A judge sentenced Richard Heene to 90 days in jail, including 60 days of work release that will let him pursue work as a construction contractor while doing his time. The judge also imposed conditions on Heene's probation that forbid him from profiting from the balloon spectacle in any way for four years.

Heene choked back tears as he said he was sorry, especially to the rescue workers who chased down false reports that his 6-year-old son had floated away in a balloon. He said: "I do want to reiterate that I'm very, very sorry."

Richard and Mayumi Heene pleaded guilty to charges that they carried out the balloon stunt in October to promote a reality TV show. Mayumi Heene's sentencing is under way.

The lawsuit filed Monday in Elkhart County seeks preliminary and permanent injunctions to halt open dumping of wood wastes at VIM Recycling Inc.'s Elkhart operation. It also asks a judge to order VIM to remove waste materials and debris from its property.

Company spokesman Tom Holt says VIM is "extremely surprised" by the lawsuit. He says the U.S. Environmental Protection Agency has agreed to allow VIM to place wood from the recreational vehicles and manufactured housing industries on asphalt at its property.

New York-based CIT, one of the nation's largest lenders to small and midsize businesses, has been devastated by the downturn in the credit markets and is attempting to restructure its operations to remain in business. CIT received $2.3 billion in federal bailout aid last fall, a $3 billion emergency loan in July from some of its largest bondholders, and bought back $1 billion in debt but still needs to reduce its debt burden to survive.

The company said late Thursday that its restructuring plan has been approved by its board and by the steering committee of its bondholders. Under terms of the deal, bondholders would exchange their current notes for a portion of five series of newly issued secured notes, with maturities ranging from four to eight years, and/or newly issued preferred shares.

The exchange offers will expire just before midnight Oct. 29. However, for the out-of-court debt restructuring to be successful, CIT said at least $5.7 billion worth of debt must be able to be wiped off of its balance sheet.

Therefore, CIT also is asking most bondholders and other holders of CIT debt to approve a prepackaged reorganization plan so the company has the option of filing for and quickly exiting Chapter 11 bankruptcy protection in the event the debt swap doesn't achieve its goals.