance with the New York Stock Exchange's share pricecontinued listing standard. On Oct. 1, 2015, the NYSE notified theCompany that it had satisfied the NYSE's standard by virtue of thefact that as of Sept. 30, 2015, both the closing share price of theCompany's common stock and its average closing share price over thepreceding 30 consecutive trading days were in compliance with the$1.00 minimum threshold required by the NYSE. Accordingly, theCompany's common stock will continue to be traded on the NYSE. About Dover DownsOwned by Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE),Dover Downs Hotel & Casino(R) is a gaming and entertainment resortdestination in the Mid-Atlantic region. Gaming operations consistof approximately 2,500 slots and a full complement of table gamesincluding poker. The AAA-rated Four Diamond hotel is Delaware'slargest with 500 luxurious rooms/suites and amenities including afull-service spa/salon, concert hall and 41,500 sq. ft. of multi-use event space. Live, world-class harness racing is featuredNovember through April, and horse racing is simulcast year-round.Professional football parlay betting is accepted during theseason. Additional property amenities include multiplerestaurants from fine dining to casual fare, bars/lounges andretail shops. Visit http://www.doverdowns.com/ Dover Downs reported a net loss of $706,000 in 2014, compared tonet earnings of $13,000 in 2013.As of June 30, 2015, the Company had $175 million in total assets,$62.6 million in total liabilities and $113 million in totalstockholders' equity.KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, citing that the Company's credit facilityexpires on Sept. 30, 2015, and at present no agreement has beenreached to refinance the debt, which raises substantial doubt aboutthe Company's ability to continue as a going concern.ENERGY COAL SPA: Seeks U.S. Recognition of Italian Reorganization-----------------------------------------------------------------Energy Coal S.p.A. is seeking recognition by courts in the U.S. ofits reorganization proceeding pending before the Court of Genova,Bankruptcy Section, in Italy.The Italian Concordato Proceeding, pursuant to Section 160 of R.D.267/1942 Italian Insolvency Law or IIL, is a court-supervisedprocedure by which a business facing financial difficulties mayseek to reach an agreement with its creditors by proposing a debtrestructuring plan.The petition for recognition under Chapter 15 of the United StatesBankruptcy Code was filed by Augusto Ascheri, director andauthorized foreign representative of Energy Coal, to protect theCompany's valuable trade in the United States. The Chapter 15petition is proceeding in bankruptcy court in Wilmington,Delaware.According to documents filed in the U.S. court, the Companyregularly trades in various ports in the United States as a corepart of its business. The Company owned Cargo M/V Coretalent OL,located at the Marcus Hook Anchorage, is subject to attachmentproceedings currently pending before the United States DistrictCourt for the District of Delaware. On board the Vessel isapproximately 26,000 metric tons of petroleum coke.The Company believes that it currently has approximately 15creditors based in the United States. Italian Concordato ProceedingBeginning in 2011, the Company entered into certain contracts with Petroles de Venezuela, a state-owned oil and natural gas company,in connection with the Company's management of the extraction,processing and exportation of petroleum. Among other things, thesecontracts called for the Company to be compensated for servicesrendered by providing the Company with petroleum coke.The Company asserts it provided approximately $169 million worth ofservices to PDVSA, however, at the end of 2013, PDVSA discontinuedthe provision of petroleum coke and did not otherwise satisfy theamounts owed to the Company.The Debtor filed a case against PDVSA's wholly owned subsidiary,CITGO Petroleum Corporation in September 2014. The CITGO Action,which was pending before the United States District Court for theWestern District of Louisiana, was recently dismissed onjurisdictional grounds. The Company has appealed the dismissal. According to Mr. Ascheri, the Company's deteriorating financialposition is largely attributed to PDVSA's refusal to continue toprovide petroleum coke, which necessitates the Italian ConcordatoProceeding.Court documents show that the Company incurred losses ofapproximately US$8,946,353 in the past year. Most recently, theCompany reported revenues of US$98,425,800. The Company has assetsvalued at approximately US$64,871,550 and liabilities ofapproximately US$206,917,875, of which approximately US$5,592,375constitute secured liabilities.The Company filed an application for Concordato Preventivo underthe IIL on April 13, 2015, in the Court of Genova. The Italian Court entered an order commencing the Italian Concordato Proceedingwith respect to the Company on April 16, 2015.The Company is currently under a deadline of Oct. 10, 2015, tosubmit a debt restructuring plan. Other Pending LitigationEnergy Coal is involved in two recently filed lawsuits pending inthe United States District Court for the District of Delaware filedby Danish creditors of the Company: (i) Falcon Navigation A/S v.Energy Coal SPA and Energy Coke SRL (Case No.15-cv-00861) and (ii) XO Shipping A/S v. Energy Coal SPA and EnergyCoke SRL (Case No. 15-cv-00862) (collectively, the "Rule BActions"). The Rule B Actions were filed on Sept. 22, 2015.The plaintiffs in the Rule B Actions each assert that the Company(and Energy Coke as an alleged alter ego of the Company) owes moneypursuant to certain voyage charters between the Rule B Plaintiffsand the Company and each asserts fraudulent transfer claims againstEnergy Coke in respect of the Cargo. In connection with the Rule BActions, the plaintiffs have sought and, pursuant to an order ofthe District Court on Sept. 23, 2015, have obtained an attachmentof the Company's Cargo. The Company says both of the Rule B Actions and resultingattachment of the Company's Cargo, occurred well after the Companyfiled its Concordato Application and the automatic stay provisionsof section 168 of the IIL went into effect. Accordingly, theCompany is seeking the vacation of the Rule B attachments throughthe Chapter 15 pursuant to Sections 1507 and 1521 of the BankruptcyCode.In addition to the Rule B Actions and the CITGO Action, the Companyis a defendant in a civil action currently pending before theSupreme Court of the State of New York styled ThyssenkruppMinenergy GmbH n/k/a Thyssenkrupp Metallurgical Products GmbH v.Energy Coal S.p.A. TRO RequestedIn order to preserve the Company's business and property andmaintain the status quo pending the U.S. Bankruptcy Court's hearingon recognition of the Italian Concordato Proceeding, Mr. Ascheriseeks provisional relief in the form of an order to show cause withtemporary restraining order staying execution against any assets ofthe Company in the United States and prohibiting all persons orentities from commencing or continuing any litigation or any otherproceeding."Without a provisional stay of all proceedings against the Companyand its assets, the purpose of the Italian Concordato Proceedingwill be frustrated by allowing certain creditors to be improperlypreferred and by interfering with the Company's assets and businessoperations in violation of the Italian automatic stay," Mr. Ascherisays in Court papers. "In addition, continuation of existinglitigation or commencement of additional litigation against theCompany in the United State will distract Company management at acritical juncture in the Company's restructuring. It could alsoincrease the claims against the Company in the Italian ConcordatoProceeding in respect of defense costs and would undermine theCompany's efforts to achieve an equitable distribution for thebenefit of their creditors," he adds. About Energy CoalThe Company is primarily engaged in trading in coal and other rawmaterial, including petroleum coke. The Company is a part of agroup of companies headed by parent company ICE Holding S.r.L. TheCompany currently has outstanding 9,000,000 shares of stock and ICEHolding holds approximately 77.35% of the outstanding stock. TheCompany currently has 21 employees, all located in Genova, Italy.Energy Coal S.p.A. filed a Chapter 15 bankruptcy petition (Bankr.D. Del. Case No. 15-12048) on Oct. 2, 2015. The Debtor has engaged Blank Rome LLP as counsel andPricewaterhouseCoopers Advisory S.p.A. as restructuring advisor. Judge Laurie Selber Silverstein is assigned to the case.ENERGY COAL: Chapter 15 Case Summary------------------------------------Chapter 15 Petitioner: Augusto Ascheri, director and duly authorized foreign representativeChapter 15 Debtor: Energy Coal S.p.A. Via San Vincenzo 2 Genova, ItalyChapter 15 Case No.: 15-12048Type of Business: The Company is primarily engaged in trading in coal and other raw material, including petroleum coke.Chapter 15 Petition Date: October 2, 2015Court: United States Bankruptcy Court District of Delaware (Delaware)Judge: Hon. Laurie Selber SilversteinChapter 15 Petitioner's Victoria A. Guilfoyle, Esq.Counsel: BLANK ROME LLP 1201 Market Street, Suite 800 Wilmington, DE 19801 Tel: 302-425-6404 Fax: 302-425-6464 Email: firstname.lastname@example.com - and - Josef W. Mintz, Esq. BLANK ROME, LLP 1201 N. Market Street Wilmington, DE 19801 Tel: 302-425-6478 Fax: 215-832-5528 Email: firstname.lastname@example.com - and - Alan Michael Root, Esq. BLANK ROME LLP 1201 North Market Street, Suite 800 Wilmington, DE 19801 Tel: 302-425-6417 Fax: 302-428-5109 Email: firstname.lastname@example.com - and - Michael B. Schaedle, Esq. BLANK ROME LLP 1201 North Market Street, Suite 800 Tel: 302-425-6400 Estimated Assets: $50 million to $100 millionEstimated Liabilities: $100 million to $500 millionENERGY FUTURE: Court Approves Amendments to Cash Collateral Order-----------------------------------------------------------------The U.S. Bankruptcy Court in Delaware approved the latestamendments to its order that authorized affiliates of Energy FutureHoldings Corp. to use the cash collateral.The final order, issued on June 6, 2014, was amended to provide forpayment of fees and expenses of the official committee of unsecuredcreditors of Texas Competitive Electric Holdings Company LLC andEnergy Future Competitive Holdings Company LLC.The latest amendments also extended the companies' use of the cashcollateral and waived their right to surcharge the collateral oftheir pre-bankruptcy lenders. A copy of the revised order is available for free at http://is.gd/BDPw4nIn a separate ruling, the bankruptcy court extended to Jan. 15,2016, the deadline to challenge the stipulations and admissionscontained in the June 6 order solely with respect to the officialcommittee of unsecured creditors of Energy Future Holdings. About Energy Future Holdings Corp.Energy Future Holdings Corp., formerly known as TXU Corp., is aprivately held diversified energy holding company with a Portfolioof competitive and regulated energy businesses in Texas. Oncor, an80 percent-owned entity within the EFH group, is the largestregulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million deliverypoints in and around Dallas-Fort Worth. EFH Corp. was created inOctober 2007 in a $45 billion leverage buyout of Texas powercompany TXU in a deal led by private-equity companies KohlbergKravis Roberts & Co. and TPG Inc.On April 29, 2014, Energy Future Holdings and 70 affiliatedcompanies sought Chapter 11 bankruptcy protection (Bankr. D. Del.Lead Case No. 14-10979) after reaching a deal with some keyfinancial stakeholders to keep their businesses operating whilereducing their 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 jointlyadministered for procedural purposes.As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion inbook value and liabilities of $49.7 billion. The Debtors have $42billion of funded indebtedness.EFH's legal advisor for the Chapter 11 proceedings is Kirkland &Ellis LLP, its financial advisor is Evercore Partners and itsrestructuring advisor is Alvarez & Marsal. The TCEH first lienlenders supporting the restructuring agreement are represented byPaul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, andMillstein & Co., LLC, as financial advisor.The EFIH unsecured creditors supporting the restructuring agreementare represented by Akin Gump Strauss Hauer & Feld LLP, as legaladvisor, and Centerview Partners, as financial advisor. The EFHequity holders supporting the restructuring agreement arerepresented by Wachtell, Lipton, Rosen & Katz, as legal advisor,and Blackstone Advisory Partners LP, as financial advisor. EpiqSystems is the claims agent.Wilmington Savings Fund Society, FSB, the successor trustee for thesecond-lien noteholders owed about $1.6 billion, is represented byAshby & 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 inthe case. The Committee represents the interests of the unsecuredcreditors of ONLY of Energy Future Competitive Holdings CompanyLLC; EFCH's direct subsidiary, Texas Competitive Electric HoldingsCompany LLC; and EFH Corporate Services Company, and of no otherdebtors. The Committee has selected Morrison & Foerster LLP andPolsinelli PC for representation in this high-profile energyrestructuring. The lawyers working on the case are James M. Peck,Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., atMorrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., atPolsinelli PC.ESTERLINA VINEYARDS: Taps Thomas K. Rackerby as Accountant----------------------------------------------------------Esterlina Vineyards & Winery, LLC, asks the U.S. Bankruptcy Courtfor the Northern District of California for permission to employThomas K. Rackerby, Certified Pubic Accountant, as accountant.Mr. Rackerby will consolidate and provide quality control overfinancial accounting records to assist in the bankruptcy process.To the best of the Debtor's knowledge, Mr. Rackerby is a"disinterested person" as that term is defined in Section 101(14)of the Bankruptcy Code. About Esterlina Vineyards & Winery, LLCEsterlina Vineyards & Winery, LLC filed a Chapter 11 bankruptcypetition (Bankr. N.D. Calif. Case No. 15-10841) on Aug. 12, 2015.Eric Sterling signed the petition as president. The Debtorestimated assets of $10 million to $50 million and liabilities ofat least $1 million. The Law Offices of Provencher & Flatt LLPserves as the Debtor's counsel. The case is assigned to JudgeThomas E. Carlson.ESTERLINA VINEYARDS: Wants to Hire Provencher & Flatt as Counsel----------------------------------------------------------------Esterlina Vineyards & Winery, LLC, asks the U.S. Bankruptcy Courtfor the Northern District of California for permission to employProvencher & Flatt, LLP as counsel.Provencher & Flatt will, among other things: (a) analyze the Debtor's financial condition and counseling onthe effects of bankruptcy proceedings; (b) prepare the pleadings necessary to commence the bankruptcycase and appearance at various hearings required during thebankruptcy proceeding; and (c) represent in any adversary proceedings commenced by theDebtor or filed against the Debtor related to the Debtor's Chapter11 bankruptcy proceeding.In August 2015, the Debtor's Vice President of Operations CraigSterling, contacted Mr. Provencher regarding the Debtor's financesand bankruptcy options. The Debtor faced a trustee's sale of itsreal property on Aug. 13, 2015. On Aug. 7, 2015, the Debtorretained Provencher & Flatt LLP to file a Chapter 11. On Aug. 11,2015, Mr. Sterling, one of the Debtor's principals arranged for thepayment of a $25,000 retainer for the Chapter 11.The Debtor agrees to pay Mr. Provencher at his hourly rate of$510.To the best of the Debtor's knowledge, Provencher & Flatt LLP are"disinterested person" as that term is defined in Section 101(14)of the Bankruptcy Code.Eric Sterling, one of the managers of the Debtor, in a declarationin support for the application to employ Douglas Provencher ascounsel, said that the Debtor did not have sufficient funds on handto retain bankruptcy counsel. Mr. Sterling arranged to borrow$25,000 from a friend which was used to provide Provencher & Flatt,LLP with a $25,000 retainer for a Chapter 11 filing by the Debtor.Douglas B. Provencher, a partner in Provencher & Flatt LLP in SantaRosa, California, filed a supplemental declaration, statingProvencher & Flatt LLP had work in progress of $1,731 whichincluded work to prepare the petition, list of twenty largestcreditors, file the petition and notify Bank of the West. Theservices were not billed and did not show as a balance due as ofthe filing date. Provencher & Flatt LLP and I will "write off" theprepetition work in progress of $1,731 so there will be no chargeto the Debtor for the prepetition work.The firm can be reached at: Douglas B. Provencher, Esq. PROVENCHER & FLATT LLP 823 Sonoma Avenue Santa Rosa, CA 95404-4714 Tel: (707) 284-2380 Fax: (707) 284-2387 About Esterlina Vineyards & Winery, LLCEsterlina Vineyards & Winery, LLC filed a Chapter 11 bankruptcypetition (Bankr. N.D. Calif. Case No. 15-10841) on Aug. 12, 2015.Eric Sterling signed the petition as president. The Debtorestimated assets of $10 million to $50 million and liabilities ofat least $1 million. The Law Offices of Provencher & Flatt LLPserves as the Debtor's counsel. The case is assigned to JudgeThomas E. Carlson.FIRST DATA: Has Public Offering of 160 Million Class A Shares-------------------------------------------------------------First Data Corporation has launched an initial public offering of 160,000,000 shares of its Class A common stock. Prior to this offering, there has been no public market for theCompany's Class A common stock. The Company currently expects thatthe initial public offering price of its Class A common stock willbe between $18.00 and $20.00 per share. The Company intends toapply to list its Class A common stock on the New York StockExchange under the symbol "FDC."Upon consummation of this offering, the Company will have twoclasses of common stock: its Class A common stock and its Class Bcommon stock. The rights of the holders of Class A common stockand Class B common stock will be identical, except with respect tovoting, conversion, and transfer restrictions applicable to theClass B common stock. Each share of Class A common stock will beentitled to one vote. Each share of Class B common stock will beentitled to ten votes and will be convertible into one share ofClass A common stock automatically upon transfer, subject tocertain exceptions.After the completion of this offering, Kohlberg Kravis Roberts &Co. L.P. and its affiliates will continue to control a majority ofthe voting power of the Company's common stock. As a result, theCompany will be a "controlled company" within the meaning of thecorporate governance standards of the NYSE. Individuals can elect to purchase shares in the Company's IPOthrough LOYAL3 in amounts starting at $100, with no transactionfees.In an e-mail message made available with the SEC, Frank Bisignano,the chairman and CEO of First Data, said "It is in the spirit ofloyalty that we are offering you access to our IPO stock at thesame price, and at the same time, as Wall Street. This will beoffered at the initial public offering price through LOYAL3, acompany whose platform makes it easy and affordable for largenumbers of people to purchase shares in our IPO at the same price,and at the same time, as institutions and other large investors. Enrollment is on a first-come, first-served basis."LOYAL3 Securities, Inc. is a U.S. registered broker-dealer, and isnot affiliated with any of the Company's financial institutionpartners. A copy of the preliminary prospectus is available for free at: http://is.gd/EpZkKb About First DataBased in Atlanta, Georgia, First Data Corporation providescommerce 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 endedDec. 31, 2014, compared with a net loss attributable to theCorporation of $869 million on $10.8 billion of total revenuesduring the prior year.As of March 31, 2015, the Company had $34.13 billion in totalassets, $31.7 billion in total liabilities, $78 million inredeemable noncontrolling interest, and $2.35 billion in totalequity. * * *The Company carries a 'B3' corporate family rating, with astable outlook, from Moody's Investors Service, a 'B' corporatecredit rating, with stable outlook, from Standard & Poor's, anda 'B' long-term issuer default rating from Fitch Ratings.FOREST CITY: Fitch Raises Rating on Secured Revolver Loan to BB---------------------------------------------------------------Fitch Ratings has revised the Rating Outlook for Forest CityEnterprises, Inc. (NYSE: FCEA, NYSE: FCEB, collectively FCE) toPositive from Stable. Fitch has also assigned ratings to the newlyformed Forest City Realty Trust, upgraded the secured bankrevolving credit facility to 'BB', and assigned Recovery Ratings asdetailed at the end of the release. KEY RATING DRIVERSThe Positive Outlook reflects Fitch's expectation that while ForestCity's expected real estate investment trust (REIT) conversion andsubsequent distribution requirements will reduce corporateliquidity, completed and forecast deleveraging has been significantand will be consistent with a 'BB' Issuer Default Rating (IDR) overthe next 12-to-24 months. The ratings also consider the qualityand durable operating performance of FCE's portfolio, offset inpart by its structural complexity and significant developmentprojects which weigh on corporate liquidity. REIT CONVERSION REDUCES LIQUIDITY; INSTILLS LEVERAGE CONSERVATISM Fitch generally views the REIT structure as a credit negativerelative to an identical real estate operating company (REOC)because distribution requirements limit the extent to which anissuer can retain operating cash flow, and thus reliance onconsistent access to the capital markets is a more important ratingfactor. As such, the conversion in and of itself is a creditnegative. However, Fitch attributes FCE's recent and expecteddeleveraging and simplifying efforts to the conversion and believesthe REIT structure will be a catalyst for conservatism for theissuer, relative to past years. Forest City has meaningfully reduced its leverage over the pastthree years. Fitch calculates leverage was 8.1x for second quarter2015 (2Q15) on a consolidated basis, down from 12.9x for fiscalyear (FY) 2011 (trailing 12 months ended Jan. 31, 2011). Theimprovement has been driven in large part by the exchange of seniorunsecured debt for common stock, a sizable common stock issuanceand equity raised through the contribution of assets to jointventures. Unsecured debt totaled only $272 million at June 30, 2015, pro forma for the exchange of convertible notessubsequent to the end of the period, compared to $1.1 billion atJan. 31, 2013. Given the issuer's increasing use of consolidated andunconsolidated joint ventures and the fact that the issuer monitorsits leverage on a pro-rata basis, Fitch will increasingly look topro-rata metrics rather than consolidated. Pro-rata leverage was9.3x at June 30, 2015 pro forma, down from 11.6x for FY 2011. Theissuer has publicly targeted reducing leverage by another 1x-2x,and Fitch's forecasts indicate leverage stabilizing at least at thecurrent levels is likely and further improvement is achievable. While FCE's headline leverage is below Fitch's sensitivity forpositive momentum, Fitch is awaiting stabilization, because metricstend to be volatile given the fluidity of assets in and out of theconsolidated financial statements and timing given the magnitude ofrealized and planned asset sales. Fixed-charge coverage (FCC) has also made similar improvements to1.6x for 2Q15 on a pro-rata basis up from 1.1x, 1.2x and 1.5x forthe years ended Jan. 31, 2013, Dec. 31, 2013 and Dec. 31, 2014.Fitch does not project as meaningful improvements in FCC as FCE hashistorically had high maintenance capital expenditures that reducedFCC. Nonetheless, FCC is and is expected to remain appropriate fora 'BB' IDR. Fitch defines leverage as debt less readily availablecash to recurring operating EBITDA. Fitch defines FCC as recurringoperating EBITDA less maintenance capital expenditures andstraight-line rent to total interest. HIGH-QUALITY, IDIOSYNCRATIC PORTFOLIO DRIVES PERFORMANCESince its founding, FCE has grown its expertise in developinglarge, mixed-use master planned communities, notably those indensely populated markets. Net operating income (NOI) waswell-diversified by segment (35% office, 27% retail, 27%multifamily, and the remainder military housing and land) andlocated in strong markets (35% in New York City with Washington,D.C., Denver, Los Angeles, Boston, San Francisco and Chicago eachcomprising 3%-10%). FCE's operating performance has been strong both on an absolutebasis and relative to its underlying markets and select publicpeers, evidencing durable operating cash flows. The segmentdiversification further enhances the durability of FCE's overallcash flows. FCE's same store (SS) NOI growth averaged 2.3% from2003 through 2014 and FCE weathered the recent downturn with only asingle-year decline of 0.8% in 2009. SSNOI growth accelerated in2014 to 4.8% and has sustained there YTD. Fitch expects SSNOIgrowth will be in the mid-single digits over the next 12-24 monthsdriven by positive leasing spreads and incremental occupancygains.JOINT VENTURES REDUCE DEVELOPMENT RISKThe company has a proven capacity to acquire, aggregate and entitleadjoining plots of land and to work with local municipalities,community groups and government agencies to receive requisiteapprovals and tax credit financings. Since Fitch assigned initialratings, FCE entered into two joint ventures that materially reducethe company's funding requirements for development going forward. In the fourth quarter of 2012 (4Q12), FCE entered into apartnership with the Arizona State Retirement System (ASRS) for a$400 million equity fund that invests in multifamily developmentprojects.In 4Q13, FCE entered into an agreement to develop the remainder ofPacific Park Brooklyn (fka: Atlantic Yards) through a joint venture(JV) with Greenland Group (70% ownership). The use of a JV tocomplete this project is largely a credit positive as it materiallyreduces FCE's share of remaining equity requirements. Further, FCEwill be responsible for a smaller aggregate amount of non-recourseconstruction financing than if developed 100% on balance sheet. However, Fitch notes that only 'Special Major Decisions' need beapproved by at least one member from both Greenland and ForestCity, potentially limiting FCE's control over the project. MANAGEABLE DEBT MATURITIES DRIVE SUFFICIENT LIQUIDITYLiquidity coverage of 1.0x is adequate for the rating for theperiod July 1, 2015 through Dec. 31, 2016. A corporate default ishighly unlikely given full availability under the $500 million lineof credit, $280 million of unrestricted cash pro forma for thesubsequent conversion of portions of the convertible notes, andassuming a $25 million reserve for working capital purposes. FCE's debt maturities are somewhat concentrated but appropriate forthe rating with 28.6% of total debt maturities including pro ratashare of non-recourse debt coming due in 2017. By design, recoursedebt maturities are limited over the foreseeable future with lessthan $2 million (which is convertible) maturing before 2018. Fitch defines liquidity as sources (unrestricted cash assuming $25million is unavailable for working capital purposes, drawn butunspent construction financing, and availability under the $500million revolving credit facility pro forma for the convertiblenote exchanges, the NS&E capital call and announced property sales)to uses (total debt maturities, recurring maintenance capitalexpenditures, completion of in-progress developments and anestimated E&P dividend for the REIT conversion). Fitch has notassumed FCE will retain any cash flow from operating activitiesafter dividends as the company has not established its REITdividend policies but notes that the issuer could retain somecashflow should its dividends be closer to the minimum requiredrather than to adjusted funds from operations. UPNOTCHING AND RECOVERY RATINGS ASSIGNMENTIn accordance with Fitch's updated Recovery Rating (RR)methodology, Fitch is now providing RRs for issuers with IDRs inthe 'BB' category. The RR of '2' for FCE's bank credit facilitysupports a rating of 'BB', or one notch above the IDR, resulting inthe upgrade of the facility from 'BB-'. The 'RR2' reflects that itis structurally senior to the convertible notes and that despitebeing structurally second lien it should have better recoveryprospects in the event of a default given its equity pledge onsubsidiaries.The RR of '4' for FCE's convertible notes supports a rating of'BB-', the same as FCE's IDR, and reflects average recoveryprospects in a distressed scenario. POSITIVE OUTLOOKThe Positive Outlook reflects that the issuer's post-conversiontargeted capitalization should be consistent with a 'BB' IDR thoughheadline metrics will be volatile in the interim given the numberof steps remaining (e.g. asset sales, non-core dispositions andmargin improvement from organizational restructuring). KEY ASSUMPTIONSFitch's key assumptions within its rating case for the issuerinclude: -- FCE will convert to a REIT and complete the requisite transactions; -- FCE will maintain its lower leverage and continue to work toward lower levels; -- Operating performance will remain accommodative with SSNOI growth in the mid-single digits per year; -- FCE will not meaningfully increase its development exposure.RATING SENSITIVITIESThese factors may have a positive impact on the ratings and/orOutlook: -- The completion of the issuer's plans to delever and simplify, including asset sales and margin expansion resulting in headline metrics stabilizing at targeted levels; -- The maintenance of a sizable unencumbered asset pool; -- Fitch's expectation of leverage sustaining below 10x (leverage was 8.1x and 9.3x as of June 30, 2015 on a consolidated and pro rata basis, respectively, pro forma for the note exchanges subsequent to the end of 2Q15).These factors may result in negative momentum in the ratings and/orOutlook: -- Fitch's expectation of leverage sustaining above 13x; -- Fitch's expectation of fixed charge coverage sustaining below 1x (coverage was 1.9x and 1.6x for 2Q15 on a consolidated and pro rata basis, respectively); -- Material growth in on-balance-sheet development projects; -- A material investment in a non-real estate project or entity.FULL LIST OF RATING ACTIONSForest City Enterprises, Inc. -- IDR affirmed at 'BB-' -- Secured bank revolving credit facility upgraded to 'BB' / RR2 from 'BB-'; -- Senior unsecured convertible notes affirmed at 'BB-' and assigned a Recovery Rating of 'RR4'. -- Fitch has assigned an IDR of 'BB-' to Forest City Realty Trust.Fitch has revised the Rating Outlook to Positive from Stable.FREEDOM INDUSTRIES: Judge Inclined to Approve Liquidation Plan--------------------------------------------------------------Patrick Fitzgerald, writing for Dow Jones' Daily Bankruptcy Review,reported that federal bankruptcy judge on Oct. 2 said he wasleaning toward approving the bankruptcy plan for Freedom IndustriesInc., the company behind a last year's chemical spill in WestVirginia, which would pave the way for thousands of people harmedby the spill to begin receiving payments.According to the report, Judge Ronald Pearson said the varioussettlement and compromises in the plan, which divvies up $6.1million between Freedom's creditors and residents, meritedapproval. But the judge said he wanted to Freedom's liquidationplan under advisement in order to review the final language on someminor modifications to the proposal, the report related. About Freedom IndustriesFreedom Industries Inc. is engaged principally in the business ofproducing specialty chemicals for the mining, steel and cementindustries. The Debtor operates two production facilities locatedin (a) Nitro, West Virginia; and (b) Charleston, West Virginia.The company, connected to a chemical spill that tainted the watersupply in West Virginia, sought protection under Chapter 11 of theBankruptcy Code (Bankr. S.D. W.Va. Case No. 14-bk-20017) on Jan.17, 2014. The case is assigned to Judge Ronald G. Pearson.The petition was signed by Gary Southern, president.The Debtor is represented by Mark E Freedlander, Esq., at McGuireWoods LLP, in Pittsburgh, Pennsylvania; and Stephen L. Thompson,Esq., at Barth & Thompson, in Charleston, West Virginia.On Dec. 31, 2013, four companies merged under the umbrella ofFreedom Industries: Freedom Industries Inc., Etowah River TerminalLLC, Poca Blending LLC and Crete Technologies LLC.As reported in the Troubled Company Reporter on Feb. 20, 2014,Kate White, writing for The Charleston Gazette, reported that theDebtor disclosed $16 million in assets and $6 million inliabilities when it filed for bankruptcy.On Feb. 5, 2014, the U.S. Trustee appointed an official committeeof unsecured creditors. The Committee retained Frost Brown ToddLLC as counsel.On March 18, 2014, the Bankruptcy Court approved the hiring ofMark Welch at Morris Anderson in Chicago as Freedom's chiefrestructuring officer.FREESEAS INC: Incurs $21.8 Million Net Loss in H1 2015------------------------------------------------------FreeSeas, Inc., reported a net loss of $21.82 million on $766,000of operating revenues for the six months ended June 30, 2015,compared to net income of $570,000 on $2.24 million of operatingrevenues for the same period a year ago.As of June 30, 2015, the Company had $41.4 million in total assets,$32.2 million in total liabilities and $9.22 million in totalshareholders' equity.A full-text copy of the Financial Report is available at: http://is.gd/9KadMD About FreeSeas Inc.Headquartered in Athens, Greece, FreeSeas Inc., formerly known asAdventure Holdings S.A., was incorporated in the Marshall Islandson April 23, 2004, for the purpose of being the ultimate holdingcompany of ship-owning companies. The management of FreeSeas'vessels is performed by Free Bulkers S.A., a Marshall Islandscompany that is controlled by Ion G. Varouxakis, the Company'sChairman, President and CEO, and one of the Company's principalshareholders.The Company's fleet consists of six Handysize vessels and oneHandymax vessel that carry a variety of drybulk commodities,including iron ore, grain and coal, which are referred to as"major bulks," as well as bauxite, phosphate, fertilizers, steelproducts, cement, sugar and rice, or "minor bulks." As ofOct. 12, 2012, the aggregate dwt of the Company's operationalfleet is approximately 197,200 dwt and the average age of itsfleet is 15 years.Freeseas reported a net loss of $12.7 million in 2014, a net lossof $48.7 million in 2013 and a net loss of $30.9 million in 2012.RBSM LLP, in New York, issued a "going concern" qualification onthe consolidated financial statements for the year ended Dec. 31,2014, citing that the Company has incurred recurring operatinglosses and has a working capital deficiency. In addition, theCompany has failed to meet scheduled payment obligations under itsloan facilities and has not complied with certain covenantsincluded in its loan agreements. Furthermore, the vast majority ofthe Company's assets are considered to be highly illiquid and ifthe Company were forced to liquidate, the amount realized by theCompany could be substantially lower that the carrying value ofthese assets. Also, the Company has disclosed alternative methodsof testing the carrying value of its vessels for purposes oftesting for impairment during the year ended December 31, 2014.These conditions among others raise substantial doubt about theCompany's ability to continue as a going concern.FRESH PRODUCE: Liquidating Plan Set for Nov. 16 Hearing-------------------------------------------------------Judge Michael E. Romero of the U.S. Bankruptcy Court for theDistrict of Colorado will convene a hearing on Nov. 16, 2015, toconsider confirmation of Fresh Produce Holdings, LLC, et al.'sJoint Liquidating Chapter 11 Plan.Judge Romero, on Sept. 24, 2015, approved the explanatorydisclosure statement after no objections were submitted. The judgealso ordered that: -- On or before Oct. 5, 2015, the Debtors will transmitsolicitation packages to voting creditors. -- Ballots accepting or rejecting the Plan must be submitted onor before 5:00 p.m. on Nov. 2. -- Any objections to confirmation must be filed on or before Nov.2. -- No later than three days prior to the confirmation hearing,the Debtors will submit a summary report of the ballots. -- A hearing to consider confirmation of the Plan will be heldNov. 16, at 9:30 a.m. in the U.S. Bankruptcy Court for the Districtof Colorado, Courtroom C, U.S. Custom House, 721 19th Street,Denver, Colorado. The Chapter 11 PlanOn May 15, 2015, the Debtors sold substantially all of their assetsto Blue Stripe LLC for a purchase price of $7,093,000. As of June30, 2015, the Debtors' held cash totaling $3,848,870 in their DIPoperating account. This amount is net of payment of the WellsFargo debt, various administrative expenses, and cure claimsassociated with the leases assumed and assigned to Blue Stripe.The Debtors on July 31, 2015, filed their proposed JointLiquidating Chapter 11 Plan of Reorganization and an explanatoryDisclosure Statement.The Debtors have liquidated virtually all of their assets and nolonger maintain operations. If the Plan is confirmed, a planadministrator will be appointed, and subject to oversight of a PostEffective Date Committee, will review, analyze, reconcile andobject to claims and to make distributions to creditors.Under the Plan, holders of priority non-tax claims (Class 1) andholders of secured claims (Class 2) are unimpaired, and thus willhave a 100% recovery. Holders of general unsecured claims (Class3) will receive its pro rata share of cash held by the estatesafter payment of administrative claims and secured claims. Unsecured creditors are estimated to have a 15 percent to 25percent recovery. All equity interests (Class 4) will becancelled, and holders of these interests will not receive anythingunder the plan.General unsecured creditors are entitled to vote on the Plan. Equity holders are deemed to reject the Plan. Classes 1 and 2 aredeemed to accept the Plan as they are unimpaired.The Debtors do not believe that there are any unsatisfied securedclaims as the $3,833,234 debt to Wells Fargo has been paid from thesale proceeds. The vast majority of the Debtors' outstandingclaims are general unsecured claims of vendors and landlords.A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/Fresh_Produce_396_DS.pdf About Fresh Produce HoldingsHeadquartered in Boulder, Colorado Fresh Produce --http://www.freshproduceclothes.com/-- designed, developed and marketed women's apparel and accessories. Its products wereavailable in 26 company-owned boutiques located across the UnitedStates, as well as 400 independent retail locations.Fresh Produce Holdings, LLC, and five separate entities filedChapter 11 petitions (Bankr. D. Col. Lead Case No. 15-13485) inDenver, on April 4, 2015. Fresh Produce disclosed $15,657,041 inassets and $13,320,303 in liabilities as of the Chapter 11 filing.Subsidiaries earlier commenced bankruptcy cases on April 2, 2015:FP Brogan-Sanibel Island, LLC (Case No. 15-13420), Fresh ProduceCoconut Point, LLC (Case No. 15-13421), Fresh Produce ofSt. Armands, LLC (Case No. 15-13417), Fresh Produce Retail, LLC(15-13415), and Fresh Produce Sportswear, LLC (15-13416).The Debtors tapped Michael J. Pankow, Esq., at Brownstein HyattFarber Schreck, in Denver, as counsel.The Official Committee of Unsecured Creditors tapped Cooley LLP ascounsel.Following an auction on May 9, 2015, Blue Stripe LLC emerged as thewinning bidder for most of the Debtors' assets, with its $7,093,000offer, beating stalking horse bidder Yellen Partners, which made anopening bid of $5,600,000. The Court approved the sale on May 12,and the sale closed May 15.Bonnie Glantz Fatell was appointed as privacy ombudsman to reviewthe sale of customer data to Blue Stripe. In her report, theombudsman recommended approval of the sale of customer data. TheCourt approved the sale of customer data to Blue Stripe on May 22,2015.With respect to the store leases, on May 15, 2015, the Debtorsfiled motions to assume and assign 16 store leases to Blue Stripeand a motion to approve store closing sales at the remaining storelocations.The Court set a July 27, 2015 bar date for filing proofs of claim.GENERAL MOTORS: Response Brief Filed in Ignition Defect Case------------------------------------------------------------Steven Trader at Bankruptcy Law360 reported that General Motors LLCdefended its argument on Sept. 30, 2015, that plaintiffs suing theautomaker over ignition switch defects can't hold it liable for theactions of the pre-bankruptcy version of the company, telling a NewYork bankruptcy court that the plaintiffs have stated noindependent claims against New GM.The automaker filed a response brief to the federal bankruptcycourt on the transposition of Old GM's legal issues to New GM. About Motors LiquidationGeneral Motors Corporation and three of its affiliates filed forChapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) onJune 1, 2009. The Honorable Robert E. Gerber presides over theChapter 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 APServices, LLC, an affiliate of AlixPartners, LLP, serves as theChief Executive Officer for Motors Liquidation Company. GMis also represented by Jenner & Block LLP and Honigman MillerSchwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP isproviding legal advice to the GM Board of Directors. GM'sfinancial advisors are Morgan Stanley, Evercore Partners and theBlackstone Group LLP. Garden City Group is the claims and noticeagent of the Debtors.The U.S. Trustee appointed an Official Committee of UnsecuredCreditors and a separate Official Committee of Unsecured CreditorsHolding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis& Frankel LLP served as bankruptcy counsel to the CreditorsCommittee. Attorneys at Butzel Long served as counselon supplier contract matters. FTI Consulting Inc. served asfinancial advisors to the Creditors Committee. Elihu Inselbuch,Esq., at Caplin & Drysdale, Chartered, represented the AsbestosCommittee. Legal Analysis Systems, Inc., served as asbestosvaluation analyst.The Bankruptcy Court entered an order confirming the Debtors'Second Amended Joint Chapter 11 Plan on March 29, 2011. The Planwas declared effect on March 31.On Dec. 15, 2011, Motors Liquidation Company was dissolved. OntheDissolution Date, pursuant to the Plan and the Motors LiquidationCompany GUC Trust Agreement, dated March 30, 2011, between theparties thereto, the trust administrator and trustee -- GUC TrustAdministrator -- of the Motors Liquidation Company GUC Trust,assumed responsibility for the affairs of and certain claimsagainst MLC and its debtor subsidiaries that were not concludedprior to the Dissolution Date.As of March 31, 2015, Motors Liquidation had $1.01 billion intotalassets, $69.2 million in total liabilities and $945 million in netassets in liquidation.GENON ENERGY: S&P Lowers CCR to 'CCC+', Outlook Stable------------------------------------------------------Standard & Poor's Ratings Services lowered its corporate creditratings on GenOn Energy Inc. and its affiliate GenOn EnergyHoldings Inc. to 'CCC+' from 'B-'. The outlook is stable.Because of the change in the corporate credit rating, S&P has alsolowered the issue ratings on the $1.95 billion of unsecured notesat GenOn Energy, the issue rating on the $770 million of passthrough certificates ($665 million outstanding) at GenOnMid-Atlantic LLC (GenMA), and the ratings on $850 million unsecurednotes at GenOn Americas LLC (GenAM) to 'B-' from 'B'. Similarly,the 'B+' issue rating on the $641 million of pass-throughcertificates (about $391 million outstanding) at REMA were loweredto 'B'"The rating action follows a progressively weaker forward powercurve due to depressed natural gas prices, and lower gross marginsdue to stagnating demand and milder weather patterns, resulting ina further weakening of financial measures," said Standard & Poor'scredit analyst Aneesh Prabhu. "While the capacity performanceincremental auctions provide some uplift in margins, they do notoffset the energy margin compression," he added. S&P has lowered the ratings into the 'CCC' category because itbelieves that GenOn is vulnerable under the current forward curveto default prospects that exceed a one-in-two probability anddepends on favorable business, financial, and economic conditionsto meet its financial commitments. Although S&P thinks GenOn hasadequate cash balances and is unlikely to default on obligationsbefore 2017, it is the longer-term prospects that appear to beunsustainable. S&P assess GenOn purely on the merits of itsstand-alone credit profile (SACP), with no enhancement from parentNRG Energy Inc. as S&P considers GenOn "non-strategic" to NRG. While S&P notes the headwinds in the merchant power sector that areresulting in continuing pressure on cash flow, the stable outlookon GenOn reflects its relatively high hedged base-load generationthrough 2015, and a fairly hedged position for 2016. S&P also donot expect a default in 2016 because of significant cash balances.GenOn's downside risks stem from the backwardated cash flow profileas hedges fall away in 2016 under the prevailing forward prices. S&P expects GenOn to be disproportionately affected relative topeers as the loss in dark spreads is not offset by increasing sparkspreads, or an expansion in market heat rates. S&P would lower theratings by a notch to 'CCC' by mid-2016 if business prospects donot improve, and cash on hand does not appear adequate to addressthe 2017 maturities. Pending environmental rules and severalexpected plant closures add to the company's challenges. S&P'sdownside scenario incorporates the risk that debt servicing atGenMA could face further challenges if environmental regulationscause the shuttering of two of its coal-fired plants.An upgrade, currently not under consideration, could occur if arebound in capacity and energy markets auctions supports theoperations of its coal plants, or if environmental regulations arenot as stringent as S&P expects. S&P would raise the ratings ifpotential asset sales mitigate liquidity needs to address 2017maturities and the forward power prices improve such that GenOn canmaintain an adjusted FFO-to-debt ratio of above 5%. In particular,S&P will monitor the hedges that the company is able to place tounderpin its financial performance.GEOMET INC: Bradford Whitmore Reports 27.3% Stake at Sept. 29-------------------------------------------------------------In a Schedule 13D filed with the Securities and Exchange Commission, Bradford T. Whitmore disclosed that as ofSept. 29, 2015, he beneficially owned 15,215,400 shares of commonstock of GeoMet, Inc., which represents 27.3 percent of the sharesoutstanding.Grace Brothers, Ltd. also reported beneficial ownership of9,759,231 common shares and Spurgeon Corporation beneficially owned9,759,231 common shares as of that date.A copy of the regulatory filing is available for free at: http://is.gd/Hm6ceb About Geomet Inc.Houston, Texas-based GeoMet, Inc., is an independent energycompany primarily engaged in the exploration for and developmentand production of natural gas from coal seams (coalbed methane)and non-conventional shallow gas. Its principal operations andproducing properties are located in the Cahaba and Black WarriorBasins in Alabama and the central Appalachian Basin in Virginiaand West Virginia. It also owns additional coalbed methane andoil and gas development rights, principally in Alabama, Virginia,West Virginia, and British Columbia. As of March 31, 2012, itowns a total of 192,000 net acres of coalbed methane and oil andgas development rights.As reported by the TCR on Feb. 20, 2015, GeoMet said it has nooperations and minimal assets, which raises substantial doubt aboutits ability to return any additional value to its stockholders. The Company added it may file a plan of dissolution if it cannotconsummate a corporate transaction/merger prior to the thirdquarter of 2015.As of June 30, 2015, the Company had $21.6 million in total assets,$262,075 in total liabilities, $51.7 million in series Aconvertible redeemable preferred stock, and a $30.3 million totalstockholders' deficit.GREEN MOUNTAIN MINE: Case Summary & 5 Largest Unsecured Creditors-----------------------------------------------------------------Debtor: Green Mountain Mine Operating Company, LLC 26709 Mountain Loop Hwy Granite Falls, WA 98252 Case No.: 15-15923Chapter 11 Petition Date: October 1, 2015Court: United States Bankruptcy Court Western District of Washington (Seattle)Judge: Hon. Timothy W. DoreDebtor's Counsel: Charles R Steinberg, Esq. STEINBERG LAW FIRM, PS 323 N Miller Street Wenatchee, WA 98801 Tel: 509-662-3202 Email: email@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by Gene Juarez, member/manager.A list of the Debtor's five largest unsecured creditors isavailable for free at http://bankrupt.com/misc/wawb15-15923.pdfGT ADVANCED: Court Again Denies Employee Bonus Programs-------------------------------------------------------BankruptcyData reported that the U.S. Bankruptcy Court issued anorder denying GT Advanced Technologies' key employee retention planand key employee incentive plan motion. The Court explains, "After an evidentiary hearing, the Court ruledfrom the bench, denying the motion to approve in its entirety. The Debtors appealed the denial order and the District Court, inturn, remanded the matter. In its memorandum of opinionaccompanying the order of remand, the District Court instructed theCourt to elucidate additional facts and analysis of the motion toapprove with specific reference to extant case law. Havingre-reviewed the evidentiary record, the testimony of witnesses, thesubmitted declarations, and the various legal arguments, the Courtwelcomes the opportunity to fill in the gaps identified by theDistrict Court, but finds no reason to reach a conclusion differentfrom its initial determination. . . . Because the Court finds thatthat the KEIP is primarily designed to be retentive, and not asincentive in nature, it cannot be approved because it fails to meetthe requirements of sections 503(c)(1). And the Court finds andrules that the KERP, as currently formulated, is not justifiedunder the facts and circumstances of this case, the standardrequired by sections 503(c)(3).Accordingly, the motion to approve must again be denied in itsentirety." The Court originally denied the retention motion on Feb5, 2015. At the time of that order, the Court explained,"Retention agreements [for insiders] . . . have been madeextraordinarily difficult . . . by Section 503(c) of the BankruptcyCode and the elements of 503(c)(1) . . . have simply not been metand so I cannot approve the KEIP agreement." About GT AdvancedHeadquartered in Merrimack, New Hampshire, GT AdvancedTechnologies Inc. -- http://www.gtat.com/-- produces materials and equipment for the electronics industry. On Nov. 4, 2013, GTATannounced a multiyear supply deal with Apple Inc. to producesapphire glass material for use in consumer electronics products.Under the deal, Apple would provide GTAT with a prepayment ofapproximately $578 million paid in four installments and, startingin 2015, GTAT would reimburse Apple for the prepayment over afive-year period.GT is a publicly held corporation whose stock was traded on NASDAQunder the ticker symbol "GTAT." GTAT was de-listed from theNASDAQ stock exchange in October 2014.As of June 28, 2014, the GTAT Group's unaudited and consolidatedfinancial statements reflected assets totaling $1.5 billion andliabilities totaling $1.3 billion. As of Sept. 29, 2014, GTAThad $85 million in cash, $84 million of which is unencumbered.On Oct. 6, 2014, GT Advanced Technologies and eight affiliatesfiled voluntary petitions for relief under Chapter 11 of theUnited States Bankruptcy Code (Bankr. D.N.H. Lead Case No.14-11916). GT says that it has sought bankruptcy protection dueto a severe liquidity crisis brought about by its issues withApple.The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP asattorneys and Kurtzman Carson Consultants LLC as claims andnoticing agent.The U.S. Trustee has named seven members to the Official Committeeof Unsecured Creditors. The Committee' professionals are KelleyDrye as its bankruptcy counsel; Devine, Millimet & Branch,Professional Association as local counsel; EisnerAmper LLP asfinancial advisors; and Houlihan Lokey Capital, Inc. as investmentbanker.GTAT has reached a settlement with Apple. The settlement givesApple an approved claim for $439 million secured by more than2,000 sapphire furnaces that GT Advanced owns and has four yearsto sell, with proceeds going to Apple. In addition, Apple getsroyalty-free, non-exclusive licenses for GTAT's technology.The bankruptcy case is assigned to Judge Henry J. Boroff.GTT COMMUNICATIONS: S&P Assigns B+ CCR & Rates $450MM Facility B+-----------------------------------------------------------------Standard & Poor's Ratings Services said it assigned its 'B+'corporate credit rating to McLean, Va.-based GTT CommunicationsInc. The outlook is stable.S&P also assigned its 'B+' issue-level rating and '3' recoveryrating to GTT's proposed $450 million senior secured creditfacilities, which consist of a $50 million revolving creditfacility due 2020 and a $400 million term loan due 2022. The '3'recovery rating indicates S&P's expectation for meaningful recovery(50%-70%; lower end of the range) for lenders in the event of apayment default.GTT is acquiring Austin-based OSN. Proceeds from the term loan andabout $4.5 million of cash will be used to fund the $175 millionacquisition of OSN, repay about $224 million of existing debt, andpay related fees and expenses."The 'B+' corporate credit rating reflects the company's aggressivepro forma adjusted leverage of about 5.3x," said Standard & Poor'scredit analyst Michael Altberg. "This includes restructuring costsand a debt adjustment of approximately $89 million for the presentvalue of the company's operating leases and supplier agreements,which we treat as debt given the contractual nature of thearrangements," he added. S&P expects leverage to improve with the realization of costsynergies and a decline in restructuring costs, which it estimatesto be about $15 million in 2015. Also, S&P expects adjusted EBITDAto improve due to healthy organic growth driven by solid globaldemand for connectivity and the favorable product mix shift drivenby the managed services business of MegaPath acquired in April2015. Under S&P's base-case scenario, the company will improveleverage to below 5x by mid-2016 while continuing to generatepositive free operating cash flow (FOCF). S&P's outlook is stable. S&P expects the company to generatelow-double-digit organic EBITDA growth in 2015, with adjustedleverage declining to below 5.0x by mid-2016.S&P could lower the rating if operating performance weakens due tocompetitive pressure or overexpansion, resulting in margincompression and leverage remaining above 5x on a sustained basis.Also, S&P could downgrade the company if leverage remains elevateddue to continued debt-financed acquisitions and elevatedrestructuring costs.Although an upgrade is unlikely over the next 12 months, S&P couldraise the rating if the company is able to attain leverage below 4xon a sustained basis including the potential for ongoingacquisitions. An upgrade would also require S&P to believe thatgrowth prospects and pricing in the company's markets would remainhealthy, and that customer demand would continue to offset ongoingpricing pressure.GUIDED THERAPEUTICS: Registers 40 Million Shares for Resale-----------------------------------------------------------Guided Therapeutics, Inc., filed a Form S-1 registration statementwith the Securities and Exchange Commission relating to the resaleof up to 40,000,000 shares of its common stock, issued or issuableupon conversion of, or payable of dividends on, up to an aggregateof 3,600 shares of its Series C preferred stock issued as part of aJune 2015 private placement transaction exempt from registrationunder the Securities Act of 1933, or Securities Act.The offer and sale of these shares of the Company's common stockare being registered to fulfill its contractual obligations under aregistration rights agreement the Company entered into with certaininvestors, including Aquarius Opportunity Fund.These shares may be sold from time to time by the sellingstockholders at prevailing market prices or prices negotiated atthe time of sale.The Company will not receive any cash proceeds from the sale ofshares by the selling stockholder. The Company will pay theexpenses of registering the offer and sales of these shares.The Company common stock is listed on the OTCQB marketplace underthe symbol "GTHP." The last reported sale price of the Company'scommon stock on the OTCQB on Sept. 25, 2015, was $0.05 per share.The selling stockholder will sell at prevailing market prices pershare, at the time of sale, at fixed prices, at varying pricesdetermined at the time of sale, or at negotiated prices.A full-text copy of the Form S-1 is available for free at: http://is.gd/RE77Ox About Guided TherapeuticsGuided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)-- http://www.guidedinc.com/-- is developing a rapid and painless test for the early detection of disease that leads to cervicalcancer. The technology is designed to provide an objective resultat the point of care, thereby improving the management of cervicaldisease. Unlike Pap and HPV tests, the device does not require apainful tissue sample and results are known immediately. GT hasalso entered into a partnership with Konica Minolta Opto todevelop a non-invasive test for Barrett's Esophagus using theLightTouch technology platform.For the year ended Dec. 31, 2014, the Company reported a net lossattributable to common stockholders of $10.03 million on $65,000 ofcontract and grant revenue compared to a net loss attributable tocommon stockholders of $10.39 million on $820,000 of contract andgrant revenue in 2013.As of June 30, 2015, the Company had $4 million in total assets,$6.7 million in total liabilities and a stockholders' deficit of$2.7 million.HOME PROPERTIES: Moody's Lowers Issuer Rating to Ba2, Outlook Neg.------------------------------------------------------------------Moody's Investors Service downgraded the issuer rating of HomeProperties, Inc. to Ba2 from Baa2 and the senior unsecured shelfrating of Home Properties, L.P. to (P)Ba2 from (P)Baa2. Followingthe downgrade, Moody's will withdraw all ratings. This actionconcludes the review that began on June 25, 2015. The ratingoutlook is negative.RATINGS RATIONALEOn October 1 shareholders of Home Properties, Inc. approved themerger with LSREF4 Lighthouse Corporate Acquisitions, LLC, anaffiliate of Lone Star Real Estate Fund IV (U.S.), L.P. Thedowngrade to Ba2 reflects Moody's estimate of secured leverage andencumbered assets, which are expected to significantly increaseupon consummation of the merger.The negative outlook reflects the uncertainty surrounding theultimate capital structure of the company.Moody's will withdraw the ratings because it believes it hasinsufficient or otherwise inadequate information to support themaintenance of the ratings. Please refer to the Moody's InvestorsService's Policy for Withdrawal of Credit Ratings, available on itswebsite, www.moodys.com.The following ratings were downgraded with a negative outlook andwill be withdrawn:Home Properties, Inc. -- issuer rating to Ba2 from Baa2Home Properties, L.P. -- senior unsecured shelf rating to (P)Ba2from (P)Baa2Moody's last rating action with respect to Home Properties was onJune 25, 2015 when we placed the ratings on review for downgrade.The principal methodology used in these ratings was Global RatingMethodology for REITs and Other Commercial Property Firms publishedin July 2010. Please see the Credit Policy page on www.moodys.comfor a copy of this methodology.Home Properties, Inc. (NYSE: HME) is a REIT focused on theownership, operation, and rehabilitation of primarily B and Cquality apartment communities. As of June 30, 2015 the companyowned 121 apartment communities representing almost 42,000apartment units located mostly in the Mid-Atlantic region of theU.S. The REIT's gross asset value as of June 30, 2015 was $5.9billion.I.E. LIQUIDATION: Suit Against Litostroj Remains in Canada----------------------------------------------------------Ideal Electric Company was a company headquartered in Mansfield,Ohio, primarily involved in the manufacture and sale of mediumpower generators for gas, steam, and hydroelectric turbines. Idealsuccessfully operated for over one hundred years, but a confluenceof economic factors forced the company into bankruptcy in 2006. I.E. Liquidation is the remaining entity that holds Ideal'slitigation rights. Litostroj is a Canadian company involved in thedesign and implementation of hydroelectric power solutions.On October 29, 2006, Ideal filed a voluntary chapter 11 bankruptcypetition in the United States Bankruptcy Court for the NorthernDistrict of Ohio. The current adversary, filed on June 20, 2008,stems from contracts between Ideal and Litostroj, where Idealagreed to design, build, and install a number of hydroelectricgenerators at certain Litostroj power generation facilities inCanada. The total contract payments were in excess of $17 million,payable in installments at certain design and constructionmilestones. However, according to the Debtor, Litostroj's contractpayments were consistently late or never made, a significant factorin Ideal's bankruptcy. The Debtor seeks damages in excess of $11million for Litostroj's alleged breach of contract and violation ofthe implied covenant of good faith and fair dealing.Shortly after the Petition Date, Litostroj moved to transfer thelitigation to the courts of Quebec, Canada, based on a valid andenforceable forum selection clause selecting Canada as the properlitigation forum. Litostroj also argued that litigation in Canadais more efficient and less expensive than the United States,requiring transfer under the legal doctrine of forum nonconveniens. The Debtor opposed the motion, requesting that theadversary case remain in the United States.The adversary case originated in the Bankruptcy Court in 2008, butwas transferred to the courts of Quebec, Canada in 2009. Thelitigation currently remains ongoing in Canada.Judge Russ Kendig of the United States Bankruptcy Court for theNorthern District of Ohio, Eastern Division, ruled that the Debtorhas failed to show the exceptional circumstances necessary tooverride a valid and enforceable forum selection clause. Consequently, the Debtor's amended motion to reinstate counts inthe Bankruptcy Court is denied.The bankruptcy case is captioned IN RE: I.E. LIQUIDATION, INC.,Chapter 7, Debtor, CASE NO. 06-62179 (Bankr. N.D. Ohio).The adversary proceeding is I.E. LIQUIDATION, INC., Plaintiff, v.LITOSTROJ HYDRO, INC., Defendant, ADV. NO. 08-6077 (Bankr. N.D.Ohio).A full text of Judge Kendig's memorandum of opinion dated September10, 2015, is available at http://is.gd/lPVKMNfrom Leagle.com. Plaintiff is represented by: Dov Frankel, Esq. TAFT STETTINIUS & HOLLISTER LLP 200 Public Square, Suite 3500 Cleveland, OH 44114-2302 Tel: (216) 241-2838 Fax: (216) 241-3707 Email: email@example.com -- and -- Jeffrey T. Golenbock, Esq. Harry W. Greenfield, Esq. GOLENBOCK, EISEMAN, ASSOR, BELL & PESKOE 437 Madison Avenue (49th + 50th) New York, NY 10022-7020 Tel. 212.907.7300 Fax 212.754.0330Defendant is represented by: Peter R. Morrison, Esq. SQUIRE PATTON BOGGS (US) LLP 4900 Key Tower 127 Public Square Cleveland, OH 44114 Tel: 216-479-8500 Fax: 216-479-8780 Email: firstname.lastname@example.com Electric Company -- http://www.idealelectricco.com/-- manufactures and distributes medium power generators for gas, steam and hydro turbines, and diesel engines. The company filed for chapter 11 protection on Oct. 29, 2006 (Bankr. N.D. Ohio Case No. 06-62179). Harry W. Greenfield, Esq., and Dov Y. Frankel, Esq., at Buckley King, LPA, represent the Debtor. When it filed for protection from its creditors, it listed $22,636,221 in total assets and $14,340,480 in total debts.ICAGEN INC: Signs Settlement Agreement with Joel Bellows--------------------------------------------------------Icagen, Inc., entered into a Mutual Release and SettlementAgreement with Joel J. Bellows and his law firm Bellows & BellowsPC, according to a document filed with the Securities and ExchangeCommission. In connection therewith Bellows agreed to transfer to the Company105,000 shares of Icagen Series A Preferred Stock owned by him, andthe Company agreed to pay Bellows, in the aggregate, $1,650,000 (ofwhich $600,000 is payable within 30 days, $400,000 is payable on orbefore Dec. 31, 2015, and the remaining $650,000 is payable over asix month period commencing Jan. 31, 2016). The Agreement included mutual releases of claims each party hadagainst the other in addition to the release by Bellows of claimshe had pursued against several other individuals, including variousofficers and directors of Icagen. The parties also agreed todismiss all other ongoing litigation between them with prejudice. About IcagenIcagen, Inc., formerly known as XRpro Sciences, Inc., is abiopharmaceutical company, focuses on the discovery, development,and commercialization of orally-administered small molecule drugsthat modulate ion channel targets. Its drug candidates includeICA-105665, a small molecule compound that targets specific KCNQion channels for the treatment of epilepsy and pain, which is inPhase II clinical trial stage; and a compound that targets thesodium channel Nav1.7 for the treatment of pain, which is in PhaseI 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.As of June 30, 2015, the Company had $8.86 million in total assets,$1.45 million in total liabilities, $133,350 in series A cumulativeconvertible redeemable preferred stock, and $7.27 million in totalstockholders' equity.IMH FINANCIAL: Closes Sale of Mortgage Loan to SREOF for $11-Mil.-----------------------------------------------------------------IMH Financial Corporation, through a wholly-owned subsidiary,entered into an agreement with SREOF II Holdings, LLC, a Delawarelimited liability company, to sell one of the Company's mortgageloans to SREOF at par for $11 million. The sale closed on Sept.30, 2015. SREOF is a related party of Seth Singerman, one of theCompany's directors. About IMH FinancialScottsdale, Ariz.-based IMH Financial Corporation was formed fromthe conversion of IMH Secured Loan Fund, LLC, or the Fund, aDelaware limited liability company, on June 18, 2010. Theconversion was effected following a consent solicitation processpursuant to which approval was obtained from a majority of themembers of the Fund to effect the Conversion Transactions andinvolved (i) the conversion of the Fund from a Delaware limitedliability company into a Delaware corporation named IMH FinancialCorporation, and (ii) the acquisition by the Company of all of theoutstanding shares of the manager of the Fund Investors MortgageHoldings Inc., or the Manager, as well as all of the outstandingmembership interests of a related entity, IMH Holdings LLC, orHoldings on June 18, 2010.IMH Financial reported a net loss attributable to commonshareholders of $39.5 million in 2014, a net loss attributable tocommon shareholders of $26.2 million in 2013 and a net lossattributable to common shareholders of $32.2 million in 2012.As of June 30, 2015, the Company had $205.9 million in totalassets, $112.8 million in total liabilities, $28.4 million inredeemable convertible preferred stock, and $64.6 million in totalstockholders' equity.IMPLANT SCIENCES: Incurs $21.5M Net Loss in FY Ended June 30------------------------------------------------------------Implant Sciences Corporation reported a net loss of $4.19 millionon $5.67 million of revenues for the three months ended June 30,2015, compared with a net loss of $5.66 million on $1.53 million ofrevenues for the same period in 2014.For the year ended June 30, 2015, the Company reported a net lossof $21.5 million on $12.99 million of revenues compared to a netloss of $21.0 million on $8.55 million of revenues during the prioryear.As of June 30, 2015, the Company had $10.4 million in total assets,$88.6 million in total liabilities and a $78.2 million totalstockholders' deficit.Dr. William McGann, CEO of Implant Sciences, commented, "During therecently concluded quarter, we began the fulfillment of the ECACorders with initial shipments of QS-B220's to the Netherlands andNorway, resulting in the achievement of $5.7 million in revenuesfor the quarter. We are pleased to report that our order backlog,at June 30, 2015, was $44,782,000, which is largely due to thereceipt, on November 10, 2014, of an initial delivery order fromthe TSA for 1,170 QS-B220 desktop explosives trace detectors andorders received as a result of the ECAC mandate to implementpassenger checkpoint and checked baggage ETD screening at airportsserving more than 500,000 passengers annually, by no later thanSeptember 1, 2015. However, our backlog does not necessarilyrepresent actual future shipments since orders, including ourdelivery order with the TSA, may be delayed or cancelled by ourcustomers without financial penalty. We believe that our revenuesfor fiscal year 2016 will range between $40-43 million."Dr. McGann, continued, "We are continuing actions taken during therecently concluded fiscal year to better align our costs withcurrent and future geographic sources and improve efficiencies. Wehave taken important steps to broaden the markets we serve,increase our revenue opportunities, and improve our financialstability."A full-text copy of the press release is available for free at: http://is.gd/fqJLZC About Implant SciencesImplant 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 yearended June 30, 2015, citing that the Company has had recurring netlosses and continues to experience negative cash flows fromoperations. As of Sept. 15, 2015, the Company's principalobligation to its primary lenders was approximately $65,046,000 andaccrued interest of approximately $15,393,000. The Company isrequired to repay all borrowings and accrued interest to theselenders on March 31, 2016. These conditions raise substantialdoubt about its ability to continue as a going concern. Bankruptcy Warning"Our ability to comply with our debt covenants in the futuredepends on our ability to generate sufficient sales and to controlexpenses, and will require that we seek additional capital throughprivate financing sources. There can be no assurances that we willachieve our forecasted financial results or that we will be able toraise additional capital to operate our business. Any such failurewould have a material adverse impact on our liquidity and financialcondition and could force us to curtail or discontinue operationsentirely. Further, upon the occurrence of an event of defaultunder certain provisions of our credit agreements, we could berequired to pay default rate interest equal to the lesser of 2.5%per month and the maximum applicable legal rate per annum on theoutstanding principal balance outstanding. The failure torefinance or otherwise negotiate further extensions of ourobligations to our secured lenders would have a material adverseimpact on our liquidity and financial condition and could force usto curtail or discontinue operations entirely and/or file forprotection under bankruptcy laws," the Company states in thereport.INT'L MANUFACTURING: GECC Fails in Bid to Dismiss Clawback Suit---------------------------------------------------------------Judge Robert S. Bardwil of the United States Bankruptcy Court forthe Eastern District of California denied defendant GeneralElectric Capital Corporation's motion to dismiss the complaintfiled by Beverly McFarland, trustee in the Chapter 11 case ofInternational Manufacturing Group, Inc.By her complaint, the trustee seeks to avoid four transfers of$500,000 each made by an entity named Olivehurst GloveManufacturers, LLC, to GECC as actual fraudulent conveyances and torecover the value of the transfers from GECC. The transfers weremade within the year prior to the filing of IMG's Chapter 11. Olivehurst has been substantively consolidated into IMG'sbankruptcy estate. GECC argued that the complaint fails to state aclaim upon which relief can be granted.Judge Bardwil concluded that the complaint contains factualallegations sufficient to state a claim to relief under Section548(a) (1) (A) of the Bankruptcy Code and the motion will bedenied.The adversary proceeding is BEVERLY N. McFARLAND, Chapter 11Trustee, Plaintiff, v. GENERAL ELECTRIC CAPITAL CORPORATION,Defendant, Adv. Pro. No. 15-2130-D, Docket Control No. JRD-1(Bankr. E.D. Calif.).The bankruptcy case is captioned In re: INTERNATIONAL MANUFACTURINGGROUP, INC., Debtor, Case No. 14-25820-D-11 (Bankr. E.D. Calif.).A full-text copy of the memorandum decision September 10, 2015, ishttp://is.gd/FusQYjfrom Leagle.com. Plaintiff is represented by: Christopher Daniel Sullivan DIAMOND MCCARTHY LLP 150 California St Ste 2200 San Francisco, CA 94111 Phone: (415) 692-5200 Email: firstname.lastname@example.com Defendant is represented by: Jonathan R. Doolittle, Esq. ALEX TERRAS, REED SMITH LLP 101 Second Street, Suite 1800 San Francisco, CA 94105 Phone: 415-543-8700 Fax: 415-391-8269 Email: email@example.com About International ManufacturingDeepal Wannakuwatte, the mastermind of a $150 million Ponzi scheme,put himself and his company, International Manufacturing GroupInc., into Chapter 11 after he pleaded guilty to one count of wirefraud and agreed to a 20-year prison sentence. The bankruptcyfiling was part of his plea bargain with federal prosecutors. Mr.Wannakuwatte is the former owner of the Sacramento Capitols tennisteam.Mr. Wannakuwatte initiated his personal Chapter 11 case on May 30,2014. Hank Spacone was appointed as trustee for Wannakuwatte'sChapter 11 estate. Betsy Kathryn Wannakuwatte and Sarah KathrynWannakuwatte also have pending Chapter 7 cases.Mr. Wannakuwatte also submitted a Chapter 11 bankruptcy petitionfor IMG on May 30, 2014 (Bankr. E.D. Cal. Case No. 14-25820) inSacramento. The case is assigned to Judge Robert S. Bardwil. The Debtor tapped Marc A. Caraska, in Sacramento, as counsel. In June 2014, Beverly N. McFarland was appointed as Chapter 11trustee for IMG. She tapped Felderstein Fitzgerald Willoughby &Pascuzzi LLP as her bankruptcy counsel; Diamond McCarthy LLP as herspecial litigation counsel; Gabrielson & Company as accountant; andKaren Rushing as bookkeeper outside the ordinary course ofbusiness. The U.S. Trustee for Region 7 appointed a three-member unsecuredcreditors panel in IMG's case comprising of Byron Younger, JanineJones, and Steve Whitesides.INTEGRATED STRUCTURES: Case Summary & 20 Top Unsecured Creditors----------------------------------------------------------------Debtor: Integrated Structures Corp. 335 New South Road Hicksville, NY 11801Case No.: 15-12703Chapter 11 Petition Date: October 2, 2015Court: United States Bankruptcy Court Southern District of New York (Manhattan)Judge: Hon. Stuart M. BernsteinDebtor's Counsel: Gabriel Del Virginia, Esq. LAW OFFICES OF GABRIEL DEL VIRGINIA 30 Wall Street, 12th Floor New York, NY 10005 Tel: (212) 371-5478 Fax: (212) 371-0460 Email: firstname.lastname@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by Mr. Francis Lee, president.A list of the Debtor's 20 largest unsecured creditors is availablefor free at http://bankrupt.com/misc/nysb15-12703.pdfINVENERGY THERMAL: S&P Assigns Prelim. 'B+' Rating on $465MM Debt-----------------------------------------------------------------Standard & Poor's Ratings Services said it assigned its preliminary'B+' rating to Invenergy Thermal Operating I LLC's approximate $395million term loan due 2022 and $70 million first-lien workingcapital loan facility due 2020. The outlook is stable. S&P alsoassigned its preliminary '1' recovery rating to the term loan andcredit facility, indicating very high (90% to 100) recovery under adefault scenario. Finalization of ratings is subject todocumentation review.S&P also withdrew the preliminary 'B+' rating and preliminary '2'recovery rating S&P issued in July for Invenergy for a planned debtissuance it never launched.Invenergy is a limited-purpose entity that directly owns threegas-fired power plants in Ontario, Illinois, and Texas, as well asowns majority equity ownership in three gas-fired plants inColorado, Minnesota, and Florida."We expect consolidated DSCRs to be about 1.31x to 1.33x initiallyand rising to 1.4x by 2019," said Standard & Poor's credit analystGeoffrey Mrema. "We assume that existing plants will operate inline with historical patterns, and that new construction willoperate in line with industry standards."S&P would lower the ratios if volatile merchant power prices causeminimum consolidated DSCRs to decline below 1.15x. Persistentweaker operations or market challenges at multiple plants couldcontribute to these weaker ratios.S&P sees limited upside over the next two years, given thechallenging market conditions for the Ector plant, and also becauseNelson recently began operations and does not have an operatingtrack record. Although S&P don't contemplate it at this point, arating upgrade is possible if Invenergy successfully commissionsthe new assets and/or power and capacity markets improve, causingminimum consolidated DSCRs to improve to above 1.4x on asustainable basis.ITUS CORP: Offering $10 Million Worth of Common Shares------------------------------------------------------ITUS Corporation entered into an At Market Issuance Sales Agreementwith National Securities Corporation to create an at-the-marketequity program under which it may sell up to $10,000,000 worth ofits common stock from time to time through National, as salesagent. Under the Agreement, the Agent will be entitled to acommission at a fixed commission rate of 3% of the gross proceedsfrom each sale of Shares under the Agreement.Sales of the Shares, if any, under the Agreement may be made intransactions that are deemed to be "at-the-market" offerings asdefined in Rule 415 under the Securities Act of 1933, as amended,including sales made by means of ordinary brokers' transactions,including on the NASDAQ Capital Market, at market prices or asotherwise agreed with the Agent. The Company has no obligation tosell any of the Shares, and may at any time suspend offers underthe Agreement or terminate the Agreement. The Shares will be issued pursuant to the Company's previouslyfiled Registration Statement on Form S-3, as amended (File No.333-206782) that was declared effective on Sept. 18, 2015. On Oct.2, 2015, the Company filed a Prospectus Supplement relating to theATM Offering with the Securities and Exchange Commission. About ITUS CorporationITUS Corp. -- http://www.ITUScorp.com/-- develops and acquires patented technologies for the purposes of patent monetization andpatent assertion. The company currently has 10 patent portfoliosin the areas of Key Based Web Conferencing Encryption, EncryptedCellular Communications, E-Paper(R) Electrophoretic Display, NanoField Emission Display ("nFED"), Micro Electro Mechanical SystemsDisplay ("MEMS"), Loyalty Conversion Systems, J-Channel WindowFrame Construction, VPN Multicast Communications, InternetTelephonic Gateway, and Enhanced Auction Technologies.CopyTele changed its name to "ITUS Corporation" on Sept. 2, 2014,to reflect the Company's change in its business operations.ITUS Corporation reported a net loss of $9.60 million on $3.66million of total revenue for the year ended Oct. 31, 2014, comparedto a net loss of $10.08 million on $389,000 of total revenue forthe year ended Oct. 31, 2013. The Company also reported a net lossof $4.25 million for the year ended Oct. 31, 2012, and a net lossof $7.37 million for the year ended Oct. 31, 2011.As of July 31, 2015, the Company had $10.27 million in totalassets, $4.28 million in total liabilities and $5.99 million intotal stockholders' equity.JT THORPE: Limit on Firm's Claims Filing Against Trust Remains--------------------------------------------------------------Judge Virginia A. Phillips of the United States District Court forthe Central District of California affirmed the BankruptcyCourt's refusal to allow Michael J. Mandelbrot and The MandelbrotLaw Firm's withdrawal from a stipulation that limits their abilityto present claims against J.T. Thorpe Settlement Trust and ThorpeInsulation Co. Asbestos Settlement Trust on behalf of clientsallegedly injured by exposure to asbestos. The Appellees are statutory trusts and they are charged withassuming the liability for thousands of present and futuremass-asbestos claims against two unrelated insolvent companies,J.T. Thorpe, Inc., and Thorpe Insulation Co. JTT and Thorpe hadinstalled and distributed asbestos insulation in various commercialand industrial settings, including shipyards and U.S. Navy ships.Appellees were established by the companies' Chapter 11 bankruptcyplan confirmation orders and affirmed by California CentralDistrict Judges Otero and Fischer.Upon the expiration of the deadlines to file an appeal, theaffirmances by Judges Otero and Fischer became final. Under theseorders, Appellees remain under the bankruptcy court'spost-confirmation supervision. Appellees' court-approved trustdistribution procedures ("TDPs") authorized them to reject theclaims filed by attorneys found to be unreliable and to engage in apattern or practice of submitting unreliable evidence in support oftheir claims.Appellants are a lawyer and his law firm who filed claims withAppellees on behalf of asbestos victims. In the wake of aninvestigation, Appellees withdrew Appellants' claim-filingprivileges because they were unreliable and had engaged in apattern or practice of submitting unreliable evidence. The auditrevealed hundreds of filings on behalf of claimants not likely tohave encountered the insolvent companies' asbestos and supported bydeclarations and answers to interrogatories from persons not likelyto have personal knowledge regarding the exposures (e.g., childrennot yet born and spouses not yet married). In many cases, Appellants simply refused to cooperate with theinvestigation or provide the alleged victims' prior depositiontestimony. Instead, Appellants accused Appellees of misconduct andthreatened to sue if they did not stop the audit. In response,Appellees filed adversary proceedings to confirm the reasonablenessof their decision to investigate Appellants. After they concludedthe audit, Appellees also requested instructions to confirm thattheir findings and remedy were reasonable and authorized.The bankruptcy court held that the trusts had reasonably determinedAppellants to follow "a pattern and practice of filing unreliableevidence in support of claims.Appellants subsequently attempted to renege on the stipulation. Thebankruptcy court rejected their efforts and, upon Appellees'motion, issued three orders: (1) the Order Granting Motion toEnforce January 23, 2014 Stipulated Agreement; (2) the OrderFollowing Trial on Adversary Complaints and Motion forInstructions; and (3) the Judgment in Adversary Proceedings. The case is captioned IN RE: J.T. THORPE, INC. & THORPE INSULATIONCOMPANY, DEBTORS, CASE NO. CV 14-03883-VAP, USBC CASE NO.2:02-BK-14216-BB, ADVERSARY CASE NO. 2:12-AP-02182-BB (C.D.Calif.). A full-text copy of the Order dated September 3, 2015 is availableat http://is.gd/CiGlD7from Leagle.com. JT Thorpe Settlement Trust and Thorpe Insulation Company AsbestosSettlement Trust, Plaintiff, is represented by: Eve H Karasik, Esq. LEVENE NEALE BENDER YOO AND BRILL 10250 Constellation Boulevard, Suite 1700 Los Angeles, California 90067 Phone: 310.229.1234 Fax: 310.229.1244 Email: email@example.com J. Mandelbrot, Appellant is represented by: David N. Chandler, Jr., Esq. DAVID N. CHANDLER, P.C. 1747 4th St. Santa Rosa, CA 95404 Phone: (707) 528-4331 Fax: (707) 573-0436J.T. Thorpe Settlement Trust, Appellee is represented by: Benjamin Patrick Smith, Esq. Gordon Silver, Esq. Matthew J. Poole, Esq. MORGAN, LEWIS & BOCKIUS LLP 300 South Grand Ave., 22nd Floor Los Angeles, CA 90071-3132 Phone: +1.213.612.2500 Fax: +1.213.612.2501 Email: email@example.com -- and -- Daniel Jay Bussel, Esq. Kathryn T. Zwicker, Esq. KLEE TUCHIN BOGDANOFF & STERN LLP 1999 Avenue of the Stars #3900 Los Angeles, CA 90067 Phone: +1 310-407-4000 Email: email@example.com firstname.lastname@example.com Thorpe Insulation Company Asbestos Settlement Trust, Appellee isrepresented by: Benjamin Patrick Smith, Esq. Gordon Silver, Esq. Matthew J. Poole, Esq. MORGAN, LEWIS & BOCKIUS LLP 300 South Grand Ave., 22nd Floor Los Angeles, CA 90071-3132 Phone: +1.213.612.2500 Fax: +1.213.612.2501 Email: email@example.com -- and -- Daniel Jay Bussel, Esq. Kathryn T. Zwicker, Esq. KLEE TUCHIN BOGDANOFF & STERN LLP 1999 Avenue of the Stars #3900 Los Angeles, CA 90067 Phone: +1 310-407-4000 Email: email@example.com email@example.com Headquartered in Houston, Tex., JT Thorpe Co. designs, installs, maintains, and repairs refractory and acid masonry linings and related products in industrial settings. The Company has offices and warehouses in Houston, Beaumont, and in Sulphur, La.JT Thorpe Co., after filing for Chapter 11 protection in October2002, has emerged from bankruptcy, The Troubled Company Reporter,reported on Jan. 5, 2007. The Houston, Tex.-based Companycontinued to operate while it was dealing with asbestos-relatedlawsuits. The Company had received more than 80,000 claims allegingbodily injury. The Company was able to consummate its Plan ofReorganization on April 21, 2006.KITTUSAMY LLP: Granted Relief Under Chapter 11----------------------------------------------The United States Bankruptcy Court for the District of Nevadaapproved Kittsumay, LLP's request for relief under Chapter 11 ofthe Bankruptcy Code, provided that the Debtor must timely file alldocuments required by the Bankruptcy Code, the Federal Rules ofBankruptcy Procedures, and the Local Rules of Practice for theUnited States District Court for the District of Nevada.Kittusamy denied the allegations claiming that it is generally notpaying its debts as they become due, unless those debts are thesubject of a bona fide dispute as to liability or amount. However,the Debtor consents to the entry of an order for relief underChapter 11 upon which Kittusamy will become a Chapter 11 debtor inpossession. Although Kittusamy believes that the InvoluntaryPetition was improperly filed, it has determined that it is now inthe best interest of the company and its creditors for Kittusamy toproceed with a voluntary Chapter 11 case.Kittusamy also filed its reservation of rights for all its legaland equitable rights and remedies against the PetitioningCreditors, including any right Kittusamy may have to recoversanctions or damages pursuant to Section 303(i) of the BankruptcyCode. Among other damages inflicted, the filing of the InvoluntaryPetition has severely disrupted Kittusamy's business operations andhas caused Kittusamy to incur increased attorney fees in respondingto the Involuntary Petition and preparing to proceed with a Chapter11 case on an emergency basis.Petitioning Creditors, Moonshell, LLC and Venus Group, LLC, by andthrough their counsel, the law firm of Schwartz Flansburg PLLC, andXspectra, Inc. and Seven Hills Equipment, LLC, in response,stipulated and asked the court to dismiss or strike the Debtor's"reservation of rights" and any claim that the Debtor has todamages pursuant to Section 303. The Creditors assert that it isimproper for the Debtor to assert any counterclaims for affirmativerelief as part of its answer, as those claims do no arise unlessand until the Involuntary Petition is denied and dismissed.Petitioning Creditors Moonshell, LLC and Venus Group, LLC arerepresented by: Samuel A. Schwartz, Esq. Bryan A. Lindsey, Esq. SCHWARTZ FLANSBURG PLLC 6623 Las Vegas Blvd. South, Suite 300 Las Vegas, Nevada 89119 Tel: (702) 385-5544 Fax: (702) 385-2741 Email: firstname.lastname@example.com email@example.com Creditors Xspectra, Inc. and Seven Hills Equipment, LLCare represented by: Zachariah Larson, Esq. Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 810 S. Casino Center Blvd. #101 Las Vegas, Nevada 89101 Tel: (702) 382-1170 Fax: (702) 382-1169 Email: firstname.lastname@example.com email@example.com, LLP is represented by: Bart K. Larsen, Esq. Jason M. Bacigalupi, Esq. KOLESAR & LEATHAM 400 S. Rampart Blvd., Ste. 400 Las Vegas, Nevada 89145 Tel: (702) 362-7800 Email: firstname.lastname@example.com email@example.com, LLP, doing business as Las Vegas Medical Centers, issubject to an involuntary Chapter 11 bankruptcy petition filed bycreditors owed $6.93 million on business loans and an equipmentlease.The creditors that signed the petition are Moonshell, Venus Group,Seven Hills Equipment LLC and Xspectra Inc.KITTUSAMY LLP: Has Interim Authority to Use Cash Collateral-----------------------------------------------------------The United States Bankruptcy Court for the District of Nevada gaveKittusamy, LLP, interim authority to use cash collateral to avoidimmediate and irreparable harm.The Debtor explained that its combined obligations to Wells Fargoand Meadows Bank were approximately $1,800,000. This indebtednessis secured by assets worth in excess of $10,000,000, includingapproximately $5,700,000 in accounts receivable. Thus, both WellsFargo and Meadows Bank are both over secured and protected bysignificant equity cushions worth several times the indebtednessthey are owed, the Debtor asserted.The Debtor related that it engaged in negotiations at arms' lengthand in good faith with Wells Fargo and Meadows Bank. The Debtor'sagreement to the Wells Fargo and Meadows Bank stipulations areproper exercise of the business judgment, and is necessary andappropriate to preserve and protect its businesses, the bankruptcyestate, and the interests of all creditors, and parties ininterest.Petitioning Creditors Moonshell, LLC, and Venus Group, LLC, filed alimited objections stating that neither the Stipulations nor theMotion provide any evidence or authority as to how waivingexclusivity as to the Banks and not to any other creditor is in thebest interests of the Debtor's estate, or how the waiver comportswith the Debtor's fiduciary duties. Simply put, if the Debtor isinclined to waive exclusivity, it must do so for all creditors, thePetitioning Creditors asserted.The Debtor, in response, explained that it has not actually waivedexclusivity in favor or either Meadows or Wells Fargo. The WellsFargo Stipulation makes no reference to any agreement by the Debtorto waive exclusivity and the Meadows Stipulation contemplates theDebtor waiving exclusivity only in the event of an uncured defaultby Debtor, which has not occurred. Pointlessly challenging thevalidity of Meadows and Wells Fargo's loan documents or theperfection of their respective security interests would serve nopurpose, the Debtor argued.Meadows Bank, in response, argued that that the true basis of thelimited objection is not concern for the estate or complaint withregard to the adequate protection offered to the secured creditors,but rather that the objection is being interposed as a litigationtactic in order to try to shortcut the prove up of the purportedinterests of the objecting creditors. Kittusamy, LLP is represented by: Bart K. Larsen, Esq. Jason M. Bacigalupi, Esq. KOLESAR & LEATHAM 400 S. Rampart Blvd., Ste. 400 Las Vegas, Nevada 89145 Tel: (702) 362-7800 Email: firstname.lastname@example.com email@example.com Bank is represented by: Candace Carlyon, Esq. Matthew Carlyon, Esq. CARLYON LAW GROUP 3333 E. Serene Ave. Suite 110 Henderson, Nevada 89074 Tel: (702) 685-4444 Fax: (702) 471-7435 Email: firstname.lastname@example.com firstname.lastname@example.com, LLP, doing business as Las Vegas Medical Centers, issubject to an involuntary Chapter 11 bankruptcy petition filed bycreditors owed $6.93 million on business loans and an equipmentlease.The creditors that signed the petition are Moonshell, Venus Group,Seven Hills Equipment LLC and Xspectra Inc.KRATON PERFORMANCE: S&P Puts 'B+' CCR on CreditWatch Negative-------------------------------------------------------------Standard & Poor's Ratings Services said it placed its 'B+'corporate credit rating on Kraton Performance Polymers Inc. and'B+' corporate credit rating on Arizona Chemical Holdings Corp. onCreditWatch with negative implications, indicating S&P could lowerthe ratings once it completes its review. S&P also placed itsissue-level ratings on Arizona Chemical's senior secured debt onCreditWatch with negative implications. S&P also revised its recovery rating on Kraton to '5' from '4',indicating "modest" recovery (10% to 30%; higher half of the range)if a payment default occurs. Subsequently, S&P lowered theunsecured issue-level rating to 'B' from 'B+.' The CreditWatch placement reflects the likelihood that Kraton willacquire Arizona Chemical for $1.37 billion. Kraton will financethe transaction with committed debt facilities. "We anticipate this transaction could result in weaker pro formaleverage measures, which could lead to a lower rating," saidStandard & Poor's credit analyst Allison Czerepak. S&P will resolve the CreditWatch placement based on its view of thecompany's business and financial risk profiles. The lowering of Kraton's recovery rating to '5H' from '4' relatesto a modest increase in debt at a joint venture in Taiwanguaranteed by Kraton as of June 30, 2015. S&P will assess the impact of the planned transaction on bothcompanies' business and financial risk profiles. S&P expects toresolve the CreditWatch listing in the next 90 days once it hasfurther details on the anticipated capital structure. S&P couldlower the ratings if it expects the increase in leverage to resultin a financial risk profile weaker than what S&P would expect atthe current rating.LESLIE RESOURCES: Court Refuses to Remand Suit Over CTB Funds-------------------------------------------------------------Judge Tracey N. Wise of the United States Bankruptcy Court for theEastern Division of Kentucky denied plaintiff Terry Giese's motionfor abstention and remand of the case captioned TERRY GIESEPlaintiff, v. COMMUNITY TRUST BANK, et al. Defendants, ADV. NO.15-1005 (Bankr. E.D. Ky.).Leslie Resources, Inc. filed a voluntary petition under chapter 11in November 2002 and its case was jointly administered with that ofHRNC Dissolution Co. Leslie sold its assets to two entities inasset purchase agreements approved by the Court pursuant to theDebtor's confirmed plan. The two agreements generally solddifferent assets to the two companies -- International Coal Groupand Lexington Coal -- but they contained seemingly overlappingprovisions for the sale of Debtor's cash. After these sales,Citizen Trust Bank, at which the Debtor had an account filed anadversary proceeding in the Debtor's bankruptcy case requesting adetermination of the rightful owner of the account funds. TheCourt entered a judgment in that adversary proceeding dividing thefunds between the Debtor's two purchasers. Over seven years after the Court disbursed the CTB account funds,the Plaintiff filed an action against CTB, ICG, and Lexington Coalin the Leslie County Circuit Court, claiming title to the CTBaccount funds and seeking damages against those entities on variousstate-law tort and contract theories. The Defendants removed theaction to the Bankruptcy Court, claiming bankruptcy jurisdiction.Judge Wise denied the Plaintiff's motion to remand, holding thatbankruptcy jurisdiction existed because the action was at leastrelated to the Debtor's bankruptcy case. The Plaintiff againsought mandatory abstention, arguing that while the action mayrelate to the Debtor's case, it did not arise in the Debtor's caseand is non-core. The Court disagreed. The bankruptcy case is IN RE HRNC DISSOLUTION CO. Debtor, CASE NO.02-14261 (Bankr. E.D. Ky.).A full-text copy of Judge Wise's memorandum opinion and order datedSeptember 9, 2015, is available at http://is.gd/lPMO19from Leagle.com.The Plaintiff is represented by: Philip G. Fairbanks, Esq. M. Austin Mehr, Esq. MEHR FAIRBANKS TRIAL LAWYERS, PLLC 201 West Short Street, Suite 800 Lexington, KY 40507 Toll-Free: 800-249-3731 Phone: 859-225-3731 Fax: 859-225-3830Community Trust Bank, Defendant, is represented by: Mark A. Flores, Esq. H. Derek Hall, Esq. Martin B. Tucker, Esq. DINSMORE & SHOHL LLP Lexington Financial Center 250 W. Main St., Suite 1400 Lexington, KY 40507 Phone: (859) 425-1000 Fax: (859) 425-1099 Email: firstname.lastname@example.com Coal Group, Inc., Defendant is represented by: Philip Douglas Barr, Esq. J. Kent Durning, Esq. Lea Pauley Goff, Esq. STOLL KEENON OGDEN PLLC 300 West Vine Street Suite 2100 Lexington, KY 40507-1801 T: 859.231.3000 F: 859.253.1093 Email: firstname.lastname@example.com email@example.com firstname.lastname@example.com Coal Company, LLC, Defendant is represented by: Janet Smith Holbrook, Esq. DINSMORE & SHOHL LLP Lexington Financial Center 250 W. Main St., Suite 1400 Lexington, KY 40507 Phone (859) 425-1000 Fax (859) 425-1099 Email: email@example.com PAPER: Gets Interim Approval for $6.6M DIP Financing------------------------------------------------------------The U.S. Bankruptcy Court for the District of Maine authorizedLincoln Paper and Tissue, LLC to obtain post-petition financingfrom Siena Lending Group LLC, its prepetition lender, through Oct.9, 2015.The Debtor previously sought to obtain post-petition loans,advances and other financial accommodations in connection with theDIP Credit Agreement in an interim aggregate amount of up to$4,500,000 and on a final basis in an aggregate amount of up to$6,600,000.The Revolving Loans will, in part, be subject to an interest rateequivalent to Prime Rate (as defined in the DIP Credit Agreement)plus 6.0%, but not less than 9.25% (with respect to Revolving Loansagainst accounts receivable and inventory), and, in part, besubject to an interest rate equivalent to Prime Rate plus 7.5%, butnot less than 10.75% (with respect to Revolving Loans againstmachinery and equipment).The Court also authorized the Debtor to use cash collateral in accordance with the DIP Financing Documents during the interimperiod.All objections to the Motion were overruled.The Court finds that the Debtor does not have sufficient availablesources of working capital to operate its businesses in theordinary course without the Post-Petition Financing and the abilityto use Cash Collateral."The Debtor's ability to maintain and maximize the value of theoperations until a sale, to pay its employees, and to otherwisefund its operations is essential to the Debtor's continuedviability. The ability of the Debtor to obtain sufficient workingcapital and liquidity through the proposed Post-Petition Financingand the use of Cash Collateral on the terms set forth in the DIPFinancing Documents and this Interim Order is vital to thepreservation and maximization of the going concern value of theDebtor's currently operating businesses pending a sale of theassets of the Debtor," part of the Interim Order states.To secure the prompt payment and performance of any and allPost-Petition Obligations of the Debtor to the DIP Lender, the DIPLender is granted, effective as of the Petition Date, valid andperfected first priority, security interests and liens in and upon all present and after acquired property of the Debtor of any naturewhatsoever, including without limitation, all accounts receivable,inventory, general intangibles, chattel paper, real property,leaseholds, fixtures, machinery, equipment, deposit accounts, cashand cash equivalents, investments, patents, trademarks, tradenames, copyrights, rights under license agreements and otherintellectual property, inter-company notes or receivables due tothe Debtor, all of the Collateral all of the Mortgaged Property,and all causes of action whether pursuant to federal or state lawand all proceeds thereof and property received thereby whether byjudgment, settlement or otherwise, ofthe Debtor or its estate, and as to all of the foregoing, all rentsissues, products, proceeds and profits generated by any of theforegoing; provided however, that the DIP Collateral will notinclude claims and causes of action under Chapter 5 of theBankruptcy Code.The liens and security interests granted to the Secured Parties tosecure the Obligations will have priority over any and all liensand security interests granted to or otherwise held by theMechanics Lienors to secure obligations of the Debtor owing to theMechanics Lienors, solely to the extent of any advances made priorto entry of the Second Interim Order, and the rights of the partieswith respect to those liens and security interests will be governedby the terms of the Interim Order and the MechanicsLienor Agreements.The second interim hearing on the Motion is scheduled for Oct. 9,2015, at 11:00 a.m. Objection deadline is October 2.A copy of the DIP Interim Order is available for free at: http://bankrupt.com/misc/42_6_LINCOLN_InterimOrd_DIP.pdf Prepetition Secured Debt StructureOn Dec. 11, 2014, Lincoln and Siena Lending Group LLC entered intocertain loan agreements pursuant to which Siena provided to Lincolnrevolving loans and letters of credit with an aggregate creditlimit of $6,000,000, minus any Availability Block and Reserves. The Revolver Indebtedness is secured by first priority liens onsubstantially all of Lincoln's assets, including (a) cash, accountsreceivable, work in progress and inventory and (b) Lincoln'sprincipal asset - the tissue mill located in Lincoln, Maine,comprising Lincoln's real property and the equipment and other"hard" assets, subject only to certain Permitted Liens. Siena isthe only entity with an interest in the CashCollateral.As of the Petition Date, the aggregate principal amount outstandingunder the Prepetition Loan Documents was approximately $4,300,000. Holding is a guarantor of the debt owed to Siena.In addition to the Revolver Indebtedness, Lincoln is obligated tothe Finance Authority of Maine under the Economic Recovery LoanProgram Loan Agreement dated as of Dec. 9, 2014, in the amount ofapproximately $950,000, as of the Petition Date.The obligations arising under the FAME Loan Documents aresecured by liens on the PP&E, which are Permitted Liens under thePrepetition Loan Documents.Two contractors, Fastco Corporation and Sullivan and MerrittConstructors, Inc. have asserted liens arising under applicablenon-bankruptcy law in connection with various services provided toLincoln prior to the Petition Date. In particular, Fastco assertsthat it is owed approximately $337,000 as of the Petition Date, andthat its claim may be secured by liens on certain of Lincoln's PP&Eand Real Property that are subordinate to Siena's and FAME's liens. Sullivan asserts that it is owed approximately $1,120,000 as ofthe Petition Date, and that its claim may be secured by liens oncertain of the PP&E and Real Property. Parties' ObjectionPrior to the entry of the Interim Order, Finance Authority ofMaine; Hartt Transportation Systems, Inc., H.C. Haynes, Inc., andTimberland Trucking Co., Inc.; The United States Trustee; andBangor Gas Company LLC separately filed with the Court theirobjections to the Motion.* Finance Authority of MaineFAME, a secured creditor of the Debtor, holding a second prioritylien on all of the machinery & equipment of the Debtor, subjectonly to the senior lien of Siena Funding Group, LLC, objected tothe Motion unless it is provided with perfected supplemental lienson accounts, inventory, and fixtures, and proceeds thereof, orgranted other adequate protection acceptable to it.FAME believes there is still sufficient value in the Debtor's totalassets for its claim to be partially but substantiallysecured solely by Machinery and Equipment, after payment in full toSiena of Siena's present balance, and fully secured assuming only asmall portion of the Siena claim is paid by Accounts andInventory.FAME maintained, if the Debtor is allowed to use cash collateral,and Siena's balance is raised to $6.6 million, as sought in theBorrowing Motion, FAME asserted its interest may no longer bepartially but substantially secured by Machinery and Equipment, anda far more substantial portion of the Siena claim would have to bepaid by Accounts and Inventory to maintain FAME's fully securedstatus.* Hartt Transportation, Et Al.Hartt Transportation Systems, Inc., H.C. Haynes, Inc., andTimberland Trucking Co., Inc., three of the 20 largest unsecuredcreditors of Lincoln Paper, opposed the Debtor's request for anemergency hearing and shortened objection period with respect tocertain first day motions. The parties do not believe that theDebtor has shown an emergency need for post-petition financing. "[I]t appears that the Debtor likely has sufficient cash receiptsto pay current expenses and maintain operations until at leastFriday, Oct. 2, 2015. Moreover, the Debtor has not shown that itis unable to reconfigure its disbursements so that some of itsweekly expenses can be paid on October 2 or 3, rather thanSeptember 29 or 30," they said.The Objecting Parties clarified that they also object to thepost-petition financing component of the Motion, but have not had asufficient opportunity to file a detailed, written response.* United States TrusteeThe United States Trustee said the Debtor sought to borrow anamount far in excess of what its own Budget reflects is necessaryto keep the lights on at the Debtor's facility and keep the papermaking facility operational until a final hearing on the Motion canbe held. According to the U.S. Trustee, the Debtor should belimited to borrowing sums that are necessary to avoidimmediate and irreparable injury until a final hearing can be heldon the Motion.With respect to the Debtor's request that the Court make a findingthat the DIP Credit Agreement, the DIP Financing Documents and theDIP Facility are fair and reasonable, the U.S. Trustee said, "Giventhe copious amounts of information the Court and the parties havebeen provided, with less than 24 hours to digest it, it is not onlyunreasonable but unfair for the Debtor request any such findingfrom the Court. Further, the United States Trustee has not hadsufficient time to process the Motion and its attachments to evendetermine what questions it needs to ask to evaluate whether theterms of the borrowing comport with the debtor's exercise ofprudent business judgment consistent with its fiduciary duties."* Bangor Gas CompanyBangor Gas Company LLC, provider of natural gas to the Debtor, hadasked the Court to deny the DIP Financing Motion to the extent itprovides a super-priority administrative claim to the DIP Lenderand automatically waives the right of a third party to seek tosurcharge the DIP Lender's collateral. Bangor Gas asserted theDebtor's proposed provision of a super-priority administrativeclaim to its DIP Lender jeopardizes its right to be paid for thepost-petition services. About Lincoln PaperLincoln Paper and Tissue, LLC, filed a Chapter 11 bankruptcypetition (Bankr. D. Maine Case No. 15-10715) on Sept. 28, 2015.Keith Van Scotter signed the petition as president and CEO. The Debtor estimated both assets and liabilities of $10 million to$50 million.Judge Peter G. Cary is assigned to the case.The Debtor has engaged Bernstein Shur Sawyer & Nelson as counsel,Spinglass Management Group as financial advisor, and SSG CapitalAdvisors, LLC as investment banker.Lincoln is a manufacturer of white tissue located on approximately350 acres of land along the Penobscot River in Lincoln, Maine.The Company claims to have produced 70,000 tons of tissue and75,000 tons of specialized, high-bulk uncoated free-sheet paper.LINCOLN PAPER: Ordered to Submit Required Documents---------------------------------------------------The Bankruptcy Court ordered Lincoln Paper and Tissue, LLC, to filethe following documents by Oct. 13, 2015: * Schedules of Assets and Liabilities * Declaration Concerning Debtor's Schedules * Summary of Schedules * Signed Statement of Financial Affairs * Statement Disclosing Compensation Paid or to be Paid to the Attorney for the Debtor.According to the Bankruptcy Rules 1007 and 3015(b), the Debtor mustfile the above-referenced documents by the deadlines. If theBankruptcy Code provides the opportunity to file a motion for anextension of the time to file the documents, the Debtor must file that motion by the dates notedabove. The Court said that if the Debtor does not timely file the documents or a proper motion, then it will dismiss the Debtor'scase without further notice About Lincoln PaperLincoln Paper and Tissue, LLC, filed a Chapter 11 bankruptcypetition (Bankr. D. Maine Case No. 15-10715) on Sept. 28, 2015.Keith Van Scotter signed the petition as president and CEO. The Debtor estimated both assets and liabilities of $10 million to$50 million.Judge Peter G. Cary is assigned to the case.The Debtor has engaged Bernstein Shur Sawyer & Nelson as counsel,Spinglass Management Group as financial advisor, and SSG CapitalAdvisors, LLC as investment banker.Lincoln is a manufacturer of white tissue located on approximately350 acres of land along the Penobscot River in Lincoln, Maine.The Company claims to have produced 70,000 tons of tissue and75,000 tons of specialized, high-bulk uncoated free-sheet paper.LINCOLN PAPER: Section 341 Meeting Set for October 29-----------------------------------------------------A meeting of creditors in the bankruptcy case of Lincoln Paper andTissue, LLC will be held on Oct. 29, 2015, at 10:00 a.m. atBankruptcy Conference Room, Bangor. Proofs of claim for general creditors are due by Jan. 27, 2016.Governmental units have 180 days from date of filing of the case orthe date of conversion to file a proof of claim.This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.All creditors are invited, but not required, to attend. Thismeeting of creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors. About Lincoln PaperLincoln Paper and Tissue, LLC, filed a Chapter 11 bankruptcypetition (Bankr. D. Maine Case No. 15-10715) on Sept. 28, 2015.Keith Van Scotter signed the petition as president and CEO. The Debtor estimated both assets and liabilities of $10 million to$50 million.Judge Peter G. Cary is assigned to the case.The Debtor has engaged Bernstein Shur Sawyer & Nelson as counsel,Spinglass Management Group as financial advisor, and SSG CapitalAdvisors, LLC as investment banker.Lincoln is a manufacturer of white tissue located on approximately350 acres of land along the Penobscot River in Lincoln, Maine.The Company claims to have produced 70,000 tons of tissue and75,000 tons of specialized, high-bulk uncoated free-sheet paper.LIQUIDMETAL TECHNOLOGIES: Walter Weyler Appointed as Director-------------------------------------------------------------The Board of Directors of Liquidmetal Technologies, Inc. appointeda new director, Walter Weyler, to the Board of Directors, to serveuntil the Company's next annual stockholder meeting or until hissuccessor is elected and qualified. Mr. Weyler will also serve asa member of the Audit, Compensation, and Corporate Governance andNominating Committees of the Board.Mr. Weyler, age 76, has been a member of the Company's TechnologyBoard, a technology-focused advisory board, since October 2014. Mr.Weyler previously served, from 1995 to 2005, as the owner andpresident of Kinetics, Incorporated, a contract manufacturer ofcomplex solid steel parts and a leader in metal injection molding.Prior to that time, Mr. Weyler served, from 1985 to 1993, as thepresident and chief operating officer and a director of Graco Inc.,a publicly traded company that designs, manufactures and marketssystems and equipment to move, measure, dispense and spray fluidand coating materials. Mr. Weyler has served as a member of theOregon Symphony Board of Trustees since 2006 and a member of theEliot Condominium Board since 2013. Mr. Weyler also served as amember of the Board of Trustees of the Oregon Museum of Science andIndustry from 2011 to 2015. The Board of Directors believes thatMr. Weyler's experience and background will make him a qualifiedand valuable member of the Board. In particular, Mr. Weyler'sexperience with coatings and metal injection molding businessesmake him a valuable resource for the Company. As a non-employee director, Mr. Weyler will be compensated inaccordance with the Company's compensation policies fornon-employee directors. In addition, Mr. Weyler will be eligibleto receive stock options and other equity-based awards under theCompany's 2012 Equity Incentive Plan.In connection with his appointment to the Board and the Audit,Compensation, and Corporate Governance and Nominating Committees ofthe Board, Mr. Weyler will receive an initial grant of options topurchase 800,000 shares of the Company's common stock and Board andcommittee fees for the fourth quarter of 2015 of $9,375. About Liquidmetal TechnologiesBased in Rancho Santa Margarita, Cal., Liquidmetal Technologies,Inc., and its subsidiaries are in the business of developing,manufacturing, and marketing products made from amorphous alloys.Liquidmetal Technologies markets and sells Liquidmetal(R) alloyindustrial coatings and also manufactures, markets and sellsproducts and components from bulk Liquidmetal alloys that can beincorporated into the finished goods of its customers across avariety of industries. The Company also partners with third-party licensees and distributors to develop and commercializeLiquidmetal alloy products.Liquidmetal Technologies reported a net loss and comprehensive lossof of $6.55 million on $603,000 of total revenues for the yearended Dec. 31, 2014, compared to a net loss and comprehensive lossof $14.2 million on $1.02 million of total revenue in 2013.As of June 30, 2015, the Company had $9.5 million in total assets,$3.9 million in total liabilities and $5.5 million in totalstockholders' equity.SingerLewak LLP, issued a "going concern" qualification on theconsolidated financial statements for the year ended Dec. 31, 2014,citing that the Company has suffered recurring losses fromoperations, has negative cash flows from operations and has anaccumulated deficit. This raises substantial doubt about theCompany's ability to continue as a going concern.MEDIASHIFT INC: Section 341 Meeting Scheduled for November 6------------------------------------------------------------A meeting of creditors in the bankruptcy cases of MediaShift, Inc.and Ad-Vantage Networks, Inc. will be held on Nov. 6, 2015, at 9:00a.m. at RM 5, 915 Wilshire Blvd., 10th Floor, Los Angeles,California. This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.All creditors are invited, but not required, to attend. Thismeeting of creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors. About MediaShiftMediaShift, Inc. and Ad-Vantage Networks, Inc. filed Chapter 11bankruptcy petitions (Bankr. C.D. Calif. Lead Case No. 15-25024) onSept. 30, 2015. Rick Baran signed the petition as president.The Debtors estimated both assets and liabilities of $10 million to$50 million.The Debtors have engaged Levene, Neale, Bender, Yoo & Brill L.L.Pas counsel.Judge Sandra R. Klein is assigned to the case.MediaShift, Inc. is a digital advertising technology company. TheCompany, through its subsidiaries offers operators of privateInternet networks to monetize their audiences through distributedad technology platforms and across multiple devices.METALICO INC: Carlos Aguero No Longer a Shareholder---------------------------------------------------In an amended Schedule 13D filed with the Securities and ExchangeCommission, Carlos E. Aguero disclosed that as of Sept. 11, 2015,he sold all of his outstanding securities in accordance with theprovisions of the Merger Agreement.On Sept. 11, 2015, the merger contemplated by the previouslyannounced Agreement and Plan of Merger, dated June 15, 2015, asamended on June 26, 2015, by and among the Issuer, Total MerchantLimited and TM Merger Sub Corp., a wholly owned subsidiary of TML("Merger Sub"), was completed. As a result of the merger, theIssuer ceased to be a publicly traded company, Merger Sub mergedwith and into the Issuer and the Issuer became a wholly ownedsubsidiary of TML. Each share of the Issuer's Common Stock heldimmediately prior to the merger was canceled and represented theright to receive, upon surrender by the holder of such stockcertificates, $.60 in cash, without interest, as payment for suchstock. A copy of the regulatory filing is available for free at: http://is.gd/OBIToZ About MetalicoMetalico, Inc., is a holding company with operations in twoprincipal business segments: ferrous and non-ferrous scrap metalrecycling, and fabrication of lead-based products. The Companyoperates recycling facilities in New York, Pennsylvania, Ohio,West Virginia, New Jersey, Texas, and Mississippi and leadfabricating plants in Alabama, Illinois, and California.Metalico's common stock is traded on the NYSE MKT under the symbolMEA.Metalico reported a net loss attributable to the Company of $44.4million on $476 million of revenue for the year ended Dec. 31,2014, compared with a net loss attributable to the Company of $34.8million on $457 million of revenue for the year endedDec. 31, 2013.As of June 30, 2015, the Company had $163.90 million in totalassets, $71.60 million in total liabilities and $92.30 million intotal stockholders' equity.CohnReznick LLP, in Roseland, New Jersey, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, citing that the Company anticipates that itwill not meet the maximum Leverage Ratio covenant as prescribed bythe Financing Agreement for the quarter ended March 31, 2015, andthere can be no assurance that the Company can resolve anynoncompliance with their lenders. As a result, the Company's debtcould be declared immediately due and payable which would result inthe Company having insufficient liquidity to pay its debtobligations and operate its business. These conditions raisesubstantial doubt about the Company's ability to continue as agoing concern.METALICO INC: Total Merchant Reports 100% Stake as of Sept. 11--------------------------------------------------------------In an amended Schedule 13D filed with the Securities and ExchangeCommission, Total Merchant Limited disclosed that as of Sept. 11,2015, it beneficially owned 1,000 shares of common stock ofMetalico, Inc., which represents 100 percent of the sharesoutstanding.The merger contemplated by the previously announced Agreement andPlan of Merger, dated June 15, 2015, as amended on June 26, 2015,by and among Metalico, Total Merchant Limited and TM Merger SubCorp., a Delaware corporation and a wholly owned subsidiary of TML("Merger Sub"), was completed. As a result of the merger, Metalicoceased to be a publicly traded company, Merger Sub merged with andinto the Issuer and the Issuer became a wholly owned subsidiary ofTML. Each share of Metalico's Common Stock held immediately prior to themerger was canceled and represented the right to receive, uponsurrender by the holder of those stock certificates, $.60 in cash,without interest, or approximately $44 million in the aggregate.TML also caused the Issuer's senior secured institutional debt andoutstanding convertible debt to be repaid in full (including allprincipal, interest and premiums or penalties) and the assumptionof certain additional obligations of the Issuer. TML usedavailable cash and borrowings under existing credit facilities tocomplete the transaction. Before the completion of the Merger,Merger Sub had 1,000 shares of Common Stock outstanding, all ofwhich were owned by TML. Upon the completion of the Merger, thoseshares became shares of Metalico.A copy of the regulatory filing is available for free at: http://is.gd/WXsyA0 About MetalicoMetalico, Inc., is a holding company with operations in twoprincipal business segments: ferrous and non-ferrous scrap metalrecycling, and fabrication of lead-based products. The Companyoperates recycling facilities in New York, Pennsylvania, Ohio,West Virginia, New Jersey, Texas, and Mississippi and leadfabricating plants in Alabama, Illinois, and California.Metalico's common stock is traded on the NYSE MKT under the symbolMEA.Metalico reported a net loss attributable to the Company of $44.4million on $476 million of revenue for the year ended Dec. 31,2014, compared with a net loss attributable to the Company of $34.8million on $457 million of revenue for the year endedDec. 31, 2013.As of June 30, 2015, the Company had $163.90 million in totalassets, $71.60 million in total liabilities and $92.30 million intotal stockholders' equity.CohnReznick LLP, in Roseland, New Jersey, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, citing that the Company anticipates that itwill not meet the maximum Leverage Ratio covenant as prescribed bythe Financing Agreement for the quarter ended March 31, 2015, andthere can be no assurance that the Company can resolve anynoncompliance with their lenders. As a result, the Company's debtcould be declared immediately due and payable which would result inthe Company having insufficient liquidity to pay its debtobligations and operate its business. These conditions raisesubstantial doubt about the Company's ability to continue as agoing concern.MIDSTATES PETROLEUM: R/C IV Eagle Owns 32.2% Stake as of Sept. 30-----------------------------------------------------------------In an amended Schedule 13D filed with the Securities and ExchangeCommission, R/C IV Eagle Holdings, L.P., Riverstone/Carlyle EnergyPartners IV, L.P. and R/C Energy GP IV, LLC disclosed that theybeneficially owned 3,541,665 shares of common stock of MidstatesPetroleum Company, Inc., which represents 32.2 percent based on10,986,727 shares of common stock outstanding as of Sept. 30, 2015. A copy of the regulatory filing is available for free at: http://is.gd/7Pnm7F About Midstates Petroleum CompanyMidstates Petroleum Company, Inc. --http://www.midstatespetroleum.com/-- is an independent exploration and production company focused on the application of moderndrilling and completion techniques in oil and liquids-rich basinsin the onshore U.S. Midstates' drilling and completion efforts arecurrently focused in the Mississippian Lime oil play in Oklahomaand Anadarko Basin in Texas and Oklahoma. The Company's operationsalso include the upper Gulf Coast tertiary trend in centralLouisiana.Midstates reported net income of $117 million on $794 million oftotal revenues for the year ended Dec. 31, 2014, compared to a netloss of $344 million on $470 million of total revenues for the yearended 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 totalstockholders' equity.The Company's independent auditor, Deloittee & Touche LLP, inHouston, Texas, issued a "going concern" qualification on theconsolidated financial statements for the year ended Dec. 31, 2014,citing that Midstates' projected debt covenant violation andresulting lack of liquidity raise substantial doubt about itsability to continue as a going concern. * * *Midstates Petroleum carries a 'B' corporate credit rating fromStandard & Poor's Ratings Services.As reported by the TCR on April 8, 2013, Moody's Investors Serviceaffirmed Midstates Petroleum's 'B3' Corporate Family Rating.MILLENNIUM HEALTH: Lenders Sparring Over Bankruptcy Plan--------------------------------------------------------Laura J. Keller, writing for Bloomberg News, reported thatMillennium Health is struggling to wrangle enough support for adebt restructuring plan that would allow it to settle a federalbilling probe by a deadline, according to two people with knowledgeof the matter.The Bloomberg report, citing the people, whose asked not to benamed because the discussions are private, related that somelenders that bought the biggest U.S. drug-testing lab's $1.8billion loan at or near face value are demanding a bigger payoutfrom shareholders, which include private-equity firm TA Associates. They want to extract more while other lenders who purchased thedebt at deeply discounted levels are willing to accept less, thepeople said, Bloomberg further related.According to the report, Millennium is negotiating the terms for abankruptcy filing at the same time that it's finalizing a $275million settlement of a federal investigation into its billingpractices, people with knowledge of the talks said. * * *The Troubled Company Reporter, citing The Wall Street Journal,reported that Millennium Health LLC is working with restructuringadvisers at Lazard Ltd. to explore options for bolstering itsfinances as it looks to move past a billing dispute with the U.S.government.The TCR, on July 30, 2015, reported that Moody's Investors Servicedowngraded Millennium Health, LLC's Corporate Family Rating toCaa2from B2 and Probability of Default Rating to Caa2-PD from B2-PD. Additionally, Moody's downgraded the ratings on the company'ssenior secured credit facilities to Caa2 (LGD 4) from B2 (LGD 4). The ratings remain under review for further downgrade.The TCR, on July 23, 2015, reported that Standard & Poor's RatingsServices placed all of its ratings, including its 'B' corporatecredit rating, on San Diego-based clinical toxicology laboratoryservices provider Millennium Health LLC on CreditWatch withnegative implications. "The CreditWatch listing reflects our view that there isconsiderable uncertainty regarding Millennium's ability to serviceits debt over the long term, given the ongoing, rapid deteriorationin the reimbursement rates that the company receives for urine drugtesting as well as the company's need to fund its pendingsettlement regarding Medicare overbilling allegations," said creditanalyst Shannan Murphy. "While the amount and timing of anysettlement has not yet been disclosed, we believe the amount willlikely significantly exceed the approximately $60 million in cashthe company held at March 31, 2015. Further, we believe thecompany's financial covenants and falling EBITDA would preclude itfrom accessing the revolver to fund any settlement. As such, webelieve a lump-sum payment requirement could result in a liquidityevent."MILLER ENERGY: Hires Prime Clerk as Claims and Noticing Agent-------------------------------------------------------------Miller Energy Resources, Inc., et al., seek permission from theBankruptcy Court to employ Prime Clerk to: (i) serve as the noticing agent to mail notices to the estates' creditors, equity security holders, and parties- in-interest; (ii) provide computerized claims, objection, soliciting, and balloting database services; and (iii) provide expertise, consultation, and assistance in claim and ballot processing and other administrative services with respect to the Debtors' bankruptcy cases.The Debtors tell the Court that by appointing Prime Clerk, thedistribution of notices and the processing of claims will beexpedited, and the Office of the Clerk of the Bankruptcy Court willbe relieved of the administrative burden of processing what may bean overwhelming number of claims.Prime Clerk's current claim and noticing rates are: Title Hourly Rate ----- ----------- Analyst $30-$45 Technology Consultant $50-$75 Consultant $90-$120 Senior Consultant $125-$160 Director $165-$185 Solicitation Consultant $175 Director of Solicitation $195The Debtors request that the undisputed fees and expenses incurredby Prime Clerk be paid in the ordinary course of business pursuantto the Agreement without further application to or order of theCourt. Prime Clerk agrees to maintain records of all servicesshowing dates, categories of services, fees charged, and expensesincurred, and to serve monthly invoices on the Debtors, the Officeof the United States Trustee, counsel for the Debtors, counsel forany official committee monitoring the expenses of the Debtors andany party-in-interest who specifically requests service of themonthly invoices.Prior to the Petition Date, the Debtors provided Prime Clerk aretainer of $50,000. Prime Clerk seeks to first apply the retainerto all prepetition invoices, and thereafter, to seek to have theretainer replenished to the original retainer amount, andthereafter, to hold the retainer under the Agreement during theseChapter 11 cases as security for the payment of fees and expensesincurred under the Agreement.The Debtors have agreed to indemnify, defend, and hold harmlessPrime Clerk and its members, officers, employees, representatives,and agents under certain circumstances specified in the Agreement,except in circumstances resulting solely from Prime Clerk's grossnegligence or willful misconduct or as otherwise provided in theAgreement or Retention Order.To the best of the Debtors' knowledge, Prime Clerk is a"disinterested person" as that term is defined in Bankruptcy CodeSection 101(14), as modified by Bankruptcy Code Section 1107(b). About Miller Energy Resources Miller Energy Resources, Inc. --http://www.millerenergyresources.com-- is an oil and natural gas production company focused on Alaska. The Company has asubstantial acreage, reserve, and resource position in the State,significant midstream and rig infrastructure to support production,and 100% working interest in and operatorship of most of itsassets.Miller Energy Resources and 10 of its affiliates filed Chapter 11bankruptcy petitions (Bank. D. Alaska Proposed Lead Case No. 15-00236) on Oct. 1, 2015. Carl F. Giesler, Jr., signed thepetition as chief executive officer. The Debtors disclosed total assets of $392,559,000 and total debtsof $336,910,000 as of Jan. 31, 2015.Judge Gary Spraker is assigned to the case.The Debtors have engaged Andrews Kurth LLP as counsel,Seaport Global Securities as financial advisor, and Prime Clerk asclaims and noticing agent.On Aug. 6, 2015, Cook Inlet, a wholly-owned by MER, became thesubject of an involuntary Chapter 11 case filed by four creditorsasserting to have an aggregate claim of $2.8 million. Thepetitioning creditors were Baker Hughes Oilfield, M-I LLC,Schlumberger Tech. Corp, and Baker Petrolite, LLC. Judge Sprakergranted an order for relief under Chapter 11 of the Bankruptcy Codeon Oct. 2, 2015.MILLER ENERGY: Obtains Commitment for $20-Mil. DIP Financing------------------------------------------------------------Miller Energy Resources, Inc., et al., ask the Bankruptcy Court toapprove an agreement with their second lien lenders to providedebtor-in-possession financing of up to $20 million to fund theiroperations and reorganization expenses to get them throughconfirmation of the proposed plan of reorganization.The Proposed DIP lenders are led by Apollo Investment Corporationand Highbridge Principal Strategies - Specialty Loan FundIII, L.P., the Debtors' prepetition secured lenders.The Debtors request immediate authority to borrow up to $5 million. The Debtors will not draw the remaining $15 million if theyreceive the full Tax Credit, estimated to be $21 million, from theState of Alaska within 30 days of the Petition Date.The DIP provides (i) interest at the rate of 8% per annum, payableon the last business day of each calendar month; (ii) defaultinterest at the rate of 11% per annum immediately upon theoccurrence and during the continuance of a DIP Event of Default;(iii) an upfront fee of $100,000 for the first $5 million to beborrowed on an interim basis; and (iv) an additional upfront fee of$300,000 only in the event the Debtors elect to borrow the full $20million.Any draws on the DIP Facility will be advanced on a superpriorityadministrative claim basis and be secured by, subject to acarve-out, (i) a perfected first priority "priming" securityinterest on all prepetition and postpetition collateral thatsecures the claims under the Second Lien Credit Agreement; (ii) aperfected first priority security interest on all prepetition andpostpetition unencumbered assets of the Debtors; and (iii) aperfected junior priority security interest on all prepetition andpostpetition property of the Debtors that is not encumbered by aperfected, non-avoidable prepetition security interest other thanthe existing collateral.The DIP Lenders also conditioned entry into the DIP Facility on agreement to a plan term sheet. The Plan Term Sheet provides theframework and terms for a consensual restructuring with the SecondLien Lenders through a debt-to-equity swap pursuant to which theSecond Lien Lenders would convert their outstanding claims into newfirst lien secured notes and 100% of the equity in the new company. The Plan Term Sheet also provides unsecured creditors with aguaranteed minimum cash recovery and warrants to purchaseequity in the new company, and provides existing preferred andcommon shareholders with warrants to purchase equity in the newcompany.The Debtors further seek immediate authority to use the cashcollateral of the Second Lien Lenders to support their liquidityneeds throughout this case, which the Second Lien Lenders haveconsented. The use of Cash Collateral and DIP Facility proceedsare subject to a budget agreed to among the Debtors and the DIPLenders.Carl F. Giesler, Jr., chief executive officer of Miller, blamed theCompany's financial struggles on the the substantial drop in oilprices over the last year. The per barrel price for Brent crudeoil fell from $100 per barrel in September 2014 to less than $45per barrel in January 2015. "Based on Miller's current capital structure, liquidityconstraints, and inability to raise new capital, it has becomenecessary for Miller to seek chapter 11 protection in order toprotect and preserve its going concern value for the benefit of allstakeholders," Mr. Giesler said in a declaration filed with theCourt.As of the Petition Date, the Debtors owe approximately $190 millionunder the Second Lien Credit Agreement with Apollo Investmentcomprised of $183.8 million in principal and prepetition interestand an approximately $5.9 million make-whole payment pursuant tothe Second Lien Credit Agreement.On Sept. 30, 2015, Miller did not to make a quarterly interestpayment in the amount of $5.8 million due under the Second LienCredit Agreement.According to papers filed with the Court, Miller and its investmentbankers at Seaport Global Securities, LLC have been in discussionswith prospective lenders over the last six months to provide theCompany with more than $165 million of new capital. However, dueto the involuntary bankruptcy petition filed against its whollyowned subsidiary Cook Inlet Energy LLC and the SEC's commencementof enforcement action, the negotiations were terminated. About Miller Energy ResourcesMiller Energy Resources, Inc. --http://www.millerenergyresources.com-- is an oil and natural gas production company focused on Alaska. The Company has asubstantial acreage, reserve, and resource position in the State,significant midstream and rig infrastructure to support production,and 100% working interest in and operatorship of most of itsassets.Miller Energy Resources and 10 of its affiliates filed Chapter 11bankruptcy petitions (Bank. D. Alaska Proposed Lead Case No. 15-00236) on Oct. 1, 2015. Carl F. Giesler, Jr., signed thepetition as chief executive officer. The Debtors disclosed total assets of $392,559,000 and total debtsof $336,910,000 as of Jan. 31, 2015.Judge Gary Spraker is assigned to the case.The Debtors have engaged Andrews Kurth LLP as counsel,Seaport Global Securities as financial advisor, and Prime Clerk asclaims and noticing agent.On Aug. 6, 2015, Cook Inlet, a wholly-owned by MER, became thesubject of an involuntary Chapter 11 case filed by four creditorsasserting to have an aggregate claim of $2.8 million. Thepetitioning creditors were Baker Hughes Oilfield, M-I LLC,Schlumberger Tech. Corp, and Baker Petrolite, LLC. Judge Sprakergranted an order for relief under Chapter 11 of the Bankruptcy Codeon Oct. 2, 2015.MILLER ENERGY: Seeks Joint Administration of Cases--------------------------------------------------Miller Energy Resources, Inc., et al., seek Bankruptcy Court'sorder directing joint administration of their Chapter 11 cases, forprocedural purposes only, under the case of Cook InletEnergy, LLC (15-00236).On Aug. 6, 2015, Cook Inlet became the subject of an involuntaryChapter 11 case filed by four creditors asserting to have anaggregate claim of $2.8 million. The petitioning creditors wereBaker Hughes Oilfield, M-I LLC, Schlumberger Tech. Corp, and BakerPetrolite, LLC. CIE is wholly-owned by MER. Judge Gary Spraker ofthe U.S. Bankruptcy Court for the District of Alaska granted anorder for relief under Chapter 11 of the Bankruptcy Code on Oct. 2, 2015."Given the integrated nature of Miller's operations, jointadministration of these chapter 11 cases will provide significantadministrative convenience without harming the substantive rightsof any party in interest," said Carl F. Giesler, Jr., chiefexecutive officer of Miller Energy. He maintained the entry of anorder directing joint administration of these chapter 11 cases willreduce fees and costs by avoiding duplicative filings andobjections and will allow the U.S. Trustee and all parties-in-interest to monitor these chapter 11 cases with greater ease and efficiency.The Debtors anticipate that numerous notices, applications,motions, other pleadings, hearings and orders in these cases willaffect many, if not all, of them.Joint administration will permit the Clerk of the Court to use asingle general docket for each of the Debtors' cases, will allowthe Debtors to combine notices to creditors and other parties-in-interest and will allow parties to request and the Court to holdjoint hearings on matters pending in any of the cases. About Miller Energy ResourcesMiller Energy Resources, Inc. --http://www.millerenergyresources.com-- is an oil and natural gas production company focused on Alaska. The Company has asubstantial acreage, reserve, and resource position in the State,significant midstream and rig infrastructure to support production,and 100% working interest in and operatorship of most of itsassets. Miller Energy manages its operations from Anchorage withadditional administrative offices in the lower 48.Miller Energy Resources, Inc., and 10 other affiliates filedChapter 11 bankruptcy petitions (Bank. D. Alaska Case Nos. 15-00313to 15- 15-00323) on Oct. 1, 2015. Carl F. Giesler, Jr., signed thepetition as chief executive officer. The Debtors disclosed total assets of $392,559,000 and total debtsof $336,910,000 as of Jan. 31, 2015.Judge Gary Spraker is assigned to the case.The Debtors have engaged Andrews Kurth LLP as counsel,Seaport Global Securities as financial advisor, and Prime Clerk asclaims and noticing agent.MILLER ENERGY: Wants Oct. 30 Deadline to File Schedules-------------------------------------------------------Miller Energy Resources, Inc., et al., ask the Bankruptcy Court toextend their deadline for filing their schedules of assets andliabilities, statements of financial affairs and lists of equityholders to Oct. 30, 2015.The Debtors maintain they have a substantial number of creditorsand parties-in-interest and conduct their business operations fromseveral locations in the United States."Given the size and complexity of their businesses, and due to thevoluminous nature of the information required to be gathered, theDebtors have not had the opportunity to prepare their respectiveSchedules and SOFA or Equity Holders List," says Timothy A.Davidson II, Esq., at Andrews Kurth LLP, counsel to the Debtors.According to Mr. Davidson, completion of the Schedules and SOFA andEquity Holders List will require an expenditure of a significantamount of time and effort by the Debtors' management and employees,who have been and will continue to be simultaneously working onother aspects of the Debtors' restructuring efforts and endeavoringto stabilize operations byaddressing the myriad of employee, customer and vendor issuesraised by the filing. The requested extension will enhance the accuracy of the Debtors'Schedules and SOFA and Equity Holders List and avoid the necessityof substantial subsequent amendments, Mr. Davidson tells theCourt. About Miller Energy ResourcesMiller Energy Resources, Inc. --http://www.millerenergyresources.com-- is an oil and natural gas production company focused on Alaska. The Company has asubstantial acreage, reserve, and resource position in the State,significant midstream and rig infrastructure to support production,and 100% working interest in and operatorship of most of itsassets.Miller Energy Resources and 10 of its affiliates filed Chapter 11bankruptcy petitions (Bank. D. Alaska Proposed Lead Case No. 15-00236) on Oct. 1, 2015. Carl F. Giesler, Jr., signed thepetition as chief executive officer. The Debtors disclosed total assets of $392,559,000 and total debtsof $336,910,000 as of Jan. 31, 2015.Judge Gary Spraker is assigned to the case.The Debtors have engaged Andrews Kurth LLP as counsel,Seaport Global Securities as financial advisor, and Prime Clerk asclaims and noticing agent.On Aug. 6, 2015, Cook Inlet, a wholly-owned by MER, became thesubject of an involuntary Chapter 11 case filed by four creditorsasserting to have an aggregate claim of $2.8 million. Thepetitioning creditors were Baker Hughes Oilfield, M-I LLC,Schlumberger Tech. Corp, and Baker Petrolite, LLC. Judge Sprakergranted an order for relief under Chapter 11 of the Bankruptcy Codeon Oct. 2, 2015.MINUTEMAN SPILL: Bid to Transfer Venue Denied---------------------------------------------Judge Kim R. Gibson of the United States District Court for theWestern District of Pennsylvania denied the motion filed byMinuteman Spill Response, Inc., to change the venue of its Chapter11 case to the Middle District of Pennsylvania.A complaint in confession of judgment in the amount of $4,669,164was filed by M&T Bank against Minuteman after the latter defaultedon its loans from the bank. The confessed judgment was entered onMarch 31, 2014, in the district court for the Western District ofPennsylvania.After Minuteman filed its Chapter 11 petition with the bankruptcycourt for the Middle District of Pennsylvania, it then filed aMotion for Relief from Judgment Entered by Confession - Petition toOpen and/or Strike Judgment Entered by Confession with Counterclaimwith the Western District court. It subsequently filed a motionfor change of venue, asking that the case be transferred to theMiddle District of Pennsylvania for reference to the bankruptcycourt in that district, asserting that the transfer is properbecause the M&T Bank case will have a critical effect on itsbankruptcy estate.Judge Gibson found that Minuteman has not provided the court with astrong reason why it should not look at the forum selection clausein its loan agreements with M&T Bank. The judge noted that theclause in the agreements did not provide for a specific forum, butrather provided that the borrower consented to the "exclusivejurisdiction of any state or federal court in the commonwealth ofPennsylvania in a county or judicial district where the bankmaintains a branch" and that "[t]he Borrower irrevocably submits tothe nonexclusive jurisdiction of any Federal or state court sittingin Pennsylvania, over any suit, action or proceeding arising out ofor relating to this Note."Judge Gibson thus concluded that, since M&T Bank maintains multiplebranches within the Western District of Pennsylvania, venue isproper in his district pursuant to the forum selection clause.The case is MANUFACTURERS AND TRADERS TRUST COMPANY, Plaintiff, v.MINUTEMAN SPILL RESPONSE, INC., Defendant, CASE NO. 3:14-MC-18(W.D. Pa.).A full-text copy of Judge Gibson's August 31, 2015 memorandumopinion and order is available at http://is.gd/avA73Afrom Leagle.com.Manufacturers and Traders Trust Company is represented by: William E. Kelleher, Esq. COHEN & GRIGSBY, P.C. 625 Liberty Avenue Pittsburgh, PA 15222-3152 Tel: (412) 297-4900 Fax: (412) 209-0672 Email: firstname.lastname@example.com -- and -- Jill Locnikar, Esq. UNITED STATES ATTORNEY'S OFFICEMinuteman Spill Response, Inc. is represented by: Dennis L. Abramson, Esq. Gilbert B. Abramson, Esq. GILBERT B. ABRAMSON & ASSOCIATES, LLC One Presidential Blvd Suite 215 Bala Cynwyd, PA 19004 Tel: (610) 664-5700 Fax: (610) 664-5770 Email: email@example.com firstname.lastname@example.com -- and -- Salene Rae Kraemer, Esq. MAZURKRAEMER BUSINESS LAW Pittsburgh, PA Tel: (412) 427-7075Milton, Pennsylvania-based Minuteman Spill Response, Inc., soughtprotection under Chapter 11 of the Bankruptcy Code on April 18,2014 (Bankr. M.D. Pa., Case No. 14-01825). The case was assignedto Judge John J. Thomas. The Debtor's counsel is Robert L Knupp,Esq., at Smigel, Anderson & Sacks, LLP, in Harrisburg,Pennsylvania.MMM HOLDINGS: S&P Lowers Counterparty Credit Rating to 'D'----------------------------------------------------------Standard & Poor's Ratings Services said that it has lowered itscounterparty credit and secured debt ratings on MMM Holdings Inc.to 'D' from 'B-', and removed all ratings from CreditWatch, whereS&P placed them with developing implications on June 5, 2015."MMM -- the downstream holding company of Innovacare Inc. -- didnot make its quarterly amortization payment on its first-lien termloan for third-quarter 2015, said Standard & Poor's credit analystJames Sung. "The company has entered into a forbearance agreementwith its lenders that will provide time for the parties tonegotiate a potential restructuring of the credit agreement. Theforbearance agreement is effective until the earlier of Oct. 30,2015, or various termination events outlined in the document."MMM has received waivers from its lenders since third-quarter 2014after it fell out of compliance with its maximum debt-leveragefinancial maintenance covenant. However, the latest waiver, whichexpired Sept. 30, 2015, was not extended because the waivers werecontingent on the company continuing to make its quarterlyprincipal and interest payments, which it did not do for the latestperiod. MMM is a co-borrower with MSO of Puerto Rico Inc. under a$505 million credit agreement that includes a $30 million revolverdue Dec. 12, 2017, and a $475 million term loan due Dec. 12, 2017($352 million outstanding as of June 30, 2015).MMM faces liquidity issues that are worse than S&P expected becauseof substantial earnings deterioration. The company, which is aleading Medicare/Medicaid managed care company in Puerto Rico, hasbeen hurt by Medicare Advantage rate cuts, higher-than-expectedmedical costs, health insurance industry fees, and several one-timeitems. MMM is dependent on management fees and dividends from itssubsidiaries (including regulated insurance entities) to meet itsholding company expenses including debt service. The regulatedentities do not guarantee MMM's debt and are weakly capitalizedbased on risk-based capital (RBC) measures. The company chose toforgo its quarterly amortization payment to build up capital at itsregulated entities to meet regulatory requirements."We will not raise our counterparty credit and debt ratings on MMMfrom 'D' until payments resume in accordance with the originalterms," Mr. Sung added. "If the terms are amended and becomelegally effective, we may raise the ratings from 'D' unless webelieve a default under the amended terms is virtually certain."MOLYCORP INC: Director Says $3MM Bonus Plan Fairly Pays Execs-------------------------------------------------------------Matt Chiappardi at Bankruptcy Law360 reported that one of thedirectors of bankrupt rare earth miner Molycorp Inc. told aDelaware bankruptcy judge on Oct. 1, 2016, that the Company'ssenior executives would be fairly compensated compared withindustry standards under an up to $3 million incentive pay planthat is under fire from several corners in the case. During a fullday of court proceedings in Wilmington, Molycorp director BrianDolan testified during cross-examination. About MolycorpMolycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominentrare earth processing facilities around the world. It has aworkforce of 2,530 employees at locations on three continents.Molycorp's Mountain Pass Rare Earth Facility in San BernadinoCounty, California, is home to one of the world's largest andrichest deposits of rare earths.Molycorp has corporate offices in the United States, Canada andChina. CEO Geoffrey R. Bedford, and other senior managementmembers are located in Molycorp's corporate offices in Toronto,Canada. Other senior manageemnt members are located at its U.S.corporate headquarters in Greendwood Village, Colorado.Molycorp reported a net loss of $623 million in 2014, a net lossof $377 million in 2013 and a net loss of $475 million in 2012.As of March 31, 2015, the Company had $2.49 billion in totalassets, $1.78 billion in total liabilities and $709 million intotal stockholders' equity.Molycorp and its North American subsidiaries, together withcertain of its non-operating subsidiaries outside of North America,filedChapter 11 voluntary petitions in Delaware (Bankr. D. Del. LeadCase No. 15-11357) on June 25, 2015, after reaching agreementwith a group of lenders on a financial restructuring. The Chapter11cases of Molycorp and 20 affiliated debts are pending beforeJudge Christopher S. Sontchi.The agreement provides for a financial restructuring of theCompany's $1.7 billion in debt and provides up to $225 million ingross proceeds in new financing to support operations while theCompany completes negotiations with creditors.The Company's operations outside of North America, with theexception of non-operating companies in Luxembourg and Barbados,are excluded from the filings. Molycorp Rare Metals (Oklahoma),LLC, with operations in Quapaw, Oklahoma, also is excluded fromthe filings as it is not 100% owned by the Company.Molycorp is being advised by the investment banking firm of MillerBuckfire & Co. and is receiving financial advice from AlixPartners,LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as legal counsel to the Company in this process. Prime Clerk servesas claims and noticing agent.Secured creditor Oaktree Capital Management L.P., consented to theuse of cash collateral and to extend postpetition financing.On July 8, 2015, the U.S. trustee overseeing the Chapter 11 caseof Molycorp Inc. appointed eight creditors of the company to serveon the official committee of unsecured creditors.MONTREAL MAINE: Final Hearing Today on $341MM Settlement--------------------------------------------------------ABI.org reported that the trustee for the bankrupt Montreal Maineand Atlantic Railway said that he expects a final agreement on Oct.5, over a settlement to pay victims of the July 2013 oil trainderailment that killed 48 people.The Associated Press, in a separate report, said that finalconfirmation of a $338 million settlement for victims of an oiltrain derailment that claimed 47 lives in Quebec was delayed onSept. 24, 2015, to give the lone party that opposes the planadditional time to reach an agreement on terms to join thesettlement or withdraw its objection.Canadian Pacific will let the settlement move forward by droppingits opposition if it can come to terms with the U.S. bankruptcytrustee, officials said.A bankruptcy judge ordered the parties to reconvene Oct. 5, andTrustee Robert Keach said he's confident the settlement will beconfirmed then."We moved farther down the road to providing some certainty for thevictims. While I know that means coming back in a few weeks, Ithink material progress was made. There is encouragement for thevictims," Judge Keach told the judge after attorneys emerged fromclosed-door discussions to ask for more time to negotiate.The settlement plan, which was worth $446 million in Canadiandollars, was negotiated with about two dozen parties with potentialliability after a runaway train with 72 oil tankers derailed onJuly 6, 2013, in Lac Megantic, Quebec. The exploding tankerstriggered raging fires that destroyed more than 40 buildings.Canadian Pacific, which contended it bore no responsibility for thedisaster, was the sole party with potential liability to decline tocontribute to the settlement, which included about $83 million tosettle wrongful death claims.The railroad contended the plan would hamper its ability to defenditself from lawsuits because the agreement provided legal immunityto settlement participants.Keach accused Canadian Pacific of trying to hold up payments tovictims to get leverage to negotiate a better settlement deal. ButTim Thornton, attorney for Canadian Pacific, denied on Sept. 24, that the railroad was trying to delay payments. He said therailroad only wanted to be treated fairly.The oil shipment from the Bakken region of North Dakota originatedwith Canadian Pacific, which transported the crude to Quebec beforethe train moved onto rail lines owned and operated by Montreal,Maine & Atlantic Railway. The Maine-based railroad filed forbankruptcy and was sold after the disaster.Keach contends Canadian Pacific bears some responsibility for theseverity of the fire by failing to properly classify the crude oil,which was as volatile as gasoline. Plaintiffs also believe CP bearssome responsibility because it managed the shipping documents.Wrongful death lawsuits are on hold while the settlement is sortedout.In addition to the bankruptcy and lawsuits, there's also a separatecriminal case pending against three workers, each charged withcriminal negligence causing death. About Montreal MaineMontreal, Maine & Atlantic Railway Ltd., operated the train thatderailed and exploded in July 2013, killing 47 people anddestroying part of Lac-Megantic, Quebec. The Company sought bankruptcy protection (Bankr. D. Maine Case No.13-10670) on Aug. 7, 2013, with the aim of selling its business. Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co.,meanwhile, filed for protection from creditors in Superior Court ofQuebec in Montreal.Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,P.A., serves as Chapter 11 trustee. Michael A. Fagone, Esq., andD. Sam Anderson, Esq. serves as his counsel. DevelopmentSpecialists, Inc., serves as his financial advisor; and GordianGroup, LLC, serves as his investment banker.Bankruptcy Judge Louis H. Kornreich presides over the U.S. case.The law firm of Verrill Dana represents the Debtor in itsrestructuring effort.Justice Martin Castonguay oversees the case in Canada. AndrewAdessky at Richter Consulting was named CCAA monitor. The CCAAMonitor is represented by Sylvain Vauclair at Woods LLP. MM&ACanada is represented by Patrice Benoit, Esq., at Gowling LaFleurHenderson LLP.The U.S. Trustee appointed a four-member official committee ofderailment victims. The Official Committee is represented byRichard P. Olson, Esq., at Perkins Olson; and Luc A. Despins, Esq.,at Paul Hastings LLP.The unofficial committee of wrongful death claimants is representedby George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul, P.A.;Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J. Flowers,Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., at TheWebster Law Firm; and Mitchell A. Toups, Esq., at Weller, GreenToups & Terrell LLP.On Jan. 29, 2014, an ad hoc group of wrongful-death claimantssubmitted a plan, which would give 75% of the $25 million inavailable insurance to the families of those who died after anunattended train derailed in Lac-Megantic, Quebec, in July.Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadianunit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seekrecognition and enforcement in the U.S. of the order by the QuebecCourt approving MMA Canada's plan to pay off victims of the July2013 derailment.NEPHROS INC: Obtains Funding from Warrant Exercise by Wexford-------------------------------------------------------------Nephros, Inc. has entered into a Warrant Amendment and ExerciseAgreement with Lambda Investors LLC, an affiliate of WexfordCapital LP, and plans to initiate a tender offer to temporarilyreduce the exercise price for all remaining outstanding warrants by50% of the stated exercise price of each respective warrant. Pursuant to the Warrant Amendment and Exercise Agreement, theCompany agreed to reduce the current exercise price of the Class DWarrant held by Lambda representing the right to purchase11,742,100 shares of the Company's common stock by 50%, to $0.15per share, in exchange for Lambda's agreement to exercise suchwarrant in its entirety. The Company received approximately $1.76million in cash proceeds from Lambda's exercise of the Class DWarrant. Following such exercise, no Class D Warrants remainoutstanding.In addition, Nephros has committed to initiating a tender offer tothe holders of all of its remaining outstanding warrants pursuantto which it will offer those holders the right to exercise theirrespective warrants at a 50% discount to their current exerciseprices, which range from $0.40 to $0.85 per share. If allremaining warrants are exercised at the discounted prices, Nephroswould receive additional proceeds of approximately $1.39 million.The details of the proposed offer to exercise the Company'sremaining warrants will be announced next month. "Daron has had an immediate positive impact on Nephros operations,and Wexford fully supports his vision for the company," stated Dr.Paul Mieyal of Wexford. "In addition, we applaud the board'screativity in providing an incentive for all existing warrantholders to exercise their warrants as a means to raise workingcapital without impacting the fully diluted capitalization of thecompany.""I appreciate Wexford's continued support of Nephros and am pleasedthat all warrant holders have the opportunity to take advantage ofthis temporary discount," said Daron Evans, CEO of Nephros. "TheClass D Warrant held by Lambda was subject to a price-basedanti-dilution adjustment provision, which required the warrant tobe recorded as a liability on our balance sheet. The exercise ofthe Class D Warrant provides cash for operations and eliminatesthis warrant liability, which was over $7 million at the end of thelast quarter. I am committed to expanding our water filter productline in both medical and commercial applications, with the goal ofgrowing sales and achieving positive cash flow from operations in2016.""The additional funding will also allow us to initiate our OLpūrH2H 2.0 project. Utilizing feedback from nurses, technicians anddoctors from the on-going hemodiafiltration system evaluations, weintend to upgrade the OLpūr H2H system to make it easier to useand maintain, and less costly to manufacture. We believe that fullcapitation is coming to the dialysis industry, and that HDF therapywill offer service providers a powerful tool to reduce the overallcost of care for certain subsets of patients with end stage renaldisease." About NephrosRiver Edge, N.J.-based Nephros, Inc., is a commercial stagemedical device company that develops and sells high performanceliquid purification filters. Its filters, which it callsultrafilters, are primarily used in dialysis centers andhealthcare facilities for the production of ultrapure water andbicarbonate.Nephros reported a net loss of $7.37 million on $1.74 million oftotal net revenues for the year ended Dec. 31, 2014, compared tonet income of $1.32 million on $1.74 million of total net revenuesfor 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 "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has incurrednegative cash flow from operations and recurring net losses sinceinception. These conditions, among others, raise substantial doubtabout its ability to continue as a going concern.NET ELEMENT: Extends Letter Agreements Moratorium Date to Oct. 11-----------------------------------------------------------------Net Element, Inc., and certain qualified institutional investorsand certain institutional accredited investors who are parties tothe two letter agreements, each dated Aug. 4, 2015, agreed tofurther modify the Letter Agreements by extending the MoratoriumDate (as defined in the Letter Agreements) to 11:59 pm EST on Oct. 11, 2015.On Aug. 4, 2015, Net Element entered into two letter agreementswith the certain qualified institutional investors and certaininstitutional accredited investors listed in the SecuritiesPurchase Agreement (Series A Convertible Preferred Stock of theCompany) (the "Preferred SPA") and the Securities PurchaseAgreement (Senior Convertible Notes and Warrants) (the "Debt SPA"). The Letter Agreements waived certain terms of the Series AConvertible Preferred Stock of the Company, and waived and amendedcertain terms of the Preferred SPA and the Debt SPA and of theSenior Convertible Notes and Warrants issued pursuant to the DebtSPA. About Net ElementMiami, Fla.-based Net Element International, Inc., formerly NetElement, Inc., currently operates several online media Web sitesin the film, auto racing and emerging music talent markets.Net Element reported a net loss of $10.18 million on $21.2million 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 netrevenues 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' equityof $11.2 million.BDO USA, LLP, in Miami, Florida, issued a "going concern"qualification in its report on the consolidated financialstatements for the year ended Dec. 31, 2014. The accounting firmsaid that the Company has suffered recurring losses from operationsand has used substantial amounts of cash to fund its operatingactivities that raise substantial doubt about its ability tocontinue as a going concern.NEWLEAD HOLDINGS: Announces Time Charter of Newlead Castellano--------------------------------------------------------------NewLead Holdings Ltd. announced that it has entered into a timecharter contract for one of its dry bulk Eco-type Handysizevessels, the Newlead Castellano, for two consecutive voyages,anticipated to be completed by the end of November 2015, at a grosscharter-out rate of US $7,000 per day less a 6.25% commission paidto third parties. The vessel was delivered to the charterers atthe beginning of September 2015.The Newlead Castellano is a 2013-built dry bulk Eco-type Handysizevessel of 35,542 dwt and is one of the three dry bulk Eco-typeHandysize vessels that were delivered to NewLead's fleet in 2014.Since the beginning of 2015, the Newlead Castellano has completedthree time charter contracts and has transported 125,995 tons ofdry bulk cargo. The vessel's utilization in 2015 up until today is95%. The Newlead Castellano has been primarily trading in the AtlanticOcean area although the trading location is at the charterers'option.Mr. Michael Zolotas, chairman and chief executive officer ofNewLead, stated, "NewLead's constant emphasis on the developmentand management of commercial relationships is reflected in thecontinuous employment of its vessels at competitive charter-outrates despite distressed dry bulk market conditions." Mr. Zolotas added, "We continue to perform on our prudent andadaptive commercial strategy but at the same time we ensure adiversified employment and geographical positioning of our dry bulkvessels to seize chartering opportunities."NewLead has approximately 60% and 81% of its operating days coveredfor 2015 and 20% and 16.27% of its operating days covered for 2016for its dry bulk and tanker vessels, respectively.A full-text copy of the press release is available at: http://is.gd/XbtCoY 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 tankersand dry bulk vessels. NewLead currently controls 22 vessels,including six double-hull product tankers and 16 dry bulk vesselsof which two are newbuildings. NewLead's common shares are tradedunder the symbol "NEWL" on the NASDAQ Global Select Market.Newlead reported a net loss attributable to the Company'sshareholders of $100 million on $12.6 million of revenues for theyear ended Dec. 31, 2014, compared to a net loss attributable tothe Company's shareholders of $158 million on $7.34 million ofrevenues 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 totalshareholders' deficit.Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has incurreda net loss, has negative cash flows from operations, negativeworking capital, an accumulated deficit and has defaulted under itscredit facility agreements resulting in all of its debt beingreclassified to current liabilities all of which raise substantialdoubt about its ability to continue as a going concern.NEWLEAD HOLDINGS: Commercial Performance of Newlead Granadino-------------------------------------------------------------NewLead Holdings Ltd. announced that the Company has entered into anew time charter contract for one of its bitumen tanker vessels,the MT Newlead Granadino, for a minimum of six months with thecharterer's option to extend the contract at the end of the firstsix months for additional six month periods up to a maximum ofeighteen months. The net charter-out rate is $10,500 for theinitial six months and $10,750 for the remaining optional periods.The charter commenced on July 22, 2015.The Newlead Granadino is a 2009-built double hull bitumen tankervessel of 5,887 dwt and is one of the five bitumen tanker vesselsthat were delivered to NewLead's fleet in the fourth quarter of2014. When NewLead took delivery of Newlead Granadino in November 2014,the vessel was already chartered-out on a time charter agreement ata net charter-out rate of $8,900 for about nine months. From thebeginning of January 2015, when that time charter agreementexpired, until the latest time charter agreement, the NewleadGranadino had been trading on the spot market and had completed sixvoyages in the Mediterranean Sea and the United Arab Emirates area. Today, the Newlead Granadino is trading in North America where thevessel was repositioned in August 2015 to perform on the latesttime charter agreement. Upon delivery of the Newlead Granadino to NewLead in November 2014,the Company invested in the maintenance, improvement and upgrade ofthe vessel's condition. The vessel's improved technical conditionallowed for an increase of approximately 5% in the vessel's cargoin-take capacity and a decrease in the fuel consumption forsteaming and cargo heating, as well as an improvement of the speedof the vessel. The Newlead Granadino has become a moreeco-friendly vessel and is expected to be more attractive to oilmajors and charterers. Since the delivery of Newlead Granadino to NewLead up until today,158,502.35 tons of bitumen have been transported while the vessel'sutilization was 94%.Mr. Michael Zolotas, chairman and chief executive officer ofNewLead, stated, "We are pleased to have entered into a new timecharter contract for the Newlead Granadino. We invested in theimprovement of the technical condition of the vessel in order toensure an improved operational and commercial performance thatwould permit the vessel's repositioning in North America." Mr. Zolotas added, "Today, four out of our five bitumen oil tankervessels are in a time charter contract and one is trading spotwhich allows for hedging of the bitumen market fluctuations.Newlead is aiming to expand the Company's fleet with modern bitumentankers to not only have a strong presence in the Mediterranean Seaand the United Arab Emirates area, but also in North America inorder to develop on our strategic decision to be a worldwide playerin the bitumen oil tanker market."NewLead has approximately 62.06% and 80.56% of its operating dayscovered for 2015 and 20% and 15.27% of its operating days coveredfor 2016 for its dry bulk and tanker vessels, respectively.A full-text copy of the press release is available at: http://is.gd/EtGwed 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 tankersand dry bulk vessels. NewLead currently controls 22 vessels,including six double-hull product tankers and 16 dry bulk vesselsof which two are newbuildings. NewLead's common shares are tradedunder the symbol "NEWL" on the NASDAQ Global Select Market.Newlead reported a net loss attributable to the Company'sshareholders of $100 million on $12.6 million of revenues for theyear ended Dec. 31, 2014, compared to a net loss attributable tothe Company's shareholders of $158 million on $7.34 million ofrevenues 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 totalshareholders' deficit.Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has incurreda net loss, has negative cash flows from operations, negativeworking capital, an accumulated deficit and has defaulted under itscredit facility agreements resulting in all of its debt beingreclassified to current liabilities all of which raise substantialdoubt about its ability to continue as a going concern.OCONEE REGIONAL: S&P Puts 'CCC' Rating on CreditWatch Negative--------------------------------------------------------------Standard & Poor's Ratings Services placed its 'CCC' rating onBaldwin County Hospital Authority, Ga.'s revenue debt, issued forOconee Regional Medical Center (ORMC), on CreditWatch with negativeimplications.The CreditWatch placement reflects Standard & Poor's opinion ofNavicent Health's recent notification on Sept. 17, 2015, that itwill terminate its management services agreement with ORMC,effective 30 days from the notice. Standard & Poor's understandsNavicent terminated the agreement for cause.The rating service has limited information regarding the reason forthe termination. Based on an electronic municipal market accessfiling, however, it understands Navicent terminated the agreementdue to a material change in key personnel by ORMC. Subsequentfilings indicate ORMC is disputing Navicent's right to terminatethe agreement.Should Navicent successfully dissolve the agreement, Standard &Poor's believes a lower rating is likely due to ORMC's very weakfinancial performance and Standard & Poor's opinion that ORMC hasvery limited resources to meet debt service requirements. At June30, 2015, ORMC has approximately $10.6 million in unrestrictedreserves. ORMC management indicated in August 2015 that itintended to fund the next bond debt service payment with reserves;it is scheduled to make that next payment of approximately $2.5million on Dec. 1, 2015.OIL & GAS COS: S&P Takes Rating Actions on 25 Companies-------------------------------------------------------Standard & Poor's Ratings Services, on Oct. 2, 2015, said that ithas taken rating actions on 25 U.S oil and gas exploration andproduction (E&P) companies after completing a review of the sector. The review followed the recent revision of S&P's hydrocarbon priceassumptions. Although many of these issuers lowered capitalspending and have been focused on drilling their core assets,credit measures remain weak for the ratings. Most rating actionsreflect lower credit-protection measures, negative cash flow, anduncertainty about liquidity over the next 12 months. DOWNGRADESChesapeake Energy Corp.: Corporate Credit Rating Lowered To BB-/Negative/-- From BB+/Negative/--The downgrade reflects S&P's expectation that financial measureswill weaken further over the next 12 to 18 months such that debt toEBITDAX will well exceed 5x and funds from operations (FFO) to debtwill average below 12%, resulting in the lowering of the financialrisk profile to "highly leveraged" from "aggressive," as per S&P'scriteria. The negative outlook reflects the potential for furtherdowngrades if financial measures continue to weaken, as well as theneed for Chesapeake to address looming debt maturities, includingputable debt, through 2017.Whiting Petroleum Corp: Corporate Credit Rating Lowered ToBB/Stable/-- From BB+/Negative/--The downgrade reflects S&P's expectation of increased leverage andworsening credit measures following the reduction in its oil andnatural gas price deck assumptions. Despite the company's recentreduction in planned capital spending for 2016, S&P expects FFO todebt to fall and remain below 20% and debt to EBITDA to exceed 4xover the next two years, which S&P views as too high for a 'BB+'rating, given what S&P views as the company's "satisfactory"business risk profile. Ultra Petroleum Corp.: Corporate Credit Rating Lowered ToB+/Negative/-- From BB/Negative/--The downgrade reflects S&P's expectation of increased leveragefollowing its lower oil and natural gas price deck assumptions. S&P now expects FFO to debt to fall and remain below 12% and debtto EBITDA to exceed 5x over the next two years, which S&P views astoo high for a 'BB' rating, given the company's "satisfactory"business risk profile. The negative outlook reflects the potentialfor a downgrade if leverage falls well below 12% or if S&P expectedliquidity to deteriorate, which would most likely occur if thecompany did not extend the maturity of its credit facility or amendfinancial covenants. Denbury Resources Inc.: Corporate Credit Rating Lowered To BB-/Stable/-- From BB/Negative/--S&P lowered the rating to reflect the company's increased leveragedue to its lower oil and natural gas price deck assumptions, thecompany's limited hedge position in 2016 and beyond, and S&P'sforecast of a 5% decline in production next year. Despite S&P'sexpectation that the company will continue to benefit from thecosts savings achieved this year and will maintain capital spendingwithin cash flow through the downturn, S&P now forecasts FFO todebt to fall below 20% and debt to EBITDA to approach 5x for thenext couple years. S&P views these leverage levels as too high fora 'BB' rating, given its assessment of the company's business riskprofile. Linn Energy LLC: Corporate Credit Rating Lowered To B+/Negative/--From BB-/Negative/--The downgrade reflects S&P's expectation that under its revisedprice assumptions, the company's financial measures will materiallydeteriorate. S&P expects debt to EBITDA to exceed 5.5x and FFO todebt to remain below 12% through 2016, which it considersinconsistent with the rating. However, the suspension ofdistributions should support the company's cash flow and provideopportunities to deleverage the balance sheet. The negativeoutlook reflects the risk of additional deterioration of thecompany's credit measures.Bill Barrett Corp.: Corporate Credit Rating Lowered To B/Stable/--From B+/Stable/--The downgrade reflects S&P's expectation of increased leveragefollowing the reduction in its oil and natural gas price deckassumptions. Despite S&P's assumption of significantly reducedcapital spending in 2016, it expects the company's FFO to debt toapproach 12% and debt to EBITDA to approach 5x over the next twoyears, which S&P' views as too high for a 'B+' rating, given whatS&P views as the company's "vulnerable" business risk profile. S&Pcontinues to view liquidity as "adequate" for the rating.Endeavor Energy Resources L.P.: Corporate Credit Rating Lowered ToB/Negative/-- From B+/Stable/--The downgrade reflects S&P's estimates for increased leveragefollowing the revision of its hydrocarbon price decks assumptions.S&P expects the company's revenues to decline further as its modesthedge position rolls off in 2016 and production declines slightlyas a result of reduced capital spending. Given S&P's assumptions,it expects FFO to debt to remain below 12% for 2016 and 2017 anddebt to EBITDA to be above 5x. The negative outlook reflects S&P'sexpectations that Endeavor will have weak credit measures for therating because the company relies on debt to fund its currentcapital plan amid an extended period of lower oil and gas prices. Legacy Reserves L.P.: Corporate Credit Rating Lowered ToB/Stable/-- From B+/Negative/--Although the company's hedges will support price realizations in2016, S&P expects leverage to exceed levels it views as appropriatefor the rating, including FFO to debt of about 10% and debt toEBITDA approaching 7.5x by year-end 2016. S&P notes that thecompany still has significant availability under its creditfacility, although the amount could be reduced at the nextborrowing base redetermination this fall. S&P expects the companyto reduce capital spending, distributions, or execute asset salesto help preserve liquidity and improve on financial measures. Triangle USA Petroleum Corp.: Corporate Credit Rating Lowered To B-/Negative/-- From B/Stable/--The downgrade reflects S&P's expectation that 2016 credit measureswill weaken to levels we consider in line with a "highly leveraged"financial risk profile, as the company's hedges begin rolling off. In S&P's base case scenario, it expects that 2016 debt to EBITDAXwill well exceed 5x and that FFO to debt will average below 10%. The negative outlook reflects the potential for a lower rating overthe next year should liquidity deteriorate meaningfully during thefall or spring redetermination, or if the company enters into debtexchanges, given the current market value of its unsecured notes,which S&P could view as distressed exchanges.Chaparral Energy Inc.: Corporate Credit Rating Lowered To B-/Stable/-- From B/Stable/--The downgrade reflects S&P's expectations that the company's creditmeasures could weaken after most of its favorable hedges roll offin 2015, with modest hedges in 2016. S&P expects the company tocut back capital spending to preserve liquidity, while productionshould be supported by the production from its North Burbankenhanced oil recovery project. The stable outlook reflects S&P'sexpectation that FFO to debt will remain above 10% and the companymaintains "adequate" liquidity. Templar Energy LLC: Corporate Credit Rating Lowered To 'B-/Negative/-- from B/Stable/-- Under S&P's price assumptions, it projects the company's FFO todebt to remain slightly below 10% after favorable hedges roll offin 2015. The negative outlook reflects the likelihood S&P couldlower the rating if it assess Templar's liquidity as "less thanadequate" due to a possible covenant breach, or if credit measuresdeteriorated further. Atlas Resource Partners L.P.: Corporate Credit Rating Lowered ToB-/Stable/-- From B/Negative/--The downgrade reflects S&P's estimates that the company's creditmeasures will weaken as a result of its revised price deckassumptions and a decline in production due to decreased capitalspending. S&P expects leverage to increase as the partnershipcontinues to fund distributions to unitholders. Given S&P'sassumptions, it expects FFO to debt to remain below 12% for 2016and 2017 and debt to EBITDA above 6x. The stable outlook reflectsAtlas' extensive hedge position through 2018 that helps to mitigatecash flow volatility. Clayton Williams Energy Inc.: Corporate Credit Rating Lowered ToB-/Negative/-- From B/Negative/--The downgrade reflects S&P's estimate for increased leverage due tothe reduction in its oil and natural gas price deck assumptions andthe company's lack of hedges. S&P now expects FFO to debt to falland remain below 12% and debt to EBITDA to exceed 5x for the nextfew years. The negative outlook reflects S&P's expectation thatthe company's liquidity position will likely deteriorate in 2016unless the company executes asset sales.Midstates Petroleum Co. Inc.: Corporate Credit Rating Lowered To CCC+/Stable/-- From B-/Stable/--S&P projects the company's leverage to be unsustainable under itsprice assumptions, with FFO to debt falling to below 5% in 2016after the company's hedges expire in 2015. The company's liquidityis supported by the company's second-lien notes issued earlier thisyear, which it used to pay down outstanding amounts under thecredit facility and put cash on the balance sheet. The stableoutlook reflects S&P's assessment of "adequate" liquidity for thecompany.Energy XXI Ltd.: Corporate Credit Rating Lowered ToCCC+/Negative/-- From B-/Negative/--. S&P projects the company to generate near-0% FFO to debt in 2016and to finance its capital spending entirely out of cash on hand,which was about $756 million as of fiscal year-end 2015. Althoughthe company has "adequate" liquidity, according to S&P's criteria,it has $750 million of senior unsecured notes due in November 2017that, if not retired or extended, could accelerate the maturity ofits credit facility. The negative outlook reflects the likelihoodthat S&P could lower the rating if it assess liquidity as "lessthan adequate," which could stem from the accelerating maturity onits credit facility.American Energy – Permian Basin LLC: Corporate Credit RatingLowered To CCC+/Negative/-- From B-/Negative/--The downgrade reflects S&P's expectation of increased leveragefollowing the reduction in its oil and natural gas price deckassumptions. S&P now expects FFO to debt to be in the 0% to 5%range over the next two years, which S&P views as unsustainable.The negative outlook reflects the potential for liquidity todeteriorate next year if the company's borrowing base is reducedand it cannot raise external capital to fund its planned drillingprogram. OUTLOOK REVISIONSExxon Mobil Corp.: 'AAA' Long-Term Corporate Credit And 'A-1+'Short-Term Commercial Paper Ratings Affirmed, Outlook Revised ToNegative From Stable.S&P revised its rating outlook to negative from stable, reflectingits expectation that credit measures will be weak for the ratingsover the next one to two years because of lower internallygenerated cash flow, coupled with substantial capital spending anddividends. S&P projects that discretionary cash flow coverage ofdebt will be below its expectations for the ratings, in part due tolow oil and natural gas prices. S&P notes that the company hassubstantially more debt than during the last cyclical commodityprice trough in 2009, while upstream production and costs are atsimilar levels. S&P projects that credit measures will begin toimprove to acceptable levels in 2017, assuming lower capitalspending and higher commodity prices. Chevron Corp.: 'AA' Long-Term Corporate Credit And 'A-1+'Short-Term Commercial Paper Ratings Affirmed, Outlook Revised ToNegative From StableThe outlook revision to negative reflects S&P's expectation that inthe context of lower oil and gas prices and refining margins, thecompany's credit measures will be weak for the ratings next year. S&P anticipates Chevron will outspend internally generated cashflow to fund major project capital spending and dividends. S&Pnotes that the company has significantly more debt than in the lastcyclical downturn while oil and gas production is at similarlevels. S&P forecasts that credit measures will improve toacceptable levels in 2017, assuming lower capital spending andhigher commodity prices. Northern Oil And Gas Inc.: 'B' Corporate Credit Rating Affirmed,Outlook Revised To Negative From StableThe outlook revision reflects the potential for a lower ratingwithin the next year if S&P expects that credit measures wouldweaken modestly with FFO to debt dropping below 12% for a sustainedperiod, if liquidity deteriorates significantly, or if the companyundertook more aggressive financial policies that increased debtleverage. EV Energy Partners L.P.: 'B' Corporate Credit Rating Affirmed,Outlook Revised To Negative From StableS&P now views the company's financial profile as "highlyleveraged," given that S&P expects credit measures to weaken in2016 and 2017, in comparison to 2015. S&P expects FFO to debt ofabout 18% in 2015, declining to about 11% in both 2016 and 2017.S&P continues to view the company's liquidity as "adequate." Thenegative outlook reflects the potential for lower ratings on thecompany if FFO to debt weakens to well below 12% on a sustainedbasis or if S&P viewed liquidity as "less than adequate."Fieldwood Energy LLC: 'B' Corporate Credit Rating Affirmed, OutlookRevised To Negative From StableThe outlook revision reflects S&P's expectation that the company'sfinancial measures will be weak for the rating over the next twoyears based on S&P's lower oil and natural gas price deckassumptions, although it expects the company to generate positivefree cash flow. In addition, while hedges support pricerealizations in 2016, S&P expects FFO to debt to approach 12% anddebt to EBITDA to exceed 6x. S&P expects the company to reducecapital spending in response to lower prices and fund spendingthrough internal cash flows while maintaining relatively flat totalproduction year over year.RATINGS AFFIRMEDConocoPhillips: 'A' Long-Term Corporate Credit And 'A-1' Short-TermCommercial Paper Ratings Affirmed, Outlook NegativeS&P affirmed the ratings on ConocoPhillips and maintained thenegative outlook to reflect S&P's expectation that financialmeasures will remain weak for the rating through 2016. Financialmeasures will benefit in 2017 from growing production from theAustralia Pacific liquefied natural gas project. Nevertheless,should operating performance fail to meet S&P's expectations, orlow crude oil and natural gas prices persist, S&P could lowerratings if expected FFO to debt remained below 30%. WPX Energy Inc.: 'BB' Corporate Credit Rating Affirmed, OutlookPositiveS&P affirmed its 'BB' corporate credit rating and maintained thepositive outlook on WPX. Despite the lower oil and natural gasprice assumptions S&P's positive outlook continues to reflect thepotential for WPX's profitability to improve based on the company'sgrowing proportion of oil production as a result of the recentacquisition of RKI Exploration & Production LLC. S&P believes WPXwill reduce capital spending and execute on additional asset salesto pay down outstanding borrowings on its existing credit facilityin 2016. S&P expects FFO to debt to average in the 20% to 25%range over the next two years. W&T Offshore Inc.: 'B' Corporate Credit Rating Affirmed, OutlookStableWhile S&P expects credit measures to be weak in 2015, it expectsthe company's credit measures to improve in 2016 and 2017. S&Pexpects FFO to debt to be about 9% in 2015, improving to about 12%in 2016. S&P views the company's liquidity as "adequate," takinginto consideration W&T's recent agreement to divest its interest inthe Yellow Rose field in the Permian Basin for $376 million. S&Pexpects the company to initially use proceeds to pay down itsoutstanding balance under its revolving credit facility and provideadditional liquidity for operations and acquisitions.Comstock Resources Inc.: 'B' Corporate Credit Rating Affirmed,Outlook StableS&P continues to expect that the company will commit a majority ofits capital to the Haynesville shale natural gas play, albeit atreduced levels in response to lower prices. The stable outlookreflects S&P's view that the company's leverage will improvestarting in 2017 and liquidity will remain "adequate."RATINGS LISTRatings Lowered To FromChesapeake Energy Corp.Corporate Credit Rating BB-/Negative/-- BB+/Negative/--Whiting Petroleum CorpCorporate Credit Rating BB/Stable/-- BB+/Negative/--Ultra Petroleum Corp.Corporate Credit Rating B+/Negative/-- BB/Negative/--Denbury Resources Inc.Corporate Credit Rating BB-/Stable/-- BB/Negative/--Linn Energy LLCCorporate Credit Rating B+/Negative/-- BB-/Negative/--Bill Barrett Corp.Corporate Credit Rating B/Stable/-- B+/Stable/--Endeavor Energy Resources L.P.Corporate Credit Rating B/Negative/-- B+/Stable/--Legacy Reserves L.P.Corporate Credit Rating B/Stable/-- B+/Negative/--Triangle USA Petroleum Corp.Corporate Credit Rating B-/Negative/-- B/Stable/--Chaparral Energy Inc.Corporate Credit Rating B-/Stable/-- B/Stable/--Templar Energy LLCCorporate Credit Rating B-/Negative/-- B/Stable/-- Atlas Resource Partners L.P.Corporate Credit Rating B-/Stable/-- B/Negative/--Clayton Williams Energy Inc.Corporate Credit Rating B-/Negative/-- B/Negative/--Midstates Petroleum Co. Inc.Corporate Credit Rating CCC+/Stable/-- B-/Stable/--Energy XXI Ltd.Corporate Credit Rating CCC+/Negative/-- B-/Negative/--.American Energy – Permian Basin LLCCorporate Credit Rating CCC+/Negative/-- B-/Negative/--Ratings Affirmed; Outlook Revised To FromExxon Mobil Corp. Corporate Credit rating AAA/Negative/A-1+ AAA/Stable/A-1+Chevron Corp. Corporate Credit Rating AA/Negative/A-1+ AA/Stable/A-1+Northern Oil And Gas Inc. Corporate Credit Rating B/Negative/-- B/Stable/-- EV Energy Partners L.P. Corporate Credit Rating B/Negative/-- B/Stable/--Fieldwood Energy LLC Corporate Credit Rating B/Negative/-- B/Stable/--Ratings Affirmed; Outlooks UnchangedConocoPhillipsCorporate Credit Rating A/Negative/A-1 A/Negative/A-1 WPX Energy Inc.Corporate Credit Rating BB/Positive/-- BB/Positive/-- W&T Offshore Inc. Corporate Credit Rating B/Stable/-- B/Stable/-- Comstock Resources Inc.Corporate Credit Rating B/Stable-- B/Stable/--ORBITAL ATK: S&P Raises Rating on $300MM Unsecured Notes to 'BB'----------------------------------------------------------------Standard & Poor's Ratings Services raised its issue-level rating onOrbital ATK Inc.'s $300 million unsecured notes due 2021 to 'BB'from 'BB-' and removed the rating from CreditWatch--where S&P hadplaced it with positive implications on Sept. 21, 2015--because thecompany has completed its refinancing. S&P also revised therecovery rating on the notes to '5' from '6' because the amount ofsecured debt ahead of the notes has been reduced. The '5' recoveryrating indicates S&P's expectation for modest recovery (10%-30%;upper half of the range) in a simulated default scenario.Orbital used the proceeds from its new $800 million term loan and$400 million of unsecured notes due 2023, along with an $82 milliondraw on its new $1 billion revolver, to fully repay and terminateits prior credit facilities, which included a $1.077 billion termloan A and $197 million term loan B.RATINGS LISTOrbital ATK Inc. Corporate Credit Rating BB+/Stable/--Upgraded; CreditWatch Action; Recovery Rating Revised To FromOrbital ATK Inc. $300 Mil. Unscrd Nts Due 2021 BB BB-/Watch Pos Recovery Rating 5H 6OTIS PRODUCTIONS: Case Summary & 3 Largest Unsecured Creditors--------------------------------------------------------------Debtor: Otis Productions, Inc. P.O. Box 1720 Hiram, GA 30141 Case No.: 15-42363Chapter 11 Petition Date: October 1, 2015Court: United States Bankruptcy Court Northern District of Georgia (Rome)Judge: Hon. Paul W. BonapfelDebtor's Counsel: Leon S. Jones, Esq. JONES & WALDEN, LLC 21 Eighth Street, NE Atlanta, GA 30309 Tel: (404) 564-9300 Fax: 404-564-9301 Email: email@example.com Estimated Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by James Travis Tritt, president.A list of the Debtor's three largest unsecured creditors isavailable for free at http://bankrupt.com/misc/ganb15-42363.pdfPARADIGM EAST: Township Opposes Plan, Wants Taxes Paid------------------------------------------------------East Hanover Township, a political subdivision in the State of NewJersey, objects to confirmation of Paradigm East Hanover, LLC'sChapter 11 plan, unless all postpetition taxes owed to HanoverTownship are paid on the date of confirmation.The Debtor has three properties that are located within theTownship. The Debtor owes both pre-petition and post-petitiontaxes to the Township. According to the Township, as of Oct. 6,2015, these taxes would be due and owing: * Block 99, Lot 4.02 - $73,635.30 * Block 99, Lot 4 - $529,017.89 * Block 99, Lot 5.01 - $56,752.00As it relates to prepetition taxes, the Debtor proposes to payinterest only on said amount. The Township objects to any Planthat does not have both principal and interest of prepetition taxespaid over the life of the Plan. The prepetition taxes due andowing are as follows: * Block 99, Lot 4.02 – none * Block 99, Lot 4 - $$533,558.21 plus postpetition interest * Block 99, Lot 5.01 - $10,328.27 plus postpetition interestThe Township wants all payments to commence no later than Oct. 30,2015. It adds that the Debtor must identify the source of funds topay the postpetition taxes.East Hanover Township is represented by: GOLDENBERG, MACKLER, SAYEGH, MINTZ, PFEFFER, BONCHI & GILL Keith A. Bonchi, Esq. 660 New Road, Suite No. 1-A Northfield, New Jersey 08225 Tel: (609) 646-0222 Fax: (609) 646-0887 The Chapter 11 PlanJudge Vincent F. Papalia on Aug. 21, 2015, entered an orderapproving the disclosure statement explaining the Debtor's Chapter11 plan. The judge set an Oct. 6 hearing to consider confirmationof the Plan.The funds necessary for funding the Debtor's Plan will be derivedfrom: (i) a secured loan from JABE Management ("JABE"), an affiliateof the members of the Debtor, which loan will bear interest at 5%per annum and will be satisfied from the sale of Lot 4, Lot 4.02and/or Lot 5.01, as the case may be; (ii) the sale proceeds from the disposition of the Lots; and (iii) in the event, the Debtor is unable to close on the sale ofthe Lots and/or chooses not to sell any or all of the Lots on orbefore the 3rd anniversary of the Effective Date, the Debtor willobtain financing to satisfy all the holders of Claim in: * Class 1 - Secured Claim of the Township of East Hanover, * Class 2 - Secured Claim of EHMP * Class 3 - The Secured Claim of Empire * Class 4 - The Secured Claim of Dotoli.General unsecured claims (Class 6) will be paid a pro rata share ofthe Net Sale Proceeds received by the Debtor from the closing(s) onthe sale of Lot 4, Lot 4.02 and/or Lot 5.01 until such time thatthe Class 6 Claims have been satisfied in full without interest.All existing equity interests (Class 7) will be retained by theequity interest holders.A copy of the Second Modified Disclosure Statement dated Aug. 5,2015, is available for free at: http://bankrupt.com/misc/Paradigm_East_2nd_M_DS.pdf About Paradigm East Paradigm East Hanover, LLC, is the 80 percent owner of realproperty identified as Block 99, Lot 4 a/k/a 11 Mt. PleasantAvenue, East Hanover, NJ 07936 ("Lot 4"), Block 99, Lot 4.02 a/k/a3 Farinella Drive, East Hanover, NJ 07936 ("Lot 4.02"), and Block99, Lot 5.01 a/k/a 33 Mt. Pleasant Avenue, East Hanover, NJ 07936.77 Charters, Inc. maintains a 20% interest in the Lots. Based on acontract to purchase the Lots, Paradigm East values Lot 4 and Lot5.01, together, at approximately $9,900,000 and Lot 4.02 at$5,100,000. Paradigm East is owned by entities held by ParadigmCapital Funding, LLC. Paradigm East sought Chapter 11 bankruptcy protection (Bankr.D.N.J. Case No. 14-25017) in Newark, New Jersey, on July 23, 2014. The case is assigned to Judge Donald H. Steckroth. The Debtor estimated assets between $10 million and $50 million anddebt of less than $10 million. The Debtor tapped Norris McLaughlin & Marcus, PA, in Bridgewater,New Jersey, as bankruptcy counsel, and Tannenbaum, Helpern,Syracuse & Hirschtritt, LLP, as special real estate counsel inconnection with the sale of the Lot 4 and Lot 5.01. * * *On March 25, 2015, six bidders participated in an open-cry auctionfor the Lots. SLKRE East Hanover LLC won the auction with its $15million offer. Mount Pleasant Enterprises, LLC, agreed to be theback-up bidder solely as to Lot 4 and Lot 5.01, for a purchaseprice of $9.1 million. American Properties at East Hanover, LLCgreed to be the back-up bidder as to Lot 4.02 for a minimumpurchase price of $5 million.A contract of sale dated as of April 3, 2015 was executed betweenSLKRE and the Debtor to purchase the Lots for $15 million, subjectto a 90-day due diligence period, which 90-day period may beextended for an additional 90 days solely if a Phase 2environmental study is required and only for such purpose. Priorto July 29, 2015, SLKRE advised the Debtor that it was extendingthe Due Diligence Period for another 90 days in order to proceedwith a Phase II environmental study. In light of the extension,the Due Diligence Period does not conclude until Oct. 27, 2015.PATRIOT COAL: Panel Balks at Cash Use Termination, Case Conversion------------------------------------------------------------------BankruptcyData reported that Patriot Coal's official committee ofunsecured creditors filed with the U.S. Bankruptcy Court anobjection to Barclays Bank's motion for an order terminating theuse of cash collateral and converting the Debtors' Chapter 11reorganizations to liquidations under Chapter 7. The objection explains, "While the Committee does not supportconfirmation of the Debtors' plan as proposed, it nonethelessbelieves that the estate will benefit from the implementation of asale through a chapter 11 plan process, as opposed to a chapter 7liquidation. A chapter 11 plan (one which allocates appropriatevalue to unsecured creditors on account of the unencumbered assetsbeing sold) will maximize recoveries to the estate (including thoseon account of retiree and environmental claims), preserve jobs forthousands of employees, and provide vendors a reorganized entitywith which to do business going forward. Liquidation, on the otherhand, creates immediate harm to the business and estate assets andeviscerates recoveries to all creditors. In addition, the Committeebelieves that conversion would be an inefficient use of theDebtors' resources and would likely saddle the Debtors' estateswith additional administrative claims in the form of chapter 7trustee fees and expenses -- funds that would otherwise go tocreditors. The sale and possible liquidation of the Debtors' assetsin a chapter 11 context avoids the inevitable waste of time thatwould result from the appointment of a chapter 7 trustee possessingno underlying familiarity with the claims against, and assets of,the Debtors or of the complicated history of these cases." About Patriot CoalPatriot Coal Corporation is a producer and marketer of coal in theUnited States. Patriot and its subsidiaries control 1.4 billiontons of proven and probable coal reserves -- including owned andleased assets in the Central Appalachia basin (in West Virginiaand Ohio) and Southern Illinois basin (in Kentucky and Illinois) and their operations consist of eight active mining complexes in West Virginia.Patriot Coal first sought Chapter 11 protection on July 9, 2012,and, on Dec. 18, 2013, won approval of its bankruptcy-exit planfrom the U.S. Bankruptcy Court for the Eastern District ofMissouri. The plan turned over most of the ownership of thecompany to bondholders that include New York hedge fund KnightheadCapital Management LLC. The linchpins of the plan were a globalsettlement among the Debtors, the United Mine Workers of America,and two third parties -- Peabody Energy Corporation and Arch Coal,Inc. -- and a commitment by a consortium of creditors, led byKnighthead, to backstop two rights offerings that funded the plan.Patriot Coal Corporation and its subsidiaries commenced newChapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) inRichmond, Virginia, on May 12, 2015. The cases are assigned toJudge Keith L. Phillips.Patriot Coal estimated more than $1 billion in assets and debt.The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak RockL.L.P., as co-counsel; Centerview Partners LLC as investmentbankers; Alvarez & Marsal North America, LLC, as restructuringadvisors; and Prime Clerk LLC, as claims and administrative agent.The U.S. trustee overseeing the Chapter 11 case of Patriot CoalCorp. appointed seven creditors of the company to serve on theofficial committee of unsecured creditors. The Committee isrepresented by Morrison & Foerster LLP as its counsel, andTavenner & Beran, PLC, as its local counsel. Jefferies LLC serves as its investment banker. * * *Patriot Coal has filed with the Bankruptcy Court a letter ofintent for a proposed sale of a substantial majority of its operating assets to Blackhawk Mining, LLC, as well as a motion outlining bidding procedures. Under the terms of the letter of intent, Blackhawk would issue to Patriot's secured lenders new debt securities totaling approximately $643 million plus Class B Units providing them an ownership stake in Blackhawk. In addition, Blackhawk would assume or replace surety bonds supporting reclamation and related liabilities associated with the purchased assets.PBF HOLDING: S&P Retains 'BB-' CCR on CreditWatch Positive----------------------------------------------------------Standard & Poor's Ratings Services said its 'BB-' corporate creditrating and 'BB+' issue rating on Parsippany, N.J.-based PBF HoldingCo. LLC remain on CreditWatch with positive implications, where S&Pplaced them on June 19, 2015. The secured debt recovery rating of'1' remains unchanged, and indicates "very high" (90% to 100%)recovery of principal if a default occurs. "We view the proposed agreement to purchase the Torrance refineryand related logistics assets, along with the previously announcedacquisition of Chalmette Refining LLC, as further enhancing PBF'sconsolidated credit profile," said Standard & Poor's credit analystMichael Grande. The addition of Torrance and Chalmette will significantly improvePBF's scale, increasing total capacity by about 60% to 884,000barrels per day, and geographic diversity, expanding into the Gulfand West Coasts of the U.S. The Torrance facility is ahigh-complexity refinery that mostly processes heavy crude oil andincludes integrated midstream logistics assets that S&P expects tobenefit PBF's midstream subsidiary, PBF Logistics L.P., over time.Based on S&P's further diligence, it could revise PBF's businessrisk profile to "fair" from "weak".S&P expects PBF to fund the Torrance purchase with a combination ofcash, debt, and equity, and S&P will assess PBF's pro formaconsolidated credit measures and credit profile, with a focus onthe asset's integration into PBF's refining operations and PBF'sstrategy in terms of feedstock sourcing, logistics, and operationaloptimization.S&P expects to resolve the CreditWatch listing on PBF sometime infourth-quarter 2015, when the previously announced transaction topurchase Chalmette Refining is expected to close. If S&P decideson a rating upgrade, it expects to raise the corporate credit andsenior secured debt ratings by no more than one notch, to 'BB' and'BBB-', respectively.PETTERS COMPANY: PE Funds' Bid to Intervene Granted---------------------------------------------------Judge Ann D. Montgomery of the United States District Court for theDistrict of Minnesota granted several Motions to Intervene butdenied Motions for Relief from the Litigation Stay Against ThomasJ. Petters.In September 2008, Thomas Joseph Petters was discovered to beoperating a $3.8 billion Ponzi scheme. On October 2, 2008,contemporaneous with a criminal fraud action, the government fileda civil action under the Fraud Injunction Statute to freeze andpreserve assets owned by Petters and others. The defendantsstipulated to a receivership over all of their assets. Thereceiver, Douglas A. Kelley, placed Petters Company Inc. ("PCI"),Petters Group Worldwide, LLC ("PGW"), both owned by Petters, intobankruptcy and was appointed trustee of those bankruptcy estates. Polaroid Corporation and Petters Capital, LLC, likewise owneddirectly or indirectly by Petters, are also now bankruptcy.On August 4, 2015, oral arguments were heard on the followingmotions: (i) Motion to Intervene and Motion for Relief from LitigationStay Against Thomas J. Petters filed by Ritchie Capital Management,LLC, Ritchie Special Credit Investments, Ltd., Rhone Holdings II,Ltd, and Ritchie Capital Management Ltd. (collectively,"Ritchie"); (ii) Motion to Intervene and Motion for Relief from LitigationStay Against Thomas J. Petters filed by Yorkville Investment I, LLC("Yorkville"); (iii) Motion to Intervene filed by the respective bankruptcyestate trustees of Polaroid, PCI, and Petters Capital.Ritchie and Yorkville sought to intervene for the limited purposeof allowing relief from litigation stay in the receivership case toenable them to obtain a default judgment against Petters. Therequests to lift the stay were opposed by the Kelley and the U.S.Government, as well as by the trustees of the bankruptcy estates ofPolaroid, PCI, and Petters Capital.Judge Montgomery granted the motions to intervene filed by Ritchieand Yorkville as these were unopposed. The judge also allowed thetrustees to intervene upon finding that they have met the elementsof Rule 24(a)(2): (1) they have a recognized interest in thesubject matter of the litigation; (2) their interest might beimpaired by the disposition of the case; and (3) their interestwill not be adequately protected by the existing parties.However, Judge Montgomery denied the motions for relief from stayfiled by Ritchi and Yorkville. The judge found that the litigationstay maintains the status quo, preserves the receivership assets,and does not substantially harm Ritchie and Yorkville. JudgeMontgomery also found that nothing in the stay precludes Ritchieand Yorkville from taking the necessary actions to preserve thestatute of limitations on their claims against Petters and thus,does not permanently deprive them of their ability to pursue theirclaims.The case is United States of America, Plaintiff, v. Thomas JosephPetters; Petters Company, Inc., a/k/a PCI; Petters Group Worldwide,LLC; Deanna Coleman, a/k/a Deanna Munson; Robert White; JamesWehmhoff; Larry Reynolds and/or d/b/a Nationwide InternationalResources, a/k/a NIR; Michael Catain and/or d/b/a Enchanted FamilyBuying Company; Frank E. Vennes, Jr., and/or d/b/a Metro GemFinance, Metro Gem, Inc., Grace Offerings of Florida, LLC, MetroProperty Financing, LLC, 38 E. Robinson, LLC, 55 E. Pine, LLC,Orlando Rental Pool, LLC, 100 Pine Street Property, LLC, OrangeStreet Tower, LLC, Cornerstone Rental Pool, LLC, 2 South OrangeAvenue, LLC, Hope Commons, LLC, and Metro Gold, Inc.; Defendants,Douglas A. Kelley, Receiver, Gry Hansen, Liquidating Trustee, CIVILNO. 08-5348 ADM/JSM (D. Minn.).A full-text copy of Judge Montgomery's September 14, 2015memorandum opinion and order is available at http://is.gd/maIPFLfrom Leagle.com.Yorkville Investment I, L.L.C. is represented by: Nancy Gertner, Esq. Cambridge, MA Patrick H. O'Neill, Jr., Esq. LARSON KING, LLP 30 East Seventh Street Suite 2800 St. Paul, MN 55101 Tel: (651) 312-6500 Fax: (651) 312-6618 Email: email@example.com Douglas A. Kelley is represented by: George H. Singer, Esq. LINDQUIST & VENNUM LLP 4200 IDS Center 80 South 8th Street Minneapolis, MN Tel: (612) 371-2493 Fax: (612) 371-3207 Email: firstname.lastname@example.com John R. Stoebner, Douglas A. Kelley and Randall L. Seaver arerepresented by: Adam A. Gillette, Esq. FRUTH, JAMISON & ELSASS, PLLC 3902 IDS Center 80 South Eighth Street Minneapolis, MN 55402 Tel: (612) 344-9700 Fax: (612) 344-9705 Email: email@example.com States of America is represented by: James S. Alexander, Esq. ASSISTANT UNITED STATES ATTORNEY About Petters CompanyBased in Minnetonka, Minn., Petters Group Worldwide LLC is acollection of some 20 companies, most of which make and marketconsumer products. It also works with existing brands throughlicensing agreements to further extend those brands into newproduct lines and markets. Holdings include Fingerhut (consumerproducts via its catalog and Web site), SoniqCast (maker ofportable, WiFi MP3 devices), leading instant film and cameracompany Polaroid (purchased for $426 million in 2005), Sun CountryAirlines (acquired in 2006), and Enable Holdings (onlinemarketplace and auction for consumers and manufacturers' overstockinventory). Founder and chairman Tom Petters formed the company in1988.Petters Company, Inc., is the financing and capital-raising unit ofPetters Group Worldwide.Thomas Petters, the founder and former CEO of Petters Group, hasbeen indicted and a criminal proceeding against him is proceedingin the U.S. District Court for the District of Minnesota.Petters Company, Petters Group Worldwide and eight otheraffiliates filed separate petitions for Chapter 11 protection(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008. In itspetition, Petters Company estimated its debts at $500 million and$1 billion. Parent Petters Group Worldwide estimated its debts atnot more than $50,000.Petters Aviation, LLC, and affiliates MN Airlines, LLC, doingbusiness as Sun Country Airlines, Inc., and MN Airline Holdings,Inc., filed separate petitions for Chapter 11 bankruptcy protection(Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and 08-35198) on Oct.6, 2008. Petters Aviation is a wholly owned unit of Thomas PettersInc. and owner of MN Airline Holdings, Sun Country's parentcompany.The Official Committee of Unsecured Creditors is represented byDavid E. Runck, Esq., Lorie A. Klein, Esq., at Fafinski Mark &Johnson, P.A.Trustee Douglas A. Kelley is represented by James A. Lodoen, Esq.,Mark D. Larsen, Esq., Kirstin D. Kanski, Esq., Adam C. Ballinger,Esq., at Lindquist & Vennum LLP. PHARMACYTE BIOTECH: Director Richard Goldfarb Resigns-----------------------------------------------------As previously disclosed in Pharmacyte Biotech, Inc.'s CurrentReport on Form 8-K dated Sept. 29, 2014, pursuant to a letter fromBoard member Richard M. Goldfarb, MD, to the chief executiveofficer of the Company dated Sept. 30, 2014, Dr. Goldfarb resignedfrom his position as a member of the Board to be effective at atime to be determined by the Company's chief executive officer.On Sept. 28, 2015, the chief executive officer determined that theeffective date of Dr. Goldfarb's resignation would be Sept. 28,2015. About PharmaCyte Biotech, Inc.PharmaCyte Biotech, Inc., formerly known as Nuvilex Inc, isdedicated to bringing to market scientifically derived productsdesigned to improve the health, condition and well-being of thosewho use them. The Company is a clinical stage biotechnologycompany focused on developing and preparing to commercializetreatments for cancer and diabetes based upon a proprietarycellulose-based live-cell encapsulation technology known asCell-in-a-Box. The Company intends to use this unique and patentedtechnology as a platform upon which to build treatments for severaltypes of cancer, including advanced, inoperable pancreatic cancer,and diabetes.Pharmacyte reported a net loss of $10.8 million for the year endedApril 30, 2015, a net loss of $27.2 million for the year endedApril 30, 2014 and a net loss of $1.6 million for the year endedApril 30, 2013.As of July 31, 2015, the Company had $8.14 million in total assets,$1.18 million in total liabilities and $6.95 million in totalstockholders' equity.PHOENIX COS: A.M. Best Puts 'b' Issuer Credit Rating Under Review-----------------------------------------------------------------A.M. Best Co. has placed the issuer credit rating (ICR) of "b" ofThe Phoenix Companies Inc. (Phoenix) (NYSE: PNX) under review withdeveloping implications. In addition, A.M. Best has placed underreview with developing implications the issue rating of "b" onPhoenix's $300 million ($253 million outstanding) 7.45% seniorunsecured quarterly interest bonds due 2032 and the issue rating of"b+" on the $175 million ($126 million outstanding) 7.15% surplusnotes due 2034. Concurrently, A.M. Best has placed under reviewwith developing implications the financial strength rating of B(Fair) and the ICRs of "bb+" of Phoenix's insurance subsidiaries:Phoenix Life Insurance Company, PHL Variable Insurance Company,Phoenix Life and Annuity Company and American Phoenix Life andReassurance Company. All companies are headquartered in Hartford,CT.The actions follow the recent public announcement by Phoenix thatit is has entered into a definitive agreement to be acquired byNassau Reinsurance Group Holdings L.P. (Nassau) (New York, NY) for$37.50 per share in cash, or an aggregate equity purchase price of$217.2 million. After completion of the transaction, Nassau isexpected to contribute capital of $100 million into Phoenix. Thetransaction is expected to close in early 2016.The ratings will remain under review pending the completion of thetransaction, which is expected in the first quarter 2016, and A.M.Best's discussions with management with regards to the businessplan under the new ownership.PHOENIX COS: S&P Affirms 'B-' LongTerm Counterparty Credit Rating-----------------------------------------------------------------Standard & Poor's Ratings Services said that it has affirmed its'B-' long-term counterparty credit rating on the Phoenix Cos. Inc.(Phoenix) and 'B+' long-term counterparty credit and financialstrength ratings on Phoenix's operating subsidiaries--Phoenix LifeInsurance Co. (PLIC) and PHL Variable Insurance Co. (PHLVIC). Atthe same time, S&P revised the outlook to positive from stable."The outlook revision on Phoenix and its operating subsidiariesreflects our view that the company will benefit from theprospective acquisition by Nassau Reinsurance Group," said Standard& Poor's credit analyst Anthony Beato. "We believe the prospectivebenefits will help to improve Phoenix's financial risk profilethrough a $100 million equity contribution to Phoenix'snonoperating holding company at the close of the transaction. Wealso believe the prospective acquisition by Nassau Re will helpstabilize Phoenix and boost its long-term competitive position byimproving its risk profile and product offering."The positive outlook reflects S&P's expectation that the proposedtransaction will allow Phoenix to improve its financial riskprofile and competitive position in the middle-income fixed-indexedannuity market segment."We could revise the outlook to stable, or lower the ratings, if,contrary to our expectations, Phoenix is not able to execute on theappropriate regulatory and bondholder approvals on the prospectiveacquisition; if, post transaction, Phoenix's operating performancedeteriorates significantly for a prolonged period of time; or ifcapitalization erodes further due to statutory losses or investmentportfolio reallocations into the speculative grade and alternativeinvestment categories, hampering the view of its risk-basedcapital," Mr. Beato continued. "If the company adoptsmore-aggressive financial policies, resulting in lower overallcapitalization with financial leverage above 75% and continuednegative EBITDA fixed-charge coverage for a prolonged period, wecould also revise the outlook."S&P would also consider revising the outlook if Phoenix does notshow continued progress in remediating material weaknesses publiclydisclosed through the group's financial filings. S&P could alsoconsider a downgrade if Phoenix were to experience anotherprolonged financial restatement or significant event that affectsits business risk profile."We could raise the rating on Phoenix if, after the deal closes,the company reports continued improvements in its overallcapitalization as measured by our RBC model and the group's RBCratios through organic top-line growth--GAAP and statutory--viaadditional sales growth and distribution relationships that pointto an improved competitive position," Mr. Beato added. "We wouldalso expect Phoenix to maintain capitalization above our 'BBB'level on an individual and consolidated basis, with future plans tolower leverage. This would result in consolidated statutory pretaxoperating income of $50 million-$75 million in 2015 withstabilization in profitability through 2016 along with retainingits very profitable regulatory closed block of business."PHOTOMEDEX INC: Fails to Comply with NASDAQ Listing Standard------------------------------------------------------------PhotoMedex, Inc., received written notification from The NASDAQStock Market LLC that the closing bid price of its common stock hadbeen below the minimum $1.00 per share for the previous 30consecutive business days, and that the Company is therefore not incompliance with the requirements for continued listing on theNASDAQ Global Select Market under NASDAQ Marketplace Rule5450(a)(1). The Notice provides the Company with an initial periodof 180 calendar days, or until March 28, 2016, to regain compliancewith the listing rules. The Company will regain compliance if theclosing bid price of its common stock is $1.00 per share or higherfor a minimum period of ten consecutive business days during thiscompliance period, as confirmed by written notification fromNASDAQ. If the Company does not achieve compliance by March 28, 2016, theCompany expects that NASDAQ would provide notice that itssecurities are subject to delisting from the NASDAQ Global SelectMarket. The Company said it will continue to monitor the closing bid pricefor its common stock and to assess its options for maintaining thelisting of its common stock on the Nasdaq Global Select Market inlight of this Notice. The Company will consider all availableoptions to regain compliance with the minimum bid requirements,including an application to NASDAQ for an extension of thecompliance period or an appeal to a Hearings Panel should itsclosing bid price not have regained compliance during thecompliance period. About PhotoMedexPhotoMedex, Inc., is a global health products and services companyproviding integrated disease management and aesthetic solutions todermatologists, professional aestheticians, ophthalmologists,optometrists, consumers and patients. The Company providesproprietary products and services that address skin conditionsincluding psoriasis, vitiligo, acne, actinic keratosis, photodamage and unwanted hair, as well as fixed-site laser visioncorrection services at our LasikPlus(R) vision centers.PhotoMedex and its subsidiaries has entered into a secondamended and restated forbearance agreement with the lenders thatare parties to the credit agreement dated May 12, 2014, and with JPMorgan Chase, as administrative agent for the Lenders pursuant towhich the Lender have agreed to forbear from exercising theirrights and remedies with respect to certain events of default fromAug. 25, 2014, until April 1, 2016, or earlier if an event ofdefault occurs, according to a document filed with the Securitiesand Exchange Commission in March 2015.As of June 30, 2015, the Company had $67.7 million in total assets,$23.9 million in total liabilities and $43.8 million in totalstockholders' equity. Bankruptcy Warning"If, in the future, PhotoMedex is required to obtain similarforbearance agreements as a result of our inability to meet theterms of the credit agreement, there can be no assurance that thoseforbearance agreements will be available on commercially reasonableterms or at all. If, as or when required, we are unable to repay,refinance or restructure our indebtedness under those creditfacilities, or amend the covenants contained therein, the lenderscould elect to terminate their commitments under the creditfacilities and institute foreclosure proceedings against ourassets. Under such circumstances, we could be forced intobankruptcy or liquidation. In addition, any additional events ofdefault or declaration of acceleration under one of thosefacilities or the forbearance agreement could also result in anevent of default under one or more of these agreements. Such adeclaration would have a material adverse impact on our liquidity,financial position and results of operations," the Company statedin its 2014 annual report.PORTER BANCORP: Completes Debt for Equity Exchange--------------------------------------------------Porter Bancorp, Inc., parent company of PBI Bank, Inc., announcedthat on Sept. 30, 2015, it completed a common equity for debtexchange with holders of $4,000,000 of the capital securities ofPorter Statutory Trust IV, a trust subsidiary of Porter, withaccrued and unpaid interest thereon of approximately $330,000. Inexchange for the $4.3 million debt and interest liability, theCompany issued 800,000 common shares and 400,000 non-voting commonshares, for a total of 1,200,000 shares.The value received by Porter in this transaction was $3.61 pershare issued ($4,330,000 / 1,200,000 shares). The closing price ofPorter's common stock was $1.40 per share on Sept. 30, 2015. Theten day trailing average closing price per share was $1.47 and thetwenty day trailing average closing price per share was $1.48. Thetransaction is expected to save the Company approximately $80,000of interest expense over the next 12 months. Following thistransaction, Porter had 20,091,205 common shares and 6,858,000non-voting common shares issued and outstanding at the close ofbusiness on Sept. 30, 2015. The transaction represents 16 centsper share of tangible book value per share at Sept. 30, 2015($4,330,000 / 26,949,205 total shares issued and outstanding).In the transaction, a wholly owned subsidiary of Porter acquired aportion of the Trust Securities directly from a third party inexchange for 400,000 common shares. W. Glenn Hogan also purchaseda portion of the Trust Securities from the Holder, and transferredhis purchased Trust Securities to the Porter subsidiary in exchangefor 400,000 common shares. In addition, Patriot Financial PartnersL.P. and its affiliate Patriot Financial Partners Parallel L.P.purchased the remaining Trust Securities from the Holder, andtransferred their purchased Trust Securities to the Portersubsidiary in exchange for a total of 400,000 non-voting commonshares. Mr. Hogan and the general partner of the Patriot Funds, W.Kirk Wycoff, are each directors of Porter. About Porter BancorpPorter Bancorp, Inc., is a bank holding company headquartered inLouisville, Kentucky. Through its wholly-owned subsidiary PBIBank, the Company operates 18 full-service banking offices in12 counties in Kentucky.Porter Bancorp reported a net loss of $11.2 million in 2014, a netloss of $1.58 million in 2013 and a net loss of $32.93 million in2012.As of June 30, 2015, the Company had $979.3 million in totalassets, $949.2 million in total liabilities and $30 million intotal stockholders' equity.Crowe Horwath, LLP, in Louisville, Kentucky, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has incurredsubstantial losses in 2014, 2013 and 2012, largely as a result ofasset impairments resulting from the re-evaluation of fair valueand ongoing operating expenses related to the high volume of otherreal estate owned and non-performing loans. In addition, theCompany's bank subsidiary is not in compliance with a regulatoryenforcement order issued by its primary federal regulatorrequiring, among other things, increased minimum regulatory capitalratios as well as being involved in various legal proceedings inwhich the Company disputes material factual allegations against theCompany. Additional losses, adverse outcomes from legalproceedings or the continued inability to comply with theregulatory enforcement order may result in additional adverseregulatory action. These events raise substantial doubt about theCompany's ability to continue as a going concern, the auditorssaid.QUIKSILVER INC: Former Exec Fights Request to Nix Severance Deals-----------------------------------------------------------------Jonathan Randles at Bankruptcy Law360 reported that the formerchief marketing officer for Quiksilver Inc. filed an objection onSept. 30, 2015, in Delaware bankruptcy court indicating that thesportswear retailer is attempting to reject severance agreements ithas with executives who have left the company.Nicholas Drake, who left Quiksilver in 2014, said in the objectionthat the company is seeking authority from the bankruptcy court toreject separation agreements it has with all similarly situatedemployees. The objection says Quiksilver has failed to make itscase. About QuiksilverQuiksilver, Inc., designs, produces and distributes brandedapparel, footwear and accessories. The Company's apparel andfootwear brands, inspired by a passion for outdoor action sports,represent a casual lifestyle for young-minded people who connectwith its boardriding culture and heritage. The Company'sQuiksilver, Roxy, and DC brands have authentic roots and heritagein surf, snow and skate. The Company's products are sold in morethan 100 countries in a wide range of distribution, including surfshops, skate shops, snow shops, its proprietary Boardriders shopsand 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 Websites at www.quiksilver.com, www.roxy.com and www.dcshoes.com.Quiksilver began operations in 1976 as a California company makingboardshorts for surfers in the United States under a licenseagreement with the Quiksilver brand founders in Australia. TheCompany later reincorporated in Delaware and went public in 1986.In fiscal year 2014 (ended Oct. 31, 2014), 34% of the Company'srevenue was generated by the Debtors, within the United States. The remaining 66% is attributable to the Non-Debtor Affiliateslocated outside the United States.Sales at Company retail stores accounted for approximately28% of Company revenue during fiscal year 2014. The Company'sretail shops include full-price stores, factory outlet stores, and"shop-in-shops." At the end of the fiscal year 2014, theCompany had approximately 266 full-price core brand stores, ofwhich 75 are located in the United States.Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcypetitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on Sept.9, 2015. Andrew Bruenjes signed the petition as chief financialofficer. The Debtors disclosed total assets of $337 million andtotal 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. KurtzmanCarson Consultants LLC acts as the Debtors' claims and noticingagent.RADIOSHACK CORP: Former Managers Seek Class Certification---------------------------------------------------------Michael Sisson and Jamie Wills on behalf of themselves and allother similarly situated persons, filed with the U.S. BankruptcyCourt for the District of Delaware on Sept. 22, 2015, an amendedmotion for certification of a class consisting of all formernon-exempt store managers of Radio Shack retail stores in with anannual sales volume of less than $750,000 at any time after May 5,2011 in certain states.Prior to the filing of this bankruptcy case, movants Michael Sissonand Jamie Wills, as lead Plaintiffs, filed complaints on behalf ofthemselves and all persons similarly situated against Radio ShackCorporation in the U.S. District Court for the Northern District ofOhio and the Southern District of New York, respectively.The District Court Complaints alleged that Radio Shack unlawfullyused the "fluctuating work week" method of calculating overtimepay, and therefore illegally denied them and other similarlysituated store managers statutorily required overtime pay. Bothcases involved issues of first impression in their respectivecircuits.Sisson and Wills each filed a Class Proof of Claim on July 10,2015. The Debtors so far have not filed any objection to eitherclass proof of claim.Thomas W. Coffey, Esq., at Tucker Ellis LLP, relates thatcertification of a class in the case represents a superior means ofresolving the claims of class members, as required by Rule23(b)(3). Mr. Coffey asserts the alternative to class actioncertification is likely to foreclose any action at all for themajority of class members, because the bar dates established in thecase are likely to prevent the filing of proofs of claim on atimely basis by the majority of class members if the class is notcertified.Michael Sisson and Jamie Wills are represented by: Thomas W. Coffey, Esq. TUCKER ELLIS LLP 950 Main Avenue, Suite 1100 Cleveland, Ohio 44113 Tel: (216) 696-4244 - and - Amy D. Brown, Esq. Margolis Edelstein, Esq. 300 Delaware Avenue, Suite 800 Wilmington, DE 19801 Tel: (302) 888-1112 About RadioShack CorporationHeadquartered in Fort Worth, Texas, RadioShack is a retailer ofmobile technology products and services, as well as productsrelated to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300company-operated stores in the United States, 270 company-operatedstores in Mexico, and approximately 1,000 dealer and other outletsworldwide.RadioShack Corporation and affiliates sought Chapter 11 protection(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015, disclosingtotal assets of $1.2 billion, versus total debt of $1.3 billion.David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and PaulM. Green, Esq., at Jones Day serve as the Debtors' bankruptcycounsel. David M. Fournier, Esq., Evelyn J. Meltzer, Esq., andJohn H. Schanne, II, Esq., at Pepper Hamilton LLP serve asco-counsel. Carlin Adrianopoli at FTI Consulting, Inc., is theDebtors' restructuring advisor. Maeva Group, LLC, is the Debtors'turnaround advisor. Lazard Freres & Co. LLC is the Debtors'investment banker. A&G Realty Partners is the Debtors' realestate advisor. Prime Clerk is the Debtors' claims and noticingagent.The Official Committee of Unsecured Creditors tapped Quinn EmanuelUrquhart & Sullivan, LLP and Cooley LLP as co-counsel, and HoulihanLokey Capital, Inc., as financial advisor and investment banker. * * *After an auction in March 2015, the Debtors sold most of the assetsto General Wireless, Inc., an entity formed by Standard General,L.P., for $150 million. The Debtors also sold Mexican assets toOffice Depot de México, S.A. de C.V., for $31.8 million plus theassumption of debt. Regal Forest Holding Co. Ltd. bought theDebtors' intellectual property assets in Latin America for apurchase price of $5,000,000.In June 2015, the Debtors changed their name to RS LegacyCorporation, et al., following the sale of the Company's brand nameand customer data to General Wireless.The bankruptcy judge on Sept. 30, 2015, agreed to confirm theRadioShack Corp. estate's liquidating plan. The centerpiece of thePlan is the resolution of various disputes among the Debtors, theCreditors' Committee and the SCP Secured Parties.RADIOSHACK CORP: Proposes TSA, Indemnification Settlements----------------------------------------------------------RS Legacy Corporation, et al., move the U.S. Bankruptcy Court forthe District of Delaware for the entry of an order: (i) authorizing the Debtors' entry into and approving (a) asettlement (the "TSA Settlement") among the Debtors, GeneralWireless Operations Inc. and General Wireless Inc. ("GW Inc.") and(b) a settlement (the "Indemnification Settlement") among theDebtors, the Official Committee of Unsecured Creditors, StandardGeneral L.P. and certain related entities, Wells Fargo Bank, N.A.,Salus Capital Partners, LLC, as agent (in such capacity, the "SCPAgent"), and each of the several financial institutions from timeto time party to the SCP Credit Agreement and (ii) authorizing certain modifications to the Plan. The Plan and Combined HearingOn June 12, 2015, the Debtors filed a plan of liquidation, whichwas subsequently amended, and on June 18, 2015, the Debtors filedtheir disclosure statement, which was subsequently amended. Inaccordance with orders of the Court, the Debtors commencedsolicitation of the Plan on Aug. 11, 2015. Certain parties,including Standard General and Wells Fargo, objected toconfirmation of the Plan. All objections to the Debtors' Plan,other than those asserted by Wells Fargo and Standard General (the"Indemnification Objections") and by Zurich American InsuranceCompany, were resolved by agreement or overruled by the Court atthe combined hearing on confirmation of the Plan and approval ofthe Disclosure Statement held on Sept. 16, 2015 and Sept. 17,2015.Standard General and Wells Fargo both asserted, among other things,that the Debtors must establish reserves in respect of purportedcontingent expense reimbursement and indemnification claims,including expenses arising out of or related to the litigationinitiated by the Creditors' Committee in Fort Worth, Texas (the"Texas Litigation") asserted by Standard General and Wells Fargo inorder for the Plan to be confirmable. The Debtors and theCreditors' Committee dispute the contentions in the IndemnificationObjections. At the conclusion of the Combined Hearing, the Courtdirected the parties to submit additional briefing with respect tothe contested issues. Subsequent to the Combined Hearing, theParties reached an agreement in principle on the terms of theIndemnification Settlement and the TSA Settlement and, as a result,the Indemnification Objections are, subject to Court approval ofthe Settlements, resolved. TSA and GW Asset SalesIn connection with the going concern sale of certain of theDebtors' assets to GW Inc., the Debtors entered into a TransitionServices Agreement (as amended, the "TSA") with GW Operations,which provides for the orderly transition of services from theDebtors to GW Operations. Those services include (a) the use ofcertain of the Debtors' employees, (b) access to certain contracts,(c) access to certain properties and physical assets, (d) certaindistribution services and (e) certain other services, includingaccess to and administration of business licenses, merchantidentifications for credit card processing, and regulatory matters(collectively, the "Transition Services"). Under the TSA, GWOperations may require the Debtors to provide most TransitionServices through the end of September 2015, and may require theDebtors to provide Transition Services related to the sourcingbusiness and other matters subject to the GW IP Sale through Dec.19, 2015. The Court entered an order approving the GW GoingConcern Sale and the Debtors' entry into the TSA on April 1, 2015.The Debtors subsequently sold U.S. trademarks, sourcing operationsand certain customer data (as limited by a settlement with certainstates' attorneys general) to GW Operations (the "GW IP Sale"). OnJune 4, 2015, the Bankruptcy Court entered an order approving theGW IP Sale. Negotiations Regarding IssuesThe Debtors and Standard General have been working together for anumber of months to implement the terms of the TSA. During thecourse of the transition, certain issues and disputes have arisenin respect of both the TSA and the GW Asset Sales. In an effort toresolve those disputes consensually and address open issuesrelating to the transition, the TSA Parties have engaged inextensive, arm's-length and good faith negotiations.In addition, while the TSA Parties were negotiating a settlement ofthe issues related to the TSA and the GW Asset Sales, theIndemnification Settlement Parties engaged in parallel, good faithand arm's-length negotiations in an effort to resolve theIndemnification Objections.Ultimately, these negotiations have resulted in an agreement inprinciple to enter into the TSA Settlement and the IndemnificationSettlement. The Settlements, while separate, address disputesamong overlapping parties and, if approved, will enable the Debtorsto move forward with confirmation of the Plan without furtherlitigation. TSA SettlementThe principal terms of the proposed TSA Settlement are as follows: * IT Assets; IT Contracts: The Debtors will transfer ownershipof all telecommunications equipment and IT equipment located in thedata center and all telephonic gear, to the extent not alreadytransferred to GW Inc. or GW Operations, owned by the Debtors andlocated at the Debtors' headquarters to GW free and clear of allliens and encumbrances at no cost (collectively, the "IT Assets").If the IT Assets are ultimately sold by GW, GW and the Debtors willsplit the net proceeds of such sale 50/50. The services providedby the Debtors to GW under the TSA relating solely to certaincontracts will be extended to mid-2016. * Sale/Leaseback of FF&E: The Debtors will sell the chairs andfurniture (the "FF&E") located at the Headquarters to a third-partybuyer (the "Buyer"). The Debtors and GW will split 50/50 the netproceeds of the sale of any remaining chairs, furniture andequipment located at the Headquarters if GW assists with such salewhen GW moves out of the Headquarters. * Facilities: GW will provide the Debtors with (i) space at theHeadquarters for the Debtors' employees and independent contractorscomparable to the space currently occupied by the Debtors'employees and independent contractors at the Headquarters and (ii)access to the computer equipment, in each case at no cost to theDebtors for 18 months (or, if earlier, until the Headquarters leaseis terminated). * Personnel: GW employees and independent contractors willcontinue to provide all reasonable services required to be providedby GW under the TSA to the Debtors through Sept. 30, 2015 at nocost to the Debtors. After Sept. 30, 2015, GW will provide theDebtors with reasonable access to GW employees and independentcontractors and will ensure that such employees and independentcontractors respond to questions and provide data as requested bythe Debtors. The Debtors will pay reasonable agreed hourly ratesfor such services. * Records: GW will retain all electronic and physical recordscurrently existing at the Headquarters and in the data center andwill continue to provide the Debtors and their agents or theLiquidating Trust with access to all data transferred to GW untilthe earlier of 36 months or such time as the Debtors or theLiquidating Trust inform GW that they have completed the transitionof the data they need to an alternative environment/platformselected by the Debtors or the Liquidating Trust. * Reserves: GW will not assert any reserves against the Debtorswith respect to claims arising under the Amended and Restated AssetPurchase Agreement, dated March 31, 2015, between GW and theDebtors (the "First APA") and the Purchase Agreement, dated May 15,2015, between GW and the Debtors (the "Second APA) or the TSA inconnection with confirmation of the Plan, other than with respectto GW's entitlement to any amounts held in any segregated accountcreated pursuant to Paragraph 48 of the Sale Order. * Funding: All disbursements in connection with the TSA thathave been or will be paid post Sept. 4, 2015, will be borne solelyby GW, except for (i) certain payments for the use of GW personnel,which will be borne solely by the Debtors and (ii) costs andexpenses related to Logicsource and certain vendor claims. To theextent the following items (relating to costs and expenses for TSAservices) are determined by the Bankruptcy Court to be allowedadministrative claims, the costs and expenses associated with suchitems will be shared by the Debtors and GW as follows: -- Logicsource: All costs and expenses split 50/50 between theDebtors and GW. The Debtors will discuss any proposed settlementthat would result in a payment by the Debtors or GW with GW beforeentering into such a settlement, and any such settlement shall bereasonably acceptable to GW. -- To the extent that the costs and expenses pertaining tocertain vendors, to be attached to the final version of the TSATerm Sheet, are ultimately paid, such expenses shall be sharedbetween the Debtors and GW according to the applicable sharingpercentages set forth in TSA (such payments to be determined inaccordance with the month in which such costs and expenses wereincurred). The Debtors will pay all royalty payments with respect toMakers Media inventory that was (i) sold by the Debtors to GW and(ii) subsequently sold by GW to consumers after June 19, 2015. GWwill pay the Debtors $500,000 (the "Release Payment"). The ReleasePayment will represent a final settlement of all amounts owed by GWto the Debtors under the TSA and the APAs, other than (i) certainamounts owed in connection with the TSA Term Sheet and (ii) drawnand undrawn cash collateralized letters of credit that the Debtorscontinue to pursue and monetize in accordance with Section 7.12 ofthe First APA. The Debtors will promptly pay to GW any unpaid proceedsreceived by the Debtors in respect of (i) wholesale sales of GWinventory and (ii) vendor refunds or vendor credits to which GWwould be entitled under the APAs.The Debtors will return to GW any remaining amounts of cash held inthe TSA account maintained by the Debtors. Indemnification SettlementThe principal terms of the proposed Indemnification Settlement areas follows: * Resolution of Plan Objections: The Indemnification Objectionsare resolved and neither Standard General nor Wells Fargo willobject to the Plan on any basis. * Payments and Transfers: Following the effective date of theIndemnification Settlement: -- Standard General will transfer all 2019 Notes it holds tothe Liquidating Trust or the Indenture Trustee, as determined bythe Committee; and -- The Liquidating Trust will receive certain additional cashconsideration. * Assignments: Standard General will assign to the LiquidatingTrust its interest in the Reserves (as defined in the GW GoingConcern Sale Order). * No Obligation to Reimburse Gift Card Payments: StandardGeneral will waive its rights of reimbursement for the redemptionof any gift cards at stores owned and/or operated by StandardGeneral or through the RadioShack website operated by such entity,including any gift cards in categories that will be treated aspriority claims. Other aspects of the term sheet among the Debtors,the Creditors' Committee and GW Operations related to gift cardswill remain unchanged. * Plan Modifications: The Plan will be modified as necessary toimplement the Settlements, including as necessary to includeStandard General in the "Dispute" and the "Dispute Resolution"described in the Plan. * Releases: The Debtors and the Creditors' Committee will waive,with certain limited exceptions, all claims against StandardGeneral and Wells Fargo related to the Debtors, the BankruptcyCase, the Pre-Petition ABL Credit Agreement (including loans madeto any Debtor thereunder), the DIP Credit Agreement (includingloans made to any Debtor thereunder) or the Texas Litigation. Standard General and Wells Fargo, with certain limited exceptions,will waive all claims against the Debtors and their estates relatedto the Debtors, the Bankruptcy Case, the Pre-Petition ABL CreditAgreement (including loans made to any Debtor thereunder), the DIPCredit Agreement (including loans made to any Debtor thereunder) orthe Texas Litigation. * No Release for Certain Indemnification Claims: StandardGeneral's rights to assert indemnification claims against certainparties other than the Debtors or their estates will be preserved. * Dismissal of Estate Claims With Prejudice: The Creditors'Committee or the Liquidating Trustee, as applicable, will dismisswith prejudice the claims against Standard General and Wells Fargoasserted in the Texas Litigation. * SCP Secured Parties' Claims: The Indemnification SettlementParties are currently discussing under what circumstances, if any,the SCP Secured Parties may seek to amend the Amended AdversaryComplaint filed on May 22, 2015 in the SCP Adversary Proceeding andwhether or not they may assert any new causes of action againstStandard General in the SCP Adversary Proceeding. * Bar Order: The Indemnification Settlement shall be subject tothe entry of a bar order that (i) bars and enjoins non-settlingparties in the Texas Litigation or other litigation commenced by oron behalf of the Debtors' estates from asserting claims forindemnification or contribution against Standard General or WellsFargo arising out of their exposure in such action(s) and (ii)provides any such nonsettling party with a proportionate faultjudgment reduction to the extent the non-settling party has a validcontribution or noncontractual indemnity claim.David M. Fournier, Esq., at Pepper Hamilton LLP, tells the Courtthat the Settlements were the result of arm's-length bargaining bythe Parties with the assistance of their advisors and not theresult of fraud or collusion. In addition, the ultimate outcome ofthe disputes underlying the Settlements is uncertain and wouldlikely be time-consuming and costly to resolve through litigation.Mr. Fournier adds that with respect to the IndemnificationSettlement, the resolution of the Indemnification Objections willfacilitate confirmation of the Plan. Although the Debtors and theCreditors' Committee dispute the entitlement of Standard Generaland Wells Fargo to reserves, they believe that the outcome oflitigation of that dispute is uncertain. Further, according to Mr.Fournier, even if the Debtors and the Creditors' Committeeultimately prevailed, appeals could be filed and, as a result,costly and time-consuming litigation could continue andconfirmation of the Plan could be delayed. About RadioShack CorporationHeadquartered in Fort Worth, Texas, RadioShack is a retailer ofmobile technology products and services, as well as productsrelated to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300company-operated stores in the United States, 270 company-operatedstores in Mexico, and approximately 1,000 dealer and other outletsworldwide.RadioShack Corporation and affiliates sought Chapter 11 protection(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015, disclosingtotal assets of $1.2 billion, versus total debt of $1.3 billion.David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M.Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel. David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel. Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'restructuring advisor. Maeva Group, LLC, is the Debtors'turnaround advisor. Lazard Freres & Co. LLC is the Debtors'investment banker. A&G Realty Partners is the Debtors' real estateadvisor. Prime Clerk is the Debtors' claims and noticing agent.The Official Committee of Unsecured Creditors tapped Quinn EmanuelUrquhart & Sullivan, LLP and Cooley LLP as co-counsel, and HoulihanLokey Capital, Inc., as financial advisor and investment banker. * * *After an auction in March 2015, the Debtors sold most of the assetsto General Wireless, Inc., an entity formed by Standard General,L.P., for $150 million. The Debtors also sold Mexican assets toOffice Depot de México, S.A. de C.V., for $31.8 million plus theassumption of debt. Regal Forest Holding Co. Ltd. bought theDebtors' intellectual property assets in Latin America for apurchase price of $5,000,000.In June 2015, the Debtors changed their name to RS LegacyCorporation, et al., following the sale of the Company's brand nameand customer data to General Wireless.The bankruptcy judge on Sept. 30, 2015, agreed to confirm theRadioShack Corp. estate's liquidating plan. The centerpiece of thePlan is the resolution of various disputes among the Debtors, theCreditors' Committee and the SCP Secured Parties.RELATIVITY MEDIA: Anchorage, Falcon et al. Win Bidding for TV Biz-----------------------------------------------------------------An investor group composed of Anchorage Capital Group, L.L.C.,Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct.4 disclosed that it has been declared the winning bidder for theRelativity Television business from the Chapter 11 estate ofRelativity Media LLC via the bankruptcy auction process.The Investor Group said: "We are very pleased about the outcome ofthe auction and excited about beginning the process of furtherstrengthening Relativity Television. As one of the largestsuppliers of high quality television programming in the UnitedStates, we believe there are attractive opportunities to driveinnovation, creativity and growth to enable the business to realizeits full potential. Upon completion of the sale, RelativityTelevision will be well-capitalized with a strong and creativesenior leadership team, incredible human resources and valuablepartner relationships, and we are confident that the business willbe extremely well-positioned to achieve sustainable, long termsuccess."The sale of the Relativity Television business to the InvestorGroup is expected to be presented to the bankruptcy court at ahearing on Oct. 5. Assuming the court approves the transactions,Relativity Television is expected to emerge from Chapter 11 as aseparate company on or around October 20, 2015. About Anchorage Capital GroupAnchorage Capital Group, L.L.C. is a New York-based registeredinvestment adviser founded in 2003. The firm manages privateinvestment funds across the credit, special situations and illiquidinvestment markets of North America and Europe using an active longand short basis, with particular focus on defaulted and leveragedissuers. About Falcon Investment AdvisorsWith offices in Boston and New York, Falcon provides innovativecapital solutions in amounts of $10 million to $75 million tomiddle market companies. Since its founding in 2000, Falcon hasinvested in over 65 companies in a broad range of industries tosupport acquisitions, recapitalizations, buyouts and organicgrowth. About Luxor CapitalLuxor Capital Group, LP is a registered investment advisory firmlocated in New York and founded in 2002. Luxor acts as theinvestment manager to a number of private investment funds and asof August 1, 2015 had approximately $5.8 billion in assets undermanagement. About Relativity FashionBased in New York, Relativity Fashion LLC dba M3 Relativity --http://relativitymedia.com/-- is a privately-held entertainment company with an integrated and diversified global media platformthat provides, among other things, film and television financing,production and distribution. Relativity was founded in 2004 by RyanKavanaugh as a films late cofinancier partnering with major studiossuch as Sony and Universal. In addition, the Company engages incontent production and distribution, including movies, television,fashion, sports, digital and music. The Company and its affiliates filed for Chapter 11 protection onJuly 30, 2015 (Bankr. S.D.N.Y. Lead case No. 15-11989). JudgeMichael E. Wiles presides over the Debtors' Chapter 11 cases.Craig A. Wolfe, Esq., Malani J. Cademartori, Esq., and Blanka K.Wolfe, Esq., at SHEPPARD MULLIN RICHTER & HAMPTON LLP, and RichardL. Wynne, Esq., Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq.,at JONES DAY, represent the Debtors in the bankruptcy cases.The Debtors reported total assets of $559.9 million, and totaldebts: $1.1 billion as of Dec. 31, 2014.On August 7, 2015, the U.S. Trustee for Region 2 appointed sevencreditors to serve on the Debtors' official committee of unsecuredcreditors. The creditors are Allied Advertising LimitedPartnership, Carat USA Inc., Cinedigm Corp., Comen VFX LLC, CreateAdvertising Group LLC, NBC Universal, and Technicolor Inc.RELATIVITY MEDIA: CEO, Group to Acquire All Assets, Except TV Biz-----------------------------------------------------------------Relativity Media LLC on Oct. 4 disclosed that a consortium ofinvestors led by CEO and Chairman Ryan Kavanaugh (referred to as"TJ Group") have reached an agreement to acquire all ofRelativity's assets except the Relativity Television business. Theconsortium will shortly file a plan of reorganization.The transaction will create a path for Relativity to emerge frombankruptcy with a significantly fortified balance sheet andvirtually no debt which positions the company for long-term growth. Mr. Kavanaugh will remain Chairman and CEO."My passion for Relativity is the same today as it was on the day Ifounded it," commented Mr. Kavanaugh. "I want to thank ouremployees for their continued focus and dedication throughout theChapter 11 process. I look forward to working with my partners andwith Relativity's executive team to build and take the company tothe next level, continuing its 360 degree content engine approachat a time when content has never before been more valuable."Relativity expects to quickly move forward with previouslyannounced content projects and other business opportunities, andwill in due course announce official release dates for moviesincluding Masterminds, The Disappointments Room, Before I Wake, TheCrow and Kidnap which were postponed for release during thebankruptcy process.As part of the transaction, Relativity has agreed to sell thetelevision division, led by Tom Forman of Relativity, for $125million.The Bankruptcy Court hearing is scheduled for October 5, 2015, andthe closing date of the transaction is scheduled for October 20,2015. All entities will operate business as usual until theclosing of the transactions.Relativity will emerge post-Chapter 11 with only $30 million indebt, a significant library and its business units fully intact. The divisions include: Relativity Studios, Relativity DigitalStudios, Madvine, Relativity Music, and the company's stake inRelativity EuropaCorp Distribution, Relativity Sports, andRelativity Education. All of Relativity's divisions will partnerto create compelling original content and work closely with brandsto navigate the ever-changing advertising landscape in bothtraditional and digital mediums.Mr. Van C. Durrer II of Skadden, Arps, Slate, Meagher & Flom LLP,Kavanaugh's personal counsel, was an integral part in thenegotiations and closing the transaction. Jones Day and TheBlackstone Group represented and advised the company in the saleprocess. About Relativity FashionBased in New York, Relativity Fashion LLC dba M3 Relativity --http://relativitymedia.com/-- is a privately-held entertainment company with an integrated and diversified global media platformthat provides, among other things, film and television financing,production and distribution. Relativity was founded in 2004 by RyanKavanaugh as a films late cofinancier partnering with major studiossuch as Sony and Universal. In addition, the Company engages incontent production and distribution, including movies, television,fashion, sports, digital and music. The Company and its affiliates filed for Chapter 11 protection onJuly 30, 2015 (Bankr. S.D.N.Y. Lead case No. 15-11989). JudgeMichael E. Wiles presides over the Debtors' Chapter 11 cases.Craig A. Wolfe, Esq., Malani J. Cademartori, Esq., and Blanka K.Wolfe, Esq., at SHEPPARD MULLIN RICHTER & HAMPTON LLP, and RichardL. Wynne, Esq., Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq.,at JONES DAY, represent the Debtors in the bankruptcy cases.The Debtors reported total assets of $559.9 million, and totaldebts: $1.1 billion as of Dec. 31, 2014.On August 7, 2015, the U.S. Trustee for Region 2 appointed sevencreditors to serve on the Debtors' official committee of unsecuredcreditors. The creditors are Allied Advertising LimitedPartnership, Carat USA Inc., Cinedigm Corp., Comen VFX LLC, CreateAdvertising Group LLC, NBC Universal, and Technicolor Inc.RESPONSE GENETICS: Cancer Genetics Gets Court OK to Buy Assets--------------------------------------------------------------Cancer Genetics, Inc. on Oct. 2 disclosed that it received approvalfrom the United States bankruptcy court in Delaware to purchasesubstantially all of the assets of Los Angeles-based ResponseGenetics, Inc. In connection with the transaction, CGI also agreedto assume certain of RGI's liabilities. The sale is subject tocertain customary closing conditions and is anticipated to close byOctober 9, 2015.The acquisition, if consummated, is expected to contribute anadditional $10 to $12 million to CGI in revenue over the next 12months and to expand CGI's solid tumor molecular diagnosticsoffering to include lung cancer, colorectal cancer and melanomatests that help determine a patient's response to cancer therapy. Once integrated, the combined entity will have expertise in solidand hematological cancers, a national geographic footprint, and theability to provide services to large-scale clients includingbiotechnology/pharmaceutical companies and clinicians.The lease for RGI's 27,000 sq. ft. CLIA-certified andCAP-accredited laboratory, located in Los Angeles, California isbeing assumed by CGI in the transaction. Cancer Genetics plans todevelop RGI's Los Angeles facility into a center of excellence insolid tumors, with a particular emphasis on lung cancer once thepurchase is finalized.In 2014, RGI was awarded the multi-year ALCHEMIST Trial contract,by the National Cancer Institute, focused on biomarker-basedtreatment for lung cancer. Cancer Genetics, as part of thetransaction, will be taking over the ALCHEMIST Trial contract.As previously announced, the purchase price is approximately $14million, which will include $7 million in cash and 788,584 sharesof CGI common stock. About Cancer GeneticsCancer Genetics Inc. is an emerging leader in DNA-based cancerdiagnostics. The Company's tests target difficult to diagnosehematological, urogenital and HPV-associated cancers. It alsooffers a comprehensive range of oncology-focused tests andlaboratory services that provide critical genomic information tohealthcare professionals and biopharmaceutical companies. About Response GeneticsLos Angeles, California-based Response Genetics, Inc. (otcqb:RGDX)-- http://www.responsegenetics.com-- is a CLIA-certified clinical laboratory focused on the development and sale of moleculardiagnostic testing services for cancer. The Company's technologiesenable extraction and analysis of genetic information derived fromtumor cells stored as formalin-fixed and paraffin-embeddedspecimens. The Company's principal customers include oncologistsand pathologists. In addition to diagnostic testing services, theCompany generates revenue from the sale of its proprietaryanalytical pharmacogenomic testing services of clinical trialspecimens to the pharmaceutical industry. Response Genetics, fdba Bio Type, Inc., filed for Chapter 11bankruptcy (Bankr. D. Del. Case No. 15-11663) on Aug. 9, 2015,represented by James E. O'Neill, Esq., at Pachulski Stang Ziehl &Jones LLP. Canaccord Genuity, Inc., serves as its investmentbanker; and Rust Consulting Omni Bankruptcy acts as its claims andnoticing agent. The Company disclosed total assets of $10.7 million and total debtsof $15.7 million. The petition was signed by Thomas Bologna,chairman and chief executive officer.No request has been made for the appointment of a trustee or anexaminer in the cases, and no official committee has yet beenappointed by the Office of the U.S. Trustee. * * *Response Genetics executed a "stalking horse" agreement to sell allof its business assets to Cancer Genetics, Inc. for $14,000,000,comprised of a 50/50 split in value of cash and the common stock ofCGI. CGI is represented by Kramer Levin Naftalis & Frankel LLP's JamesA. Grayer, Esq.ROSETTA GENOMICS: To File June 30 Form 10-Q by Oct. 28------------------------------------------------------Rosetta Genomics Ltd. previously announced that there would be adelay in filing its financial statements for the six months endedJune 30, 2015. The Company expects to file these financialstatements on or before Oct. 28, 2015. About RosettaBased in Rehovot, Israel, Rosetta Genomics Ltd. is seeking todevelop and commercialize new diagnostic tests based on a recentlydiscovered group of genes known as microRNAs. MicroRNAs arenaturally expressed, or produced, using instructions encoded inDNA and are believed to play an important role in normal functionand in various pathologies. The Company has established a CLIA-certified laboratory in Philadelphia, which enables the Company todevelop, validate and commercialize its own diagnostic testsapplying 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, aloss from continuing operations of $13.2 million in 2013 and a lossfrom continuing operations of $10.69 million in 2012.As of Dec. 31, 2014, the Company had $17.3 million in total assets,$2.21 million in total liabilities and $15.06 million in totalshareholders' equity. Bankruptcy Warning"We will likely require substantial additional funding and expectto augment our cash balance through financing transactions,including the issuance of debt or equity securities and furtherstrategic collaborations. On December 7, 2012, we filed a shelfregistration statement on Form F-3 with the SEC for the issuance ofordinary shares, various series of debt securities and/or warrantsto purchase any of such securities, either individually or inunits, with a total value of up to $75 million, from time to timeat prices and on terms to be determined at the time of suchofferings. 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 of4,736,854 of our ordinary shares for gross proceeds of $19.9million under this shelf registration statement, leaving anaggregate of approximately $55.1 million of securities availablefor sale under this Form F-3, subject to limitations imposed by theSEC for companies with a public float of less than $75 million. Ifwe need additional funding, there can be no assurance that we willbe able to obtain adequate levels of additional funding onfavorable terms, if at all. If adequate funds are needed and notavailable, 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.SEANERGY MARITIME: Dimitris Anagnostopoulos Elected to Board------------------------------------------------------------Seanergy Maritime Holdings Corp. held its 2015 annual meeting ofshareholders on Sept. 23, 2015. At the Meeting, the shareholderselected Dimitris Anagnostopoulos as class C director to serve untilthe 2018 Annual Meeting of Shareholders and approved theappointment of Ernst & Young (Hellas) Certified Auditors -Accountants S.A. to serve as the Company's independent auditors forthe fiscal year ending Dec. 31, 2015. About Seanergy Athens, Greece-based Seanergy Maritime Holdings Corp. is aninternational company providing worldwide seaborne transportationof dry bulk commodities. The Company owns and operates a fleetof seven dry bulk vessels that consists of three Handysize, twoSupramax and two Panamax vessels. Its fleet carries a variety ofdry bulk commodities, including coal, iron ore, and grains, aswell as bauxite, phosphate, fertilizer and steel products.Ernst & Young (Hellas) Certified Auditors-Accountants S.A., inAthens, Greece, issued a "going concern" qualification on theconsolidated financial statements for the year ended Dec. 31, 2014,citing that following the disposal of the Company's entire fleet inearly 2014 in the context of its restructuring plan, the Companywas unable to generate sufficient cash flow to meet its obligationsand sustain its continuing operations that raise substantial doubtabout the Company's ability to continue as a going concern.The Company disclosed net income of $80.3 million on $2.01 millionof net vessel revenue for the year ended Dec. 31, 2014, comparedwith net income of $10.9 million on $23.1 million of net vesselrevenue for the year ended Dec. 31, 2013.As of June 30, 2015, the Company had $19.57 million in totalassets, $10.15 million in total liabilities and $9.42 million instockholders' equity.SEARS HOLDINGS: Edward Lampert Reports 54.1% Stake as of Oct. 1---------------------------------------------------------------As of Oct. 1, 2015, these reporting persons disclosed with the Securities and Exchange Commission that they may be deemed tobeneficially own the following shares of Sears Holdings Corporationcommon stock: Number of Shares Percentage of Beneficially Outstanding Name Owned Shares ---- ---------------- -------------ESL Partners, L.P. 63,668,167 56.9% SPE I Partners, LP 150,124 0.1% SPE Master I, LP 193,341 0.2% RBS Partners, L.P. 64,011,632 57.2%ESL Institutional Partners 12,573 0.0% RBS Investment Management 12,573 0.0% CRK Partners, LLC 902 0.0% ESL Investments, Inc. 64,025,107 57.2%Edward S. Lampert 64,025,107 54.1%In grants of shares of Holdings Common Stock by Holdings on Aug. 31, 2015, and Sept. 30, 2015, pursuant to the Letter betweenHoldings and Mr. Lampert, Mr. Lampert acquired an additional 23,556shares of Holdings Common Stock. Mr. Lampert received the sharesof Holdings Common Stock as consideration for serving as chiefexecutive officer and no cash consideration was paid by Mr. Lampertin connection with the receipt of such shares of Holdings CommonStock.In grants of shares of Holdings Common Stock by Holdings on Aug. 31, 2015, and Sept. 30, 2015, pursuant to the Seritage Awards,Mr. Lampert acquired an additional 2,966 shares of Holdings CommonStock. Mr. Lampert received the shares of Holdings Common Stockpursuant to the Seritage Awards and no cash consideration was paidby Mr. Lampert in connection with the receipt of those shares ofHoldings Common Stock.In various open market purchases between Aug. 20, 2015, and Sept. 30, 2015, Mr. Lampert acquired an aggregate of 1,301,779shares of Holdings Common Stock for aggregate consideration ofapproximately $31,077,462 (excluding commissions) using personalfunds.A copy of the regulatory filing is available for free at: http://is.gd/a56Yih About SearsSears Holdings Corporation (NASDAQ: SHLD) --http://www.searsholdings.com/-- is an integrated retailer focused on seamlessly connecting the digital and physical shoppingexperiences to serve members. Sears Holdings is home to Shop YourWaytm, a social shopping platform offering members rewards forshopping at Sears and Kmart as well as with other retail partnersacross categories important to them.The Company operates through its subsidiaries, including Sears,Roebuck and Co. and Kmart Corporation, with more than 2,000 full-line and specialty retail stores in the United States and Canada.Kmart Corporation and 37 of its U.S. subsidiaries filed voluntaryChapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) onJan. 22, 2002. Kmart emerged from chapter 11 protection on May 6,2003, pursuant to the terms of an Amended Joint Plan ofReorganization. Skadden, Arps, Slate, Meagher & Flom, LLP,represented Kmart in its restructuring efforts. Its balance sheetshowed $16,287,000,000 in assets and $10,348,000,000 in debts whenit sought chapter 11 protection.Kmart bought Sears, Roebuck & Co., for $11 billion to create thethird-largest U.S. retailer, behind Wal-Mart and Target, andgenerate $55 billion in annual revenues. Kmart completed itsmerger with Sears on March 24, 2005.For the year ended Jan. 31, 2015, the Company reported a net lossattributable to Holdings' shareholders of $1.68 billion comparedto a net loss attributable to Holdings' shareholders of $1.36billion for the year ended Feb. 1, 2014. As of May 2, 2015, SearsHoldings had $13.3 billion in total assets, $14.5 billion in totalliabilities, and a $1.20 billion total deficit. * * *Moody's Investors Service in January 2014 downgraded SearsHoldings Corporate Family Rating to 'Caa1' from 'B3'. The ratingoutlook is stable.The downgrade reflects the accelerating negative performance ofSears' domestic business with comparable sales falling 7.4% forthe quarter to date ending January 6th, 2014 compared to the prioryear. The company now expects domestic Adjusted EBITDA to declineto a range of ($80 million) to $20 million for the fourth fiscalquarter, compared with $365 million in the year prior period. Forthe full year, Sears expects domestic Adjusted EBITDA loss between$(308) million and $(408) million, as compared to $557 millionlast year. Moody's expects full year cash burn (after capitalspending, interest and pension funding) to be around $1.2 billionin 2013 and we expect Sears' cash burn to remain well above $1billion in 2014. "Operating performance for fiscal 2013 ismeaningfully weaker than our previous expectations, and we expectnegative trends in performance to persist into 2014" said Moody'sVice President Scott Tuhy. He added "While Sears noted improvedengagement metrics for its "Shop Your Way" Rewards program,Moody's remains uncertain when these improved engagement metricswill lead to stabilization of operating performance."As reported by the TCR on March 26, 2014, Standard & Poor'sRatings Services affirmed its ratings on the Hoffman Estate, Ill.-based Sears Holdings Corp., including the 'CCC+' corporate creditrating.Fitch Ratings had downgraded its long-term Issuer Default Ratings(IDR) on Sears Holdings Corporation (Holdings) and its varioussubsidiary entities (collectively, Sears) to 'CC' from 'CCC',according to a TCR report dated Sept. 12, 2014.SECOND CHANCE: Govt Seeks Reconsideration in False Claims Act Suits-------------------------------------------------------------------Adam Sege at Bankruptcy Law360 reported that the U.S. governmentasked a D.C. federal judge on Sept. 28, 2015, to reconsider hisruling trimming two False Claims Act suits against a materialssupplier for a now-defunct bulletproof vest manufacturer, sayingthe company's alleged concealment of durability issues threw eachgovernment purchase of its material into question.The government asked U.S. District Judge Richard W. Roberts torethink his Sept. 4 decision to toss claims that predated a catalogdistributed by now-defunct vest manufacturer Second Chance BodyArmor Inc. that made specific pledges about the durability. About Second Chance Body ArmorBased in Central Lake, Michigan, Second Chance Body Armor, Inc.-- http://www.secondchance.com/-- was a leading producer of bullet-resistant products, including concealable body armor.Second Chance sold the vests to various individuals and entities,including many law-enforcement officers and agencies. SecondChance filed a voluntary chapter 11 petition (Bankr. W.D. Mich.Case No. 04-12515) on Oct. 17, 2004, after recalling more than130,000 vests made wholly of Zylon(R), but it did not recall vestsmade of Zylon blended with other protective fibers. When theDebtor filed for protection from its creditors, it estimatedassets and liabilities of $10 million to $50 million.Stephen B. Grow, Esq., at Warner Norcross & Judd, LLP, representedthe Debtor. Daniel F. Gosch, Esq., at Dickinson Wright PLLC,represented the Official Committee of Unsecured Creditors.The case was converted to chapter 7 on Nov. 22, 2005, and James W.Boyd was appointed as the Chapter 7 Trustee. Cody H. Knight,Esq., in Kalamazoo, Michigan, represents the Chapter 7 Trustee.Following conversion, the Debtor has been renamed SCBA LiquidationInc.SEQUENOM INC: Former CEO to Get $846,000 Separation Pay-------------------------------------------------------Sequenom, Inc., entered into a separation agreement with William J.Welch, pursuant to which Mr. Welch will receive severance benefitsfrom the Company. By its terms, the Separation Agreement iseffective as of Sept. 18, 2015. Mr. Welch had resigned as the Company's president and chiefexecutive officer. Pursuant to the Separation Agreement, in exchange for a generalrelease of all claims against the Company, Mr. Welch is entitled toreceive: (i) a lump sum payment equal to $550,000, which equals 12 months of his base salary; (ii) a lump sum payment equal to $275,301, which equals his targeted level bonus for 2015, pro-rated to the date of his resignation; (iii) a lump sum payment equal to $20,614, which is intended to cover the payment of COBRA benefits for a period of 12 months; (iv) accelerated vesting of all outstanding stock options and other equity awards as if Mr. Welch had completed service with the Company for an additional 12 months; and (v) an extension of the exercise period of his vested stock options granted under the Company's 2006 Equity Incentive Plan for a period of 12 months. The benefits provided for in the Separation Agreement areconsistent with the benefits that Mr. Welch would have beenentitled to receive under his Employment Agreement, dated Jan. 29,2014, had Mr. Welch been terminated without cause. About SequenomSequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a life sciences company committed to improving healthcare throughrevolutionary genetic analysis solutions. Sequenom developsinnovative technology, products and diagnostic tests that targetand serve discovery and clinical research, and moleculardiagnostics markets. The company was founded in 1994 and isheadquartered in San Diego, California."If we fail to generate enough cash flow from our operations orotherwise obtain the capital necessary to fund our operations, ourfinancial results, financial condition and our ability to continueas a going concern will be adversely affected and we will have tocease or reduce further commercialization efforts or delay orterminate some or all of our diagnostic testing services or otherproduct development programs," the Company said in its 2014 annualreport.As of June 30, 2015, the Company had $136.6 million in totalassets, $157.6 million in total liabilities and a $21 million totalstockholders' deficit.SEVEN COUNTIES: Court Enters Final Decree Closing Chapter 11 Case-----------------------------------------------------------------The U.S. Bankruptcy Court for the Western District of Kentuckyentered a final decree closing the Chapter 11 case of SevenCounties Services Inc.According to a docket entry, with the final decree, the trustee isalso discharged, and if applicable, bond is canceled.As reported by The Troubled Company Reporter on Feb. 11, 2015, U.S.Bankruptcy Judge Joan A. Lloyd has confirmed the Debtor's FirstAmended Plan of Reorganization.Kentucky Employees Retirement System and the Board of Trustees of Kentucky Retirement Systems has filed an appeal to the orderconfirming the Plan but the appeal was denied.According to the Disclosure Statement, the Plan contemplates thereorganization of existing debt and continuation of the Debtor'snormal business operations. The primary objectives of the Planare to: (a) maximize the value of the ultimate recoveries to allcreditor groups on a fair and equitable basis; and (b) settle,compromise, or otherwise dispose of certain claims and interestson terms that the Debtor believes to be fair and reasonable and inthe best interests of the Debtor's estate and its creditors.Upon entry of the confirmation order, the Debtor will continue tooperate its business and manage its assets, which will generateincome projected to be sufficient for the Debtor to meet itsongoing expenses and obligations contemplated under the Plan.A copy of the Disclosure Statement is available for free at http://bankrupt.com/misc/SevenCounties_DS.pdf About Seven CountiesSeven Counties Services Inc., a not-for-profit behavioralservices provider from Louisville, Kentucky, filed for Chapter 11protection (Bankr. W.D. Ky. Case No. 13-31442) on April 4, 2013.The agency generates more than $100 million a year in revenue andemploys a staff of 1,400 providing services at 21 locations and120 schools and community centers.The petition was signed by Anthony M. Zipple as president/CEO.The Debtor scheduled assets of $45.6 million and scheduledliabilities of $233 million.Judge Joan A. Lloyd presides over the case. David M. Cantor,Esq., Neil C. Bordy, Esq., Charity B. Neukomm, Esq., Tyler R.Yeager, Esq., and James E. McGhee III, Esq., at SEILLER WATERMANLLC, serve as counsel to the Debtor. Bingham Greenebaum Doll LLPand Wyatt, Tarrant & Combs LLP have been retained by the Debtor asspecial counsel. Hall, Render, Killian, Heath & Lyman, PLLC, isspecial counsel to represent and advise it in the implementationof its new software system.Peritus Public Relations, LLC, has been tapped to provide publicrelations and public affairs support in Kentucky.Fifth Third Bank, the cash collateral lender, is represented byBrian H. Meldrum, Esq., at STITES & HARBISON PLLC; and Robert C.Goodrich, Jr., Esq., at STITES & HARBISON PLLC.SHERIDAN INVESTMENT I: Moody's Lowers CFR to 'B2', Outlook Neg--------------------------------------------------------------Moody's Investors Service downgraded each of Sheridan InvestmentPartners I, LLC's (SIP I), Sheridan Production Partners I-A, L.P.'s(Fund I-A) and Sheridan Production Partners I-M, L.P.'s (Fund I-M),(collectively Sheridan) Corporate Family Ratings (CFR) to B2 fromB1 and Probability of Default Ratings (PDR) to B3-PD from B2-PD. The senior secured term loans at SIP I, Fund I-A and Fund I-M werealso downgraded to B2 from B1. The rating outlook was changed tonegative from stable for each entity."Sheridan's downgrades are driven by its poor asset coverage, asreflected in the borrowing base to loan value, and its weakenedliquidity," said Sreedhar Kona, Moody's Senior Analyst. "Thenegative outlook reflects Moody's view that the weak commodityprice outlook could lead to a borrowing base deficiency andexacerbate Sheridan's liquidity stress."A list of rating actions is:Downgrades:Issuer: Sheridan Investment Partners I, LLC Corporate Family Rating, Downgraded to B2 from B1 Probability of Default Rating, Downgraded to B3-PD from B2-PD Senior Secured Term Loan, Downgraded to B2 (LGD3) from B1 (LGD3) Outlook, changed to NegativeIssuer: Sheridan Production Partners I-A, LP Corporate Family Rating, Downgraded to B2 from B1 Probability of Default Rating, Downgraded to B3-PD from B2-PD Senior Secured Term Loan, Downgraded to B2 (LGD3) from B1 (LGD3) Outlook, changed to NegativeIssuer: Sheridan Production Partners I-M, LP Corporate Family Rating, Downgraded to B2 from B1 Probability of Default Rating, Downgraded to B3-PD from B2-PD Senior Secured Term Loan, Downgraded to B2 (LGD3) from B1 (LGD3) Outlook, changed to NegativeRATINGS RATIONALEThe downgrade of Sheridan's CFR to B2 from B1 is driven by its weakasset value to loan coverage (reflected in the borrowing base toloan ratio). Currently, the difference between the sum total ofrevolver borrowings and term loans outstandings is less than theborrowing base by only $39 million. While the company continues togenerate good operating cash flow supported by a strong hedgingprogram, liquidity in the form of availability under the revolverand balance sheet cash is likely to remain stressed throughmid-2016. Availability under the revolving credit facilities isgoverned by a borrowing base that is re-determined semi-annually bythe lenders to reflect changes in reserves estimates and commodityprices. While reduced meaningfully, Sheridan continues to havesome flexibility to allocate any excess cash flow generated toeither re-investment in its assets, investor distributions and debtreduction. The lack of a commodity price recovery could furtherreduce the borrowing base from the current level, pressuring thecompany's ability to comply with the covenants beyond mid-2016. The rating also reflects Sheridan's complex organizationalstructure that was created to address business and taxconsiderations of a diverse mix of individual, corporate, andtax-exempt investors. Most credit metrics of Sheridan are in linewith its B2 rated peers, although the average daily production lagsdue to the long life of its reserves. Sheridan was created to bean investment vehicle with a mandate to buy mature producing fieldswhile minimizing commodity price risk with an aggressive hedgingprogram but asset base has limited potential to grow.The senior secured debt of Sheridan is comprised of revolvingcredit facilities and term loans made available to SIP, Fund I-A,and Fund I-M. The term loans of all the funds are rated B2, inline with their B2 CFRs. Term loan outstandings are subtractedfrom the borrowing base to determine the revolving creditavailability. In May 2015, the borrowing base was set at $1,155million and a further reduction in November 2015 could result in noavailability under the revolving credit facility. As all ofSheridan's debt is pari passu and senior secured, Moody's expects a65% recovery rate after an event of default, reflected in the B3-PDPDR. The subordinated loan made by Fund I-B to Fund I-M is notincluded as part of Moody's Loss Given Default analysis as it isassumed to be satisfied through the transfer of a proportionalinterest in Fund I-M's PP&E after a default.On a combined basis, Sheridan has weak liquidity. As of June 30,2015, the cash balance was $13 million. Moody's expects cash flowfrom operations of about $150 million - $200 million through thirdquarter of 2016, which is sufficient to fund $90 million - $120million of projected capital expenditures, some of which arediscretionary in nature. The excess cash flow will be used to makedistributions to the investors and/or reduce debt as necessary. The current availability under the borrowing base is $34 millionbut with the potential for the borrowing base to be lowered inNovember 2015 or May 2016, the company will have minimal externalsources of funding above and beyond the internally generated cashflow. Sheridan I has not made any equity distributions sinceOctober 2014 and would be prohibited from doing so at any time thatthe total secured outstandings exceed the borrowing base. Therevolving credit facility commitments expire in May 2019 and havethree financial covenants: a minimum interest coverage ratio of2.25x, a current ratio of 1.0x and a minimum asset coverage ratioof 1.0x. While the minimum interest coverage ratio allows for somebusiness deterioration before it is triggered, the asset coverageratio is likely to have very minimal cushion at least through 2016,depending on the company's willingness to use excess cash to reducedebt balances. Under the terms of the credit agreements, Sheridancan sell assets valued at up to 2% of the borrowing base amount(about $23 million) before triggering a redetermination of theborrowing base which provides a limited "back door" to additionalliquidity.The negative outlook reflects the potential for the borrowing baseto be reduced by more than $50 million leading to increased stresson the funds' ability to service debt. The outlook could bechanged to stable if the funds maintain availability under therevolver and balance sheet cash totaling at least $100 million on asustained basis.The ratings could be downgraded if the present value to loan ratio(represented by the borrowing base to the total revolver borrowingsand term loan balance outstanding) drops and is sustained below1x.A ratings upgrade is unlikely given the challenging operating andcommodity price environment as well as the structure of the funds,which requires a gradual liquidation of the asset base over time.SIP I, Fund I-A, Fund I-B, and Fund I-M are a related group ofprivate investment companies created to acquire and exploit matureproducing oil and gas properties in the United States.The principal methodology used in these ratings was GlobalIndependent Exploration and Production Industry published inDecember 2011.SHERIDAN INVESTMENT II: Moody's Lowers CFR to B3, Outlook Negative------------------------------------------------------------------Moody's Investors Service downgraded each of Sheridan InvestmentPartners II, L.P.'s (SIP II), Sheridan Production Partners II-A,L.P.'s (Fund II-A) and Sheridan Production Partners II-M, L.P.'s(Fund II-M), (collectively Sheridan-II) Corporate Family Ratings(CFR) to B3 from B2 and Probability of Default Ratings (PDR) toCaa1-PD from B3-PD. The senior secured term loans at SIP II, FundII-A and Fund II-M were also downgraded to B3 from B2. TheSpeculative Grade Liquidity (SGL) rating was lowered to SGL-4 fromSGL-2 for each entity. The rating outlook was changed to negativefrom stable for each entity."Sheridan II's downgrades are driven by the likely persistence ofthe borrowing base deficiency beyond the Nov. 2015redetermination," said Sreedhar Kona, Moody's Senior Analyst. "Thenegative outlook reflects Moody's view that a prolonged lowcommodity price environment will exacerbate the liquidity stress onSheridan II. Given its structure and mandate, Sheridan II haslimited credit neutral measures to enhance its liquidity."A list of rating actions:Downgrades:Issuer: Sheridan Investment Partners II, LP Corporate Family Rating, Downgraded to B3 from B2 Probability of Default Rating, Downgraded to Caa1-PD from B3-PD Senior Secured Term Loan, Downgraded to B3 (LGD3) from B2 (LGD3) Speculative Grade Liquidity (SGL) Rating, lowered to SGL-4 from SGL-2 Outlook, changed to NegativeIssuer: Sheridan Production Partners II-A, LP Corporate Family Rating, Downgraded to B3 from B2 Probability of Default Rating, Downgraded to Caa1-PD from B3-PD Senior Secured Term Loan, Downgraded to B3 (LGD3) from B2 (LGD3) Speculative Grade Liquidity (SGL) Rating, lowered to SGL-4 from SGL-2 Outlook, changed to NegativeIssuer: Sheridan Production Partners II-M, LP Corporate Family Rating, Downgraded to B3 from B2 Probability of Default Rating, Downgraded to Caa1-PD from B3-PD Senior Secured Term Loan, Downgraded to B3 (LGD3) from B2 (LGD3) Speculative Grade Liquidity (SGL) Rating, lowered to SGL-4 from SGL-2 Outlook, changed to NegativeRATINGS RATIONALEThe downgrade of Sheridan II's Corporate Family Ratings (CFR) to B3from B2 is driven by the liquidity stress created by the borrowingbase deficiency and the weak asset value to loan coverage(reflected in the borrowing base to loan ratio). Currently, the sumtotal of revolver borrowings and the term loans outstanding exceedsthe borrowing base by $41 million. Sheridan II has until November30, 2015 to eliminate this deficiency by using cash flow fromoperations or cash on the balance sheet. While Sheridan II is ableto generate good operating cash flow, the total liquidity in theform of revolver availability and cash balance is expected toremain minimal at least through mid-2016.Availability under the revolving credit facility is governed by aborrowing base that is re-determined semi-annually by the lendersto reflect changes in reserves estimates and commodity prices.Moody's projects that any excess cash flow generated at leastthrough mid-2016 will be required to reduce debt balances resultingfrom the potential borrowing base deficiencies at the next tworederminations, given the weak commodity price outlook. As hedgesroll-off and with no signs of an immediate recovery in commodityprices, cash flow generation will weaken beyond 2016, jeopardizingthe company's ability to comply with the covenants. The rating isalso constrained by Sheridan's complex organizational structurethat was created to address business and tax considerations of adiverse mix of individual, corporate, and tax-exempt investors. The scale measured by average daily production is in line with thesmaller peers primarily due to the longer reserve life of theassets, but most other credit metrics of Sheridan II are in linewith its B3 rated peers. Sheridan II was created to be aninvestment vehicle with a mandate to buy mature producing fieldswhile minimizing commodity price risk with an aggressive hedgingprogram. Given that mandate, the asset base has limited potentialto grow.The senior secured debt of Sheridan II is comprised of revolvingcredit facilities and term loans made available to SIP II, FundII-A, and Fund II-M. The term loans of all the funds are rated B3,in line with their B3 CFRs. Term loan outstandings are subtractedfrom the borrowing base to determine the revolving creditavailability and currently, there is no availability under therevolving credit facility. As all of Sheridan II's debt is paripassu and senior secured, we expect a 65% recovery rate after anevent of default reflected in the Caa1-PD PDR. The subordinatedloan made by Fund II-B to Fund II-M is not included as part ofMoody's Loss Given Default analysis as it is assumed to besatisfied through the transfer of a proportional interest in FundII-M's PP&E after a default.On a combined basis, Sheridan II's Speculative Grade LiquidityRating of SGL-4 reflects weak liquidity. As of June 30, 2015, thecash balance was $2.5 million. Moody's expects cash flow fromoperations of about $170 million to $210 million through thirdquarter of 2016 which is sufficient to fund approximately $150million to $180 million of projected capital expenditures, some ofwhich are discretionary in nature. Any excess cash flow generatedwill be available for distributions to the equity holders and/or toreduce debt when required. Given the possibility of a furtherborrowing base reduction in November 2015 or May 2016, Moody'santicipates that the company will use excess cash flow to reducedebt balances through 2016. Sheridan II's established declinecurve and hedging program somewhat reduces cash flow volatility.The fund's revolving credit facility ($607 million outstanding asof July 2015) matures in February 2018. The $784 million of termloans mature in December 2020. At July 2015, there was noavailability under the revolver and the total secured debtoutstanding of $1,391 million exceeds the current borrowing base of$1,350 million. Sheridan II has not made any equity distributionssince October 2014 and is prohibited from doing so at any time thatthe total secured outstandings exceed the borrowing base. Thecredit facilities have two financial maintenance covenants: aminimum interest coverage test of 2.25x and a maximum assetcoverage test of 1.0x, essentially requiring the borrowing base tobe greater than the amount of debt outstanding. Any borrowing basedeficiency amount would need to be repaid within six months afterthe determination of the deficiency. Under the terms of the creditagreements, Sheridan II can sell assets valued at up to 2% of theborrowing base amount (about $27 million) before triggering aredetermination of the borrowing base which provides a limited"back door" to additional liquidity. In addition, the revolvingfacility includes a current ratio test of 1.0x.The negative outlook reflects the potential for the borrowing baseto be reduced by more than $50 million leading to severe stress onthe funds' ability to service debt. The outlook could be changedto stable if the funds maintain availability under the revolver andbalance sheet cash totaling at least $25 million on a sustainedbasis.The ratings could be downgraded if the present value to loan ratio(represented by the borrowing base to the total revolver borrowingsand term loan balance outstanding) remains less than 1x on asustained basis.A ratings upgrade is unlikely at least through 2016 given thechallenging operating and commodity price environment. However, ifthe company applies its free cash flow to debt reduction so thatthe available liquidity improves to at least $75 million on asustained basis, the ratings could be upgraded.SIP II, Fund II-A, Fund II-B, and Fund II-M are a related group ofprivate investment companies created to acquire and exploit matureproducing oil and gas properties in the United States.The principal methodology used in these ratings was GlobalIndependent Exploration and Production Industry published inDecember 2011.SOTHEBY'S: Decision to Increase Lending Can Weaken Credit Rating----------------------------------------------------------------Auction house Sotheby's (Ba2 stable) decision to increase itsborrowing capacity under its revolving credit facility twice in thepast 18 months can drive further growth for its rapidly expandingfinance segment, but also poses the risk of materially weakeningits credit rating in the longer term, Moody's Investors Servicesays."Although the finance segment earnings generate the highest marginsand are poised to continue growing rapidly, Sotheby's issacrificing its balance sheet to support its loan portfolio,"Moody's Senior Vice President Margaret Taylor says.Sotheby's, which has been under persistent activist pressure, hasexpanded its revolver twice with the latest increase of $485million occurring in June. The revolver now tallies $1.335billion, allowing the auction house the ability to borrow up to$1.035 billion for its finance segment, Moody's says in "Sotheby'sFlexes its Borrowing Muscle to Nearly Double Finance Segment."The increase in borrowing capacity will help lift the finance arm'sprofitability, Moody's says, by potentially doubling its loanportfolio to $1.3 billion, which could increase the finance arm'sEBITDA to nearly $56 million from $26 million in 2014 and directlycorrelates to the amount of loans Sotheby's can underwrite.Despite its rapid growth, the finance segment will remain a fairlysmall portion of the auction house's earnings."Though the finance segment is less seasonal and cyclical whencompared to Sotheby's auction business," Taylor says, "Sotheby'soverall EBITDA remains highly exposed to cyclical downturns in theauction market. Should Sotheby's chose to materially increase itsdebt from its current level to support the finance segment it wouldput increased pressure on ratings."SPENDSMART NETWORKS: Jerry Rubinstein Named Board Chairman----------------------------------------------------------SpendSmart Networks, Inc., doing business as SMS Masterminds,announced the appointment of Board member Jerry Rubinstein to therole of Chairman of the Board. Mr. Rubinstein will also continueto head the Company's audit committee. Mr. Joseph Proto isstepping down as Chairman but will remain a member of the Board ofDirectors and a member of the Company's compensation committee. Mr. Proto has been a member of the Board of Directors since 2012and has been instrumental in leading the various post acquisitionstructuring and business changes of the Company along with itsexecutive team. The Board expressed its appreciation for Mr.Proto's service as the Chairman and looks forward to his continuedservice to the Company. This change in duties and roles came as part of an overall longterm initiative the Company is undertaking as it prepares toexecute on its 2016 growth strategies. The Company intends toexpand on its existing markets as well pursue new markets withstrong product and service offerings at the start of 2016. The Company is focused on the growing mobile advertising marketthat is estimated to reach worldwide revenues of $25.5 billion in2016 according to market research firms, eMarketer and Gartner.Currently, the Company supports approximately 4.8 million mobilebased subscribers in its service network of small merchantbusinesses across North America. As part of its 2016 strategies, the Company intends to enhancethose SMB networks with a more robust service and support offeringit has been developing. These service offerings expect to increasethe overall experience and revenue capabilities of its existing andfuture SMB customers. In addition, the Company will begin pursuinglarger business relationships that it has been developing during2015. Jerry Rubinstein has been a member of the Board since 2013 and morestrategically located in California, where the Company isheadquartered. These planned 2016 growth strategies will requireadditional guidance and contributions of expertise from all membersof the Company's Board. This shift in the Board provides theCompany with access to Mr. Rubinstein more frequently, where he canbest oversee and direct where value can be added by existingmembers of the Board. Mr. Rubinstein has served as a member of theBoard of Directors and the Chairman of the Company's AuditCommittee since Oct. 1, 2013. Mr. Rubinstein is also the chairmanof the Audit Committee of CKE Restaurants, the parent company ofCarl's Jr. Restaurants and Hardees Restaurants. Mr. Rubinsteinalso serves as the non-executive chairman of US Global investorsInc., a mutual fund advisory company. Mr. Rubinstein has startedand sold many companies over the years, including Bel Air Savingsand Loan and DMX, a cable and satellite music distribution company. Mr. Rubinstein purchased United Artists Records from TransamericaCorporation and subsequently sold the company to EMI. Mr.Rubinstein also started and sold XTRA Music Ltd., a satellite andcable music distribution company in Europe. Most recently Mr.Rubinstein consults with and serves on 3 early stage developmentcompanies. Mr. Rubinstein is both a CPA and attorney.In connection with Mr. Rubinstein's appointment to the Board, theCompany agreed to grant Mr. Rubinstein a stock option to purchaseup to 1,358,696 shares of common stock at an exercise price of$0.46 per share and having a term of five years. About SpendSmart NetworksSpendSmart Networks, Inc., provides proprietary loyalty systemsand a suite of digital engagement and marketing services that helplocal merchants build relationships with consumers and driverevenues. These services are implemented and supported by a vastnetwork of certified digital marketing specialists, aka "CertifiedMasterminds," who drive revenue and consumer relationships formerchants via loyalty programs, mobile marketing, mobile commerceand financial tools, such as prepaid card and reward systems. Weenter into licensing agreements for our proprietary loyaltymarketing solution with "Certified Masterminds" which sell andsupport the technology in their respective markets. The Company'sproducts aim to make Consumers' dollars go further when they spendit with merchants in the SpendSmart network of merchants, as theyreceive exclusive deals, earn rewards and ultimately build aconnection with their favorite merchants.SpendSmart Networks incurred a net loss of $12.2 million on $4.03million of total revenues for the year ended Dec. 31, 2014,compared to a net loss of $14.09 million on $0 of total revenuesfor the year ended Dec. 31, 2013.As of June 30, 2015, the Company had $9.99 million in total assets,$3.61 million in total liabilities and $6.37 million in totalstockholders' equity.EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, citing that the Company has recurring netlosses since inception and has yet to establish a profitableoperation. These factors among others raise substantial doubtabout the ability of the Company to continue as a going concern.SPENDSMART NETWORKS: Signs Consulting Agreement with Siskey-----------------------------------------------------------Spendsmart Networks, Inc., entered into a strategic consultingagreement with Siskey Capital, LLC effective Oct. 1, 2015. Siskey Capital will provide strategic guidance in the overalloperations of the company including without limitation productdevelopment, engineering, sales, personnel and businessdevelopment. The retention is for nine months.In connection with the retention the Company agreed to grant SiskeyCapital (1) 750,000 shares of the Company's restricted commonstock, 375,000 of which will be issued immediately and theremaining 375,000 after completion of the first phase of theconsulting project, and (2) 750,000 options to purchase shares ofthe Company's restricted common stock with an exercise price of$0.75 to be paid quarterly and subject to the completion of certaingoals. Siskey Capital will also receive a monthly per diem of$9,800. About SpendSmart NetworksSpendSmart Networks, Inc., provides proprietary loyalty systemsand a suite of digital engagement and marketing services that helplocal merchants build relationships with consumers and driverevenues. These services are implemented and supported by a vastnetwork of certified digital marketing specialists, aka "CertifiedMasterminds," who drive revenue and consumer relationships formerchants via loyalty programs, mobile marketing, mobile commerceand financial tools, such as prepaid card and reward systems. Weenter into licensing agreements for our proprietary loyaltymarketing solution with "Certified Masterminds" which sell andsupport the technology in their respective markets. The Company'sproducts aim to make Consumers' dollars go further when they spendit with merchants in the SpendSmart network of merchants, as theyreceive exclusive deals, earn rewards and ultimately build aconnection with their favorite merchants.SpendSmart Networks incurred a net loss of $12.2 million on $4.03million of total revenues for the year ended Dec. 31, 2014,compared to a net loss of $14.09 million on $0 of total revenuesfor the year ended Dec. 31, 2013.As of June 30, 2015, the Company had $9.99 million in total assets,$3.61 million in total liabilities and $6.37 million in totalstockholders' equity.EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, citing that the Company has recurring netlosses since inception and has yet to establish a profitableoperation. These factors among others raise substantial doubtabout the ability of the Company to continue as a going concern.ST. CATHERINE HOSPITAL: 2013 HAF Subject to Automatic Stay----------------------------------------------------------The United States Court of Appeals for the Seventh Circuit reversedthe decision of the district court and agreed with St. CatherineHospital that the 2013 Hospital Assessment Fee is a prepetitionclaim subject to the automatic stay.St. Catherine filed an adversary complaint against the IndianaFamily and Social Services Administration claiming that the HAF wasa prepetition claim subject to automatic stay. St. Catherine movedfor summary judgment, seeking recovery of the $615,912 withheld byFSSA for the 2012 HAF and the $989,738 withheld for the 2013 HAF. The bankruptcy court granted St. Catherine's motion and ordered theFSSA to repay St. Catherine the full amount it had withheld, rulingthe HAF was an "act to collect, assess, or recover a claim againsta debtor that arose before the commencement of the case" and wassubject to automatic stay."On appeal, the district court reversed the bankruptcy court'sjudgment as to the HAF for fiscal year 2013, deeming it apostpetition claim.The Seventh Circuit found that the 2013 HAF was assessed based uponactivities reflected in St. Catherine's cost reports from May 1,2010 to April 30, 2011, and other financial information on file asof February 28, 2012, which all occurred before St. Catherine filedfor bankruptcy. As such, the Seventh Circuit concluded that sinceall of the conduct that could have given rise to the 2013 HAFoccurred prepetition, the claim is subject to the automatic stay. The case is SAINT CATHERINE HOSPITAL OF INDIANA, LLC,Plaintiff-Appellant, v. INDIANA FAMILY AND SOCIAL SERVICESADMINISTRATION, Defendant-Appellee, NOS. 14-2420, 14-2546 (7thCir.).A full-text copy of the 7th Circuit's August 28, 2015 ruling isavailable at http://is.gd/v7xNtAfrom Leagle.com. About Saint Catherine HospitalsSaint Catherine Hospital of Indiana LLC --http://www.saintcatherinehospital.com/-- an acute-care hospital in Charlestown, Indiana, filed for Chapter 11 protection June 19 inNew Albany, Indiana (Bankr. S.D. Ind. Case No. 12-91316). SaintCatherine Hospital of Indiana is a regional facility that performsweight-loss surgery and other procedures. The Debtor estimatedassets worth less than $10 million and debt exceeding $10 million.A buyer has been located to purchase the operation while inChapter 11, according to a report by Bill Rochelle, the bankruptcycolumnist for Bloomberg News. Mr. Rochelle also reports that, inaddition to losses from operations, bankruptcy was the result of alawsuit begun by the trustee for Saint Catherine Hospital ofPennsylvania, which filed for bankruptcy reorganization in Aprilin Wilkes-Barre, Pennsylvania. The Chapter 11 trustee in thePennsylvania hospital's case filed a lawsuit to recover $300,000allegedly transferred to the Indiana institution.Saint Catherine Hospital of Pennsylvania, LLC, dba Saint CatherineMedical Center of Fountain Springs, filed a Chapter 11 petition(Bankr. M.D. Pa. Case No. 12-02073) on April 9, 2012, estimatingunder $50,000 in assets and debts. It is a non-operating 107-bedhospital in Ashland, Pennsylvania. John H. Doran, Esq., at Doran& Doran, P.C., in Wilkes-Barre, Pennsylvania, served as counsel.Nine days after the bankruptcy filing, U.S. Bankruptcy Judge JohnJ. Thomas granted the request of the Chapter 11 trustee to convertthe Chapter 11 case of Saint Catherine Hospital of Pennsylvania toa liquidation in Chapter 7.STANDARD PACIFIC: S&P Raises Corp. Credit Rating to 'BB'--------------------------------------------------------Standard & Poor's Ratings Services said it transferred all itsratings on Standard Pacific Corp. to CalAtlantic Group Inc. andraised the corporate credit rating on the postmerger entity to 'BB'from 'BB-'. The outlook is stable.At the same time, all debt that was previously rated under TheRyland Group Inc. and Standard Pacific Corp. was aggregated underCalAtlantic Group, Inc. Concurrent with the upgrade of thecompany, S&P raised its issue-level ratings on its senior unsecureddebt to 'BB' from 'BB-'. The recovery rating on the seniorunsecured debt is '3', indicating S&P's expectation of meaningful(50% to 70%; lower end of the range) recovery for debtholders inthe event of a default."The stable outlook reflects our view that the U.S. housingrecovery will continue with a tempered but steady increase in newhome sales volume over the next 12 months and that CalAtlantic willexpand its community count under the new merged platform," saidStandard & Poor's credit analyst Christopher Andrews. "While weexpect CalAtlantic's profitability to be somewhat weaker thanprevious operations under Standard Pacific, we forecast thecompany's margins to remain on the stronger end compared with ratedpeers. We also expect the company to maintain strong liquiditylevels."S&P may take a positive rating action in the event that thecompany's financial risk profile improves such that debt to EBITDAis sustained below 3x and interest coverage in excess of 6x. Thismay occur as a result of volume growth that outperforms S&P'sexpectations and maintenance of higher adjusted homebuilding grossmargins, or if the company is able to reduce debt more rapidly thanwhat is reflected in S&P's forecast.Although S&P views it as unlikely over the next 12 months, it wouldconsider taking a negative rating action if the company enduresoperational disruptions as a result of the merger, leading togrowth and profitability performance that materially deviates fromS&P's current forecast. Alternatively, a rating action could beconsidered if the company were to pursue additional debt to fundspending on land (or acquisitions of smaller builders) that issubstantially more aggressive than S&P's forecast, resulting inleverage elevated to above 4x and debt to capital in excess of 50%on a sustained basis.STEREOTAXIS INC: Warrants Delisted From NASDAQ----------------------------------------------NASDAQ Stock Market LLC filed a Form 25 with the Securities andExchange Commission notifying the removal from listing ofStereotaxis, Inc.'s warrants expiring Oct. 2, 2015. About StereotaxisBased in St. Louis, Missouri, Stereotaxis, Inc., is a manufacturerand developer of a suite of navigation systems in interventionalsurgical procedures. The Company's Epoch Solution is used in thetreatment of arrhythmias and coronary artery disease.Stereotaxis reported a net loss of $5.20 million in 2014, a netloss of $68.8 million in 2013 and a net loss of $9.23 million in2012.As of June 30, 2015, the Company had $19.9 million in total assets,$35.8 million in total liabilities and a $15.8 million totalstockholders' deficit.Ernst & Young LLP, in St. Louis, Missouri, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, citing that the Company has incurred recurringoperating losses and has a net capital deficiency. Theseconditions raise substantial doubt about the Company's ability tocontinue as a going concern.SUCAMPO PHARMACEUTICALS: S&P Assigns 'B' Corp. Credit Rating------------------------------------------------------------Standard & Poor's Ratings Services assigned its 'B' corporatecredit rating to Sucampo Pharmaceuticals Inc. The rating outlookis stable.At the same time, S&P assigned its 'B' issue-level rating and '3'recovery rating to the proposed first-lien credit term loan. The'3' recovery rating reflects S&P's expectation for meaningful (50%to 70%, at the high end of the range) recovery in the event of apayment default."The 'B' corporate credit rating on specialty pharmaceuticalcompany Sucampo reflects the company's reliance on a single productand its relatively small size," said Standard & Poor's creditanalyst Tulip Lim. The high business risk is somewhat offset bystronger credit measures, with leverage around 3x and ourexpectation of moderate free cash flow generation.Sucampo derives the vast majority of its revenue from a singleproduct, AMITIZA, a gastrointestinal (GI) drug used to treatconstipation. The company is very small and its market sharewithin the approximately $30 billion GI therapeutic category isnegligible. Pro forma for the transaction, Sucampo will generate93% of its revenue from AMITIZA. The company is also dependent onits partners, Takeda and Mylan, for the sales and marketing of itsdrugs. Ninety-three percent of the company's sales are derivedfrom royalties and product sales received from these two partners.The outlook is stable and reflects S&P's expectation that thecompany will not face generic competition on its main product for afew years and that revenue will continue to grow and margins willimprove modestly. In addition, S&P expects that the company willproduce moderate discretionary cash flow.S&P could consider lowering the rating if the company makes anacquisition that increases leverage to 5x, especially if S&P do notbelieve the transaction materially improves the company's scale ordiversity. This could occur if the company makes an acquisition of$150 million or more that does not materially increase EBITDA overthe next year.An upgrade is unlikely unless the company meaningfully improves itsproduct diversity and scale, but S&P would expect this would likelyoccur with a leveraging transaction.TARGETED MEDICAL: Squar Milner is New Accountants-------------------------------------------------Targeted Medical Pharma, Inc., dismissed the Company's independentregistered public accounting firm, Marcum LLP effective Sept. 29,2015. The decision to dismiss Marcum was approved by the AuditCommittee of the Board of Directors of the Company on Sept. 28,2015. In connection with the audits of the fiscal years ended Dec. 31,2014, and 2013 and through Sept. 28, 2015, there were (i) nodisagreements with Marcum on any matter of accounting principles orpractices, financial statement disclosure, or auditing scope orprocedure. Marcum's report on the financial statements of the Company for theyears ended Dec. 31, 2014, and 2013 did not contain an adverseopinion or a disclaimer of opinion, nor was it qualified ormodified as to uncertainty, audit scope, or accounting principlesexcept that both reports stated there is substantial doubt aboutthe Company's ability to continue as a going concern due to theCompany's financial condition as of Dec. 31, 2014, and Dec. 31,2013.The Company engaged Squar Milner, LLP as its independent registeredpublic accounting firm. The engagement was approved by the AuditCommittee on Sept. 28, 2015. Prior to Sept. 28, 2015, neither the Company nor anyone acting onits behalf consulted with Squar Milner, LLP. About Targeted MedicalLos Angeles, Calif.-based Targeted Medical Pharma, Inc., is aspecialty pharmaceutical company that develops and commercializesnutrient- and pharmaceutical-based therapeutic systems.Targeted Medical reported a net loss of $3.89 million on $7.11million of total revenue for the year ended Dec. 31, 2014, comparedto a net loss of $9.33 million on $9.55 million of total revenue in2013.Marcum LLP, in Irvine, CA, issued a "going concern" qualificationon the consolidated financial statements for the year endedDec. 31, 2014, citing that the Company has incurred significant netlosses since its inception. The Company had an accumulated deficitof $26.9 million and negative working capital of $11.8 million asof Dec. 31, 2014. In addition, the Company has incurred net lossessince inception and incurred a net loss of $3.90 million for theyear ended Dec. 31, 2014. The foregoing matters raise substantialdoubt about the Company's ability to continue as a going concern.TERESA GIUDICE: Former Bankr. Counsel Wants Malpractice Suit Nixed------------------------------------------------------------------Martin Bricketto at Bankruptcy Law360 reported that a formerbankruptcy attorney for an incarcerated star of "The RealHousewives of New Jersey" is looking to scuttle her malpracticelawsuit accusing the lawyer of exposing her to jail time, arguingthat such claims wilt against her guilty plea to criminal chargesincluding bankruptcy fraud.In a Sept. 14 motion to dismiss, James A. Kridel Jr. of The KridelLaw Group contends that Teresa Giudice's claims are without meritand that she is barred from suing him over the handling of aChapter 7 case.THERAKOS INC: S&P Raises CCR to 'BB-', Outlook Negative-------------------------------------------------------Standard & Poor's Ratings Services raised its corporate creditrating on immunotherapy treatment device manufacturer Therakos Inc.to 'BB-' from 'B' following its acquisition by Dublin,Ireland-based Mallinckrodt PLC. (BB-/Negative/--). The outlook isnegative.S&P subsequently withdrew the 'BB-' corporate credit rating onTherakos, along with the issue-level ratings on its debt, becauseall of Therakos' debt was refinanced in conjunction with theacquisition.S&P based the upgrade on its belief that Therakos' operations willbe fully integrated into Mallinckrodt. This supports S&P's opinionthat Therakos is a core subsidiary of Mallinckrodt and, as aresult, S&P equalized the ratings and outlook on Therakos withthose on Mallinckrodt.TRANS-LUX CORP: To Commence Rights Offering on Oct. 14------------------------------------------------------Trans-Lux Corporation announced changes to the timeline for itsrights offering to holders of its common stock to purchase sharesof a new class of Series B Convertible Preferred Stock of theCompany. The Company has set a new record date for the rights offering of5:00 p.m., Eastern Time, on Oct. 12, 2015. The Company now intendsto commence the rights offering on Oct. 14, 2015, with thesubscription period expiring at 5:00 p.m., Eastern Time, on Nov. 4, 2015, unless extended. The other terms of the rightsoffering, including but not limited to the subscription price pershare and the number of rights required to purchase one share ofSeries B Convertible Preferred Stock, and the terms of the Series BConvertible Preferred Stock, remain the same. About Trans-Lux CorporationNorwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is adesigner and manufacturer of digital signage display solutions forthe financial, sports and entertainment, gaming and leasingmarkets.Trans-Lux Corporation incurred a net loss of $4.62 million on $24.4million of total revenues for the year ended Dec. 31, 2014,compared with a net loss of $1.86 million on $20.9 million of totalrevenues for the year ended Dec. 31, 2013.As of June 30, 2015, the Company had $15 million in total assets,$18.3 million in total liabilities and a $3.2 million totalstockholders' deficit.BDO USA, LLP, issued a "going concern" qualification on theconsolidated financial statements for the year ended Dec. 31, 2014,citing that the Company has suffered recurring losses fromoperations and has a significant working capital deficiency thatraise substantial doubt about its ability to continue as a goingconcern. Further, the auditors said, the Company is in default ofthe 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 in2012 so that the trustees or holders of 25% of the outstandingDebentures and Notes have the right to demand payment immediately.Additionally, the Company has a significant amount due to theirpension plan over the next 12 months.TRANSGENOMIC INC: To Divest GAP Business Unit to ADSTEC for $300K-----------------------------------------------------------------Transgenomic, Inc., has entered into a definitive and binding termsheet to divest its Genetic Assays & Platforms Business Unit toADSTEC Corporation, a privately held Japanese company thatmanufactures and sells specialized instruments and reagents for thebiotechnology industry. Pursuant to the term sheet, Transgenomic agreed to transfer rightsto its GAP products, licenses, technology, know-how and trademarks,along with associated product inventory, to ADSTEC. Transgenomic'sGAP Business Unit employees and sites, including Glasgow, UK, andIrvington, Nebraska, should be transitioned to ADSTEC, subject tocompliance with local laws. Pursuant to the binding term sheet,ADSTEC will assume the business, financial and human resourcecommitments of the GAP Business Unit without payment toTransgenomic; however, it is anticipated that ADSTEC will payTransgenomic US $300,000 for existing stock and inventory relatedto the GAP Business Unit. The divestiture of the GAP Business Unitis anticipated to reduce Transgenomic's quarterly expenses byapproximately $1.2 million. The transaction is scheduled to closeby the end of October.Paul Kinnon, president and chief executive officer of Transgenomic,commented, "The Genetic Assay and Platforms Business Unit containsour major remaining legacy business. This business unit hasrequired significant management and employee time and focus, whichwe and the Board of Directors believe will be better invested ingrowing our high-potential products for molecular diagnostics andprecision medicine, based on our highly innovative ICE COLD-PCRtechnology and state-of-the-art expertise."Mr. Kinnon continued, "We are divesting this business unit toJapanese instrumentation producer ADSTEC, which supplies the GAPunit's Hanabi product line and which we believe is well-positionedwith the existing infrastructure and resources to succeed. Weexpect that this transaction will ensure continuing service toexisting GAP customers and ongoing employment to our GAP unitworkers, while allowing us to focus solely on our strategicinitiatives. Following the closing of the transaction, we expectto dedicate all of our corporate resources on growing our highpotential molecular diagnostics products and services andaccelerating commercialization of our MX-ICP technology for liquidbiopsies and precision medicine." About TransgenomicTransgenomic, Inc. -- http://www.transgenomic.com/-- is a global biotechnology company advancing personalized medicine incardiology, oncology, and inherited diseases through itsproprietary molecular technologies and world-class clinical andresearch services. The Company is a global leader in cardiacgenetic testing with a family of innovative products, includingits C-GAAP test, designed to detect gene mutations which indicatecardiac disorders, or which can lead to serious adverse events.Transgenomic has three complementary business divisions:Transgenomic Clinical Laboratories, which specializes in moleculardiagnostics for cardiology, oncology, neurology, and mitochondrialdisorders; Transgenomic Pharmacogenomic Services, a contractresearch laboratory that specializes in supporting all phases ofpre-clinical and clinical trials for oncology drugs indevelopment; and Transgenomic Diagnostic Tools, which producesequipment, reagents, and other consumables that empower clinicaland research applications in molecular testing and cytogenetics.Transgenomic believes there is significant opportunity forcontinued growth across all three businesses by leveraging theirsynergistic capabilities, technologies, and expertise. TheCompany actively develops and acquires new technology and otherintellectual property that strengthens its leadership inpersonalized medicine.Transgenomic reported a net loss available to common stockholdersof $15.1 million in 2014, a net loss available to commonstockholders of $16.7 million in 2013 and a net loss available tocommon stockholders of $8.98 million in 2012.Ernst & Young LLP, in Hartford, Connecticut, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has recurringlosses from operations that raise substantial doubt about itsability to continue as a going concern.VERTIS HOLDINGS: RAG's Bid to Amend Complaint Denied----------------------------------------------------Judge Christopher S. Sontchi of the United States Bankruptcy Courtfor the District of Delaware denied the motion to amend thecomplaint filed by Riverside Acquisition Group LLC, but granted themotions filed by the defendants for summary judgment against RAG.In October 2012, together with the filing of their Chapter 11bankruptcy petitions, Vertis Holdings, Inc., and other debtorssought an order authorizing and approving the sale of substantiallyall of their assets to Quad/Graphics Marketing, LLC. RAG objectedto the sale. The court approved the sale on December 6, 2012.On December 5, 2012, RAG initiated an adversary proceeding againstthe debtor/defendants and Quad alleging the following causes ofaction: (I) Declaratory Judgment, (II) Conversion, (III) Common LawAiding and Abetting of Conversion, (IV) Replevin, (V) UnjustEnrichment, and (VI) Accounting.The debtor/defendants and Quad separately moved for summaryjudgment. RAG filed an opposition to both motions. On July 19, 2014, RAG sought leave to amend its adversary complaintto add 11 new counts, asserting that all 11 counts are based on thesame facts as the previous six counts already contained in thecomplaint.Judge Sontchi held that granting RAG's motion to amend would resultin substantial and undue prejudice to the defendants. The judgealso found that RAG's additional claims have been brought afterundue delay and that RAG acted in bad faith. Moreover, JudgeSontchi determined that almost all of the claims that RAG soughtleave to assert would not survive a motion to dismiss and, thus,allowing their assertion would be futile.As to the motions for summary judgment, Judge Sontchi found thatthere are no genuine issue of material fact and the defendants areentitled to summary judgment on all six counts of the complaint.The case bankruptcy case is In re: VERTIS HOLDINGS, INC., et al.,Chapter 11, Debtors, CASE NO. 12-12821 (CSS), JOINTLY ADMINISTERED(Bankr. D. Del.).The adversary proceeding is RIVERSIDE ACQUISITION GROUP LLC d/b/aCOM-PAK SERVICES, Plaintiff, v. VERTIS HOLDINGS, INC., VERTIS,INC., 5 DIGIT PLUS, LLC, and, QUAD/GRAPHICS MARKETING, LLC,Defendants, ADV. PRO. NO. 12-51176(CSS) (Bankr. D. Del.).A full-text copy of Judge Sontchi's September 9, 2015 opinion isavailable at http://is.gd/Uw3Gf4from Leagle.com. Riverside Acquisition Group LLC is represented by: Johnna M. Darby, Esq. HILLER & ARBAN, LLC 1500 North French Street, 2nd Floor Wilmington, DE 19801 Tel: (302) 442-7676 Fax: (302) 442-7045 Email: email@example.com -- and -- Anthony L. Meola, Esq. THE LAW OFFICES OF ANTHONY L. MEOLA 66 Indian Wells Road Brewster, NY 10509 Tel: (845) 259-3850Vertis Holdings, Inc. is represented by: William E. Corum, Esq. John J. Cruciani, Esq. Aaron J. Mann, Esq. HUSCH BLACKWELL, LLP 4801 Main Street Suite 1000 Kansas City, MO 64112 Tel: (816) 983-8000 Fax: (816) 983-8080 Email: email@example.com firstname.lastname@example.com email@example.com -- and -- Lee E. Kaufman, Esq. Jason M. Madron, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 Email: firstname.lastname@example.com email@example.com/Graphics Marketing, LLC is represented by: Stewart D. Aaron, Esq. Kevin T. Sullivan, Esq. ARNOLD & PORTER LLP 399 Park Avenue New York, NY 10022-4690 Tel: (212) 715-1000 Fax: (212) 715-1399 Email: firstname.lastname@example.com firstname.lastname@example.com -- and -- M. Blake Cleary, Esq. Kenneth J. Enos, Esq. Michael S. Neiburg, Esq. YOUNG, CONAWAY, STARGATT & TAYLOR Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com About Vertis HoldingsVertis Holdings Inc. -- http://www.thefuturevertis.com/-- provides advertising services in a variety of print media, includingnewspaper inserts such as magazines and supplements.Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time tosell the business to Quad/Graphics, Inc., for $258.5 million,subject to higher and better offers in an auction.As of Aug. 31, 2012, the Debtors' unaudited consolidated financialstatements reflected assets of approximately $837.8 million andliabilities of approximately $814.0 million.Bankruptcy Judge Christopher Sontchi presides over the 2012 case. Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,and Cadwalader, Wickersham & Taft LLP. Quad/Graphics is advised byBlackstone Advisory Partners, Arnold & Porter LLP and Foley &Lardner LLP, special counsel for antitrust advice. Kurtzman CarsonConsultants LLC is the Debtors' claims agent.Quad/Graphics is a global provider of print and relatedmultichannel solutions for consumer magazines, special interestpublications, catalogs, retail nserts/circulars, direct mail,books, directories, and commercial and specialty products,including in-store signage. Headquartered in Sussex, Wis. (justwest of Milwaukee), the Company has approximately 22,000 full-timeequivalent employees working from more than 50 print-productionfacilities as well as other support locations throughout NorthAmerica, Latin America and Europe.Vertis first filed for bankruptcy (Bankr. D. Del. Case No.08-11460) on July 15, 2008, to complete a merger with AmericanColor Graphics. ACG also commenced separate bankruptcyproceedings. In August 2008, Vertis emerged from bankruptcy,completing the merger.Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.Case No. 10-16170) on Nov. 17, 2010. The Debtor estimated itsassets and debts of more than $1 billion. Affiliates also filedseparate Chapter 11 petitions -- American Color Graphics, Inc.(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case No.10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-16172),Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and WebcraftChemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174). The bankruptcycourt approved the prepackaged Chapter 11 plan on Dec. 16, 2010,and Vertis consummated the plan on Dec. 21. The plan reducedVertis' debt by more than $700 million or 60%.GE Capital Corporation, which serves as DIP Agent and PrepetitionAgent, is represented in the 2012 case by lawyers at Winston &Strawn LLP. Morgan Stanley Senior Funding Inc., the agent underthe prepetition term loan, and as term loan collateral agent, isrepresented by lawyers at White & Case LLP, and Milbank TweedHadley & McCloy LLP.On Jan. 16, 2013, Quad/Graphics completed the acquisition of VertisHoldings for a net purchase price of $170 million. This assumesthe purchase price of $267 million less the payment of $97 millionfor current assets that are in excess of normalized working capitalrequirements. VIACAO AREA SAO PAULO: U.S. Judge Approves Chapter 15 Petition--------------------------------------------------------------A U.S. bankruptcy judge approved Chapter 15 protection forBrazilian carrier Viacao Area Sao Paulo S.A.The order, issued by Judge Robert Mark of the U.S. Bankruptcy Courtfor the Southern District of Florida, granted recognition of thecarrier's liquidation proceeding in Brazil.The court order also restrains creditors from taking actionsagainst Viacao's assets located in the United States.Chapter 15 provides debtors, creditors and those involved ininsolvency cases in foreign countries a mechanism by which they canassert their rights. Generally, a chapter 15 case is supplementaryto a primary case or proceeding launched in a debtor's homecountry. About VASPBrazilian carrier Viacao Area Sao Paulo S.A. filed a Chapter 15bankruptcy petition (Bankr. S.D. Fla. Case No. 15-22091) in Miami,Florida, in the United States on July 2, 2015, to seek recognitionof its liquidation proceedings in Brazil.Alexandre Tajra, the Brazilian court-appointed judicialadministrator, obtained authority from the Brazilian court tocommence an ancillary case seeking Chapter 15 recognition of theBrazilian Proceeding.VASP began operating as a commercial airline in 1933 with itsheadquarters in Sao Paulo, Brazil. Shortly after its founding, in1935, financial distress prompted government intervention, andownership of 91.6% of VASP's common shares was transferred to theGovernment of the State of Sao Paulo. In 1990, Brazilianbusinessman Wagner Canhedo Azevedo acquired ownership of VASP.Following its acquisition by Mr. Canhedo, VASP began a period ofexpansion in an effort to transition from a regional to aninternational carrier. At its peak, VASP offered commercialflights from Brazil to many international destinations includingMiami; New York; Seoul, Korea and Brussels, Belgium.By the turn of the century, however, VASP's fortunes had taken aturn for the worse. Among other reasons, the decline wasprecipitated by the devaluation of the Brazilian Real in 1999. Leftwith only its owned aircraft -- by that time, an aged fleet ofBoeing 727s/737s and Airbus A300s -- VASP cancelled all of itsinternational operations by 2002 and collapsed back into a regionalcarrier within South America.On July 1, 2005, the interveners appointed by the Labor Court, withthe consent of the Public Attorney's Office, caused VASP to file apetition for a judicial reorganization under the then newly-enactedBrazilian Bankruptcy Law. After the petition had been granted, areport issued in December 2005 in support of VASP's then-proposedplan of reorganization listed VASP's total assets as of June 2005at R$2,963,097 million inclusive of (i) R$97 million in currentassets, (ii) R$1,410 million in planes, (iii) R$826 million in taxcredits, and (iv) R$726 million in accounts receivable.By order dated Oct. 7, 2005, the Brazilian Bankruptcy Court grantedVASP's petition commencing the Brazilian Proceeding as a "judicialreorganization" under Brazilian Bankruptcy Law and appointing me asJudicial Administrator thereof.VIGGLE INC: Borrows $1M Under $10M Sillerman Credit Facility------------------------------------------------------------As previously disclosed by Viggle Inc. in a Form 8-K filed on June12, 2015, Sillerman Investment Company IV, LLC., an affiliate ofRobert F.X. Sillerman, the Company's executive chairman and chiefexecutive officer, agreed to provide a Line of Credit to theCompany of up to $10,000,000. On Sept. 29, 2015, the Companyborrowed an additional $1,000,000 under the Line of Credit. About ViggleNew York City-based Viggle Inc. is a loyalty marketing company.The Company has developed a loyalty program for television thatgives people real rewards for checking into the television showsthey are watching on most mobile operating system. Viggle userscan redeem their points in the app's rewards catalog for itemssuch as movie tickets, music, or gift cards. Viggle reported a net loss attributable to common stockholders of$78.87 million on $25.52 million of revenues for the year endedJune 30, 2015, compared to a net loss attributable to commonstockholders of $68.08 million on $17.98 million of revenues forthe year ended June 30, 2014.As of June 30, 2015, the Company had $70.22 million in totalassets, $54.08 million in total liabilities, $11.81 million inseries C convertible redeemable preferred stock, and $4.33 millionin total stockholders' equity.BDO USA, LLP, in New York, issued a "going concern" qualificationon the consolidated financial statements for the year endedJune 30, 2015, citing that the Company has suffered recurringlosses from operations and at June 30, 2015, has a deficiency inworking capital that raise substantial doubt about its ability tocontinue as a going concern.VIGGLE INC: Signs Separation Agreement with Former CRO------------------------------------------------------The Compensation Committee of the Board of Directors of Viggle Inc.has approved a separation agreement, effective Sept. 30, 2015, withKevin Arrix, formerly the Company's chief revenue officer. Following this separation, Mr. Arrix is no longer an officer of theCompany. The terms of the Separation Agreement provide that Mr. Arrix willprovide certain transition services until Dec. 31, 2015. Inexchange for his transition services, Mr. Arrix will be entitled toretain 15,500 restricted stock units that will vest on May 1, 2016. He will forfeit the remainder of his restricted stock units. About ViggleNew York City-based Viggle Inc. is a loyalty marketing company.The Company has developed a loyalty program for television thatgives people real rewards for checking into the television showsthey are watching on most mobile operating system. Viggle userscan redeem their points in the app's rewards catalog for itemssuch 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 June30, 2015, compared to a net loss attributable to commonstockholders of $68.1 million on $17.98 million of revenues for theyear ended June 30, 2014.As of June 30, 2015, the Company had $70.2 million in totalassets, $54.08 million in total liabilities, $11.8 million inseries C convertible redeemable preferred stock, and $4.33 millionin total stockholders' equity.BDO USA, LLP, in New York, issued a "going concern" qualificationon the consolidated financial statements for the year endedJune 30, 2015, citing that the Company has suffered recurringlosses from operations and at June 30, 2015, has a deficiency inworking capital that raise substantial doubt about its ability tocontinue as a going concern.VISUALANT INC: Extends Promissory Notes Due Date to Dec. 31-----------------------------------------------------------Visualant, Inc., entered into amendments to two demand promissorynotes, totaling $600,000, and an note payable for $200,000 relatedto the Umpqua Bank Business Loan Agreement with Mr. Erickson, theCompany's chief executive officer and/or entities in which Mr.Erickson has a beneficial interest. The amendments extend the duedate from Sept. 30, 2015, to Dec. 31, 2015, and continue to providefor interest of 3% per annum and a second lien on company assets ifnot repaid by Dec. 31, 2015, or converted into convertibledebentures or equity on terms acceptable to the Holder. About Visualant Inc.Seattle, Wash.-based Visualant, Inc., was incorporated under thelaws of the State of Nevada on Oct. 8, 1998. The Companydevelops low-cost, high speed, light-based security and qualitycontrol solutions for use in homeland security, anti-counterfeiting, forgery/fraud prevention, brand protection andprocess control applications.Visualant reported a net loss of $1 million on $7.98 million ofrevenue for the year ended Sept. 30, 2014, compared to a net lossof $6.60 million on $8.57 million of revenue for the year endedSept. 30, 2013.As of June 30, 2015, the Company had $2.6 million in total assets,$5.6 million in total liabilities, all current, and a $3 milliontotal stockholders' deficit.PMB Helin Donovan, LLP, in Seattle, Washington, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Sept. 30, 2014. The independent auditors noted thatthe Company has sustained a net loss from operations and has anaccumulated deficit since inception. These factors, according tothe auditors, raise substantial doubt about the Company's abilityto continue as a going concern.WALDEN REAL ESTATE: Case Summary & Largest Unsecured Creditor-------------------------------------------------------------Debtor: Walden Real Estate Ventures, LLC 1909 Grove Avenue Richmond, VA 23220 Case No.: 15-35082Chapter 11 Petition Date: October 1, 2015Court: United States Bankruptcy Court Eastern District of Virginia (Richmond)Judge: Hon. Keith L. PhillipsDebtor's Counsel: Troy Savenko, Esq. KAPLAN, VOEKLER, CUNNINGHAM & FRANK, PLC 1401 East Cary Street (23219) P.O. Box 2470 Richmond, VA 23218-2470 Tel: 804-823-4000 Email: email@example.com Assets: $1 million to $10 millionEstimated Liabilities: $500,000 to $1 millionThe petition was signed by Lee A. Barnes, Jr., managing member.The Debtor listed Lee A. Barnes, Jr. as its largest unsecuredcreditor holding a claim of $7,500.A copy of the petition is available for free at: http://bankrupt.com/misc/vaeb15-35082.pdfWAVE SYSTEMS: KPMG Resigns as Principal Accountants---------------------------------------------------Wave Systems Corp. was notified by KPMG LLP that the firm resignedas the Company's independent registered public accounting firmeffective upon the Company filing its Sept. 30, 2015, Form 10-Q. During the years ended Dec. 31, 2014, and 2013, and the subsequentinterim period through Sept. 28, 2015, the Company said there wereno disagreements with KPMG on any matter of accounting principlesor practices, financial statement disclosure, or auditing scope orprocedures. The audit reports of KPMG on the consolidatedfinancial statements of the Company as of and for the years endedDec. 31, 2014, and 2013 did not contain any adverse opinion ordisclaimer of opinion, nor were they qualified or modified as touncertainty, audit scope, or accounting principles, except for: * a separate paragraph stating that "the Company 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. The Company's plans in regard to these matters are also described in Note 4. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty." and * a separate paragraph stating "in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 14, 2014 expressed an adverse opinion on the effectiveness of the Company's internal control over financial reporting." The material weakness that resulted in the 2013 adverse opinion was remediated during 2014 and there were no material weaknesses identified in 2014.After receiving the notification from KPMG, the Company began its search for a new independent registered public accounting firm. About Wave SystemsLee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) --http://www.wave.com/-- develops, produces and markets products for hardware-based digital security, including security applicationsand services that are complementary to and work with thespecifications of the Trusted Computing Group, an industrystandards organization comprised of computer and devicemanufacturers, software vendors and other computing productsmanufacturers.Wave Systems reported a net loss of $12.9 million in 2014, a netloss of $20.3 million in 2013 and a net loss of $34 million in2012.KPMG LLP, in Hartford, Connecticut, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014. The independent auditors noted thatWave Systems Corp. has suffered recurring losses from operationsand has a net capital deficiency that raise substantial doubt aboutits ability to continue as a going concern.WBH ENERGY: Gets Approval of Agreement With Copano Field--------------------------------------------------------U.S. Bankruptcy Judge H. Christopher Mott approved an agreementthat requires Copano Field Services/North Texas LLC to deposit themoney it owes to WBH Energy LP and its affiliate into a newlyopened bank account at KeyBank.Copano, which gets its supply of hydrocarbons from the Texas oilcompany and WBH Energy Partners LLC, was previously required todeposit the money into an account at Texas Capital Bank under theirinitial agreement. A copy of the new agreement is available without charge athttp://is.gd/wioPO0WBH Energy earlier received court approval for a deal that allowedDebtor LLC, an affiliate, to turn over $1.086 million to U.S.Energy Development Corp.The agreement required USEDC to indemnify Debtor LLC from claimsmade on account of the funds, which the company had collectedbefore USEDC assumed the role as operator under their jointoperating agreement. In August, the oil company also won approval for a deal thatresolved the claims of CL III Funding Holding Company LLC and agroup of creditors who provided materials and services inconnection with oil and gas operations conducted by Debtor LLC.Under the deal, the group, through its agent Jason Searcy, wouldreceive $1.7 million of the $1.85 million that USEDC deposited inthe Registry of the Court. The remaining funds would go to CL IIIFunding.The deal was initially opposed by USEDC. The company dropped itsobjection after revisions were made to the agreement, court filingsshow. About WBH EnergyWBH Energy Partners LLC (Bankr. W.D. Tex. Case No. 15-10004) andits affiliates -- WBH Energy, LP (Bankr. W.D. Tex. Case No.15-10003) and WBH Energy GP, LLC (Bankr. W.D. Tex. Case No.15-10005) separately filed for Chapter 11 bankruptcy protection onJan. 4, 2015. The petitions were signed by Joseph S. Warnock, vicepresident.Judge Christopher Mott presides over WBH Energy, LP's case, whileJudge Tony M. Davis presides over WBH Energy Partners' and WBHEnergy GP's cases.William A. (Trey) Wood, III, Esq., at Bracewell & Giuliani LLP,serves as the Debtors' bankruptcy counsel.WBH Energy, LP, and WBH Energy Partners estimated their assets andliabilities at between $10 million and $50 million each. WBHEnergy, LP disclosed $557,045 plus an unknown amount and$48,950,652 in liabilities as of the Chapter 11 filing. WBH EnergyGP estimated its assets at up to $50,000, and its liabilities atbetween $10 million and $50 million.The U.S. Trustee for Region 7 appointed seven creditors to serve onthe official committee of unsecured creditors.WPCS INTERNATIONAL: Has 2.1 Million Shares Resale Prospectus------------------------------------------------------------WPCS International Incorporated filed a Form S-3 registrationstatement with the Securities and Exchange Commission to register2,132,959 shares of its common stock, par value $0.0001 per share,for sale by American Capital Management, LLC, Iroquois Master FundLtd, Iroquois Capital Investment Group LLC and ATG Capital LLC. Those aggregate number of shares represents the sum of (i) 853,200shares of Common Stock issued or issuable upon conversion of theSeries H-1 Preferred Stock and (ii) 1,279,759 shares of CommonStock issued or issuable upon exercise of the Warrants.The Company will not receive any proceeds from the sale of theshares of Common Stock. However, it may receive proceeds inconnection with the exercise of the Warrants, if they are exercisedfor cash. The selling stockholders will bear all commissions anddiscounts, if any, attributable to the sales of shares of CommonStock and Warrants. The Company will bear all costs, expenses andfees in connection with the registration of the shares of CommonStock and Warrants. The Company's Common Stock is traded on The NASDAQ Capital Marketunder the symbol "WPCS." The last reported price of the Company'sCommon Stock on Sept. 28, 2015, was $1.34 per share.A full-text copy of the Form S-3 prospectus is available at: http://is.gd/G8cBYV About WPCS International IncorporatedWPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contractingservices to the public services, healthcare, energy and corporateenterprise markets worldwide; and (2) developing a Bitcoin tradingplatform.WPCS reported a net loss attributable to the Company's commonshareholders of $11.3 million on $24.4 million of revenue for theyear ended April 30, 2015, compared with a net loss attributable tothe Company's common shareholders of $11.2 million on $15.7 millionof revenue for the year ended April 30, 2014.As of April 30, 2015, the Company had $15.1 million in totalassets, $15.3 million in total liabilities and a $139,064 totaldeficit.ZOGENIX INC: Reports Positive Results for Relday Phase 1b Trial---------------------------------------------------------------Zogenix, Inc., announced positive top-line pharmacokinetic resultsfrom its Phase 1b multi-dose clinical trial of Relday, aproprietary, once-monthly subcutaneous investigational formulationof risperidone for the treatment of schizophrenia. If approved,Relday has the potential to be the first subcutaneous antipsychoticproduct that achieves therapeutic drug levels on the first day ofadministration, allows for once-monthly dosing and does not requirereconstitution. Zogenix has retained Locust Walk Partners ofCambridge, MA, a transaction advisory firm for life sciencescompanies, to provide transaction advisory and support services forRelday, and has now initiated efforts to secure a global strategicdevelopment and commercialization partner for Relday.The Phase 1b multi-dose parallel group clinical trial enrolled 60subjects comprised of three cohorts of patients receiving fourmonthly injections of Relday, at dose levels of either 60, 90 or120 mg of risperidone per month. A fourth cohort received fivebi-weekly intramuscular injections of Risperdal Consta. RisperdalConsta requires oral supplementation for the first three weeksfollowing dosing initiation, and at least four Risperdal Constadoses are required to reach steady state. The results for Reldaydemonstrated that risperidone plasma concentrations in thetherapeutic range were achieved on the first day of dosing, reachedsteady state levels following the second dose and consistentlymaintained therapeutic levels throughout the four-month period. Inaddition, dose proportionality was confirmed across the dose rangeintended for clinical practice (60 to 120 mg). Relday wasgenerally safe and well-tolerated, with results consistent with theprofile of risperidone and the Company's previous Phase 1single-dose clinical trial.Risperidone is one of the most widely prescribed medications usedto treat the symptoms of schizophrenia in adults and teenagers 13years of age and older. The injectable formulation of risperidone,Risperdal Consta, requires twice-a-month dosing, oralsupplementation during therapy initiation, intramuscular injectionand drug reconstitution prior to use. About Zogenix Inc.Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego andEmeryville, California, is a pharmaceutical companycommercializing and developing products for the treatment ofcentral nervous system disorders and pain.Zogenix reported net income of $8.58 million in 2014 following anet loss of $80.85 million in 2013.As of June 30, 2015, the Company had $246.7 million in totalassets, $138.6 million in total liabilities and $108.1 million intotal stockholders' equity.Ernst & Young LLP, in San Diego, California, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2014, citing that the Company'srecurring losses from operations and negative cash flows fromoperating activities raise substantial doubt about its ability tocontinue as a going concern.[*] Fitch Releases Cross-Asset Default Update---------------------------------------------Global default activity remains below historical averages throughfirst-half 2015, alongside continuing pcokets of economic economicweakness -- especially among the larger emerging markets (EM)countries -- Brazil, Russia and China, according to a study byFitch Ratings. Across broad sectors corporates, sovereigns, andpublic finance, Fitch recorded no investment-grade defaults.The Fitch-rated global corporate finance (financial andnon-financial institutions) default rate through June was 0.8%,with a speculative-grade default rate of 2.7% -- up fromyear-earlier and the highest since 2012. Brazilian industrials andGreek banks (after the imposition of government capital controls inJune) contributed to the increase. First half corporate downgrades led upgrades by nearly 2 to 1, with12% of issuers' affected by a rating change. In part, this was dueto the removal of sovereign support from the ratings of most EU,U.S. and Swiss banks to reflect maturing bank resolution regimes.Impairment activity across global structured finance in thefirst-half of 2015 was the lowest since the economic crisis. Thespeculative-grade impairment rate was 0.23% through June. The RMBSsector registered an impairment rate of 0.07%, versus 0.1% for ABS,0.3% for structured credit and 0.8% for CMBS.There were no sovereign, U.S. public finance, or internationalpublic finance foreign currency defaults recorded in the first sixmonths of 2015. The complete study 'Fitch Ratings Global Cross-Asset DefaultUpdate' is available on Fitch's web site under Transition andDefault Studies. The study contains default rate results by broadsector and region.[*] House Panel Considers Legislation to Reform CFPB----------------------------------------------------According to ABI.org, citing ACAInternational.org's report, theHouse Financial Services Committee will start the markup processfor two bills related to oversight of the Consumer FinancialProtection Bureau.In the Sept 28, 2015 report of ACAInternational.org, the Committeewas to start the markup process for two bills related to oversightof the CFPB during a hearing set for Sept. 30.The committee was to review U.S. Rep. Steve Stivers' Bureau ofConsumer Financial Protection -- Inspector General Reform Act of2015 (H.R. 957) and U.S. Rep. Randy Neugebauer's Financial ProductSafety Commission Act of 2015.H.R. 957 ensures greater accountability at the CFPB by creating anInspector General who is nominated by the president and confirmedby the Senate, according to a House Financial Services Committeenews release.H.R. 1266 removes the CFPB from within the Federal Reserve Systemand re-establishes it as a standalone agency that is governed by afive-member, bipartisan commission.Stivers reintroduced H.R. 957 on Feb. 12, 2015 and Sen. Rob Portman(R-Ohio) reintroduced a companion bill later that month. Stivers issponsoring the bipartisan legislation in the House with U.S. Rep.Tim Walz (D-Minn.), ACA International reported.Neugebauer, chairman of the Financial Institutions and ConsumerCredit Subcommittee, introduced H.R. 1266 in March after CFPBDirector Richard Cordray presented the last semi-annual report toCongress.The Sept. 30 hearing on the legislation comes a day after Cordrayreturned to the House for the presentation of his seventhsemi-annual report. i The new report has a significant focus onfinancial products such as mortgages, credit cards and studentloans as well as companies' responses to consumer complaints aboutthese products, ACA International reported. Cordray presented theCFPB's semi-annual report to the Senate Banking Committee in July.In April, the board of directors of ACA International voted tosupport legislation that increases accountability and transparencyat the CFPB. ACA supports reforms including changing the CFPBstructure from a single director to a bi-partisan commission,funding through congressional appropriation and the creation of adedicated Inspector General for the CFPB.[*] More Canada Debt Headed for Distress, Trilogy Says------------------------------------------------------Ari Altstedter and Laura Keller, writing for Bloomberg News,reported that more indebted Canadian firms will fall into financialtrouble with commodity prices near multi-year lows, according toBarry Kupferberg of Trilogy Capital Management."There's particular distress we see in metals and mining, in coal,in paper and pulp," Kupferberg, director of research at the $150million credit hedge fund, said on stage at the Bloomberg LIVE'sCanadian Fixed Income Conference in New York, the report cited. "You see more and more Canadian companies with bonds trading inthat zip code."With about half of Canadian junk bonds in the U.S. tied to eitherthe mining or energy businesses, the nation's market has been hitharder than its U.S. peer, Bloomberg said. Lower-for-longercommodity prices have boosted speculation more companies would havetrouble sustaining their debt loads, Bloomberg noted.[*] Private Equity Firms Rush to Buy Troubled Home Mortgages------------------------------------------------------------ABI.org reported that private equity and hedge fund firms havebought more than 100,000 troubled mortgages at a discount frombanks and federal housing agencies, emerging as aggressiveliquidators.In a separate report, ABI.org said housing advocates have attracteda prominent ally in Sen. Elizabeth Warren, in their push to changethe federal government's policy of selling distressed mortgages ata discount.[*] Regulators Fail in Bid to Dismiss Payday Lenders' Suit----------------------------------------------------------Andrew M Harris and Jesse Hamilton, writing for Bloomberg News,reported that U.S. banking regulators must defend a lawsuit U.S. District Judge Gladys Kessler in Washington, D.C., has refusedto dismiss a lawsuit against the Federal Deposit Insurance Corp.,the Federal Reserve and the Office of the Comptroller of Currencybrought by the Community Financial Services Association of AmericaLtd., the main payday-lending trade group.The lawsuit accuses the U.S. banking regulators of applying"back-room pressure" on banks to stop serving its members.Judge Kessler threw out some claims while allowing others to goforward.The parties are due back in court for a conference on Oct. 22.According to Bloomberg, the lenders group, in a complaint filedlast year, said its members had been unfairly targeted in thegovernment's anti-fraud "Operation Choke Point" initiative. Theassociation claims the probe -- also linked to FDIC concerns overbanks lending to high-risk businesses, including ammunitiondealers, online gambling and pornography merchants -- ledregulators to deny payday lenders their constitutional rights tohold bank accounts and pursue their chosen line of business.The judge said in her decision it was clear payday lenders hadsuffered harm to their businesses.Bloomberg noted that the Alexandria, Virginia-based lenders grouphas more than 40 member businesses, according to its website. At abrick-and-mortar lender, payday loans typically are secured bypost-dated checks. Online borrowers furnish a bank account numberfor direct debits.Bloomberg also noted that in September, the FDIC's inspectorgeneral concluded an investigation into the agency's involvement inChoke Point, saying in a report that the probe uncovered noevidence that the FDIC used its 2011 high-risk businesses list totarget financial institutions for engaging with such merchants.According to Bloomberg, Doreen Eberley, a senior risk-managementofficial at the FDIC, wrote in a Sept. 10 letter to the inspectorgeneral that her agency "neither prohibits nor discourages banksfrom providing banking services to entire categories of merchants"-- a point she said they reinforced with FDIC staff and the banks.The case is Community Financial Services Association of AmericaLtd. v. Federal Deposit Insurance Corp., 14-cv-00953, U.S. DistrictCourt, District of Columbia (Washington).Charles Cooper, Esq., represents the payday lenders.[*] Senate Banking Subcommittee Examines SIPC Oversight --------------------------------------------------------ABI.org reported that the Senate Banking Securities, Insurance, andInvestment Subcommittee held a hearing on Sept. 30, to examineoversight of the Securities Investor Protection Corp. [*] Stakeholders Have Mixed Views on Atty Fee Guidelines, Venue---------------------------------------------------------------GAO's analysis of U.S. Trustee Program data and interviews withbankruptcy stakeholders including Assistant U.S. Trustees, selectedbankruptcy judges, and attorneys indicate that attorneys' feeapplications for cases subject to the USTP's 2013 fee guidelines(cases involving assets and liabilities each of $50 million ormore) have generally contained the information requested by theguidelines. This information is intended to assist the courts indetermining whether requested fees are reasonable and necessary.Specifically, in the data GAO reviewed, the USTP identified noissues in submitted fee applications in 47 of the 94 cases filedsince the guidelines went into effect in November 2013. Attorneysresolved almost all of the issues in the other 47 cases byproviding an explanation or additional information. Bankruptcystakeholders had mixed perspectives of the overall value of theguidelines and of their potential effect on the efficiency andtransparency of the Chapter 11 bankruptcy process, or the feesawarded. Similarly, opinions regarding the effect of specificprovisions of the 2013 guidelines also varied by group. Forexample, 15 of 18 AUSTs said the provision requesting thatattorneys provide budgets was likely to have a positive effect onthe fee review process, while 10 of 14 attorneys said it wasunlikely to have an effect. For example, stakeholders with apositive view said the budgeting provision encourages earlycommunication in a case, while those with a negative view said thatthe unpredictability of bankruptcy cases limit the value of abudget.Bankruptcy attorneys and judges GAO interviewed and academicresearch identify several factors that contribute to venueselection -- the process of choosing where to file. Companiesfiling for bankruptcy have several options available to them whendetermining the venue, or court, in which to file their case,including their place of incorporation, principal place of businessor assets, or where an affiliate has filed a Chapter 11 case. Themost frequently cited factors -- prior court rulings, thepreferences of lenders, and judge experience -- all contribute tooverall predictability in a case and can provide some insights intowhat to expect from a court as a case proceeds through thebankruptcy process. For example, knowing a judge's level ofexperience with large cases and how a court has ruled on certainmatters can help an attorney advise a client about how a court islikely to respond to issues in a specific case. Eight of the 39attorneys and judges GAO interviewed cited perceived courtattitudes on professional fees as a significant factor in venueselection. Approximately 61 percent of large Chapter 11 bankruptcycases filed since October 2009 were filed in twojurisdictions–the Southern District of New York (SDNY) and theDistrict of Delaware (Delaware). Bankruptcy attorneys and judgesand academic research identified both positive and negative effectsof the concentration of cases in these two jurisdictions. Thepositive effect most commonly cited by attorneys and judges was thesignificant large case experience developed by judges in the SDNYand Delaware. In contrast, the negative effects most commonly citedby attorneys were the difficulty local bankruptcy firms face inmaintaining a bankruptcy practice outside of the SDNY and Delawareand the lack of opportunity for courts outside of thesejurisdictions to develop precedent and expertise.Why GAO Did This StudySince 2010, there have been at least 765 Chapter 11 bankruptcyfilings by large companies. The associated fees for bankruptcyprofessionals, including attorneys, can run into the hundreds ofmillions of dollars. The size of these fees has raised questionsabout whether professionals have charged a premium for largebankruptcies and used the venue selection process to file in courtswhere they believed they would receive higher fees. The USTP, aDepartment of Justice component, is responsible for, among otherthings, reviewing whether fees requested by professionals inbankruptcy cases are reasonable and necessary in accordance withthe Bankruptcy Code. In 2013, the USTP issued new guidelinesgoverning its review of attorney fee applications in large Chapter11 cases.GAO was asked to review the USTP's 2013 guidelines. This reportexamines (1) the extent to which fee applications observed the 2013guidelines and bankruptcy stakeholders' opinions regarding theguidelines' key provisions and their effects, and (2) whatbankruptcy stakeholders and available research identify ascontributing factors and effects of venue selection in largeChapter 11 cases. GAO conducted 57 nongeneralizable interviews withbankruptcy judges, attorneys, and AUSTs in 15 bankruptcy courtjurisdictions responsible for large Chapter 11 cases. GAO alsoreviewed USTP data and court documents on cases subject to the 2013guidelines, and relevant academic literature on professional feesand venue selection. The USTP generally agreed with GAO'sfindings.A full-text copy of the GAO Report can be accessed athttp://tinyurl.com/qy9t242[^] BOND PRICING: For the Week from Sept. 28 to Oct. 2, 2015------------------------------------------------------------ Company Ticker Coupon Bid Price Maturity Date ------- ------ ------ --------- -------------ACE Cash Express Inc AACE 11.000 36.000 2/1/2019ACE Cash Express Inc AACE 11.000 38.500 2/1/2019AM Castle & Co CAS 7.000 59.000 12/15/2017AVINTIV Specialty Materials Inc POLGA 7.750 103.308 2/1/2019Affinion Investments LLC AFFINI 13.500 55.000 8/15/2018Alpha Appalachia Holdings Inc ANR 3.250 4.000 8/1/2015Alpha Natural Resources Inc ANR 6.000 3.875 6/1/2019Alpha Natural Resources Inc ANR 9.750 3.500 4/15/2018Alpha Natural Resources Inc ANR 6.250 3.407 6/1/2021Alpha Natural Resources Inc ANR 7.500 7.250 8/1/2020Alpha Natural Resources Inc ANR 3.750 2.000 12/15/2017Alpha Natural Resources Inc ANR 4.875 3.000 12/15/2020Alpha Natural Resources Inc ANR 7.500 7.000 8/1/2020Alpha Natural Resources Inc ANR 7.500 7.125 8/1/2020American Eagle Energy Corp AMZG 11.000 18.125 9/1/2019American Eagle Energy Corp AMZG 11.000 18.125 9/1/2019Arch Coal Inc ACI 7.000 6.000 6/15/2019Arch Coal Inc ACI 7.250 8.000 6/15/2021Arch Coal Inc ACI 7.250 9.793 10/1/2020Arch Coal Inc ACI 9.875 10.100 6/15/2019Arch Coal Inc ACI 8.000 11.250 1/15/2019Arch Coal Inc ACI 8.000 9.600 1/15/2019BPZ Resources Inc BPZR 8.500 10.550 10/1/2017BPZ Resources Inc BPZR 6.500 10.250 3/1/2015BPZ Resources Inc BPZR 6.500 10.000 3/1/2049Caesars Entertainment Operating Co Inc CZR 10.000 31.063 12/15/2018Caesars Entertainment Operating Co Inc CZR 10.750 28.063 2/1/2016Caesars Entertainment Operating Co Inc CZR 12.750 32.500 4/15/2018Caesars Entertainment Operating Co Inc CZR 6.500 36.550 6/1/2016Caesars Entertainment Operating Co Inc CZR 10.000 30.750 12/15/2018Caesars Entertainment Operating Co Inc CZR 5.750 38.000 10/1/2017Caesars Entertainment Operating Co Inc CZR 5.750 12.250 10/1/2017Caesars Entertainment Operating Co Inc CZR 10.000 30.625 12/15/2018Caesars Entertainment Operating Co Inc CZR 10.000 30.625 12/15/2018Caesars Entertainment Operating Co Inc CZR 10.750 27.875 2/1/2016Caesars Entertainment Operating Co Inc CZR 10.000 30.750 12/15/2018Chaparral Energy Inc CHAPAR 9.875 32.500 10/1/2020Chaparral Energy Inc CHAPAR 8.250 30.500 9/1/2021Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018Claire's Stores Inc CLE 8.875 36.950 3/15/2019Claire's Stores Inc CLE 7.750 31.500 6/1/2020Claire's Stores Inc CLE 10.500 59.350 6/1/2017Claire's Stores Inc CLE 7.750 29.125 6/1/2020Cliffs Natural Resources Inc CLF 5.950 51.750 1/15/2018Colt Defense LLC / Colt Finance Corp CLTDEF 8.750 9.000 11/15/2017Colt Defense LLC / Colt Finance Corp CLTDEF 8.750 9.375 11/15/2017Colt Defense LLC / Colt Finance Corp CLTDEF 8.750 9.375 11/15/2017Community Choice Financial Inc CCFI 10.750 29.750 5/1/2019Comstock Resources Inc CRK 7.750 24.912 4/1/2019Comstock Resources Inc CRK 9.500 29.040 6/15/2020Constellation Enterprises LLC CONENT 10.625 84.500 2/1/2016Constellation Enterprises LLC CONENT 10.625 86.500 2/1/2016Dendreon Corp DNDN 2.875 71.625 1/15/2016Dex Media Inc DXM 12.000 2.953 1/29/2017EPL Oil & Gas Inc EXXI 8.250 23.750 2/15/2018EXCO Resources Inc XCO 7.500 24.000 9/15/2018EXCO Resources Inc XCO 8.500 23.500 4/15/2022Emerald Oil Inc EOX 2.000 30.050 4/1/2019Endeavour International Corp END 12.000 9.250 3/1/2018Endeavour International Corp END 12.000 0.001 6/1/2018Endeavour International Corp END 12.000 9.250 3/1/2018Endeavour International Corp END 12.000 9.250 3/1/2018Energy & Exploration Partners Inc ENEXPR 8.000 15.500 7/1/2019Energy & Exploration Partners Inc ENEXPR 8.000 15.250 7/1/2019Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 1.875 12/1/2020Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 6.875 1.875 8/15/2017Energy XXI Gulf Coast Inc EXXI 9.250 24.250 12/15/2017Energy XXI Gulf Coast Inc EXXI 7.500 16.000 12/15/2021Energy XXI Gulf Coast Inc EXXI 6.875 17.500 3/15/2024Energy XXI Gulf Coast Inc EXXI 7.750 17.000 6/15/2019FBOP Corp FBOPCP 10.000 1.843 1/15/2009FairPoint Communications Inc/Old FRP 13.125 1.879 4/2/2018Federal Farm Credit Banks FFCB 3.250 100.061 7/7/2025Federal Home Loan Mortgage Corp FHLMC 3.005 98.946 7/9/2027Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011GT Advanced Technologies Inc GTAT 3.000 18.625 10/1/2017GT Advanced Technologies Inc GTAT 3.000 28.500 12/15/2020Getty Images Inc GYI 7.000 29.750 10/15/2020Getty Images Inc GYI 7.000 29.750 10/15/2020Goodman Networks Inc GOODNT 12.125 51.755 7/1/2018Goodrich Petroleum Corp GDP 8.875 17.851 3/15/2019Goodrich Petroleum Corp GDP 5.000 20.250 10/1/2032Goodrich Petroleum Corp GDP 5.000 6.000 10/1/2029Goodrich Petroleum Corp GDP 8.875 18.000 3/15/2019Goodrich Petroleum Corp GDP 8.875 18.000 3/15/2019Gymboree Corp/The GYMB 9.125 31.063 12/1/2018Halcon Resources Corp HKUS 9.750 32.136 7/15/2020Halcon Resources Corp HKUS 8.875 28.000 5/15/2021Halcon Resources Corp HKUS 9.250 35.000 2/15/2022Harsco Corp HSC 2.700 98.317 10/15/2015Hercules Offshore Inc HERO 8.750 56.834 7/15/2021Hercules Offshore Inc HERO 6.750 27.250 4/1/2022Hercules Offshore Inc HERO 10.250 20.125 4/1/2019Hercules Offshore Inc HERO 7.500 15.500 10/1/2021Hercules Offshore Inc HERO 7.500 15.500 10/1/2021Hercules Offshore Inc HERO 8.750 17.125 7/15/2021Hercules Offshore Inc HERO 10.250 20.125 4/1/2019Hercules Offshore Inc HERO 6.750 18.750 4/1/2022Horsehead Holding Corp ZINC 3.800 44.250 7/1/2017Las Vegas Monorail Co LASVMC 5.500 1.026 7/15/2019Lehman Brothers Holdings Inc LEH 4.000 7.125 4/30/2009Lehman Brothers Holdings Inc LEH 5.000 7.125 2/7/2009Lehman Brothers Inc LEH 7.500 4.011 8/1/2026Linn Energy LLC / Linn Energy Finance Corp LINE 8.625 26.000 4/15/2020Linn Energy LLC / Linn Energy Finance Corp LINE 7.750 22.000 2/1/2021Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 25.250 11/1/2019Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 26.130 5/15/2019Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 21.375 9/15/2021Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 24.375 11/1/2019Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 24.375 11/1/2019Logan's Roadhouse Inc LGNS 10.750 57.125 10/15/2017MF Global Holdings Ltd MF 6.250 15.125 8/8/2016MF Global Holdings Ltd MF 3.375 15.125 8/1/2018MF Global Holdings Ltd MF 9.000 15.125 6/20/2038MModal Inc MODL 10.750 10.125 8/15/2020Magnetation LLC / Mag Finance Corp MAGNTN 11.000 16.250 5/15/2018Magnetation LLC / Mag Finance Corp MAGNTN 11.000 16.250 5/15/2018Magnetation LLC / Mag Finance Corp MAGNTN 11.000 16.250 5/15/2018Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 19.660 10/1/2020Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 9.250 20.500 6/1/2021Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 22.625 10/1/2020Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 22.625 10/1/2020Molycorp Inc MCP 10.000 5.625 6/1/2020New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 31.250 5/15/2019New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 31.000 5/15/2019New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 28.500 5/15/2019Nine West Holdings Inc JNY 6.875 30.000 3/15/2019Noranda Aluminum Acquisition Corp NOR 11.000 32.000 6/1/2019Nuverra Environmental Solutions Inc NES 9.875 48.249 4/15/2018OMX Timber Finance Investments II LLC OMX 5.540 17.500 1/29/2020Peabody Energy Corp BTU 6.000 25.500 11/15/2018Peabody Energy Corp BTU 6.250 20.500 11/15/2021Peabody Energy Corp BTU 6.500 20.500 9/15/2020Peabody Energy Corp BTU 4.750 10.500 12/15/2041Peabody Energy Corp BTU 7.875 20.750 11/1/2026Peabody Energy Corp BTU 6.250 20.625 11/15/2021Peabody Energy Corp BTU 6.000 25.875 11/15/2018Peabody Energy Corp BTU 6.250 20.625 11/15/2021Penn Virginia Corp PVA 8.500 23.500 5/1/2020Penn Virginia Corp PVA 7.250 20.398 4/15/2019Permian Holdings Inc PRMIAN 10.500 46.750 1/15/2018Permian Holdings Inc PRMIAN 10.500 46.750 1/15/2018Powerwave Technologies Inc PWAV 2.750 0.125 7/15/2041Powerwave Technologies Inc PWAV 3.875 0.125 10/1/2027Powerwave Technologies Inc PWAV 3.875 0.125 10/1/2027Powerwave Technologies Inc PWAV 1.875 0.125 11/15/2024Powerwave Technologies Inc PWAV 1.875 0.125 11/15/2024Quicksilver Resources Inc KWKA 9.125 6.000 8/15/2019Quicksilver Resources Inc KWKA 11.000 6.438 7/1/2021Quiksilver Inc / QS Wholesale Inc ZQK 10.000 8.500 8/1/2020Rolta LLC RLTAIN 10.750 50.375 5/16/2018Sabine Oil & Gas Corp SOGC 7.250 15.000 6/15/2019Sabine Oil & Gas Corp SOGC 9.750 9.500 2/15/2017Sabine Oil & Gas Corp SOGC 7.500 14.750 9/15/2020Sabine Oil & Gas Corp SOGC 7.500 14.000 9/15/2020Sabine Oil & Gas Corp SOGC 7.500 14.000 9/15/2020Samson Investment Co SAIVST 9.750 1.240 2/15/2020SandRidge Energy Inc SD 7.500 20.750 3/15/2021SandRidge Energy Inc SD 8.125 19.500 10/15/2022SandRidge Energy Inc SD 8.750 21.000 1/15/2020SandRidge Energy Inc SD 7.500 20.500 2/15/2023SandRidge Energy Inc SD 7.500 22.000 2/16/2023SandRidge Energy Inc SD 8.125 29.976 10/16/2022SandRidge Energy Inc SD 7.500 21.000 3/15/2021SandRidge Energy Inc SD 7.500 21.000 3/15/2021Savient Pharmaceuticals Inc SVNT 4.750 0.225 2/1/2018Sequa Corp SQA 7.000 51.125 12/15/2017Sequa Corp SQA 7.000 51.125 12/15/2017SquareTwo Financial Corp SQRTW 11.625 58.000 4/1/2017Swift Energy Co SFY 7.875 23.000 3/1/2022Swift Energy Co SFY 7.125 25.000 6/1/2017Swift Energy Co SFY 8.875 26.000 1/15/2020TMST Inc THMR 8.000 16.500 5/15/2013Talen Energy Supply LLC TESLLC 5.700 99.375 10/15/2015Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 56.000 2/15/2018Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 78.000 2/15/2018Terrestar Networks Inc TSTR 6.500 10.000 6/15/2014Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 38.000 10/1/2020Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 15.500 4/1/2021Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.500 15.250 11/1/2016Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 41.800 10/1/2020Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 15.000 4/1/2021Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.500 10.250 11/1/2016Venoco Inc VQ 8.875 17.600 2/15/2019Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 18.000 1/15/2019Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 24.436 1/15/2019Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 14.488 1/15/2019Verso Paper Holdings LLC / Verso Paper Inc VRS 11.375 29.100 8/1/2016Verso Paper Holdings LLC / Verso Paper Inc VRS 13.000 9.000 8/1/2020Verso Paper Holdings LLC / Verso Paper Inc VRS 8.750 14.000 2/1/2019Verso Paper Holdings LLC / Verso Paper Inc VRS 13.000 8.250 8/1/2020Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 22.000 1/15/2019Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 79.000 1/15/2019Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 22.000 1/15/2019Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 16.000 1/15/2019W&T Offshore Inc WTI 8.500 43.000 6/15/2019Walter Energy Inc WLTG 9.500 35.750 10/15/2019Walter Energy Inc WLTG 11.000 2.000 4/1/2020Walter Energy Inc WLTG 9.500 49.500 10/15/2019Walter Energy Inc WLTG 11.000 2.796 4/1/2020Walter Energy Inc WLTG 9.500 35.500 10/15/2019Walter Energy Inc WLTG 9.500 35.500 10/15/2019Warren Resources Inc WRES 9.000 30.250 8/1/2022Warren Resources Inc WRES 9.000 26.000 8/1/2022Warren Resources Inc WRES 9.000 26.000 8/1/2022iHeartCommunications Inc IHRT 10.000 51.500 1/15/2018iHeartCommunications Inc IHRT 10.000 74.438 1/15/2018iHeartCommunications Inc IHRT 10.000 48.750 1/15/2018 *********Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuerspublic debt and equity securities about which we report.Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.Each Friday's edition of the TCR includes a review about a book ofinterest to troubled company professionals. All titles areavailable at your local bookstore or through Amazon.com. Go tohttp://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday editionof the TCR.The Sunday TCR delivers securitization rating news from the weekthen-ending. *********S U B S C R I P T I O N I N F O R M A T I O NTroubled Company Reporter is a daily newsletter co-publishedby Bankruptcy Creditors Service, Inc., Fairless Hills,Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel ElaineTumanda, 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, CarloFernandez, 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 orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers. Information containedherein is obtained from sources believed to be reliable, but isnot guaranteed.The TCR subscription rate is $975 for 6 months delivered viae-mail. Additional e-mail subscriptions for members of the samefirm for the term of the initial subscription or balance thereofare $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***