TCREUR_Public/100629.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, June 29, 2010, Vol. 11, No. 126



AVW GROUP: Auctioneer Sells Giant Gold Coin EUR3.27 Million


ALMATIS B.V.: Has OK for CBCFL as Financial Advisor
ALMATIS B.V.: Wins Nod for De Brauw as Dutch Counsel
ALMATIS B.V.: Wins Nod for Schultze & Braun as Auditors
ALMATIS B.V.: Wins Nod for Schultze as German Counsel
ARCANDOR AG: Karstadt Unit to Post Profit This Year

PREPS 2005-1: Moody's Downgrades Rating on EUR47MM B Notes to B1


WIND HELLAS: Undergoes Second Restructuring


BROOKLANDS EURO: Moody's Cuts Rating on EUR32MM C Bond to 'Ca'
CAMBER 4: Moody's Downgrades Rating on Class Notes A1-A to 'Ca'
CELTIC RESIDENTIAL: Fitch Cuts Ratings on Class C Notes to 'B'
HERITAGE GOLF: Put Into Receivership by ACC and Anglo
LANSDOWNE MORTGAGES: Fitch Junks Ratings on 3 Classes of Notes

MCELHINNEY FASHIONS: In Liquidation; Owes EUR5.9MM to Creditors


IT HOLDING: Administrators Okay Malo Brand Sale to Evanthe
LOCAT SV: S&P Downgrades Rating on Class C Notes to 'B+'


SOUND I: Fitch Maintains Watch Neg. on 'BB'-Rated Class E Notes


* ROMANIA: Tax Hike to Spur Bankruptcies, Car Dealers Say


INTERNATIONAL INDUSTRIAL: Fitch Downgrades Long-Term IDRs to 'C'
SIBERIAN COAL: Moody's Assigns 'B1' Corporate Family Rating


MARTINSA-FADESA SA: Will Commence Financing Talks in July
MEDIAPRODUCCION SL: Ordered by Court to Pay Damages to Sogecable
VIAJES MARSANS: Declared Insolvent by Madrid Court


NYCOMED SCA: Moody's Affirms Corporate Family Rating at 'B2'

U N I T E D   K I N G D O M

ALTE LIEBE: S&P Downgrades Rating on EUR102 Mil. Notes to 'BB-'
BEMROSEBOOTH: Unite in Talks With Potential Buyer
CATALIS LIMITED: Put Into Administration by RTC Group
CAVENDISH PRESS: In Administration; 15 Jobs Affected
CSDM: Assets Sold Out of Administration

ESB SCOTLAND: Goes Into Liquidation
KEYDATA INVESTMENT: Founder Blames Demise on FSA Intervention
PAYNE'S INSULATION: In Administration; 36 Jobs Affected
TRITON COURT: Placed Into Receivership by HSH Nordbank


* Bingham to Launch German Practice in Frankfurt
* Large Companies with Insolvent Balance Sheet



AVW GROUP: Auctioneer Sells Giant Gold Coin EUR3.27 Million
Flemming Emil Hansen at Dow Jones Newswires reports that a
220-pound gold coin, roughly the size of a car wheel, was sold at
auction to Spanish trading firm Oro Direct for EUR3.27 million
(US$4.03 million), essentially equal to the spot price of gold.
The coin was sold as part of the liquidation of Austrian
investment firm AvW Group.  The report says the buyer wasn't
willing to pay up for the coin's unusual size.

The report says the Maple Leaf, made by the Canadian Mint in 2007,
has a face value of C$1 million (US$965,300).  The report notes
the price AvW Group paid for the coin wasn't made public.

According to Dow Jones, eight potential bidders had been
registered at auction house Dorotheum, the world's oldest auction
house, but only Oro Direct raised its hand.  Dow Jones says the
auction price disappointed Michael Beckers, Dorotheum's coin
expert who oversaw the sale.  He had predicted that the price
could go as high as EUR4 million "on a good day."

AvW Group was founded by Wolfgang Auer von Welsbach, the great-
grandson of a 19th century Austrian nobleman and industrialist who
invented the lighter flint and gas mantle.  Mr. von Welsbach is in
police custody, facing possible charges of embezzlement and fraud
in connection with the firm's collapse.  The report says the
proceeds will go to Mr. von Welsbach's 12,500 investors, although
it will take three to five years before they see any of the cash.


ALMATIS B.V.: Has OK for CBCFL as Financial Advisor
Almatis B.V. and its debtor affiliates received permission from
Judge Glenn to employ Close Brothers Corporate Finance Limited as
their financial advisor effective as of April 30, 2010.

As financial adviser, Close Brothers will be tasked to provide
these services:

  (1) review the existing debt facility documentation to assess
      the key issues arising from the available restructuring

  (2) review the budget for the year ending December 31, 2009,
      and assist in preparing the budget presentation to the

  (3) review the business plan for the years ending December 31,
      2010 and 2011;

  (4) assist the Debtors in preparing the financial and
      restructuring model;

  (5) assist the Debtors in negotiating with Alcoa Inc.
      regarding the Alumina Feedstock Supply Agreement dated
      February 27, 2004, to secure a more favorable revised

  (6) assess the impact of any revised Alcoa agreement on the
      budget and the business plan, and assist the Debtors in
      updating the financial and restructuring models;

  (7) advise the Debtors regarding potential restructuring,
      refinancing and financing alternatives, together with the
      analysis of their budget, business plan and restructuring
      model, including recommendations of specific courses of
      action, and prepare a report in presentation format
      summarizing their findings to present to the Board;

  (8) negotiate a standstill agreement with the Debtors'
      lenders as an intermediate stage in implementing any
      restructuring or "amendment transaction;"

  (9) assist the Debtors in the structuring, marketing,
      negotiation and implementation of any restructuring or
      amendment transaction;

(10) negotiate with the Debtors' shareholders, counterparties
      under their senior and junior credit facilities,
      prospective investors, or other parties which may be
      involved in the restructuring or amendment transaction;

(11) assist the Debtors' management in communicating with,
      and presenting to, the Debtors' shareholders, banks,
      prospective investors, and lenders regarding any
      restructuring or amendment transaction;

(12) assist the Debtors in overseeing the management and
      Implementation of the contemplated restructuring or
      amendment transaction;

(13) liaise with Dubai International Capital LLC on its
      preferred strategy in relation to its shareholding in the
      Debtors; and

(14) participate in hearings before the Court and provide
      testimony with respect to the services performed by the
      firm and issues arising in connection with any proposed
      plan of reorganization.

The Debtors will pay Close Brothers an advisory fee of GBP75,000
per month payable in advance on the first day of each month
commencing February 11, 2009, through the termination of the
firm's employment, with the first three monthly retainers offset
against any "restructuring transaction fee."

Upon the consummation of any restructuring transaction, the
Debtors will pay Close Brothers a one-time transaction fee
equivalent to 50 basis points of total financial debt outstanding
immediately prior to the transaction being completed, provided
that the payment of any restructuring transaction fee will negate
Close Brothers' entitlement to any "amendment transaction fee."

Upon the consummation of an amendment transaction, the Debtors
will pay Close Brothers a one-time transaction fee equivalent to
15 basis points of the total financial debt outstanding
immediately prior to the amendment transaction being completed,
provided that the payment of any amendment transaction fee will
negate Close Brothers' entitlement to any restructuring
transaction fee.

The Debtors will also indemnify Close Brothers for any claim
arising from or in connection with its employment.  The firm,
however, will not be indemnified for claims stemming from gross
negligence, willful misconduct or breach of its duties.

Stephen Aulsebrook of Close Brothers assures Judge Glenn that his
firm does not have interest adverse to the interest of the
Debtors' estate, and is a "disinterested person" as the term is
defined under Section 101(14) of the Bankruptcy Code.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  ( 215/945-7000)

ALMATIS B.V.: Wins Nod for De Brauw as Dutch Counsel
Almatis B.V. and its debtor-affiliates obtained permission from
the U.S. Bankruptcy Court for the Southern District of New York to
employ De Brauw Blackstone Westbroek N.V. as their special Dutch
counsel effective April 30, 2010.

As special counsel, De Brauw Blackstone will advise the Debtors
and assist their general bankruptcy counsel on matters including
Dutch corporate law and cross-border issues implicating laws of
foreign jurisdictions.  The firm will also be required to attend
meetings and participate in negotiations, or appear before the
U.S. Bankruptcy Court or any other court.

In return for its services, De Brauw Blackstone will be paid on
an hourly basis and will be reimbursed for it necessary expenses.
The firm's professionals who are expected to provide the services
and their hourly rates are:

  Professionals                Hourly Rates
  -------------                ------------
  Ruud Hermans                    EUR675
  Harm-Jan de Kluiver             EUR675
  Rene Clumpkens                  EUR675
  Klaas de Vries                  EUR450
  Gwenaelle Pennec                EUR450
  Rob van den Sigtenhorst         EUR375

Pursuant to an agreement between the Debtors and De Brauw
Blackstone, the firm's hourly fees will be discounted by 18%.  If
however the Debtors' restructuring is successful, the firm will
be entitled to full payment of its earned fees.

Rudolf Martinus Hermans, Esq., a shareholder of De Brauw
Blackstone, assures the Court that his firm does not hold or
represent interest that is adverse to that of the Debtors'

See prior entry at [00043].  Application approved.

Almatis B.V. and its debtor affiliates obtained approval of the
U.S. Bankruptcy Court for the Southern District of New York to
employ De Brauw Blackstone Westbroek N.V. as their special Dutch

In a supplemental declaration filed with the Court, Rudolf
Martinus Hermans, a shareholder of De Brauw, disclosed that it
intends to charge for its legal services on an hourly basis
subject to the firm's repayment to the Debtors of an amount equal
to 18% of its fees if the Debtors' restructuring process is not

Mr. Herman also said De Brauw will seek reimbursement of its
expenses in accordance with the amended engagement letter dated
May 21, 2010 between Almatis B.V. and the firm.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  ( 215/945-7000)

ALMATIS B.V.: Wins Nod for Schultze & Braun as Auditors
Almatis B.V. and its affiliated debtors received the Court's
approval to employ Schultze & Braun GmbH Rechtanwaltsgesellschaft
Wirtschaftspr fungsgesellschaft as their auditor effective as of
April 30, 2010.

The Debtors want to tap the firm to verify the feasibility of the
contemplated restructuring according to any plan of
reorganization from the individual perspective of the Debtors
incorporated in Germany, particularly with respect to their going
concern in the future, according to Almatis Chief Executive Remco
de Jong.

Schultze & Braun GmbH will also provide other auditing services
upon agreement with the Debtors, Mr. de Jong says.

In return for its services, the firm will be paid on an hourly
basis and will be reimbursed for it necessary expenses.  A list
of Schultze & Braun GmbH's professionals who are expected to
provide the services and their hourly rates is available at:

Jens Weber, a partner at Schultze & Braun GmbH, assures Judge
Glenn that his firm does not have interest adverse to the
interest of the Debtors' estates, creditors or equity security
holders, and is a "disinterested person" as the term is defined
under Section 101(14) of the Bankruptcy Code.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  ( 215/945-7000)

ALMATIS B.V.: Wins Nod for Schultze as German Counsel
Almatis B.V. and its units received the U.S. Bankruptcy Court's
authority to employ Schultze & Braun GmbH echtsanwaltsgesellschaft
as special German counsel to their management effective as of
April 30, 2010.

Schultze & Braun, as special counsel, will advise the Debtors'
management on issues involving German law particularly in respect
of the continuation prognosis depending on the development of the
Debtors' Chapter 11 cases.  The firm will also advise the
management and assist the Debtors' general bankruptcy counsel on
cross-border issues implicating laws of foreign jurisdictions.

Schultze & Braun will also be required to attend meetings,
participate in negotiations, and appear before the U.S. Bankruptcy
Court or any other court.

Schultze & Braun will be paid on an hourly basis and will be
reimbursed for it expenses.  A list of the firm's professionals
who are expected to provide the services and their hourly rates
is available at

Christopher Alexander von Wilcken, Esq., at Schultze & Braun,
assures the Court that the firm does not hold or represent
interest adverse to the Debtors and their estates.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  ( 215/945-7000)

ARCANDOR AG: Karstadt Unit to Post Profit This Year
Holger Elfes at Bloomberg News reports that WirtschaftsWoche,
citing Karstadt's insolvency commissioner Rolf Weidmann, said that
Arcandor AG's German department store chain will make a profit in
a "mid-double-digit" million-euro range in its current fiscal

According to Bloomberg, the news magazine said sales at Karstadt
will be "stable" in the year through September.

                         About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) --
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.

PREPS 2005-1: Moody's Downgrades Rating on EUR47MM B Notes to B1
Moody's Investors Service has downgraded its rating of three
classes of notes issued by Preps 2005-1:

  -- EUR175M A1 Notes(Currently EUR145.7M outstanding), Downgraded
     to Aa3; previously on Apr 29, 2010 Aa1 Placed Under Review
     for Possible Downgrade

  -- EUR60M A2 Notes(Currently EUR 50M outstanding), Downgraded to
     Aa3; previously on Apr 29, 2010 Aa1 Placed Under Review for
     Possible Downgrade

  -- EUR47M B Notes, Downgraded to B1; previously on Apr 29, 2010
     Ba1 Placed Under Review for Possible Downgrade

Preps 2005-1 is a CDO transaction exposed to a static pool of
German SME mezzanine loans, among which five largest issuers
account for 23% of EUR260 million outstanding performing
portfolio.  The transaction has suffered EUR32 million in defaults
(10% of the initial pool), EUR15 million of which have occurred
since the previous rating action as per the investor report dated
4th May 2010.  In addition, Preps 2005-1 has sold and transferred
all its rights and obligations arising from the profit
participation agreements with two issuers of EUR13 million for a
weighted average price of 26% since last rating action.  The
Principal Deficiency Ledger is currently EUR23 million.

The action relies on financial data received annually for a
majority of obligors in the pool from the end of 2008.  This
financial data is used by Moody's in order to assess the credit
quality of obligors in the pool, relying on RiskCalc, an
econometric model developed by Moody's KMV.  The results obtained
from the Riskcalc model have been translated to Moody's rating
scale and adjusted by one notch where necessary in order to
compensate for the absence of credit indicators such as rating
reviews, outlooks and adjustments factoring in cyclical
developments in the economy.  Moody's also incorporated the most
recent information provided by the manager in the latest investor
report dated as of 4th May.  Furthermore, additional scenarios
have been considered for the analysis and include the application
of stresses applicable to concentrated pools with non publicly
rated issuers, as outlined in Moody's Methodology, "Updated
approach to the usage of credit estimates in rated transactions"
(October 2009).


WIND HELLAS: Undergoes Second Restructuring
Lindsay Fortado at Bloomberg News, citing the Independent on
Sunday, reports that Wind Hellas Telecommunications SA is
undergoing a second restructuring of about EUR1.7 billion
(US$2.1 billion) in debt after exiting administration seven months

According to Bloomberg, the newspaper said the company hired
Morgan Stanley and law firm White & Case to advise it on the
restructuring, and accounting firm Deloitte will advise creditors,
led by JPMorgan Chase & Co.

                        About WIND Hellas

Headquartered in Athens, Greece, WIND Hellas Telecommunications
S.A. -- provides mobile voice and data
services to about 6 million consumer and business customers
throughout Greece.  The company enables international roaming in
155 countries for travelling subscribers through agreements with
other carriers.  It also provides cellular and satellite-based
vehicle management and tracking services.  WIND Hellas is owned by
investment firm Weather Investments, a company led by Cairo-based
Orascom Telecom's founder and chairman, Naguib Sawiris.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on June 24,
2010, Standard & Poor's Ratings Services said it lowered its long-
term corporate credit ratings on Greek mobile telecommunications
operator WIND Hellas Telecommunications S.A. and related entities
to 'CC' from 'CCC+'.  S&p said the outlook is negative.

On June 21, 2010, the Troubled Company Reporter-Europe that Fitch
Ratings downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long-term Issuer Default Rating to 'C'
from 'CCC'.  The company's Short-term IDR was affirmed at 'C'.


BROOKLANDS EURO: Moody's Cuts Rating on EUR32MM C Bond to 'Ca'
Moody's Investors Service took these rating actions on notes
issued by Brooklands Euro Referenced Linked Notes 2001-1 Ltd:

Issuer: Brooklands Euro Referenced Linked Notes 2001-1 Ltd:

  -- EUR50M A Bond, Downgraded to Caa3; previously on Jun 22, 2009
     Downgraded to Caa1

  -- EUR32M C Bond, Downgraded to C; previously on Nov 20, 2008
     Downgraded to Ca

The transaction is a lightly managed synthetic CDO referencing a
portfolio of corporate entities (55% of the total pool) and global
ABS securities (45% of the total pool), the majority of which are
CLO and subprime RMBS assets.

Since inception, the reference portfolio has had 5 credit events
settled which has resulted in total credit protection payments of
EUR43.085 million.  There are, in addition, a further 3 reference
assets, with a notional amount of EUR15 million, for which credit
events have been declared but not yet settled.  As a result of
these credit events, Class C will incur losses which are likely to
represent more than 65% of the tranche initial size.

According to Moody's the rating actions taken are also the result
of further deterioration of credit quality in the reference
portfolio.  This is observed through a decline in the average
credit rating as measured through the portfolio weighted average
rating factor "WARF" and an increase in the proportion of
reference assets rated Caa1 and below.  The WARF (including
defaulted names) has increased to 1785 (June 2010) from 1620 (at
last rating action) and the proportion of securities rated Caa1
and below has increased to 12.07% (June 2010) from 9% (at last
rating action).  The current credit enhancement available to class
A is 12.07%.

Further, Moody's notes exposures to these sub-investment grade
RMBS assets, all on review for possible downgrade: First Franklin
Mortgage Loan Trust 2004-FFH4 Cl. M-8, Park Place Securities,
Inc., Asset-Backed Pass-Through Certificates, Series 2004-WWF1 Cl.
M-6 and Ameriquest Mortgage Securities Inc., Series 2004-R6 Cl. M-

Moody's also explained that in arriving at the rating action noted
above, the ratings of subprime, Alt-A and Option-ARM RMBS which
are currently on review for possible downgrade were stressed.  For
purposes of monitoring its ratings of SF CDOs with exposure to
2005-2007 vintage RMBS, Moody's used certain projections of the
lifetime average cumulative losses as set forth in Moody's press
releases dated January 13th for subprime, January 14th for Alt-A,
and January 27th for Option-ARM.  Based on the anticipated ratings
impact of the updated cumulative loss numbers, the stress varied
based on vintage, current rating, and RMBS asset type.  For
purposes of monitoring its ratings of SF CDOs with exposure to
pre-2005 vintage RMBS, Moody's considered the various factors
indicating continued negative performance that were described in
Moody's press releases dated April 8th for subprime, April 12th
for Option-ARM and April 13th for Alt-A.  Such seasoned deals will
have varying stress based on RMBS asset type.

For 2005 subprime RMBS, those currently rated Aa, A or Baa were
stressed by five notches, Ba rated securities were stressed to
Caa3, and B or Caa securities were treated as Ca.

Moody's noted that the stresses applicable to categories of 2005-
2007 subprime RMBS that are not listed above will be two notches
if the RMBS ratings are on review for possible downgrade.

For pre-2005 subprime, Aaa and Aa rated securities were stressed
by two notches, A rated securities were stressed by six notches,
and Baa rated securities were stressed by nine notches.

Moody's further explained that these stresses are based on a
preliminary sample analysis of deals from a given vintage and
asset type, and that they will be utilized in its SF CDO rating
analysis while subprime, Alt-A and Option-ARM securities remain on
review for downgrade.  Current public ratings will be used for
securities that have undergone an in depth review by Moody's RMBS
team, and that are no longer on review for downgrade.

Moody's continues to monitor this transaction using primarily the
methodology and its supplements for SF CDOs as described in
Moody's Special Reports below:

   -- Moody's Approach to Rating SF CDOs (August 2009)

   -- Moody's Approach to Rating Structured Finance Securities in
      Default (November 2009)

In deriving its ratings, Moody's uses the collateral instrument's
current rating-based expected loss, Moody's recovery rate table,
and the original rating of the instrument along with its average
life to infer an unadjusted default probability.  In addition to
the quantitative factors that are explicitly modeled, qualitative
factors are part of rating committee considerations.  These
qualitative factors include the structural protections in each
transaction, the recent deal performance in the current market
environment, the legal environment, and specific documentation
features.  All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision.

CAMBER 4: Moody's Downgrades Rating on Class Notes A1-A to 'Ca'
Moody's Investors Service took this rating action on one class of
notes issued by Camber 4 Plc, a cash flow CDO backed by a
portfolio of structured finance securities.

Issuer: Camber 4 plc

  -- US$790M Class A1-A Floating Rate Notes due 2053 Notes,
     Downgraded to Ca; previously on Apr 23, 2009 Downgraded to

Moody's explained that the rating action taken is the result of
Moody's expectation on the payment of principal and interest on
the Class A1-A notes, given the current composition of the
portfolio and expected recovery on the defaulted portion of the
pool.  The portfolio is most well represented by the US Subprime
Residential Mortgage Backed Securities (including Home Equity
Loans) and US Prime Residential Mortgage Backed Securities
sectors, weighting 35% and 17%, respectively.  Approximately 46%
of the current portfolio pool is rated Caa or below.  In addition,
37% of the total portfolio is now comprised of defaulted
securities.  These measures were taken from the recent trustee
report dated 28 April 2010.  Moody's also performed a number of
sensitivity analyses combining a decrease in the expected recovery
rates on the defaulted securities in the pool.  Currently, 56.15%
of Class A1-A and Class A1-B notes are covered by securities rated
B3 or above, 11% with securities rated Caa, 33% with securities
rated Ca or C.  Class A1-A and Class A1-B are pari passu but Class
A1-B doesn't carry Moody's rating.

CELTIC RESIDENTIAL: Fitch Cuts Ratings on Class C Notes to 'B'
Fitch Ratings has downgraded Celtic Residential Irish Mortgage
Securitisation No. 11 Plc's class C notes to 'B' from 'BBB'.  The
Outlooks on the notes are Negative.  Fitch has simultaneously
affirmed the five other tranches of Celtic 11.

The downgrades of the class C notes follows Fitch's assessment of
the deal against the agency's revised criteria assumptions for
Irish RMBS transactions and Fitch's expectations of the future
performance of the underlying assets in the deal.  The transaction
comprises collateral originated by Ulster Bank Ireland Limited.

As of the last payment date, loans three or more months in arrears
increased to 2.4% of the outstanding collateral balance in April
2010 from 0.95% in December 2008.  Even though arrears have
increased over the last two years, only two loans have foreclosed
to date.  Fitch believes that ultimately the lender will either
have to foreclose on some properties or restructure the loans,
both of which will result in a loss to the transaction.  For this
reason, the agency has decided to give limited credit in its
analysis to recent foreclosure performance as it believes that
this is not indicative of future performance in a stressed

The downgrades also reflect the significant house price decline
seen in Ireland since 2006.  Fitch expects a peak-to-trough house
price decline in Ireland of 45% and anticipates that this will
ultimately lead to high loss severities.  The downgrades of the
class C notes reflects this concern, and Fitch's view that the
transaction is likely to experience a back-loaded default timing,
placing more stress on the most junior notes.

De-leveraging has slowed down and the transaction has had a CPR of
approximately 6% for the last 18 months.  This has reduced the
growth in credit enhancement of the notes.  The notes are
currently paying sequentially, and due to the low CPR, the trigger
to switch to pro-rata payment is not expected in the near future.
In addition, rising arrears levels may lead to the trigger for
pro-rata payment not being met.  This would ensure that the senior
noteholders continue to receive principal before the junior

The rating actions are:

Celtic Residential Irish Mortgage Securitisation No. 11 Plc:

  -- Class A2a (ISIN XS0275790516): affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating 'LS-1'

  -- Class A2b (ISIN XS0275790607): affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-1'

  -- Class A3a (ISIN XS0275790789): affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-1'

  -- Class A3c (ISIN XS0275790862): affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-1'

  -- Class Ba (ISIN XS0275790946): affirmed at 'AA'; Outlook
     revised to Negative from Stable; assigned 'LS-4'

  -- Class Ca (ISIN XS0275791084): downgraded to 'B' from 'BBB';
     Outlook Negative; assigned 'LS-3'

  -- Class Cc (ISIN XS0275791167): downgraded to 'B' from 'BBB';
     Outlook Negative; assigned 'LS-3'

HERITAGE GOLF: Put Into Receivership by ACC and Anglo
Ian Kehoe at The Sunday Business Post reports that the EUR100
million Heritage Golf Hotel & Spa in Killenard, Co, Laois, has
gone into receivership.

The report relates ACC Bank has seized control of the operating
company behind the hotel.  According to the report, ACC and Anglo
had become increasingly concerned about their loans to the
development and appointed receivers last week.

ACC has appointed KPMG accountant Kieran Wallace as receiver to a
firm called Lightridge, which operates the hotel, the report
discloses.  The report says Mr. Wallace is now effectively running
the hotel and spa.

Anglo financed the golf course and has installed John McStay, a
partner with McStay Luby accountants, as receiver over the course,
the report notes.  Mr. McStay has also taken control of a number
of houses that adjoin the course, as well as other development
sites, the report states.

The Heritage Golf Hotel & Spa is one of the largest golf resorts
in Ireland, according to The Sunday Business Post.

LANSDOWNE MORTGAGES: Fitch Junks Ratings on 3 Classes of Notes
Fitch Ratings has downgraded Lansdowne Mortgages Securities No.1
plc and Lansdowne Mortgages Securities No.2 plc.  The downgrades
follow Fitch's assessment of the deal against the agency's revised
criteria assumptions for Irish RMBS transactions as well as the
performance of the transaction to date.  The rating actions also
take into account the agency's expectations of the future
performance of the underlying assets in these deals.

The Lansdowne transactions are backed by mortgage loans originated
by Start Mortgages Limited, which Fitch considers to be non-
conforming collateral.  Since closing the transactions have shown
significantly higher arrears levels than prime Irish RMBS

The downgrades reflect the significant proportion of loans in
arrears and the large house price decline in Ireland that is
expected to ultimately lead to high loss severities.  Fitch
expects a peak-to-trough house price decline in Ireland of 45%.
Fitch has also observed that the sale prices of foreclosed homes
in a stressed environment in other jurisdictions have been
significantly lower than the sale prices suggested by an indexed
valuation that is based on the originator's valuation at closing.
Fitch's revised criteria assumptions for Irish RMBS transactions
incorporate this expectation.

The transaction also has a proportion of loans with high loan-to-
value ratios that are in negative equity due to the sharp fall of
house prices in Ireland.  Based on experience in other
jurisdictions in a stressed environment Fitch expects high default
rates and loss severities on these high LTV loans as opportunities
for the borrowers to refinance or dispose of the property are no
longer available.  Fitch's revised criteria assumptions for Irish
RMBS transactions incorporate this expectation.  Given the large
pipeline of loans in arrears there is a significant likelihood of
high losses in the future.

Over the last two years both transactions released significant
excess spread that could have been used to absorb losses.  Due to
the absence of any significant foreclosure activity there was only
EUR0.52 million loss realized in Lansdowne 1 and EUR1.01 million
loss in Lansdowne 2.  This compares with EUR7.26 million and
EUR6.27 million of excess spread respectively that was released by
the transactions.  Unlike many RMBS transactions from southern
European jurisdictions that are structured with provisioning
mechanisms to account for a lengthy foreclosure process the
Lansdowne transactions were not structured to deal with the
current scenario where losses will ultimately be back-loaded.
Fitch is concerned that when foreclosures are eventually realized
from the large arrears pipeline there might not be sufficient
excess spread to absorb the resulting loss.

Following high prepayment levels early in the life of Lansdowne 1,
the prepayment rate has decreased significantly over the last 18
months, slowing credit enhancement growth.  Loans three or more
months in arrears were equal to 38% of the current balance as of
April 2010 and had an average of 14 months of payments overdue.
Even though the Class A notes have a credit enhancement of 34.42%
they will have to rely on cash flow from the loans currently three
months and more in arrears.  Fitch expects the gradual negative
selection of the pool to continue and to, ultimately, cause cash
flow problems for the transaction.

Lansdowne 2 has not benefited as much as Lansdowne 1 from de-
leveraging due to lower prepayment rates.  At end-April 2010, 32%
of Lansdowne 1's original pool was still outstanding against 45%
for Lansdowne 2.  Loans that are three months or greater in
arrears were slightly higher in Lansdowne 2 than Lansdowne 1 at
41% in April 2010, whilst the annualized monthly prepayment rate
was 2.7%.  Loans that were three months and more in arrears had an
average of 15.16 months of payments overdue.  Even though the
Class A notes have a credit enhancement of 22.26% they will have
to rely on cash flow from the loans currently three months and
more in arrears.  The excess spread will increase on the next IPD
because the class X note of Lansdowne 2 has now expired; however,
if this is not used to cover losses it will be lost to the

The rating actions are:

Lansdowne Mortgages Securities No. 1 plc:

  -- Class A2 (ISIN XS0250832614) downgraded to 'AA' from 'AAA';
     Outlook Negative; Loss Severity Rating of 'LS-2'

  -- Class M1 (ISIN XS0250833695) downgraded to 'BBB' from 'AA+';
     Outlook Negative; 'LS-3'

  -- Class M2 (ISIN XS0250834073) downgraded to 'BB' from 'A';
     Outlook Negative; 'LS-4'

  -- Class B1 (ISIN XS0250834404) downgraded to 'CCC' from 'BB';
     assigned Recovery Rating of 'RR-5'

  -- Class B2 (ISIN XS0250835120) downgraded to 'CCC' from 'B';
     assigned 'RR-6'

Lansdowne Mortgage Securities No. 2 plc:

  -- Class A2 (ISIN XS0277482286) downgraded to 'BBB' from 'AA+';
     Outlook Stable; 'LS-2'

  -- Class M1 (ISIN XS0277482526) downgraded to 'BB' from 'A';
     Outlook Negative; 'LS-4'

  -- Class M2 (ISIN XS0277482955) downgraded to 'B' from 'BBB';
     Outlook Negative; 'LS-5'

  -- Class B (ISIN XS0277483417) downgraded to 'CCC' from 'B';
     assigned 'RR-6'

MCELHINNEY FASHIONS: In Liquidation; Owes EUR5.9MM to Creditors
Ian Kehoe at The Sunday Business Post reports that McElhinney
Fashions has gone into liquidation.

According to the report, the store had been trading in Athboy, Co
Meath since 1937, but closed earlier this month after suffering a
significant decline in business.  The report relates David Van
Dessel, a partner with insolvency firm Kavanagh Fennell, was
appointed liquidator of the company.

McElhinney's Department Stores owes EUR5.9 million, the report
says, citing the company's statement of affairs.  Bank of Ireland
is the company's largest creditor and is owed EUR2.9 million, the
report discloses.  The company has realisable assets of just
EUR38,000, leaving it unlikely that any creditor will receive a
payout, the report notes.

Creditors were told that the company's turnover dropped from
EUR80,000 a week at its peak to less than EUR30,000 a week, the
report states.

McElhinney Fashions is one of Ireland's best known retailers,
according to The Sunday Business Post.


IT HOLDING: Administrators Okay Malo Brand Sale to Evanthe
Andrew Roberts at Bloomberg News reports that administrators for
IT Holding SpA, the Italian fashion company being reorganized
under government-backed bankruptcy protection, agreed to sell the
Malo cashmere brand to retail developer Evanthe Srl.

According to Bloomberg, Andrea Ciccoli, one of IT Holding's three
administrators, said Friday in a phone interview that Italy's
Industry Ministry must still authorize the sale.

Malo posted a net loss of EUR10.6 million (US$13 million) on sales
of EUR54.1 million in 2007, Bloomberg discloses, citing IT
Holding's annual report.  Mr. Ciccoli and co-administrators
Roberto Spada and Stanislao Chimenti had been considering four
bids for the unit from unidentified Italian suitors since June 3,
Bloomberg notes.

As reported by the Troubled Company Reporter-Europe, IT Holding
sought bankruptcy protection in February 2009 after failing to
make payments to lenders and suppliers.

                       About IT Holding SpA

IT Holding SpA -- is a Milan, Italy-
based company operating in the luxury goods market.  The Company
and its subsidiaries design, produce and distribute apparel,
accessories, eyewear and perfumes.  Its brand portfolio embraces:
owned brands, Gianfranco Ferre, Malo, Exte, as well as licensed
brands, Versace Jeans Couture, Versace Sport, Just Cavalli, C'N'C
Costume National and Galliano. The Company's production facilities
are located in Italy.  IT Holding SpA has a worldwide distribution
network, including 39 directly operated stores, 274 monobrand
stores and over 6,000 department and specialty stores.  In order
to be present in the most significant markets, IT Holding SpA has
dedicated market companies: ITTIERRE SpA, ITTIERRE France SA,
ITTIERRE Moden GmbH, IT USA HOLDING Inc and IT Asia Pacific
Limited, among others.

LOCAT SV: S&P Downgrades Rating on Class C Notes to 'B+'
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative its credit rating on Locat SV S.r.l.'s series
2008 class C notes, and affirmed and removed from CreditWatch
negative its rating on the class B notes.  S&P also affirmed its
rating on the class A1 and A2 notes.

On June 21, 2010, S&P lowered and removed from CreditWatch
negative its rating on the class C notes, affirmed and removed
from CreditWatch negative its rating on the class B notes, and at
the same time affirmed its ratings on the class A1 and A2 notes in
Locat SV series 2008.

S&P correctly published this rating action in a June 21 media
release.  However, due to a data entry error, S&P's systems did
not adjust the ratings on classes B and C.

S&P has now corrected this in its database and related information

                           Ratings List

                          Locat SV S.r.l.
   EUR2.489 Billion Asset-Backed Floating-Rate Notes Series 2008

       Rating Lowered and Removed From CreditWatch Negative

              Class     To              From
              -----     --              ----
              C         B+              BB/Watch Neg

      Rating Affirmed and Removed From CreditWatch Negative

              Class     To              From
              -----     --              ----
              B         A               A/Watch Neg

                         Ratings Affirmed

                         Class     Rating
                         -----     ------
                         A1        AAA
                         A2        AAA


SOUND I: Fitch Maintains Watch Neg. on 'BB'-Rated Class E Notes
Fitch Ratings has maintained the Rating Watch Negative on the
outstanding notes of 24 Dutch RMBS transactions backed by the
Nationale Hypotheek Garantie.

Fitch has maintained the notes on RWN as it has been informed by
the Stichting Waarborgfonds Eigen Woningen, the administrator of
the NHG guarantee, that changes to the terms of the NHG are being
considered.  The scheme is a state-sponsored guarantee that
compensates lenders and issuers for potential losses on guaranteed
mortgages.  The maintenance of the RWN also reflects the fact that
Fitch expects to receive additional data from market participants.

Stichting WEW has informed Fitch that changes to the terms of the
guarantee are being considered which could address concerns
highlighted in the agency's recent exposure draft report.  While
Fitch understands that such changes to the NHG guarantee scheme
have not been officially agreed, the agency has been informed that
the changes could take place in the coming months.  Fitch will
take into account any relevant changes to the terms of the
guarantee, if and when these are agreed and announced, and provide
a further update on the status of its criteria review in September
2010 at the latest.

Fitch has received extensive feedback on the exposure draft report
from a variety of market participants, including Dutch mortgage
lenders, arrangers, major investors in NHG-backed mortgage notes,
as well as Stichting WEW.  Some respondents did not agree with
Fitch's proposals to assume lower pay-outs from Stichting WEW in a
severe economic downturn, and the position that a significant
portion of seasoned loans with little guarantee coverage left
could default.  On this latter issue, Fitch recognizes the merits
of certain arguments provided by respondents, but the agency still
expects to receive data backing up respondents' claims.  Fitch
notes that, so far, mortgage lenders are generally unable to
provide any information as to the terms of the repayment vehicles
attached to the mortgage loans, or any regular update as to the
amount of capital built up in these vehicles, when these are not
of the "savings" type.

Fitch notes that the review of its criteria for rating
transactions of Dutch residential mortgage loans backed by the NHG
guarantee could have a significant impact on outstanding ratings.

The notes of these transactions remain on RWN:

Darts Finance B.V. (Amstelhuys 2005 NHG Pool)

  -- Class A (ISIN XS0233338135): 'AAA'; RWN; Loss Severity 'LS-1'

Green Apple B.V.

  -- Class A (ISIN XS0322161026): 'AAA'; RWN; Loss Severity 'LS-1'

  -- Class B (ISIN XS0322161299): 'BBB+'; RWN; Loss Severity 'LS-

  -- Class C (ISIN XS0322161372): 'BBB-'; RWN; Loss Severity 'LS-

Green Apple 2008-I NHG B.V.

  -- Class A (ISIN XS0406581495): 'AAA'; RWN; Loss Severity 'LS-1'

  -- Class B (ISIN XS0406581735):'BBB+'; RWN; Loss Severity 'LS-2'

  -- Class C (ISIN XS0406582030): 'BBB-'; RWN; Loss Severity 'LS-

Goldfish Master Issuer B.V. Series 2007-1

  -- Class A1 (ISIN XS0305089806): 'AAA'; RWN; Loss Severity 'LS-

  -- Class A2 (ISIN XS0305090309): 'AAA'; RWN; Loss Severity 'LS-
  -- Class B (ISIN XS0305090648): 'AA-'; RWN; Loss Severity 'LS-1'

Goldfish Master Issuer B.V. Series 0-2008-1

  -- Class B (ISIN XS0342181459): 'AA-'; RWN; Loss Severity 'LS-1'

Goldfish Master Issuer B.V. Series 0-2008-2

  -- Class A (ISIN XS0401511257): 'AAA'; RWN; Loss Severity 'LS-1'
  -- Class B (ISIN XS0401511331): 'AA-'; RWN; Loss Severity 'LS-1'

Goldfish Master Issuer B.V. Series 2009-3

  -- Class A (ISIN XS0447092957): 'AAA'; RWN; Loss Severity 'LS-1'

Goldfish Master Issuer B.V. Series 0-2009-4

  -- Class A (ISIN XS0453530015): 'AAA'; RWN; Loss Severity 'LS-1'

Goldfish Master Issuer B.V. Series 2009-5

  -- Class A1 (ISIN XS0470466292): 'AAA'; RWN; Loss Severity 'LS-

  -- Class A2 (ISIN XS0469760028): 'AAA'; RWN; Loss Severity 'LS-

  -- Class A3 (ISIN XS0470466458): 'AAA'; RWN; Loss Severity 'LS-

Goldfish Master Issuer B.V. Series 2010-I

  -- Class A1 (ISIN XS0480093870): 'AAA'; RWN; Loss Severity 'LS-

  -- Class A2 (ISIN XS0480094506): 'AAA'; RWN; Loss Severity 'LS-

  -- Class A3 (ISIN XS0480095495): 'AAA'; RWN; Loss Severity 'LS-

  -- Class A4 (ISIN XS0480095651): 'AAA'; RWN; Loss Severity 'LS-

  -- Class B (ISIN XS0480096469): 'AA-'; RWN; Loss Severity 'LS-1'

  -- Class C (ISIN XS0480096626): 'A+'; RWN; Loss Severity 'LS-1'

Holland Homes Oranje MBS B.V.

  -- Class A (ISIN XS0238851827): 'AAA'; RWN; Loss Severity 'LS-1'
  -- Class B (ISIN XS0238855141) 'A'; RWN; Loss Severity 'LS-4'

PEARL Mortgage Backed Securities 1 B.V.

  -- Class A (ISIN XS0265250638): 'AAA'; RWN; Loss Severity 'LS-1'

  -- Class B (ISIN XS0265252253): 'BBB-'; RWN; Loss Severity 'LS-

PEARL Mortgage Backed Securities 2 B.V.

  -- Class A (ISIN XS0304854598): 'AAA'; RWN; Loss Severity 'LS-1'

  -- Class B (ISIN XS0304857690): 'BBB-'; RWN; Loss Severity 'LS-

PEARL Mortgage Backed Securities 3 B.V.

  -- Class A (ISIN XS0343673611): 'AAA'; RWN; Loss Severity 'LS-1'

  -- Class B (ISIN XS0343676044): 'BBB-'; RWN; Loss Severity 'LS-

Saecure 6 NHG B.V.

  -- Class A (ISIN XS0266744761): 'AAA'; RWN; Loss Severity 'LS-1'

  -- Class B (ISIN XS0266745735): 'A'; RWN; Loss Severity 'LS-1'

  -- Class C (ISIN XS0268063566): 'BBB-'; RWN; Loss Severity 'LS-

Securitized Guaranteed Mortgage Loans I B.V.

  -- Class A (ISIN XS0277021399): 'AAA'; RWN; Loss Severity 'LS-1'

Securitised Guaranteed Mortgage Loans II B.V.

  -- Class A (ISIN NL0006477739 ): 'AAA'; RWN; Loss Severity 'LS-

Solid 2005-I

  -- Class A (ISIN XS0233315869): 'AAA'; RWN; Loss Severity 'LS-1'

Sound I B.V.

  -- Class A (ISIN XS0221342131): 'AAA'; RWN; Loss Severity 'LS-1'
  -- Class B (ISIN XS0228909130): 'AA'; RWN; Loss Severity 'LS-4'
  -- Class C (ISIN XS0228909304): 'A'; RWN; Loss Severity 'LS-5'
  -- Class D (ISIN XS0228909643): 'BBB'; RWN; Loss Severity 'LS-5'
  -- Class E (ISIN XS0228910146): 'BB'; RWN; Loss Severity 'LS-5'

Sound II B.V.

  -- Class A (ISIN XS0322223586): 'AAA'; RWN; Loss Severity 'LS-1'
  -- Class B (ISIN XS0322223826): 'AA'; RWN; Loss Severity 'LS-1'

Stichting Eleven Cities No.4

  -- Class A-NHG (ISIN XS0401138606): 'AAA'; RWN; Loss Severity

  -- Class A (ISIN XS0401142202): 'AAA'; RWN; Loss Severity 'LS-1'

  -- Class B (ISIN XS0401145999): 'AA'; RWN; Loss Severity 'LS-2'

  -- Class C (ISIN XS0401148829): 'A-'; RWN; Loss Severity 'LS-2'

  -- Class D (ISIN XS0401150726): 'BBB+'; RWN; Loss Severity 'LS-

  -- Class E (ISIN XS0401153746): 'BBB+'; RWN; Loss Severity 'LS-

Stichting Holland Homes Oranje II

  -- Class A (ISIN XS0311660392): 'AAA'; RWN; Loss Severity 'LS-1'


* ROMANIA: Tax Hike to Spur Bankruptcies, Car Dealers Say
Mediafax reports that representatives of Romanian car dealers on
Friday said that a VAT and flat tax increase would cause several
businesses to close down and investments to stop.

According to Mediafax, Cristian Bica, head of the Romanian
Association of Authorized Ford Motors Dealers, said the car price
increase determined by the potential VAT hike will directly affect
the buyers, most of whom are private individuals.

Mediafax relates Silviu Preoteasa, president of the Romanian
Volkswagen Brand Dealers' Association, said that a tax hike would
cause all investments to be called off.

The government plans to enact an Emergency Ordinance hiking taxes,
which would increase VAT from 19% to 24% or the flat tax from 16%
to 20%-22%, Mediafax says, citing people familiar with the matter.


INTERNATIONAL INDUSTRIAL: Fitch Downgrades Long-Term IDRs to 'C'
Fitch Ratings has downgraded Russia-based International Industrial
Bank's Long-term foreign and local currency Issuer Default Ratings
to 'C' from 'CCC'.  Fitch has simultaneously removed both ratings
from Rating Watch Negative.

The downgrade reflects Fitch's understanding that IIB may not
currently be servicing all of its obligations in a full and timely
manner, and that the bank is in the process of negotiating a
restructuring of its obligations to the Central Bank of Russia,
some of which are currently overdue.

IIB's Long-term IDR could be downgraded to 'RD' or 'D' if the
failure of the bank to meet its current obligations is confirmed
and remains unremedied, or if the bank fails to repay the EUR200
million eurobond due on July 6, 2010.

However, if the bank receives support from its shareholder and/or
the Russian authorities, and is able to meet its near-term
obligations, the ratings could be upgraded.  The extent of any
upgrade would depend on the details of any support package
received and Fitch's view of whether such support would likely be
sufficient to enable the bank to remain current on its obligations
on an ongoing basis.

The rating actions are:

  -- Long-term foreign and local currency IDRs: downgraded to 'C'
     from 'CCC'; removed from Rating Watch Negative

  -- Senior unsecured debt: downgraded to 'C' from 'CCC'; removed
     from RWN; Recovery Rating 'RR4'

  -- Short-term foreign currency IDR: affirmed at 'C'

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: downgraded to 'C(rus)' from
     'CCC(rus)'; removed from RWN

At end-Q110, IIB was the 28th-largest bank in Russia by total
assets.  Sergey Pugachev, a member of the upper house of the
Russian Parliament, controls an 81% stake in the bank.  Fitch
placed IIB's ratings on Rating Watch Negative on June 9, 2010, and
downgraded the Long-term IDR to 'CCC' on June 17, 2010, reflecting
the bank's weak liquidity position ahead of upcoming debt

SIBERIAN COAL: Moody's Assigns 'B1' Corporate Family Rating
Moody's Investors Service has assigned a B1 corporate family
rating to Siberian Coal Energy Company OJSC, a B1 Probability of
Default Rating and (P) B1 rating to the proposed issue of the
Russian Rouble Bonds.  Concurrently, Moody's Interfax Rating
Agency has assigned an national scale rating to the company.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.  The outlook on the ratings is
positive.  This is the first time that Moody's rates the company.

The CFR of SUEK reflects: i) the company's role as leading global
thermal coal producer with a low cost base; ii) vast and
relatively diversified reserves; iii) a well invested asset base
which should ensure uninterrupted operations and stability of
export deliveries through its own port facility; iv) the fact that
stable domestic demand and growing export sales support currently
high leverage v) a well diversified customer base dominated by
blue chip international and domestic customers; vi) a favorable
geographic position and access to infrastructure enable the
company to have efficient export sales; vii) vertical integration
into power generating which provides operational synergies and
ensures stability of domestic coal off-take; viii) that
liberalization of the Russian power generation should help to
improve profitability of SUEK's power operations; and ix) adequate
level of corporate governance.

Moody's also notes that the 2009 results indicate the company's
resilience to economic downturn with stable leverage throughout
the crisis as well as strong management commitment to its further
reduction.  SUEK's liquidity position can be considered as
sufficiently supported by cash at hand and committed credit

The CFR of SUEK also reflects: i) its relatively aggressive
capital structure with high leverage and weak CF metrics which
will take some time before it improves significantly given the
high capex the company plans to spend; ii) on-going refinancing
risk with sizable repayments in 2010; iii) possible downward
revision in thermal coal prices and weaker demand as a result of
slower than expected recovery of global economy; iv) expected
infrastructure bottlenecks in Russia which would require further
investments by the company; and v) delay in liberalization of
electricity market in Russia and possible cash outflows to finance
mandatory investments required by the Government into power assets
and capacity increases.

The positive outlook indicates Moody's expectations that the
future performance of the company might support a higher rating
over time given the positive trends Moody's see in financial
metrics in 2009 in spite of the challenging global economic
conditions.  For an upgrade Moody's would like to see EBIT margin
above 12% and the debt/EBITDA ratio clearly to stay below the 3.0x

The provisional B1 rating and LGD-4 or 53% to LLC "SUEK-Finance"
proposed Russian Rouble Bonds reflects these facts: i) the Bonds
will be denominated in Russian rubles; ii) the rating reflects the
senior unsecured position of the Bonds and is ranked pari passu
with other senior unsecured indebtedness of SUEK, iii) the Bonds
will benefit from a suretyship provided by SUEK.  SUEK-Finance is
issuing the notes for the sole purpose of financing a loan to
SUEK.  Therefore, Bondholders are relying solely on the latter's
creditworthiness to service and repay the debt.  SUEK will use
proceeds of the loan to repay existing indebtedness and for
general corporate purposes.  The suretyship provided carries the
risks associated with the developing nature of the of Russian
Legislation; and short history of Russian Commercial Law including
risks associated with doing business in Russia..  Upon a
conclusive review of the transaction and a full set of associated
documentation, Moody's will assign a definitive rating to the
Bonds.  A definitive rating may differ from a provisional rating.

SUEK is the Russia's largest and one of the top global producers
of thermal coal.  The company has the 3rd largest reserves in the
world totaling 5.8 billion tonnes (proved and probable).  In
addition, the company benefits from integration into power
generating assets being the 2nd largest fossil-fuel electricity
generator in Siberia.  In 2009 the company sold 87.4 million
tonnes of coal (8.7% decrease Y-o-Y), of which 35% represented
exports and international trading.  In 2009, the coal segment
accounted for 71% of the total consolidated revenue while the
remaining part was generated by SUEK's power segment.

SUEK's assets comprise of 17 open-pit and 13 underground mines in
7 regions of Russia; port Vanino, a bulker coal terminal in the
Far-East and railway infrastructure; coal washing facilities; and
18 power plants in 4 regions of Siberia with total installed
electricity and heat capacity of 7GW and 16,284 Gcal/h,

In 2009 SUEK reported RUR 149.0 billion in revenue (app.  US$4.7
billion), a 28% increase Y-o-Y.

The company's principal beneficiaries are Messers Andrei
Melnichenko and Sergey Popov.


MARTINSA-FADESA SA: Will Commence Financing Talks in July
Sharon Smyth at Bloomberg News, citing El Economista, reports that
Martinsa-Fadesa SA will start talks with lenders in July over a
financing arrangement to allow the company to stay in business.

According to Bloomberg, the newspaper, citing court documents,
said the company, which has debts of EUR7 billion (US$8.6
billion), needs to renegotiate terms of a financial agreement
reached in 2008.

Bloomberg notes the newspaper added Martinsa, which obtained
protection from creditors in July 2008, may have that status
lifted by the end of the year.

Headquartered in La Corun, Spain, Martinsa Fadesa SA -- develops residential and
commercial property projects, including hotels, shopping centers
and golf courses, as well as industrial projects, among others.
The company also operates in Portugal, Romania, Hungary, Ireland,
France, Bulgaria, Mexico, the Dominican Republic, the Czech
Republic, Slovakia, and Poland.

MEDIAPRODUCCION SL: Ordered by Court to Pay Damages to Sogecable
Sharon Smyth at Bloomberg News reports that a court in Madrid has
ordered Mediaproduccion SL, owner of broadcasting rights for the
Spanish soccer league, to pay Sogecable SA around EUR136 million
(US$167.7 million) in damages and give it the soccer rights.

Mediapro must pay Sogecable, the television unit of
Promotora de Informaciones SA, EUR105 million in damages and an
additional EUR31 million to cover costs incurred until the rights
are handed over, Bloomberg says, citing a regulatory filing
Thursday night by Promotora, known as Prisa.

Bloomberg relates Mediapro said in an e-mailed statement that the
fact that the company sought bankruptcy protection this month
would entail the suspension of the court ruling mentioned in
Prisa's filing.  Bloomberg notes that in a separate statement,
Mediapro said its administrators had written to Sogecable
demanding it pay for the soccer rights.

On June 18, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Mediaproduccion said it was seeking
protection from creditors after Sogecable failed to make a payment
to broadcast games next season.  Bloomberg disclosed Madrid-based
pay-television company Sogecable and Mediaproduccion were locked
in a dispute over control of soccer broadcast rights in recent
years.  Bloomberg recalled the battle led to legal challenges and
in March a court ruled that Mediaproduccion had to pay EUR97
million (US$119.3 million) in damages to Audiovisual Sport, a unit
of Sogecable.  Sogecable, as cited by Bloomberg, said in a
statement on June 16 that it had demanded the execution of the
March ruling on June 9.

Mediaproduccion SL is based in Barcelona.

VIAJES MARSANS: Declared Insolvent by Madrid Court
The Latin American Herald Tribune reports that a court in Madrid
declared Spain's Viajes Marsans S.A. insolvent Friday.  According
to the report, the court ruled that Posibilitum Business, which
acquired Marsans on June 10, will continue to run the firm.

The report relates Judge Ana Maria Gallego noted that a "situation
of general suspension of payments to creditors" was deduced from
complaints filed by up to 21 different business groups, including
Ricoh, Europcar, Avis, Mapa Tours and H10 Hotels and a subsequent
petition for bankruptcy protection filed by Marsans.

Noting that Viajes Marsans has 550 travel agencies and EUR166.2
million (US$204 million) in annual revenue, the judge, as cited in
the report, said "the difficulty in administering such a company
is obvious and therefore it would be inappropriate for the
continuance of normal business activity for administrative powers
(to be removed from Posibilitum) and replaced by the bankruptcy

The report says bankruptcy administrators, however, will supervise
Posibilitum's management of Marsans during the entire process and
prepare a report on the company's financial condition, as well as
a list of creditors.

Viajes Marsans' creditors, among them thousands of travelers who
lost their vacations, will have a month to file claims for payment
of debts owed once the judicial decree is published in the
official gazette, the report discloses.

The report recalls Viajes Marsans filed for bankruptcy after being
sold by the president of Spain's main CEOE business federation,
Gerardo Diaz Ferran, and his partner, Gonzalo Pascual, to
Posibilitum, a turnaround specialist.

On April 20, the International Air Transport Association withdrew
Viajes Marsans' license for selling airline tickets and said the
company would have to pay a financial guarantee of EUR20 million
(US$24.6 million) to recover it, the report recounts.

Viajes Marsans S.A. is a travel group based in Madrid.


NYCOMED SCA: Moody's Affirms Corporate Family Rating at 'B2'
Moody's Investors Service has affirmed the Corporate Family Rating
of Nycomed S.C.A. SICAR at B2, and the Probability of Default
Rating at B3 and changed the outlook to stable from negative.

"The stabilization of the outlook follows the acceptance of an
amendment-request by the company's lenders resetting the company's
tightest covenant to a level which should provide more leeway and
flexibility for the company over the near term," said Sabine
Renner, Moody's lead analyst for Nycomed.  Nycomed has over the
last quarters operated under very limited headroom to its
covenants and the risk of a covenant breach has been weighing
negatively on the company's rating and outlook.

Moody's continues to take comfort from the company's free cash
flow generation which, despite of being negatively impacted by the
launch at risk of a generic version of Protonix in the US and the
loss of patent protection for Pantoprazole in the EU since May
2009, continues to inhibit a certain degree of visibility allowing
the company to meet its debt obligations while maintaining
sufficient leeway to financial covenants over the short to mid-
term.  Nycomed's stable rating outlook factors in relatively
stable sales of Pantoprazole, assuming that growth in emerging
markets can offset declining sales in some European countries
following the patent expiration in 2009 and assumes that the
impact from potential healthcare reforms, which could lead to cuts
in reference pricing and increased generic penetration, is

"Over the coming months, Moody's will monitor the legal
developments and the final outcome of the trial over the generic
version of Protonix, which could, in the case of a positive
outcome and significant damages being paid to Nycomed, exert
positive pressure on the rating and outlook," added Ms. Renner.
In addition, Moody's will watch how the new drug application for
Daxas evolves given the importance of a successful
commercialization of the drug plays for future cash flow
generation of the company.

Positive pressure on the rating or outlook could arise as a result
of a successful launch of Daxas, a favorable outcome in the
Protonix patent litigation assuming that parts of the proceeds
will be applied to debt repayments and/or if Nycomed's debt/EBITDA
metric, which is likely to weaken during the course of the current
year, moves again towards 4.5x.

The last rating action was implemented on 05 December 2008, when
Moody's changed to outlook to negative from stable.

Headquartered in Zurich, Switzerland, Nycomed group is a
pharmaceutical conglomerate combining its traditional core
marketing and distribution capabilities together with the R&D
expertise of acquired Germany's Altana Pharma.  Nycomed achieved
sales of EUR3.1 billion during 2009.

U N I T E D   K I N G D O M

ALTE LIEBE: S&P Downgrades Rating on EUR102 Mil. Notes to 'BB-'
Standard & Poor's Ratings Services said that it has lowered its
long-term debt rating on the EUR102 million senior secured
amortizing notes, due 2025, issued by Jersey-based special purpose
vehicle Alte Liebe 1 Ltd. to 'BB-' from 'BBB-', and placed the
rating on CreditWatch with negative implications.

The notes have an unconditional and irrevocable guarantee of
payment of scheduled interest and ultimate principal from Ambac
Assurance U.K. Ltd. (CC/Developing/--), the controlling creditor.
Under Standard & Poor's criteria, a rating on monoline-insured
debt reflects the higher of the rating on the monoline or Standard
& Poor's underlying rating.  Therefore, the long-term debt rating
on the notes reflects the SPUR.

"The downgrade reflects S&P's view that Alte Liebe 1's financial
performance has weakened materially.  Depressed wind levels
throughout 2009 and, to a lesser extent, turbine unavailability
and higher-than-expected maintenance costs at some farms have
considerably reduced cash flow available for debt service and
therefore debt service coverage ratios below initial
expectations," said Standard & Poor's credit analyst Vincent

Alte Liebe is a special-purpose vehicle that raised funds for the
wind power transaction, consisting of six wind farms in Germany
with a capacity of 142 megawatts.  Alte Liebe on-lent the proceeds
from the notes under individual loan agreements with the wind
farms, which used the funds to refinance the existing bank debt.
The proceeds from the bond issue were also used to fund various
liquidity reserves, including a 12-month debt service reserve
account at each wind farm.

The notes have a flexible repayment profile, with timely payment
of interest but ultimate payment of principal.

The wind farms' operator, PNE WIND Betriebsfuehrungs GmbH (PNE,
formerly Plambeck Neue Energien AG or Plambeck), recently informed
us that because of weakened operating underperformance, debt
service coverage ratios calculated on the latest debt service date
(Dec. 31, 2009) at three out of the project's six Germany-based
wind farms were below the minimum levels stipulated in their
individual loan agreements with Alte Liebe, which constituted a
technical event of default.  Under the loan agreements, Ambac, as
controlling creditor, may accelerate loans on the occurrence of a
technical EOD, although Ambac cannot cross-accelerate the notes.

S&P does not expect the three wind farms to be in a position to
repay the loans outstanding if Ambac decides to accelerate the

According to PNE and Ambac, however, the three wind farms have
agreed to a waiver with Ambac.  Furthermore, S&P understands that
all debt service payments to date from the wind farms to Alte
Liebe and then from Alte Liebe to the note holders have been met
in full, including interest and principal amounts without need to
use debt service reserve accounts.

According to information provided by PNE, S&P understands that
each wind farm reserve account, including a DSRA covering one year
of debt service and an operational reserve account equivalent to
one month of revenues -- remains fully funded and has not yet been
used.  S&P observes, however, that wind conditions during the
first few months of 2010 were similar to those during the same
period in 2009, with average underperformance of about 30% below
the sponsor's initial base case.  In S&P's view, this could lead
to further breaches of the loan covenants on the next debt service
payment dates (June 30 and Dec. 31, 2010).

BEMROSEBOOTH: Unite in Talks With Potential Buyer
Helen Morris at PrintWeek reports that Unite has confirmed it is
assisting talks with a company that is interested in purchasing
BemroseBooth as a going concern.

Tony Burke, Unite assistant general secretary, told PrintWeek that
the union is in talks with a potential purchaser and that this
company has also been in contact with insolvency practitioner
David Rubin & Partners.

According to PrintWeek, David Stephenson, senior manager at David
Rubin & Partners, said he understood that up to four separate
parties were in talks with Edward Symmons, which is marketing the
company, about making offers for the business as a going concern.

"Those parties are in the process of obtaining information to help
them decide whether to make a formal offer.  There are already
another eight parties who have expressed interest in buying either
some assets or just small parts of the business," PrintWeek quoted
Mr. Stephenson as saying.  "That number grows each day.
Naturally, everyone is concentrating first on discussions with the
people wanting to buy the whole business as a going concern."

David Rubin & Partners confirmed that on June 18 it had been
approached by BemroseBooth, but confirmed to PrintWeek on June 25
that it has not yet been appointed as an administrator.

As reported by the Troubled Company Reporter-Europe on June 24,
2010, PrintWeek said BemroseBooth filed a notice of intent to
appoint an administrator at the High Court of Justice on June 16,
suggesting it could be on the verge of administration.  PrintWeek
disclosed some 120 employees were made redundant from its Derby
plant on June 21, 40 from its Derby-based head office and 26 from
its Hull site on June 22.

BemroseBooth is a print firm based in Derby.

CATALIS LIMITED: Put Into Administration by RTC Group
RTC Group plc put its Training subsidiary Catalis Limited into
Administration on Friday, June 25, 2010.  Although restructuring
in 2009 brought the business close to breakeven in the first
quarter of 2010, significant revenue shortfalls in the second
quarter and the uncertainty over future industry spend on rail
training has led to this action being taken.  The Group had
explored a wide range of options in respect of the Catalis
business prior to taking this action.

All other Group companies continue to trade as normal.

Catalis Limited is a supplier of people development services
within the United Kingdom.

CAVENDISH PRESS: In Administration; 15 Jobs Affected
Adam Hooker at PrintWeek reports that Cavendish Press, a unit of
Richmond Cavendish, has gone into administration.

The report relates Geoff Bouchier and Andrew Stoddard of
insolvency practitioner MCR were appointed as joint administrators
of Cavendish Press on June 24.  Richmond Press is unaffected by
the administration, the report notes.

According to the report, Mr. Bouchier said Cavendish Press has
struggled since it was acquired by Martyn Kuebe two years ago but,
in recent weeks, turnover dropped off and it began to "struggle
with purchasing", which eventually led to MCR being called in.

The report notes Mr. Bouchier said 15 employees were made
redundant by MCR Friday morning.  According to the report, he said
that 23 redundancies had been made three to four weeks prior to
his appointment.

Rose Mooney, Unite regional officer, said the union would be
taking action against the initial redundancies as no consultation
took place with employees, the report discloses.

Cavendish Press and Richmond Press both trade out of the same
facility in Leicester as Richmond Cavendish and are run by
managing director Martyn Kuebe, according to PrintWeek.

CSDM: Assets Sold Out of Administration
Adam Hooker at PrintWeek reports that CSDM has gone into

The report relates the company went into administration on
June 15.  Nick Rimes and Adam Jordan of insolvency practitioner
Rimes and Co. were appointed administrators, the report recounts.
A sale of the assets, which comprises the company's contracts, was
made the same day to two separate companies, CSDM Fundraising
Directors and CSDM Strategic Fundraising, the report discloses.

The report says both companies are operated by CSDM director Chris
Stoddard who will continue in his role as chairman.  All 30 staff
have been transferred over to the new companies, both of which
will operate from CSDM's existing Ross-on-Wye facility, the report

The report notes Mr. Stoddard said all creditors will be paid in
full.  According to the report, he explained that the company had
gone into administration in order to restructure in a
"transparent" manner that would be "wholly on the public record".

The report relates a statement from the company said: "CSDM
elected to restructure by going into administration because it was
the most transparent and regulated way to transfer the business
assets to the new companies.  Because the charity sector has
scrupulous requirements with regard to transparency, this strategy
was deemed to be the most suitable to the sector's high

Based in Herefordshire, CSDM is a charity donation management
company.  The company provides print management as part of its
services, according to PrintWeek.

ESB SCOTLAND: Goes Into Liquidation
Erikka Askeland at Scotland On Sunday, citing papers lodged at
Companies House, reports that ESB Scotland, the firm behind cafe
and bar Fifi and Ally, has gone into liquidation.

According to the report, a sheriff's order to wind the company up
was lodged on behalf of German property firm Internationales
Immobilien Institut.  The report relates the sheriff appointed
Glasgow accountants French Duncan as an interim liquidator for ESB
Scotland.  The firm's insolvency partner, Annette Menzies, was
unavailable for comment, the report notes.

The report recalls it was revealed last month that the company had
closed its outlet in Wellington Street, Glasgow, one of two in the
city.  The other shop in the city's Princes Square is still
trading despite the firm being in liquidation, which usually means
its assets are up for sale to pay debts, the report discloses.

The most recent accounts for the Fifi and Ally business show the
firm made a pre-tax loss of GBP248,000 on turnover of GBP1.8
million, the report states.

Fiona Hamilton is the entrepreneur behind Fifi and Ally.

KEYDATA INVESTMENT: Founder Blames Demise on FSA Intervention
Hannah Stodell at Money Marketing reports that Keydata Investment
founder Stewart Ford said the Financial Services Authority
"deliberately manufactured" the insolvency and administration of
the structured product provider.

The report relates a statement from Mr. Ford's spokesman Media
House chairman Jack Irvine says the regulator forced Keydata into
administration on the grounds of a GBP5 million tax bill but this
was a "red herring" and its demise was due to the FSA's draconian
intervention.  According to the report, he says there was no bill
but a "contingent liability" to HMRC if it was accepted that there
had been breaches of the Isa regulations of plans which had not
been listed on a relevant exchange at least five years before
their maturity.  The report says Mr. Ford's spokesman insists the
firm was "well down the track" to reaching an agreement with HMRC
about utilizing the "simplified voiding procedure" which would
have dealt with Isa issues but the FSA intervened.

The FSA refutes Mr. Ford's allegations concerning its actions
regarding Keydata, the report notes.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the
FSA on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.

PAYNE'S INSULATION: In Administration; 36 Jobs Affected
Daily Post reports that Payne's Insulation has gone into
administration and 36 jobs were affected.

According to the report, Managing Director John Payne blamed the
company's collapse on an energy-saving grant scheme run by
Anglesey Council and British Gas to insulate homes for free.  The
report says this saw Cheshire-based Hillserve brought in to
insulate thousands of homes on Anglesey, reducing the market for
Payne's Insulation on the island.

The report relates Mr. Payne said: "A council is supposed to be
here to support business but Anglesey Council has used taxpayers'
cash to destroy the company.  We have been in existence for 38
years, through good times and bad.  We have lived through
recessions in the past but when a company is brought in to carry
out the same work for residents for free then you can't compete.
The council knew this was hurting us, they knew because we told
them and politicians, including MP Albert Owen told them, but they
did nothing about it.  Some staff had been here more than 30 years
and came here straight from school.  They are just gutted and it
is not as if there are many other jobs out there at this time."

Payne's Insulation is based in Llangefni's Bryn Cefni Industrial

TRITON COURT: Placed Into Receivership by HSH Nordbank
Deirdre Hipwell at Property Week reports that Triton Court, a
large office complex in the City of London owned by Glenn Maud's
Propinvest and Jack Petchey's Incorporated Holdings, has been
placed into receivership.

According to the report, Germany's HSH Nordbank appointed Savills
as a Law of Property Act (LPA) receiver to Triton Court last week.

The report recalls Mr. Maud bought the property for GBP120 million
from Maurice Golker's Investream in January 2007.  The purchase,
at the top of the market, was in a joint venture with the 85-year-
old investor Mr. Petchey's Incorporated Holdings vehicle, the main
beneficiary of which is the Jack Petchey Foundation, the report
discloses.  They injected GBP10 million each of equity and HSH
Nordbank provided a GBP100 million loan on a three-year term, the
report recounts.

The report notes City sources said the value of the 200,000 square
feet building had fallen significantly to around GBP40 million,
meaning it is deeply under water.

"Propinvest and its joint venture partner, Jack Petchey's
Incorporated Holdings, spent around 18 months and significant sums
working up plans for the redevelopment and refurbishment of Triton
Court.  They were in detailed discussions with a potential
development partner until the bank took this precipitate action,"
the report quoted a spokesman for Propinvest as saying.

It is thought that HSH Nordbank has decided to initiate a formal
LPA receivership process, however, as the loan is now five months
overdue, the report says.  HSH Nordbank is also believed to have
held talks with parties such as Lend Lease, Henderson Global
Investors and Tishman Speyer, the report states.  The process of
finding a partner could be continued by the LPA receiver on behalf
of the bank and the joint venture owners, the report notes.  Any
development partner would be required to inject equity to help
fund the redevelopment, according to the report.

The report notes sources said Propinvest would continue to try to
be involved with Triton Court and could even potentially try to
buy the debt from the German lender, which is open to several
solutions to achieve repayment of this outstanding debt.


* Bingham to Launch German Practice in Frankfurt
Bingham McCutchen LLP will launch a German practice on July 1,
expanding its market-leading financial restructuring and financial
services practices to continental Europe.

The German practice will be headed by partner Jan D. Bayer, who
joins Bingham from Broich Bezzenberger, a leading independent
German law firm where he was a partner focusing on debt and equity
special situations and financial restructuring.  Bayer will be
responsible for building Bingham's German team and formally
opening an office in Frankfurt later this year.  He will be joined
by counsel Dr. Christian Halasz, formerly of Paul, Hastings,
Janofsky & Walker's Frankfurt office.  Mr. Halasz is a German-
admitted lawyer who advises on matters that include financial
restructuring and distressed debt, private equity, mergers and
acquisitions, and venture capital.  Messrs. Bayer and Halasz will
also be joined by two German-qualified associates.

"Bingham is focused on being well placed to assist institutional
clients in the world's major financial centers," said Bingham
Chairman Jay Zimmerman.  "While Bingham already has a strong
presence with international clients in the German market, and
represents many blue-chip German clients in their international
affairs, the opportunity to bring Jan into the firm allows us to
complete the last piece of the puzzle and open an office in

The German practice will concentrate on Bingham's international
strengths in financial services and will work closely with the
firm's team in London.  The practice will initially operate out of
Bingham's London office while the Frankfurt office is being
completed.  The initial focus of the practice will be advising
financial institutions on financial restructurings and debt and
equity special situations.  Office capabilities are also expected
to expand into other of Bingham's market-leading practices such as
financial regulatory, investment management, financial
institutions litigation, tax, structured finance, mergers and
acquisitions, and private equity.

"Germany has always been one of the London office's most important
markets," said James Roome, head of the firm's London office and
co-chair of Bingham's global Financial Restructuring Group, adding
that the firm has played a significant role acting for creditors
in many of the recent major financial restructuring transactions
in Germany, including Monier, Schefenacker, TMD Friction, Schieder
Moebel, Phoenix, Level One and Deutz.  "Jan has been Bingham's
primary German counsel for several years in the areas of financial
restructuring, corporate law and special situations.  Many of our
clients have worked with him in the past, and we're delighted that
he is now joining our team."

Mr. Bayer noted Bingham's global presence and his experience in
working with Bingham's top-rated team of lawyers as drivers for
joining the firm.

"The world has changed and single-jurisdiction matters are rare in
my practice areas these days," said Mr. Bayer.  "German companies
are restructured under U.S. or English law, German equity special
situations are litigated in New York, and the regulation of
financial institutions has become a global affair rather than a
local law issue.  In order to serve global financial institutions
as clients, it is vital to be in a position to provide dedicated
global teams to help deliver superior solutions.  Bingham is
perfectly positioned to do just that, and I am proud to become a
member of a team of leading lawyers that I have already had the
privilege of working extensively with in the past."

Mr. Bayer has represented many of the world's leading funds,
investment banks' proprietary operations and insurance companies
in connection with their restructuring, equity special situations
and distressed M&A activities in Europe.  His recent restructuring
experience includes advising the bondholders of Fleetstreet in the
largest German CMBS restructuring to date, the noteholders of
Phoenix Pharmahandel and Deutz as well as creditors on various
single-credit restructurings, including Bavaria Yachtbau, Level
One and Ihr Platz.  He also recently advised institutional
investors in equity special situations involving VW/Porsche,
Schaeffler/Conti, Unicredito/HVB, Adecco/DIS and P&G/Wella.

With 1,100 lawyers in 12 locations in the United States, United
Kingdom, Hong Kong and Tokyo, Bingham --
-- focuses on serving clients in cross-border restructurings and
insolvencies; complex securities and financial regulatory matters;
high-stakes litigation; environmental issues; government affairs;
and sophisticated corporate, financing and technology

* Large Companies with Insolvent Balance Sheet

                                      Shareholders   Total
                                      Equity         Assets
  Company             Ticker          (US$)          (US$)
  -------             ------          ------         ------
CHRIST WATER TEC      CWT PZ        -5754287.761    165995618.1
CHRIST WATER TEC      CWT EU        -5754287.761    165995618.1
CHRIST WATER TEC      C7W GR        -5754287.761    165995618.1
CHRIST WATER TEC      CWT EO        -5754287.761    165995618.1
CHRIST WATER TEC      CWT AV        -5754287.761    165995618.1
CHRIST WATER TEC      CRSWF US      -5754287.761    165995618.1
CHRIST WATER TEC      CWTE IX       -5754287.761    165995618.1
CHRIST WATER-ADR      CRSWY US      -5754287.761    165995618.1
KA FINANZ AG          3730Z AV        -359597327    30679270533
LIBRO AG              LIBR AV         -109013328    171684389.1
LIBRO AG              LB6 GR          -109013328    171684389.1
LIBRO AG              LIB AV          -109013328    171684389.1
LIBRO AG              LBROF US        -109013328    171684389.1
SKYEUROPE             SKY PW        -89480486.93    159076577.5
SKYEUROPE             SKYP PW       -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EO     -89480486.93    159076577.5
SKYEUROPE HLDG        SKY LI        -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EU     -89480486.93    159076577.5
SKYEUROPE HLDG        SKYA PZ       -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EO        -89480486.93    159076577.5
SKYEUROPE HLDG        SKY AV        -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EU        -89480486.93    159076577.5
SKYEUROPE HLDG        SKURF US      -89480486.93    159076577.5
SKYEUROPE HLDG        SKYV IX       -89480486.93    159076577.5
SKYEUROPE HLDG        S8E GR        -89480486.93    159076577.5
SKYEUROPE HOL-RT      SK1 AV        -89480486.93    159076577.5
STYROL HOLDING 1      3321155Z AV   -69327699.53     1925984640

SABENA SA             SABA BB       -84766501.61     2196477161

LIBRA HOLIDA-RTS      LBR CY         -27821889.5      240947718
LIBRA HOLIDA-RTS      LGWR CY        -27821889.5      240947718
LIBRA HOLIDAY-RT      3167808Z CY    -27821889.5      240947718
LIBRA HOLIDAYS        LHGCYP EU      -27821889.5      240947718
LIBRA HOLIDAYS        LHGR CY        -27821889.5      240947718
LIBRA HOLIDAYS        LHGCYP EO      -27821889.5      240947718
LIBRA HOLIDAYS G      LHG PZ         -27821889.5      240947718
LIBRA HOLIDAYS G      LHG EO         -27821889.5      240947718
LIBRA HOLIDAYS G      LHG EU         -27821889.5      240947718
LIBRA HOLIDAYS G      LHG CY         -27821889.5      240947718
LIBRA HOLIDAYS-P      LBHG CY        -27821889.5      240947718
LIBRA HOLIDAYS-P      LBHG PZ        -27821889.5      240947718

CKD PRAHA HLDG        CKDH CP       -89435858.16      192305153
CKD PRAHA HLDG        CKDPF US      -89435858.16      192305153
CKD PRAHA HLDG        CKDH US       -89435858.16      192305153
CKD PRAHA HLDG        CDP EX        -89435858.16      192305153
CKD PRAHA HLDG        297687Q GR    -89435858.16      192305153
SETUZA AS             SZA GR        -61453764.17    138582273.6
SETUZA AS             SETUZA PZ     -61453764.17    138582273.6
SETUZA AS             2994759Q EO   -61453764.17    138582273.6
SETUZA AS             SETU IX       -61453764.17    138582273.6
SETUZA AS             2994763Q EU   -61453764.17    138582273.6
SETUZA AS             SETUZA CP     -61453764.17    138582273.6
SETUZA AS             2994767Q EO   -61453764.17    138582273.6
SETUZA AS             SZA EX        -61453764.17    138582273.6
SETUZA AS             2994755Q EU   -61453764.17    138582273.6

ELITE SHIPPING        ELSP DC       -27715991.74    100892900.3
ISS GLOBAL A/S        241863Z DC    -2811647.728     7972333363
OBTEC                 OBT DC        -18360748.78    147485890.1
OBTEC                 OBTEC DC      -18360748.78    147485890.1
OBTEC-NEW SHARES      OBTECN DC     -18360748.78    147485890.1
OBTEC-OLD             OBTN DC       -18360748.78    147485890.1
ROSKILDE BANK         ROSK EO       -532868894.9     7876687324
ROSKILDE BANK         ROSK PZ       -532868894.9     7876687324
ROSKILDE BANK         ROSK EU       -532868894.9     7876687324
ROSKILDE BANK         RKI GR        -532868894.9     7876687324
ROSKILDE BANK         ROSK DC       -532868894.9     7876687324
ROSKILDE BANK         RSKC IX       -532868894.9     7876687324
ROSKILDE BANK         ROSBF US      -532868894.9     7876687324
ROSKILDE BANK         ROSKF US      -532868894.9     7876687324
ROSKILDE BANK-RT      916603Q DC    -532868894.9     7876687324
ROSKILDE BAN-NEW      ROSKN DC      -532868894.9     7876687324
ROSKILDE BAN-RTS      ROSKT DC      -532868894.9     7876687324
SANISTAL AS-B         SANIBEUR EO   -1029838.038    546820905.2
SANISTAL AS-B         SANI/B PZ     -1029838.038    546820905.2
SANISTAL AS-B         SANIB EU      -1029838.038    546820905.2
SANISTAL AS-B         SANIB EO      -1029838.038    546820905.2
SANISTAL AS-B         SANIB DC      -1029838.038    546820905.2
SANISTAL AS-B         SNSC IX       -1029838.038    546820905.2
SANISTAL AS-B         SANL DC       -1029838.038    546820905.2
SANISTAL AS-B         SANIBEUR EU   -1029838.038    546820905.2
SANISTAL AS-B         SANIB BY      -1029838.038    546820905.2
SANISTAL AS-B         SNISF US      -1029838.038    546820905.2
SANISTAL-B NEW        SANLN DC      -1029838.038    546820905.2
SCANDINAVIAN BRA      SBSC IX       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1EUR EU    -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS DC        -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1 EU       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1 BY       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBSD PZ       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1 EO       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1EUR EO    -18360748.78    147485890.1

BELVEDERE - RTS       554451Q FP    -23014977.87     1147851710
BELVEDERE - RTS       702036Q FP    -23014977.87     1147851710
BELVEDERE SA          BELV FP       -23014977.87     1147851710
BELVEDERE SA          BVDRF US      -23014977.87     1147851710
BELVEDERE SA          BVD PZ        -23014977.87     1147851710
BELVEDERE SA          BEVD IX       -23014977.87     1147851710
BELVEDERE SA          BELV NM       -23014977.87     1147851710
BELVEDERE SA          BED GR        -23014977.87     1147851710
BELVEDERE SA          BED TH        -23014977.87     1147851710
BELVEDERE SA          BVD FP        -23014977.87     1147851710
BELVEDERE SA          BVD EO        -23014977.87     1147851710
BELVEDERE SA          BVD EU        -23014977.87     1147851710
BELVEDERE SA-NEW      946529Q FP    -23014977.87     1147851710
BELVEDERE SA-NEW      BVDNV FP      -23014977.87     1147851710
BELVEDERE SA-RTS      BVDDS FP      -23014977.87     1147851710
CARRERE GROUP         CAR2 EO       -9829592.638      279906700
CARRERE GROUP         CAR2 EU       -9829592.638      279906700
CARRERE GROUP         CARF PZ       -9829592.638      279906700
CARRERE GROUP         CRRHF US      -9829592.638      279906700
CARRERE GROUP         XRR GR        -9829592.638      279906700
CARRERE GROUP         CARG FP       -9829592.638      279906700
CARRERE GROUP         CAR FP        -9829592.638      279906700
CARRERE GROUP         CRGP IX       -9829592.638      279906700
CHAINE ET TRAME       CTRM FP       -58947458.16    116889783.9
CHAINE ET TRAME       CHTR FP       -58947458.16    116889783.9
GRANDE PAROISSE       GAPA FP       -927267926.9      629287290
GRANDE PAROISSE       GDPA FP       -927267926.9      629287290
GRANDE PAROISSE       GDPXF US      -927267926.9      629287290
IMMOB HOTEL BALN      IMHB FP       -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO FP       -170171676.3    212556594.4
IMMOB HOTELIERE       IMMH IX       -170171676.3    212556594.4
IMMOB HOTELIERE       IMBHF US      -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO PZ       -170171676.3    212556594.4
IMMOB HOTELIERE       IMH GR        -170171676.3    212556594.4
IMMOB HOTELIERE       SIH FP        -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO EO       -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO EU       -170171676.3    212556594.4
LAB DOLISOS           LADL FP       -27752176.19    110485462.4
LAB DOLISOS           DOLI FP       -27752176.19    110485462.4
MATUSSIERE & FOR      1007765Q FP   -77896683.67    293868350.8
MATUSSIERE & FOR      MTUSF US      -77896683.67    293868350.8
MB RETAIL EUROPE      MBRE FP       -58947458.16    116889783.9
MB RETAIL EUROPE      MBRE PZ       -58947458.16    116889783.9
MB RETAIL EUROPE      MBRE EO       -58947458.16    116889783.9
MB RETAIL EUROPE      CTRF IX       -58947458.16    116889783.9
MB RETAIL EUROPE      MBRE EU       -58947458.16    116889783.9
OROSDI                OROS FP        -7291.55004    131233317.6
OROSDI-BACK           OROS EU        -7291.55004    131233317.6
OROSDI-BACK           BACK IX        -7291.55004    131233317.6
OROSDI-BACK           OROS PZ        -7291.55004    131233317.6
OROSDI-BACK           ORBA FP        -7291.55004    131233317.6
OROSDI-BACK           OROS EO        -7291.55004    131233317.6
PAGESJAUNES           PGJUF US       -3171655188     1168738032
PAGESJAUNES GRP       PAJ VX         -3171655188     1168738032
PAGESJAUNES GRP       PAJUSD EU      -3171655188     1168738032
PAGESJAUNES GRP       PAJGBX EO      -3171655188     1168738032
PAGESJAUNES GRP       PAJ IX         -3171655188     1168738032
PAGESJAUNES GRP       PAJ FP         -3171655188     1168738032
PAGESJAUNES GRP       PAJ QM         -3171655188     1168738032
PAGESJAUNES GRP       PAJ TQ         -3171655188     1168738032
PAGESJAUNES GRP       PAJUSD EO      -3171655188     1168738032
PAGESJAUNES GRP       PAJGBP EO      -3171655188     1168738032
PAGESJAUNES GRP       QS3 GR         -3171655188     1168738032
PAGESJAUNES GRP       PAJ EO         -3171655188     1168738032
PAGESJAUNES GRP       PAJGBX EU      -3171655188     1168738032
PAGESJAUNES GRP       PAJ NQ         -3171655188     1168738032
PAGESJAUNES GRP       PAJ EU         -3171655188     1168738032
PAGESJAUNES GRP       PAJP IX        -3171655188     1168738032
PAGESJAUNES GRP       QS3 TH         -3171655188     1168738032
PAGESJAUNES GRP       PAJ EB         -3171655188     1168738032
PAGESJAUNES GRP       PAJ PZ         -3171655188     1168738032
PAGESJAUNES GRP       PAJ LI         -3171655188     1168738032
PAGESJAUNES GRP       PAJ GK         -3171655188     1168738032
PAGESJAUNES GRP       PAJ BQ         -3171655188     1168738032
RESEAU FERRE FRA      224063Z FP     -2138499667    66039422175
RHODIA SA             RHAUSD EU     -883734308.8     6075165782
RHODIA SA             RHDAF US      -883734308.8     6075165782
RHODIA SA             RHA GK        -883734308.8     6075165782
RHODIA SA             RHA TQ        -883734308.8     6075165782
RHODIA SA             RHADF US      -883734308.8     6075165782
RHODIA SA             RHA VX        -883734308.8     6075165782
RHODIA SA             RHA EO        -883734308.8     6075165782
RHODIA SA             RHAUSD EO     -883734308.8     6075165782
RHODIA SA             RHAY IX       -883734308.8     6075165782
RHODIA SA             RHDI TH       -883734308.8     6075165782
RHODIA SA             RHA FP        -883734308.8     6075165782
RHODIA SA             RHA BQ        -883734308.8     6075165782
RHODIA SA             RHAGBP EO     -883734308.8     6075165782
RHODIA SA             RHD GR        -883734308.8     6075165782
RHODIA SA             RHA PZ        -883734308.8     6075165782
RHODIA SA             RHA IX        -883734308.8     6075165782
RHODIA SA             RHDI GR       -883734308.8     6075165782
RHODIA SA             RHA NQ        -883734308.8     6075165782
RHODIA SA             3218857Q IX   -883734308.8     6075165782
RHODIA SA             2324015Q EO   -883734308.8     6075165782
RHODIA SA             RHA EB        -883734308.8     6075165782
RHODIA SA             RHA EU        -883734308.8     6075165782
RHODIA SA             RHAGBX EU     -883734308.8     6075165782
RHODIA SA             2324011Q EU   -883734308.8     6075165782
RHODIA SA             RHAGBX EO     -883734308.8     6075165782
RHODIA SA             RHANR PZ      -883734308.8     6075165782
RHODIA SA             RHA QM        -883734308.8     6075165782
RHODIA SA - NEW       3156011Q FP   -883734308.8     6075165782
RHODIA SA - NEW       2335921Q FP   -883734308.8     6075165782
RHODIA SA - NEW       3506266Q FP   -883734308.8     6075165782
RHODIA SA - NEW       RHANV FP      -883734308.8     6075165782
RHODIA SA-ADR         RHAYY US      -883734308.8     6075165782
RHODIA SA-NON RE      RHANR FP      -883734308.8     6075165782
RHODIA SA-RIGHTS      RHADS FP      -883734308.8     6075165782
RHODIA SA-RIGHTS      653447Q FP    -883734308.8     6075165782
RODIGUEZ GROUP        RGX GR        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD FP        -71997955.94    457127473.1
RODRIGUEZ GROUP       RDGP IX       -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD EU        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD PZ        -71997955.94    457127473.1
RODRIGUEZ GROUP       RRGZF US      -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD TQ        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD BQ        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD EO        -71997955.94    457127473.1
SDR CENTREST          117241Q FP    -132420119.6    252176017.2
SELCODIS              SLCO EU       -21481214.33    175720770.8
SELCODIS              SLCO PZ       -21481214.33    175720770.8
SELCODIS              SPVX IX       -21481214.33    175720770.8
Selcodis              SPVX FP       -21481214.33    175720770.8
SELCODIS              SLCO EO       -21481214.33    175720770.8
SELCODIS              SLCO FP       -21481214.33    175720770.8
SOBIESKI              BVD PW        -23014977.87     1147851710
TECHNICOLOR           TMSGBX EO     -649203365.6     6191078453
TECHNICOLOR           TMS EU        -649203365.6     6191078453
TECHNICOLOR           TMSGBP EO     -649203365.6     6191078453
TECHNICOLOR           TMS BQ        -649203365.6     6191078453
TECHNICOLOR           TCH FP        -649203365.6     6191078453
TECHNICOLOR           TMS NQ        -649203365.6     6191078453
TECHNICOLOR           TMS EO        -649203365.6     6191078453
TECHNICOLOR           TMMLF US      -649203365.6     6191078453
TECHNICOLOR           TMS EB        -649203365.6     6191078453
TECHNICOLOR           TMS PZ        -649203365.6     6191078453
TECHNICOLOR           TMSUSD EO     -649203365.6     6191078453
TECHNICOLOR           TCH IX        -649203365.6     6191078453
TECHNICOLOR           TMM IX        -649203365.6     6191078453
TECHNICOLOR           TCH TQ        -649203365.6     6191078453
TECHNICOLOR           TCH NQ        -649203365.6     6191078453
TECHNICOLOR           TNM TH        -649203365.6     6191078453
TECHNICOLOR           TCH QM        -649203365.6     6191078453
TECHNICOLOR           TMSUSD EU     -649203365.6     6191078453
TECHNICOLOR           TNM GR        -649203365.6     6191078453
TECHNICOLOR           TMS GK        -649203365.6     6191078453
TECHNICOLOR           TMSGBX EU     -649203365.6     6191078453
TECHNICOLOR -RTS      TCHDS FP      -649203365.6     6191078453
TECHNICOLOR-ADR       TCH US        -649203365.6     6191078453
THOMSON - NEW         2336061Q FP   -649203365.6     6191078453
THOMSON - NEW         TMSNV FP      -649203365.6     6191078453
THOMSON (EX-TMM)      TNMA GR       -649203365.6     6191078453
THOMSON (EX-TMM)      TMS FP        -649203365.6     6191078453
THOMSON (EX-TMM)      TMM VX        -649203365.6     6191078453
THOMSON (EX-TMM)      TMM ES        -649203365.6     6191078453
THOMSON (EX-TMM)      TMS TQ        -649203365.6     6191078453
THOMSON (EX-TMM)      TMM LN        -649203365.6     6191078453
THOMSON (EX-TMM)      TMS QM        -649203365.6     6191078453
THOMSON (EX-TMM)      TMS VX        -649203365.6     6191078453
THOMSON (EX-TMM)      TMMN FP       -649203365.6     6191078453
THOMSON MULT-ADR      TMS-P US      -649203365.6     6191078453
THOMSON MULTIMED      TMM FP        -649203365.6     6191078453
THOMSON MULTI-NE      ZTM FP        -649203365.6     6191078453
TROUVAY CAUVIN        TVYCF US      -396977.9956    133986439.7
TROUVAY CAUVIN        ETEC FP       -396977.9956    133986439.7

DEVELICA DEUTSCH      DDE LN        -107879893.8     1235370057
DEVELICA DEUTSCH      D4B GR        -107879893.8     1235370057
DEVELICA DEUTSCH      DDE IX        -107879893.8     1235370057
DEVELICA DEUTSCH      DDE PZ        -107879893.8     1235370057
DEVELICA DEUTSCH      DDE PG        -107879893.8     1235370057
O TWELVE ESTATES      OTE EU        -7152968.898    297722697.4
O TWELVE ESTATES      OTE EO        -7152968.898    297722697.4
O TWELVE ESTATES      OTE LN        -7152968.898    297722697.4
O TWELVE ESTATES      OTE PG        -7152968.898    297722697.4
O TWELVE ESTATES      OTEEUR EO     -7152968.898    297722697.4
O TWELVE ESTATES      O2T TH        -7152968.898    297722697.4
O TWELVE ESTATES      OTE PZ        -7152968.898    297722697.4
O TWELVE ESTATES      OTE IX        -7152968.898    297722697.4
O TWELVE ESTATES      O2T GR        -7152968.898    297722697.4

AGOR AG               DOO GR        -482446.6262    144432986.2
AGOR AG               DOOD PZ       -482446.6262    144432986.2
AGOR AG               NDAGF US      -482446.6262    144432986.2
AGOR AG               DOOG IX       -482446.6262    144432986.2
AGOR AG               DOO EU        -482446.6262    144432986.2
AGOR AG               DOO EO        -482446.6262    144432986.2
AGOR AG-RTS           2301918Z GR   -482446.6262    144432986.2
ALNO AG               ANO EO        -101940692.7    236502063.1
ALNO AG               ANO EU        -101940692.7    236502063.1
ALNO AG               ANO GR        -101940692.7    236502063.1
ALNO AG               ANO PZ        -101940692.7    236502063.1
ALNO AG               ALNO IX       -101940692.7    236502063.1
ALNO AG-NEW           ANO1 GR       -101940692.7    236502063.1
ALNO AG-RTS           2259765Z GR   -101940692.7    236502063.1
BROKAT AG             BROFQ US      -27139391.98    143536859.7
BROKAT AG             BROAF US      -27139391.98    143536859.7
BROKAT AG             BKISF US      -27139391.98    143536859.7
BROKAT AG             BRKAF US      -27139391.98    143536859.7
BROKAT AG -NEW        BRJ1 NM       -27139391.98    143536859.7
BROKAT AG -NEW        BRJ1 GR       -27139391.98    143536859.7
BROKAT AG-ADR         BROA US       -27139391.98    143536859.7
BROKAT TECH -ADR      BROAQ US      -27139391.98    143536859.7
BROKAT TECH AG        BRJ NM        -27139391.98    143536859.7
BROKAT TECH AG        BSA LN        -27139391.98    143536859.7
BROKAT TECH AG        BRJ GR        -27139391.98    143536859.7
BROKAT TECH-ADR       BRJA GR       -27139391.98    143536859.7
CBB HOLDING AG        COB2 EO       -42994732.85    904723627.8
CBB HOLDING AG        CUBDF US      -42994732.85    904723627.8
CBB HOLDING AG        COB2 EU       -42994732.85    904723627.8
CBB HOLDING AG        COBG IX       -42994732.85    904723627.8
CBB HOLDING AG        COB GR        -42994732.85    904723627.8
CBB HOLDING AG        COBG PZ       -42994732.85    904723627.8
CBB HOLDING-NEW       COB3 GR       -42994732.85    904723627.8
CBB HOLDING-NEW       COB1 GR       -42994732.85    904723627.8
CBB HOLD-NEW 97       COB2 GR       -42994732.85    904723627.8
CINEMAXX AG           MXCUSD EU     -14445849.72    194465786.9
CINEMAXX AG           MXCG IX       -14445849.72    194465786.9
CINEMAXX AG           MXC EU        -14445849.72    194465786.9
CINEMAXX AG           MXC EO        -14445849.72    194465786.9
CINEMAXX AG           MXC PZ        -14445849.72    194465786.9
CINEMAXX AG           MXC TH        -14445849.72    194465786.9
CINEMAXX AG           MXCUSD EO     -14445849.72    194465786.9
CINEMAXX AG           CNEMF US      -14445849.72    194465786.9
CINEMAXX AG           MXC GR        -14445849.72    194465786.9
CINEMAXX AG-RTS       MXC8 GR       -14445849.72    194465786.9
COGNIS GMBH           575202Z GR     -1092037449     3081208210
COGNIS HOLDING G      635952Z GR     -1587896974     2850475613
DORT ACTIEN-BRAU      944167Q GR    -12689156.29    117537053.7
DORT ACTIEN-RTS       DAB8 GR       -12689156.29    117537053.7
EDOB ABWICKLUNGS      ESC EU        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC BQ        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC TQ        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESCDF US      -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC GR        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC PZ        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC TH        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC EO        -22323463.23    425598807.8
EM.TV & MERCHAND      ETV LN        -22067409.41    849175624.7
EM.TV & MERCHAND      985403Q GR    -22067409.41    849175624.7
EM.TV & MERCHAND      ETV VX        -22067409.41    849175624.7
EM.TV & MERCHAND      ETV NM        -22067409.41    849175624.7
EM.TV & MERCHAND      ETVMF US      -22067409.41    849175624.7
EM.TV & MERCHAND      EMTVF US      -22067409.41    849175624.7
EM.TV & MERC-NEW      ETV1 GR       -22067409.41    849175624.7
EM.TV & MERC-NEW      ETV1 NM       -22067409.41    849175624.7
EM.TV & MERC-RTS      ETV8 NM       -22067409.41    849175624.7
EM.TV & MERC-RTS      ETV8 GR       -22067409.41    849175624.7
ESCADA AG             ESCG IX       -22323463.23    425598807.8
ESCADA AG -PFD        ESC3 GR       -22323463.23    425598807.8
ESCADA AG-NEW         ESCN GR       -22323463.23    425598807.8
ESCADA AG-NEW         ESCC GR       -22323463.23    425598807.8
ESCADA AG-NEW         835345Q GR    -22323463.23    425598807.8
ESCADA AG-NEW         ESCD GR       -22323463.23    425598807.8
ESCADA AG-NEW         ESCN EU       -22323463.23    425598807.8
ESCADA AG-NEW         3069367Q GR   -22323463.23    425598807.8
ESCADA AG-NEW         ESCN EO       -22323463.23    425598807.8
ESCADA AG-RTS         ESCE GR       -22323463.23    425598807.8
ESCADA AG-SP ADR      ESCDY US      -22323463.23    425598807.8
KABEL DEUTSCHLAN      KD8 GR         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8USD EO      -1408286725     3144138917
KABEL DEUTSCHLAN      KD8USD EU      -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 EU         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 IX         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 TH         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 EB         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 EO         -1408286725     3144138917
KAUFRING AG           KFR PZ        -19296489.56    150995473.8
KAUFRING AG           KFR EU        -19296489.56    150995473.8
KAUFRING AG           KFR EO        -19296489.56    150995473.8
KAUFRING AG           KAUG IX       -19296489.56    150995473.8
KAUFRING AG           KFR GR        -19296489.56    150995473.8
LLOYD FONDS AG        LLOG IX        -1314098.03    141766952.6
LLOYD FONDS AG        L1O GR         -1314098.03    141766952.6
LLOYD FONDS AG        L1O EO         -1314098.03    141766952.6
LLOYD FONDS AG        L1O PZ         -1314098.03    141766952.6
LLOYD FONDS AG        L10 BQ         -1314098.03    141766952.6
LLOYD FONDS AG        L1O EU         -1314098.03    141766952.6
LLOYD FONDS AG        L1O TQ         -1314098.03    141766952.6
LLOYD FONDS AG        L1O TH         -1314098.03    141766952.6
MANIA TECHNOLOGI      MNI GR         -35060806.5    107465713.6
MANIA TECHNOLOGI      MIAVF US       -35060806.5    107465713.6
MANIA TECHNOLOGI      2260970Z GR    -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI1 EU        -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI1 EO        -35060806.5    107465713.6
MANIA TECHNOLOGI      MNIG IX        -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI PZ         -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI NM         -35060806.5    107465713.6
MATERNUS KLINI-N      MAK1 GR       -16232020.37      171958727
MATERNUS-KLINIKE      MAK EU        -16232020.37      171958727
MATERNUS-KLINIKE      MAK GR        -16232020.37      171958727
MATERNUS-KLINIKE      MAK EO        -16232020.37      171958727
MATERNUS-KLINIKE      MAK PZ        -16232020.37      171958727
MATERNUS-KLINIKE      MAKG IX       -16232020.37      171958727
MATERNUS-KLINIKE      MNUKF US      -16232020.37      171958727
NORDAG AG             DOO1 GR       -482446.6262    144432986.2
NORDAG AG-PFD         DOO3 GR       -482446.6262    144432986.2
NORDAG AG-RTS         DOO8 GR       -482446.6262    144432986.2
NORDSEE AG            533061Q GR    -8200552.046    194616922.6
PRIMACOM AG           PRC NM        -18656728.68    610380925.7
PRIMACOM AG           PRC2 GR       -18656728.68    610380925.7
PRIMACOM AG           PRCG PZ       -18656728.68    610380925.7
PRIMACOM AG           PRC GR        -18656728.68    610380925.7
PRIMACOM AG           PRC TH        -18656728.68    610380925.7
PRIMACOM AG           PRC EO        -18656728.68    610380925.7
PRIMACOM AG           PCAGF US      -18656728.68    610380925.7
PRIMACOM AG           PRC EU        -18656728.68    610380925.7
PRIMACOM AG           PRCG IX       -18656728.68    610380925.7
PRIMACOM AG-ADR       PCAG US       -18656728.68    610380925.7
PRIMACOM AG-ADR       PCAGY US      -18656728.68    610380925.7
PRIMACOM AG-ADR+      PCAG ES       -18656728.68    610380925.7
RAG ABWICKL-REG       RSTHF US      -1744121.914    217776125.8
RAG ABWICKL-REG       ROS GR        -1744121.914    217776125.8
RAG ABWICKL-REG       ROS1 EO       -1744121.914    217776125.8
RAG ABWICKL-REG       ROS1 EU       -1744121.914    217776125.8
RAG ABWICKL-REG       ROSG PZ       -1744121.914    217776125.8
RINOL AG              RILB EO            -2.7111    168095049.1
RINOL AG              RIL GR             -2.7111    168095049.1
RINOL AG              RILB EU            -2.7111    168095049.1
RINOL AG              RNLAF US           -2.7111    168095049.1
RINOL AG              RILB PZ            -2.7111    168095049.1
RINOL AG              RILB GR            -2.7111    168095049.1
RINOL AG              RILB IX            -2.7111    168095049.1
ROSENTHAL AG          2644179Q GR   -1744121.914    217776125.8
ROSENTHAL AG-ACC      ROS4 GR       -1744121.914    217776125.8
ROSENTHAL AG-ADR      RSTHY US      -1744121.914    217776125.8
ROSENTHAL AG-REG      ROSG IX       -1744121.914    217776125.8
SANDER (JIL) AG       SAD GR        -6153256.917    127546738.8
SANDER (JIL) AG       JLSDF US      -6153256.917    127546738.8
SANDER (JIL)-PRF      SAD3 PZ       -6153256.917    127546738.8
SANDER (JIL)-PRF      SAD3 GR       -6153256.917    127546738.8
SANDER (JIL)-PRF      2916157Q EU   -6153256.917    127546738.8
SANDER (JIL)-PRF      2916161Q EO   -6153256.917    127546738.8
SINNLEFFERS AG        WHG GR        -4491629.961    453887060.1
SPAR HANDELS-AG       SPHFF US      -442426199.5     1433020961
SPAR HANDELS-AG       773844Q GR    -442426199.5     1433020961
SPAR HAND-PFD NV      SPA3 GR       -442426199.5     1433020961
SPRINGER SCIENCE      648808Z GR    -610692611.7     3462165070
TA TRIUMPH-ACQ        TWNA GR       -124667889.5    375247226.8
TA TRIUMPH-ACQ        TWNA EU       -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN EO        -124667889.5    375247226.8
TA TRIUMPH-ADLER      TTZAF US      -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWNG IX       -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN GR        -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN EU        -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN PZ        -124667889.5    375247226.8
TA TRIUMPH-A-RTS      1018916Z GR   -124667889.5    375247226.8
TA TRIUMPH-NEW        TWN1 GR       -124667889.5    375247226.8
TA TRIUMPH-RT         TWN8 GR       -124667889.5    375247226.8
TA TRIUMPH-RTS        3158577Q GR   -124667889.5    375247226.8
TOM TAILOR HOLD       TTI GR        -97711555.56      358434780
TOM TAILOR HOLD       TTI EU        -97711555.56      358434780
TOM TAILOR HOLD       TTI EO        -97711555.56      358434780
TOM TAILOR HOLD       TTI TH        -97711555.56      358434780
VIVANCO GRUPPE        VVA GR        -22198683.12    111990951.4
VIVANCO GRUPPE        VIVGF US      -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 PZ       -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 EU       -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 GR       -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 EO       -22198683.12    111990951.4
VIVANCO GRUPPE        VVAG IX       -22198683.12    111990951.4

AG PETZETAKIS SA      PTZ1 GR       -53415175.25      227965558
AG PETZETAKIS SA      PETZK GA      -53415175.25      227965558
AG PETZETAKIS SA      PETZK EO      -53415175.25      227965558
AG PETZETAKIS SA      PTZ GR        -53415175.25      227965558
AG PETZETAKIS SA      PETZK EU      -53415175.25      227965558
AG PETZETAKIS SA      PETZK PZ      -53415175.25      227965558
AG PETZETAKIS SA      PZETF US      -53415175.25      227965558
ALTEC SA -AUCT        ALTECE GA     -48733007.42    131910486.6
ALTEC SA INFO         ALTEC EO      -48733007.42    131910486.6
ALTEC SA INFO         ALTEC GA      -48733007.42    131910486.6
ALTEC SA INFO         ATCQF US      -48733007.42    131910486.6
ALTEC SA INFO         ALTEC PZ      -48733007.42    131910486.6
ALTEC SA INFO         ALTEC EU      -48733007.42    131910486.6
ALTEC SA INFO         AXY GR        -48733007.42    131910486.6
ALTEC SA INFO-RT      ALTECR GA     -48733007.42    131910486.6
ALTEC SA INFO-RT      ALTED GA      -48733007.42    131910486.6
ASPIS PRONIA GE       ASASK GA      -189908329.1    896537349.7
ASPIS PRONIA GE       ASASK EO      -189908329.1    896537349.7
ASPIS PRONIA GE       ASASK PZ      -189908329.1    896537349.7
ASPIS PRONIA GE       ASASK EU      -189908329.1    896537349.7
ASPIS PRONIA GE       AISQF US      -189908329.1    896537349.7
ASPIS PRONIA -PF      ASAPR GA      -189908329.1    896537349.7
ASPIS PRONIA-PF       ASASP GA      -189908329.1    896537349.7
ASPIS PRONIA-PF       APGV GR       -189908329.1    896537349.7
ASPIS PRONIA-RT       ASASKR GA     -189908329.1    896537349.7
ASPIS PRONOIA GE      APG GR        -189908329.1    896537349.7
ASPIS PRONOIA GE      APGG IX       -189908329.1    896537349.7
ASPIS PRON-PF RT      ASASPR GA     -189908329.1    896537349.7
EMPEDOS SA            EMPED GA      -33637669.62    174742646.9
EMPEDOS SA-RTS        EMPEDR GA     -33637669.62    174742646.9
KOUMBAS INSUR-RT      KOUMD GA       -62534014.1    194685439.4
KOUMBAS RTS           KOUMR GA       -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUMF US       -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM PZ        -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM GA        -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM EO        -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM EU        -62534014.1    194685439.4
NAOUSSA SPIN -RT      NAOYD GA        -130380438    326934399.4
NAOUSSA SPIN-AUC      NAOYKE GA       -130380438    326934399.4
NAOUSSA SPINNING      NML1 GR         -130380438    326934399.4
NAOUSSA SPINNING      NML GR          -130380438    326934399.4
NAOUSSA SPIN-RTS      NAOYKR GA       -130380438    326934399.4
OASA ATHENS URBA      3485398Z GA    -1170161374     2292452052
PETZET - PFD-RTS      PETZPD GA     -53415175.25      227965558
PETZETAKIS - RTS      PETZKD GA     -53415175.25      227965558
PETZETAKIS-AUC        PETZKE GA     -53415175.25      227965558
PETZETAKIS-PFD        PETZP GA      -53415175.25      227965558
PETZETAKIS-PFD        PTZ3 GR       -53415175.25      227965558
RADIO KORASSIDIS      RKC GR        -100972173.9    244951680.3
RADIO KORASSIDIS      RAKOF US      -100972173.9    244951680.3
RADIO KORASSIDIS      KORA GA       -100972173.9    244951680.3
RADIO KORASSI-RT      KORAD GA      -100972173.9    244951680.3
RADIO KORASS-RTS      KORAR GA      -100972173.9    244951680.3
THEMELIODOMI          THEME GA      -55751178.85    232036822.6
THEMELIODOMI-AUC      THEMEE GA     -55751178.85    232036822.6
THEMELIODOMI-RTS      THEMED GA     -55751178.85    232036822.6
THEMELIODOMI-RTS      THEMER GA     -55751178.85    232036822.6
UNITED TEXTILES       NAOSF US        -130380438    326934399.4
UNITED TEXTILES       NAOYK GA        -130380438    326934399.4
UNITED TEXTILES       UTEX GA         -130380438    326934399.4
UNITED TEXTILES       UTEX EO         -130380438    326934399.4
UNITED TEXTILES       UTEX EU         -130380438    326934399.4
UNITED TEXTILES       UTEX PZ         -130380438    326934399.4

HUNGARIAN TELEPH      HUGC IX          -73724000      827192000
HUNGARIAN TELEPH      HUC EX           -73724000      827192000
HUNGARIAN TELEPH      HUC GR           -73724000      827192000
INVITEL HOLD-ADR      0IN GR           -73724000      827192000
INVITEL HOLD-ADR      INVHY US         -73724000      827192000
INVITEL HOLD-ADR      IHO US           -73724000      827192000
INVITEL HOLDINGS      3212873Z HB      -73724000      827192000
IPK OSIJEK DD OS      IPKORA CZ     -32978857.72    151587609.9
MAGMA DD              MGMARA CZ     -764475.9867    141322122.7
MALEV LTD             MALEV HB       -75737819.4    251668964.4
OT OPTIMA TELEKO      2299892Z CZ      -48565065    119632635.5
OT-OPTIMA TELEKO      OPTERA CZ        -48565065    119632635.5
VUPIK DD              VPIKRA CZ     -8496797.693      124051827

AVION GROUP           B1Q GR          -223780352     2277882368
EIMSKIPAFELAG HF      HFEIMEUR EO     -223780352     2277882368
EIMSKIPAFELAG HF      HFEIMEUR EU     -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM EO        -223780352     2277882368
EIMSKIPAFELAG HF      AVION IR        -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM EU        -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM IR        -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM PZ        -223780352     2277882368

BOUNDARY CAPITAL      BCP LN        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP IX        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP ID        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 EU       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 PG       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 EO       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCPI IX       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCM GR        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 PZ       -10192301.85    119787800.5
IBERBOND 2004 PL      3485334Z ID   -774220.0848    539890478.9
JAMES HARDIE IND      HAH NZ          -117900000     2178800128
JAMES HARDIE IND      HAH AU          -117900000     2178800128
JAMES HARDIE IND      600241Q GR      -117900000     2178800128
JAMES HARDIE IND      726824Z NA      -117900000     2178800128
JAMES HARDIE NV       JHXCC AU        -117900000     2178800128
JAMES HARDIE-ADR      JHINY US        -117900000     2178800128
JAMES HARDIE-ADR      JHX US          -117900000     2178800128
JAMES HARDIE-CDI      JHX AU          -117900000     2178800128
JAMES HARDIE-CDI      JHIUF US        -117900000     2178800128
JAMES HARDIE-CDI      JHA GR          -117900000     2178800128
JAMES HARDIE-CDI      JHA TH          -117900000     2178800128
MCINERNEY HLDGS       MCI VX        -132691148.8    374303706.5
MCINERNEY HLDGS       MCI ID        -132691148.8    374303706.5
MCINERNEY HLDGS       MCI LN        -132691148.8    374303706.5
MCINERNEY HLDGS       MCIGBX EO     -132691148.8    374303706.5
MCINERNEY HLDGS       MCIGBP EO     -132691148.8    374303706.5
MCINERNEY HLDGS       MCI PO        -132691148.8    374303706.5
MCINERNEY HLDGS       MCII IX       -132691148.8    374303706.5
MCINERNEY HLDGS       MK9 GR        -132691148.8    374303706.5
MCINERNEY HLDGS       MCIGBX EU     -132691148.8    374303706.5
MCINERNEY HLDGS       MK9C PZ       -132691148.8    374303706.5
MCINERNEY HLDGS       MCI EO        -132691148.8    374303706.5
MCINERNEY HLDGS       MCI IX        -132691148.8    374303706.5
MCINERNEY HLDGS       MK9 PO        -132691148.8    374303706.5
MCINERNEY HLDGS       MNEYF US      -132691148.8    374303706.5
MCINERNEY HLDGS       MCI EU        -132691148.8    374303706.5
MCINERNEY PROP-A      MYP LN        -132691148.8    374303706.5
MCINERNEY PROP-A      MYP ID        -132691148.8    374303706.5
MCINERNEY PROP-A      MCIYF US      -132691148.8    374303706.5
MCINERNEY -RT FP      MCIF ID       -132691148.8    374303706.5
MCINERNEY -RT FP      MCIF LN       -132691148.8    374303706.5
MCINERNEY -RT NP      MCIN ID       -132691148.8    374303706.5
MCINERNEY -RT NP      MCIN LN       -132691148.8    374303706.5
MCINERNEY-ADR         MNEYY US      -132691148.8    374303706.5
PAYZONE PLC           PAYZ PG       -138030903.2    510010035.3
PAYZONE PLC           PAYZ EU       -138030903.2    510010035.3
PAYZONE PLC           4P6 GR        -138030903.2    510010035.3
PAYZONE PLC           PAYZ IX       -138030903.2    510010035.3
PAYZONE PLC           PAYZ LN       -138030903.2    510010035.3
PAYZONE PLC           PAYZ PZ       -138030903.2    510010035.3
PAYZONE PLC           PAYZ EO       -138030903.2    510010035.3
WATERFORD - RTS       WWWA GR       -505729895.2      820803256
WATERFORD - RTS       508523Q LN    -505729895.2      820803256
WATERFORD - RTS       WWWB ID       -505729895.2      820803256
WATERFORD - RTS       508519Q LN    -505729895.2      820803256
WATERFORD - RTS       WWWB GR       -505729895.2      820803256
WATERFORD - RTS       WWWA ID       -505729895.2      820803256
WATERFORD W-ADR       WATWY US      -505729895.2      820803256
WATERFORD WDGEWD      WATWF US      -505729895.2      820803256
WATERFORD WDGEWD      WATFF US      -505729895.2      820803256
WATERFORD WED-RT      WWWC GR       -505729895.2      820803256
WATERFORD WED-RT      WTFR LN       -505729895.2      820803256
WATERFORD WED-RT      WWWD GR       -505729895.2      820803256
WATERFORD WED-RT      WWWC ID       -505729895.2      820803256
WATERFORD WED-RT      586556Q LN    -505729895.2      820803256
WATERFORD WED-RT      WWWD ID       -505729895.2      820803256
WATERFORD WED-RT      586552Q LN    -505729895.2      820803256
WATERFORD WED-UT      WTFU EO       -505729895.2      820803256
WATERFORD WED-UT      WTFU VX       -505729895.2      820803256
WATERFORD WED-UT      WTFU LN       -505729895.2      820803256
WATERFORD WED-UT      WWW GR        -505729895.2      820803256
WATERFORD WED-UT      WTFUGBX EO    -505729895.2      820803256
WATERFORD WED-UT      WWWD PZ       -505729895.2      820803256
WATERFORD WED-UT      WTFU EU       -505729895.2      820803256
WATERFORD WED-UT      WTFU PO       -505729895.2      820803256
WATERFORD WED-UT      WWW PO        -505729895.2      820803256
WATERFORD WED-UT      WTFU ID       -505729895.2      820803256
WATERFORD WED-UT      WTFU IX       -505729895.2      820803256
WATERFORD WED-UT      WTFUGBX EU    -505729895.2      820803256
WATERFORD WE-RTS      WTFN ID       -505729895.2      820803256
WATERFORD WE-RTS      WTFF LN       -505729895.2      820803256
WATERFORD WE-RTS      WTFN VX       -505729895.2      820803256
WATERFORD WE-RTS      WTFN LN       -505729895.2      820803256
WATERFORD WE-RTS      WTFF ID       -505729895.2      820803256
WATERFORD-ADR UT      WATFZ US      -505729895.2      820803256
WATERFORD-ADR UT      WFWA GR       -505729895.2      820803256
WATERFORD-SUB         3001875Z ID   -505729895.2      820803256

AEDES AXA+W           AEAXAW IM     -24405906.61     1350851664
AEDES SPA             AEDSF US      -24405906.61     1350851664
AEDES SPA             AE IM         -24405906.61     1350851664
AEDES SPA             AE PZ         -24405906.61     1350851664
AEDES SPA             AE EU         -24405906.61     1350851664
AEDES SPA             LLB GR        -24405906.61     1350851664
AEDES SPA             AE EO         -24405906.61     1350851664
AEDES SPA             AE TQ         -24405906.61     1350851664
AEDES SPA             AEDI IX       -24405906.61     1350851664
AEDES SPA RNC         AEDE IM       -24405906.61     1350851664
AEDES SPA-OPA         AEDROP IM     -24405906.61     1350851664
AEDES SPA-OPA         AEOPA IM      -24405906.61     1350851664
AEDES SPA-RTS         AESA IM       -24405906.61     1350851664
AEDES SPA-RTS         AEAA IM       -24405906.61     1350851664
AEDES SPA-SVGS R      AEDRAA IM     -24405906.61     1350851664
BINDA SPA             BNDAF US      -11146475.29    128859802.9
BINDA SPA             BND IM        -11146475.29    128859802.9
BIOERA                B2A GR        -6731364.698    131141946.1
BIOERA                BIE EU        -6731364.698    131141946.1
BIOERA                BIE IM        -6731364.698    131141946.1
BIOERA                BIE1 IX       -6731364.698    131141946.1
BIOERA                BIE EO        -6731364.698    131141946.1
BIOERA                BIE1 PZ       -6731364.698    131141946.1
BROGGI IZAR FABB      BIF IM        -178432.4639    134255668.5
CART SOTTRI-BIND      DEM IM        -11146475.29    128859802.9
CIRIO FINANZIARI      FIY GR        -422095869.5     1583083044
CIRIO FINANZIARI      CRO IM        -422095869.5     1583083044
COIN SPA              GUCIF US      -154057608.3    800526929.5
COIN SPA              GC IX         -154057608.3    800526929.5
COIN SPA              965089Q GR    -154057608.3    800526929.5
COIN SPA/OLD          GC IM         -154057608.3    800526929.5
COIN SPA-RTS          GCAA IM       -154057608.3    800526929.5
COMPAGNIA ITALIA      ICT IM        -137726596.3    527372691.4
COMPAGNIA ITALIA      CGLUF US      -137726596.3    527372691.4
COMPAGNIA ITALIA      CITU IX       -137726596.3    527372691.4
CORNELL BHN           BY EU         -178432.4639    134255668.5
CORNELL BHN           INN IM        -178432.4639    134255668.5
CORNELL BHN           BY EO         -178432.4639    134255668.5
CORNELL BHN           CBX IM        -178432.4639    134255668.5
CORNELL BHN           INO1 IX       -178432.4639    134255668.5
CREDITO FONDIARI      CRF IM        -200209050.3     4213063202
CREDITO FOND-RTS      CRFSA IM      -200209050.3     4213063202
ELIOS HOLDING         EH IM         -178432.4639    134255668.5
ELIOS HOLDING-NE      EH00 IM       -178432.4639    134255668.5
ELIOS HOLDING-RT      EHAA IM       -178432.4639    134255668.5
ELIOS SPA             EHM IM        -178432.4639    134255668.5
EUROFLY SPA           EEZ IX        -4509742.055      181807336
EUROFLY SPA -RTS      EEZAXA IM     -4509742.055      181807336
EUROFLY SPA-RTS       EURAXA IM     -4509742.055      181807336
I VIAGGI DEL VEN      VVE IM        -194331003.9      255327730
I VIAGGI DEL VEN      VVE EU        -194331003.9      255327730
I VIAGGI DEL VEN      VVE TQ        -194331003.9      255327730
I VIAGGI DEL VEN      VVE PZ        -194331003.9      255327730
I VIAGGI DEL VEN      VVE IX        -194331003.9      255327730
I VIAGGI DEL VEN      VVE EO        -194331003.9      255327730
I VIAGGI DEL VEN      IV7 GR        -194331003.9      255327730
I VIAGGI DEL VEN      IVGIF US      -194331003.9      255327730
I VIAGGI-RTS          VVEAA IM      -194331003.9      255327730
INNOTECH SPA          ELIOF US      -178432.4639    134255668.5
MERIDIANA FLY         E7N GR        -4509742.055      181807336
MERIDIANA FLY         MEF IM        -4509742.055      181807336
MERIDIANA FLY         EEZ TQ        -4509742.055      181807336
MERIDIANA FLY         EEZ PZ        -4509742.055      181807336
MERIDIANA FLY         EEZ EO        -4509742.055      181807336
MERIDIANA FLY         EFLYF US      -4509742.055      181807336
MERIDIANA FLY         EEZ EU        -4509742.055      181807336
OLCESE SPA            O IM          -12846689.89    179691572.8
OLCESE SPA-RTS        OAA IM        -12846689.89    179691572.8
OLCESE VENEZIANO      OLVE IM       -12846689.89    179691572.8
OMNIA NETWORK SP      ONT EO         -47468652.4    322390901.7
OMNIA NETWORK SP      ONT EU         -47468652.4    322390901.7
OMNIA NETWORK SP      ONT PZ         -47468652.4    322390901.7
OMNIA NETWORK SP      ONTI IX        -47468652.4    322390901.7
OMNIA NETWORK SP      ONT TQ         -47468652.4    322390901.7
OMNIA NETWORK SP      ONT IM         -47468652.4    322390901.7
PARMALAT FINANZI      FICN AV       -18419390029     4120687886
PARMALAT FINANZI      PRFI VX       -18419390029     4120687886
PARMALAT FINANZI      PAF GR        -18419390029     4120687886
PARMALAT FINANZI      PRF IM        -18419390029     4120687886
PARMALAT FINANZI      PARAF US      -18419390029     4120687886
PARMALAT FINANZI      PMT LI        -18419390029     4120687886
PARMALAT FINANZI      PMLFF US      -18419390029     4120687886
PARMALAT FINA-RT      PRFR AV       -18419390029     4120687886
RISANAMEN-RNC OP      RNROPA IM     -165887753.7     4800733024
RISANAMENTO NAPO      RN5 GR        -165887753.7     4800733024
RISANAMENTO -OPA      RNOPA IM      -165887753.7     4800733024
RISANAMENTO -RNC      RNR IM        -165887753.7     4800733024
RISANAMENTO SPA       RN TQ         -165887753.7     4800733024
RISANAMENTO SPA       RNGBX EO      -165887753.7     4800733024
RISANAMENTO SPA       RNGBP EO      -165887753.7     4800733024
RISANAMENTO SPA       RNGBX EU      -165887753.7     4800733024
RISANAMENTO SPA       RN EO         -165887753.7     4800733024
RISANAMENTO SPA       RN IX         -165887753.7     4800733024
RISANAMENTO SPA       RN IM         -165887753.7     4800733024
RISANAMENTO SPA       RSMNF US      -165887753.7     4800733024
RISANAMENTO SPA       RN PZ         -165887753.7     4800733024
RISANAMENTO SPA       RN EU         -165887753.7     4800733024
RISANAMENTO-RTS       RNAA IM       -165887753.7     4800733024
SNIA BPD              SN GR         -141933883.9    150445252.4
SNIA BPD-ADR          SBPDY US      -141933883.9    150445252.4
SNIA SPA              SNIXF US      -141933883.9    150445252.4
SNIA SPA              SN EU         -141933883.9    150445252.4
SNIA SPA              SNIA GR       -141933883.9    150445252.4
SNIA SPA              SN TQ         -141933883.9    150445252.4
SNIA SPA              SSMLF US      -141933883.9    150445252.4
SNIA SPA              SIAI PZ       -141933883.9    150445252.4
SNIA SPA              SBPDF US      -141933883.9    150445252.4
SNIA SPA              SN IM         -141933883.9    150445252.4
SNIA SPA              SN EO         -141933883.9    150445252.4
SNIA SPA              SIAI IX       -141933883.9    150445252.4
SNIA SPA              SNIB GR       -141933883.9    150445252.4
SNIA SPA - RTS        SNAAW IM      -141933883.9    150445252.4
SNIA SPA- RTS         SNAXW IM      -141933883.9    150445252.4
SNIA SPA-2003 SH      SN03 IM       -141933883.9    150445252.4
SNIA SPA-CONV SA      SPBDF US      -141933883.9    150445252.4
SNIA SPA-DRC          SNR00 IM      -141933883.9    150445252.4
SNIA SPA-NEW          SN00 IM       -141933883.9    150445252.4
SNIA SPA-NON CON      SPBNF US      -141933883.9    150445252.4
SNIA SPA-RCV          SNR IM        -141933883.9    150445252.4
SNIA SPA-RCV          SNIVF US      -141933883.9    150445252.4
SNIA SPA-RIGHTS       SNAW IM       -141933883.9    150445252.4
SNIA SPA-RNC          SNIWF US      -141933883.9    150445252.4
SNIA SPA-RNC          SNRNC IM      -141933883.9    150445252.4
SNIA SPA-RTS          SNSO IM       -141933883.9    150445252.4
SNIA SPA-RTS          SNAA IM       -141933883.9    150445252.4
SOCOTHERM SPA         SCT IM        -161739278.5    398222827.1
SOCOTHERM SPA         SCTI PZ       -161739278.5    398222827.1
SOCOTHERM SPA         SCT EO        -161739278.5    398222827.1
SOCOTHERM SPA         SCT EU        -161739278.5    398222827.1
SOCOTHERM SPA         SCTM IX       -161739278.5    398222827.1
SOCOTHERM SPA         SOCEF US      -161739278.5    398222827.1
SOCOTHERM SPA         SCT TQ        -161739278.5    398222827.1
TAS TECNOLOGIA        TAS EO        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS IM        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS NM        -405622.1721    172796509.7
TAS TECNOLOGIA        TAQ GR        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS EU        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS TQ        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS PZ        -405622.1721    172796509.7
TECNODIFF ITALIA      TEF GR        -89894162.82    152045757.5
TECNODIFF ITALIA      TDIFF US      -89894162.82    152045757.5
TECNODIFF ITALIA      TDI IM        -89894162.82    152045757.5
TECNODIFF ITALIA      TDI NM        -89894162.82    152045757.5
TECNODIFF-RTS         TDIAOW NM     -89894162.82    152045757.5
TECNODIFFUSIONE       TDIAAW IM     -89894162.82    152045757.5
TISCALI - RTS         TIQA GR       -91679652.81    569172229.5
TISCALI - RTS         TISAAW IM     -91679652.81    569172229.5
TISCALI SPA           TIQG IX       -91679652.81    569172229.5
TISCALI SPA           TISN VX       -91679652.81    569172229.5
TISCALI SPA           TISGBX EU     -91679652.81    569172229.5
TISCALI SPA           TIS EU        -91679652.81    569172229.5
TISCALI SPA           TSCXF US      -91679652.81    569172229.5
TISCALI SPA           TIS IX        -91679652.81    569172229.5
TISCALI SPA           TISN IM       -91679652.81    569172229.5
TISCALI SPA           TIS FP        -91679652.81    569172229.5
TISCALI SPA           TIS EB        -91679652.81    569172229.5
TISCALI SPA           TIS TQ        -91679652.81    569172229.5
TISCALI SPA           TIS NQ        -91679652.81    569172229.5
TISCALI SPA           TIS VX        -91679652.81    569172229.5
TISCALI SPA           TISN NA       -91679652.81    569172229.5
TISCALI SPA           TIS EO        -91679652.81    569172229.5
TISCALI SPA           TIS NA        -91679652.81    569172229.5
TISCALI SPA           TIQ1 GR       -91679652.81    569172229.5
TISCALI SPA           TISN IX       -91679652.81    569172229.5
TISCALI SPA           TISGBX EO     -91679652.81    569172229.5
TISCALI SPA           TISGBP EO     -91679652.81    569172229.5
TISCALI SPA           TISN FP       -91679652.81    569172229.5
TISCALI SPA           TIS IM        -91679652.81    569172229.5
TISCALI SPA           TIS PZ        -91679652.81    569172229.5
TISCALI SPA           TIS NR        -91679652.81    569172229.5
TISCALI SPA           TIQ GR        -91679652.81    569172229.5
TISCALI SPA- RTS      TISAXA IM     -91679652.81    569172229.5
TISCALI SPA- RTS      3391621Q GR   -91679652.81    569172229.5
YORKVILLE BHN         BY TQ         -178432.4639    134255668.5
YORKVILLE BHN         CBXI PZ       -178432.4639    134255668.5
YORKVILLE BHN         BY IM         -178432.4639    134255668.5
REAL ESTATE OP-O      REO VX        -145048365.8     2933767507
REAL ESTATE OP-O      REO EO        -145048365.8     2933767507
REAL ESTATE OP-O      REO PZ        -145048365.8     2933767507
REAL ESTATE OP-O      REO ID        -145048365.8     2933767507
REAL ESTATE OP-O      REO EU        -145048365.8     2933767507
REAL ESTATE OP-O      REO IX        -145048365.8     2933767507
REAL ESTATE OP-O      REOGBP EO     -145048365.8     2933767507
REAL ESTATE OP-O      REA GR        -145048365.8     2933767507
REAL ESTATE OP-O      REO LN        -145048365.8     2933767507
CARRIER1 INT-AD+      CONE ES          -94729000      472360992
CARRIER1 INT-ADR      CONEQ US         -94729000      472360992
CARRIER1 INT-ADR      CONEE US         -94729000      472360992
CARRIER1 INT-ADR      CONE US          -94729000      472360992
CARRIER1 INTL         CJN NM           -94729000      472360992
CARRIER1 INTL         CJN GR           -94729000      472360992
CARRIER1 INTL         CJNA GR          -94729000      472360992
CARRIER1 INTL SA      CONEF US         -94729000      472360992
CARRIER1 INTL SA      1253Z SW         -94729000      472360992
INTELSAT              ILMA GR         -325921984    17266143232
INTELSAT SA           2237Z US        -325921984    17266143232
BAAN CO NV-ASSEN      BAANA NA      -7854741.409    609871188.9
BAAN COMPANY NV       BAAN PZ       -7854741.409    609871188.9
BAAN COMPANY NV       BNCG IX       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN NA       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN EO       -7854741.409    609871188.9
BAAN COMPANY NV       BAAVF US      -7854741.409    609871188.9
BAAN COMPANY NV       BAAN GR       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN IX       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN EU       -7854741.409    609871188.9
BAAN COMPANY-NY       BAANF US      -7854741.409    609871188.9
CEVA GROUP PLC        976811Z NA    -310987042.7     5613530996
LIBERTY GL EU-A       UPC NA         -5505478850     5112616630
UNITED PAN -ADR       UPEA GR        -5505478850     5112616630
UNITED PAN-A ADR      UPCOY US       -5505478850     5112616630
UNITED PAN-EUR-A      UPC LI         -5505478850     5112616630
UNITED PAN-EUR-A      UPC LN         -5505478850     5112616630
UNITED PAN-EUROP      UPE1 GR        -5505478850     5112616630
UNITED PAN-EUROP      UPE GR         -5505478850     5112616630
UNITED PAN-EUROP      UPCEF US       -5505478850     5112616630
UNITED PAN-EUROP      UPC VX         -5505478850     5112616630
UNITED PAN-EUROP      UPCOF US       -5505478850     5112616630
INTEROIL EXPLORA      IROIF US         -48022000      186064000
INTEROIL EXPLORA      INOX NO          -48022000      186064000
INTEROIL EXPLORA      IOX PZ           -48022000      186064000
INTEROIL EXPLORA      IOXUSD EU        -48022000      186064000
INTEROIL EXPLORA      IOXEUR EO        -48022000      186064000
INTEROIL EXPLORA      IOXUSD EO        -48022000      186064000
INTEROIL EXPLORA      IOX NO           -48022000      186064000
INTEROIL EXPLORA      IOX EO           -48022000      186064000
INTEROIL EXPLORA      IOX BY           -48022000      186064000
INTEROIL EXPLORA      IOX IX           -48022000      186064000
INTEROIL EXPLORA      IOXEUR EU        -48022000      186064000
INTEROIL EXPLORA      IOX EU           -48022000      186064000
PETRO GEO-SERV        265143Q NO    -18066142.21    399710323.6
PETRO GEO-SERV        PGS GR        -18066142.21    399710323.6
PETRO GEO-SERV        PGS VX        -18066142.21    399710323.6
PETRO GEO-SERV-N      PGSN NO       -18066142.21    399710323.6
PETRO GEO-SV-ADR      PGSA GR       -18066142.21    399710323.6
PETRO GEO-SV-ADR      PGOGY US      -18066142.21    399710323.6
PETROJACK AS          JACK EO          -54932000      191586000
PETROJACK AS          POJKF US         -54932000      191586000
PETROJACK AS          P3J GR           -54932000      191586000
PETROJACK AS          JACK PZ          -54932000      191586000
PETROJACK AS          JACKEUR EU       -54932000      191586000
PETROJACK AS          JACK EU          -54932000      191586000
PETROJACK AS          JACK BY          -54932000      191586000
PETROJACK AS          JACKEUR EO       -54932000      191586000
PETROJACK AS          JACK NO          -54932000      191586000
PETROJACK AS          JACO IX          -54932000      191586000
KROSNO                KRS1EUR EU    -2241614.766    111838141.2
KROSNO                KRS1EUR EO    -2241614.766    111838141.2
KROSNO                KRS PW        -2241614.766    111838141.2
KROSNO                KRS LI        -2241614.766    111838141.2
KROSNO                KROS IX       -2241614.766    111838141.2
KROSNO SA             KRS1 EO       -2241614.766    111838141.2
KROSNO SA             KRS1 EU       -2241614.766    111838141.2
KROSNO SA             KRS PZ        -2241614.766    111838141.2
KROSNO SA             KRNFF US      -2241614.766    111838141.2
KROSNO SA             KROSNO PW     -2241614.766    111838141.2
KROSNO SA-RTS         KRSP PW       -2241614.766    111838141.2
KROSNO-PDA-ALLT       KRSA PW       -2241614.766    111838141.2
TOORA                 TOR PZ        -288818.3897    147004954.2
TOORA                 2916665Q EU   -288818.3897    147004954.2
TOORA                 2916661Q EO   -288818.3897    147004954.2
TOORA                 TOR PW        -288818.3897    147004954.2
TOORA-ALLOT CERT      TORA PW       -288818.3897    147004954.2
CARRIS FERRO DE       3482366Z PL   -854280773.4    252500907.6
COFINA                COFI PL       -4067307.986    329785890.1
COFINA                COFSI IX      -4067307.986    329785890.1
COFINA                CFASF US      -4067307.986    329785890.1
COFINA SGPS SA        CFNX PX       -4067307.986    329785890.1
COFINA SGPS SA        COFI TQ       -4067307.986    329785890.1
COFINA SGPS SA        COFI EU       -4067307.986    329785890.1
COFINA SGPS SA        CFN1 PZ       -4067307.986    329785890.1
COFINA SGPS SA        CFN PL        -4067307.986    329785890.1
COFINA SGPS SA        COFI EO       -4067307.986    329785890.1
CP - COMBOIOS DE      1005Z PL       -2809601115     1890209624
PORCELANA VISTA       PVAL PL       -64841467.39    140647736.3
REFER-REDE FERRO      1250Z PL       -1611845937     2225160725
SOCIEDADE DE TRA      1253Z PL      -382109074.2    119848180.8
SPORTING-SOC DES      SCP1 PZ       -22452984.49    177676573.7
SPORTING-SOC DES      SCP PL        -22452984.49    177676573.7
SPORTING-SOC DES      SCG GR        -22452984.49    177676573.7
SPORTING-SOC DES      SCDF EO       -22452984.49    177676573.7
SPORTING-SOC DES      SCPX PX       -22452984.49    177676573.7
SPORTING-SOC DES      SCPL IX       -22452984.49    177676573.7
SPORTING-SOC DES      SCDF PL       -22452984.49    177676573.7
SPORTING-SOC DES      SCDF EU       -22452984.49    177676573.7
TAP SGPS              TAP PL        -239565845.5     3126533533
VAA VISTA ALEGRE      VAF PZ        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAF PL        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAF EO        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAF EU        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAFX PX       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK PL       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK EU       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK EO       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFKX PX      -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK PZ       -64841467.39    140647736.3

OLTCHIM RM VALCE      OLT PZ        -89344235.29    511515508.8
OLTCHIM RM VALCE      OLTCF US      -89344235.29    511515508.8
OLTCHIM RM VALCE      OLTEUR EO     -89344235.29    511515508.8
OLTCHIM RM VALCE      OLT EO        -89344235.29    511515508.8
OLTCHIM RM VALCE      OLT RO        -89344235.29    511515508.8
OLTCHIM RM VALCE      OLTEUR EU     -89344235.29    511515508.8
OLTCHIM RM VALCE      OLT EU        -89344235.29    511515508.8
RAFO SA               RAF RO        -457922636.3    356796459.3
UZINELE SODICE G      UZIM RO       -62313938.86    107275526.8

AMUR SHIP-BRD         AMZS* RU      -137530791.8    945775662.6
AMUR SHIP-BRD         AMZS RU       -137530791.8    945775662.6
DAGESTAN ENERGY       DASB RM       -23504511.21      181781762
DAGESTAN ENERGY       DASB RU       -23504511.21      181781762
DAGESTAN ENERGY       DASB* RU      -23504511.21      181781762
FINANCIAL LEASIN      137282Z RU    -45555537.68    466377160.5
FINANCIAL LEASIN      FLKO RM       -45555537.68    466377160.5
FINANCIAL LE-BRD      FLKO RU       -45555537.68    466377160.5
FINANCIAL LE-BRD      FLKO* RU      -45555537.68    466377160.5
GAZ-FINANS            GAZF RU       -56134.51262    232319905.4
GLOBEX-FINANS         OSOLC RU       -2727106.54    130285030.8
KOMPANIYA GL-BRD      GMST* RU       -24995189.6     1208685689
KOMPANIYA GL-BRD      GMST RU        -24995189.6     1208685689
MIAN-DEVELOPMENT      MAEQY RU      -695445.1747      424399991
MIG-FINANS            MIGF RU       -3698157.596    135166236.6
PARNAS-M              PRSM RU       -138592.4742    127637318.8
RK-GAZSETSERVIS       RKGS RU       -54665229.61    153223493.4
SEVKABEL-FINANS       SVKF RU       -83036.46173    102680373.6
TERNEYLES-BRD         TERL RU       -11828435.57    197558375.8
TERNEYLES-BRD         TERL* RU      -11828435.57    197558375.8
TRANSAERO AIRLIN      TRNS RU       -21542426.88     1094294837
TRANSAERO AIRLIN      TRNS* RU      -21542426.88     1094294837
VOLGOGRAD KHIM        VHIM* RU      -22920234.24    142367839.8
VOLGOGRAD KHIM        VHIM RU       -22920234.24    142367839.8
ZAPSIBGASP-Q PFD      ZSGPP$ RU      -1248066.61    125676622.6
ZAPSIBGASPRO-BRD      ZSGP RU        -1248066.61    125676622.6
ZAPSIBGASPRO-BRD      ZSGP* RU       -1248066.61    125676622.6
ZAPSIBGASPROM-B       ZSGP$ RU       -1248066.61    125676622.6
ZAPSIBGASPRO-PFD      ZSGPP* RU      -1248066.61    125676622.6
ZAPSIBGASPRO-PFD      ZSGPP RU       -1248066.61    125676622.6

DUVANSKA              DIVR SG       -32792314.86    122255596.4
IMK 14 OKTOBAR A      IMKO SG       -5175836.416    110102264.2
PINKI AD              PNKI SG       -36537862.34      120707518
ZASTAVA AUTOMOBI      ZAKG SG       -396504649.1    174692011.1

ACTUACIONES ACTI      AGR SM        -231062375.2    529525187.2
AGRUPACIO - RT        AGR/D SM      -231062375.2    529525187.2
AMADEUS IT HOLDI      AMS3 EB       -397888596.9     7970850431
AMADEUS IT HOLDI      AMS SM        -397888596.9     7970850431
AMADEUS IT HOLDI      AI3A GR       -397888596.9     7970850431
AMADEUS IT HOLDI      AMS3 EO       -397888596.9     7970850431
AMADEUS IT HOLDI      AI3A TH       -397888596.9     7970850431
AMADEUS IT HOLDI      AMS IX        -397888596.9     7970850431
AMCI HABITAT SA       AMC1 EU       -24580874.45    194758143.4
AMCI HABITAT SA       AMC SM        -24580874.45    194758143.4
AMCI HABITAT SA       AMC3 EO       -24580874.45    194758143.4
CAJA DE AHORROS       929362Z SM    -361326816.2    37311046644
FERGO AISA -RTS       AISA/D SM     -231062375.2    529525187.2
FERGO AISA SA         AISA EO       -231062375.2    529525187.2
FERGO AISA SA         AISA SM       -231062375.2    529525187.2
FERGO AISA SA         AISA PZ       -231062375.2    529525187.2
FERGO AISA SA         AISA EU       -231062375.2    529525187.2
INBESOS SA            NYE TQ         -68174952.1    813033334.5
INBESOS SA            BESS PZ        -68174952.1    813033334.5
INBESOS SA            NYE SM         -68174952.1    813033334.5
INBESOS SA            NYE EU         -68174952.1    813033334.5
INBESOS SA            NYE EO         -68174952.1    813033334.5
MARTINSA FADESA       4PU GR         -1929870022     7764140388
MARTINSA FADESA       MTF EU         -1929870022     7764140388
MARTINSA FADESA       MTF SM         -1929870022     7764140388
MARTINSA FADESA       MFAD PZ        -1929870022     7764140388
MARTINSA FADESA       MTF EO         -1929870022     7764140388
MARTINSA FADESA       MTF1 LI        -1929870022     7764140388
MARTINSA-FADESA       MTF NR         -1929870022     7764140388
NYESA VALORES CO      BES EU         -68174952.1    813033334.5
NYESA VALORES CO      BES TQ         -68174952.1    813033334.5
NYESA VALORES CO      BES SM         -68174952.1    813033334.5
NYESA VALORES CO      BES EO         -68174952.1    813033334.5

ALLOKTON AB           ALOKB SS      -81949466.05    495641682.4
NOBINA                1099Z SS      -13023225.28    483974246.5
PHADIA AB             842347Z SS    -140406774.4     2127579095

BESIKTAS FUTBOL       BWX GR        -10396040.97    175760356.3
BESIKTAS FUTBOL       BJKAS TI      -10396040.97    175760356.3
BESIKTAS FUTBOL       BJKASY TI     -10396040.97    175760356.3
BESIKTAS FUTBOL       BKTFF US      -10396040.97    175760356.3
BESIKTAS FUTBOL       BJKASM TI     -10396040.97    175760356.3
EGS EGE GIYIM VE      EGDIS TI      -7732138.551    147075066.7
EGS EGE GIYIM-RT      EGDISR TI     -7732138.551    147075066.7
IKTISAT FINAN-RT      IKTFNR TI     -46900661.12    108228233.6
IKTISAT FINANSAL      IKTFN TI      -46900661.12    108228233.6
MUDURNU TAVUKC-N      MDRNUN TI     -64930189.62    160408172.1
MUDURNU TAVUKCUL      MDRNU TI      -64930189.62    160408172.1
SIFAS                 SIFAS TI       -15439198.6      130608104
TUTUNBANK             TUT TI         -4024959602     2643810457
YASARBANK             YABNK TI       -4024959602     2643810457

AZOVZAGALMASH MA      AZGM UZ       -16212049.02    277693905.5
BANK FORUM -GDR       639540Z LX    -5331676.798     2243068982
BANK FORUM -GDR       B5F GR        -5331676.798     2243068982
BANK FORUM -GDR       FRMB038 RU    -5331676.798     2243068982
BANK FORUM -GDR       BFJG IX       -5331676.798     2243068982
BANK FORUM JSC        FORM UZ       -5331676.798     2243068982
DNEPROPETROVSK        DMZP UZ       -15926384.43    424303604.8
DONETSKOBLENERGO      DOON UZ       -215090745.2    394460346.2
LUGANSKGAS            LYGZ UZ       -16910611.07    109918477.6
LUGANSKOBLENERGO      LOEN UZ       -27621096.54    197769532.3
NAFTOKHIMIK PRIC      NAFP UZ       -19746288.63    299014707.5
NAFTOKHIMIK-GDR       N3ZA GR       -19746288.63    299014707.5
ODESSA OIL REFIN      ONPZ UZ       -111365037.3    482408362.5
ZALK - PFTS           ZALK UZ       -43917601.26    146530718.8

4LESS GROUP           LI4 TH        -3088436.068    106650689.4
4LESS GROUP           FLG OF        -3088436.068    106650689.4
4LESS GROUP           BYH PO        -3088436.068    106650689.4
4LESS GROUP           FL/ PO        -3088436.068    106650689.4
4LESS GROUP           BHL PO        -3088436.068    106650689.4
4LESS GROUP           LI4 GR        -3088436.068    106650689.4
4LESS GROUP           FL/ LN        -3088436.068    106650689.4
ADVANCE DISPLAY       ADTP PZ        -3015578835     2590007904
AEA TECHNOLO-FPR      AATF LN       -215101594.9      121405070
AEA TECHNOLO-FPR      AATF PZ       -215101594.9      121405070
AEA TECHNOLOGY        AAT LN        -215101594.9      121405070
AEA TECHNOLOGY        AAT EO        -215101594.9      121405070
AEA TECHNOLOGY        AAT IX        -215101594.9      121405070
AEA TECHNOLOGY        AAT PO        -215101594.9      121405070
AEA TECHNOLOGY        AAT VX        -215101594.9      121405070
AEA TECHNOLOGY        AAT EU        -215101594.9      121405070
AEA TECHNOLOGY        AAT PZ        -215101594.9      121405070
AEA TECHNOLOGY        AATGBP EO     -215101594.9      121405070
AEA TECHNOLOGY        AEY GR        -215101594.9      121405070
AEA TECHNOLOGY        EAETF US      -215101594.9      121405070
AEA TECHNOLO-NPR      AATN PZ       -215101594.9      121405070
AEA TECHNOLO-NPR      AATN LN       -215101594.9      121405070
AIRTOURS PLC          AIR LN        -379721841.6     1817512774
AIRTOURS PLC          ATORF US      -379721841.6     1817512774
AIRTOURS PLC          AIR VX        -379721841.6     1817512774
ALLDAYS PLC           317056Q LN      -120493900    252232072.9
ALLDAYS PLC           ALDYF US        -120493900    252232072.9
AMER BUS SYS          ARB LN          -497127008      121439000
AMEY PLC              AMY LN        -48862569.33    931527720.5
AMEY PLC              AMY VX        -48862569.33    931527720.5
AMEY PLC              AMEYF US      -48862569.33    931527720.5
AMEY PLC-ASSENT       AMYA LN       -48862569.33    931527720.5
AMEY PLC-NEW          AMYN LN       -48862569.33    931527720.5
ANKER PLC             ANK LN        -21861359.81      115463159
ANKER PLC             ANK PO        -21861359.81      115463159
ANKER PLC             DW14 GR       -21861359.81      115463159
ANKER PLC - ASSD      ANKC LN       -21861359.81      115463159
ANKER PLC - ASSD      ANKB LN       -21861359.81      115463159
ANKER PLC-ASSD        ANKA LN       -21861359.81      115463159
ATKINS (WS) PLC       ATK PO        -128972861.1     1328162171
ATKINS (WS) PLC       ATKEUR EO     -128972861.1     1328162171
ATKINS (WS) PLC       ATKEUR EU     -128972861.1     1328162171
ATKINS (WS) PLC       WATKY US      -128972861.1     1328162171
ATKINS (WS) PLC       ATK BQ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK EO        -128972861.1     1328162171
ATKINS (WS) PLC       ATK PZ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK NQ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK NR        -128972861.1     1328162171
ATKINS (WS) PLC       6W2 GR        -128972861.1     1328162171
ATKINS (WS) PLC       ATK VX        -128972861.1     1328162171
ATKINS (WS) PLC       ATK IX        -128972861.1     1328162171
ATKINS (WS) PLC       ATK TQ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK QM        -128972861.1     1328162171
ATKINS (WS) PLC       ATKGBP EO     -128972861.1     1328162171
ATKINS (WS) PLC       ATK LN        -128972861.1     1328162171
ATKINS (WS) PLC       WATKF US      -128972861.1     1328162171
ATKINS (WS) PLC       ATK EU        -128972861.1     1328162171
ATKINS (WS) PLC       ATK EB        -128972861.1     1328162171
BAYDONHILL PLC        BHL LN        -3088436.068    106650689.4
BAYDONHILL PLC        BHL EO        -3088436.068    106650689.4
BAYDONHILL PLC        BHL EU        -3088436.068    106650689.4
BAYDONHILL PLC        BHL PZ        -3088436.068    106650689.4
BAYDONHILL PLC        BHL PG        -3088436.068    106650689.4
BAYDONHILL PLC        BHL IX        -3088436.068    106650689.4
BAYDONHILL PLC        BYH LN        -3088436.068    106650689.4
BLACK & EDGINGTO      BLE LN        -128538078.1      135158758
BNB RECRUITMENT       BNB LN        -10242627.53      103637705
BNB RECRUITMENT       BNB IX        -10242627.53      103637705
BNB RECRUITMENT       BNB PO        -10242627.53      103637705
BNB RECRUITMENT       BQX GR        -10242627.53      103637705
BNB RECRUITMENT       BNBRF US      -10242627.53      103637705
BOOKER PLC            987188Q LN     -59832880.4     1298182549
BOOKER PLC            BKERF US       -59832880.4     1298182549
BOOKER PLC            1330Q GR       -59832880.4     1298182549
BOOKER PLC-ADR        BOK$ LN        -59832880.4     1298182549
BOOKER PLC-ADR        BKRUY US       -59832880.4     1298182549
BRADSTOCK GROUP       BDK LN        -1855444.443    268563822.5
BRADSTOCK GROUP       BSKGF US      -1855444.443    268563822.5
BRIT ENERGY LTD       523362Q LN     -5822867501     4921095750
BRIT ENERGY PLC       555140Q VX     -5822867501     4921095750
BRIT ENERGY PLC       BHEGF US       -5822867501     4921095750
BRIT ENERGY PLC       BGYEF US       -5822867501     4921095750
BRIT ENERGY PLC       BEN1 GR        -5822867501     4921095750
BRIT ENERGY-A         BENA GR        -5822867501     4921095750
BRIT ENERGY-ADR       BHEFF US       -5822867501     4921095750
BRIT NUCLEAR          1046Z LN       -4247644150    40325778907
BRIT TELECOM          BTE GR         -3989195720    43568216595
BRIT TELECOM          9484 JP        -3989195720    43568216595
BRIT TELECOM PLC      BTPWF US       -3989195720    43568216595
BRIT TELECOM PLC      BTPLF US       -3989195720    43568216595
BRIT TELECOM PLC      BT/A VX        -3989195720    43568216595
BRIT TELECOM-ADR      BTEA GR        -3989195720    43568216595
BRIT TELECOM-ADR      1481Q CN       -3989195720    43568216595
BRIT TELECOM-RTS      BTY-R US       -3989195720    43568216595
BRITISH ENER-$US      BGYD AR        -5822867501     4921095750
BRITISH ENER-$US      BGYNYD AR      -5822867501     4921095750
BRITISH ENER-ADR      BGYNY US       -5822867501     4921095750
BRITISH ENER-BLK      BGYNYB AR      -5822867501     4921095750
BRITISH ENER-BLK      BGYB AR        -5822867501     4921095750
BRITISH ENER-C/E      BGYNYC AR      -5822867501     4921095750
BRITISH ENER-C/E      BGYC AR        -5822867501     4921095750
BRITISH ENER-CED      BGY AR         -5822867501     4921095750
BRITISH ENER-CED      BGYNY AR       -5822867501     4921095750
BRITISH ENERGY-A      BGYA PO        -5822867501     4921095750
BRITISH ENERGY-A      BHEAF US       -5822867501     4921095750
BRITISH ENERGY-A      3012442Q LN    -5822867501     4921095750
BRITISH ENERGY-A      BGYA VX        -5822867501     4921095750
BRITISH ENERGY-A      BGYGF US       -5822867501     4921095750
BRITISH TELE-FP       BT/F LN        -3989195720    43568216595
BRITISH TELE-NP       BT/N LN        -3989195720    43568216595
BRITISH TELE-NP       BTPXF US       -3989195720    43568216595
BRITVIC               B6S GR        -34575750.23     1311266070
BRITVIC PLC           BVIC EU       -34575750.23     1311266070
BRITVIC PLC           BVICUSD EU    -34575750.23     1311266070
BRITVIC PLC           BVIC PZ       -34575750.23     1311266070
BRITVIC PLC           BVIC NR       -34575750.23     1311266070
BRITVIC PLC           BVICEUR EU    -34575750.23     1311266070
BRITVIC PLC           BVIC EO       -34575750.23     1311266070
BRITVIC PLC           BTVCF US      -34575750.23     1311266070
BRITVIC PLC           BVIC NQ       -34575750.23     1311266070
BRITVIC PLC           BVIC QM       -34575750.23     1311266070
BRITVIC PLC           BVIC BQ       -34575750.23     1311266070
BRITVIC PLC           BVIC IX       -34575750.23     1311266070
BRITVIC PLC           BVIC EB       -34575750.23     1311266070
BRITVIC PLC           BVIC TQ       -34575750.23     1311266070
BRITVIC PLC           BVIC LN       -34575750.23     1311266070
BRITVIC PLC           BVIC VX       -34575750.23     1311266070
BRITVIC PLC           BVICUSD EO    -34575750.23     1311266070
BRITVIC PLC           BVICGBP EO    -34575750.23     1311266070
BRITVIC PLC           BVICEUR EO    -34575750.23     1311266070
BRITVIC PLC-ADR       BTVCY US      -34575750.23     1311266070
BT GROUP PLC          BT/AUSD EO     -3989195720    43568216595
BT GROUP PLC          BTQ TH         -3989195720    43568216595
BT GROUP PLC          BT PZ          -3989195720    43568216595
BT GROUP PLC          BT/A PO        -3989195720    43568216595
BT GROUP PLC          BT/ VX         -3989195720    43568216595
BT GROUP PLC          BT/A EU        -3989195720    43568216595
BT GROUP PLC          BT/AUSD EU     -3989195720    43568216595
BT GROUP PLC          BT/A LN        -3989195720    43568216595
BT GROUP PLC          BT/APEN EO     -3989195720    43568216595
BT GROUP PLC          BTEG IX        -3989195720    43568216595
BT GROUP PLC          BT/A EO        -3989195720    43568216595
BT GROUP PLC          BT IX          -3989195720    43568216595
BT GROUP PLC          BT/A QM        -3989195720    43568216595
BT GROUP PLC          BT/AEUR EU     -3989195720    43568216595
BT GROUP PLC          BT/AGBP EO     -3989195720    43568216595
BT GROUP PLC          BT/APEN EU     -3989195720    43568216595
BT GROUP PLC          BT/A NR        -3989195720    43568216595
BT GROUP PLC          BT/A TQ        -3989195720    43568216595
BT GROUP PLC          BTGOF US       -3989195720    43568216595
BT GROUP PLC          BTQ GR         -3989195720    43568216595
BT GROUP PLC          BT/A BQ        -3989195720    43568216595
BT GROUP PLC          BT/A EB        -3989195720    43568216595
BT GROUP PLC          BT/AEUR EO     -3989195720    43568216595
BT GROUP PLC          BT/A NQ        -3989195720    43568216595
BT GROUP PLC-ADR      BT/$ LN        -3989195720    43568216595
BT GROUP PLC-W/I      BTWI LN        -3989195720    43568216595
BT GROUP-ADR          BTQA GR        -3989195720    43568216595
BT GROUP-ADR WI       BTY-W US       -3989195720    43568216595
BT GROUP-CED $US      BTD AR         -3989195720    43568216595
BT GROUP-CED $US      BTYD AR        -3989195720    43568216595
BT GROUP-CED BLK      BTYB AR        -3989195720    43568216595
BT GROUP-CED BLK      BTB AR         -3989195720    43568216595
BT GROUP-CED C/E      BTYC AR        -3989195720    43568216595
BT GROUP-CED C/E      BTC AR         -3989195720    43568216595
BT GROUP-CEDEAR       BT AR          -3989195720    43568216595
BT GROUP-CEDEAR       BTY AR         -3989195720    43568216595
BT GROUP-SPON AD      BT US          -3989195720    43568216595
BT GROUP-SPON AD      BTYN MM        -3989195720    43568216595
BT GROUP-SPON AD      BT MM          -3989195720    43568216595
BT GROUP-SPON AD      BTY US         -3989195720    43568216595
CARLISLE GROUP        506819Q LN    -11904426.45      203548565
CATTLES PLC           CTT IX        -599615492.2     3880885246
CATTLES PLC           CTT BQ        -599615492.2     3880885246
CATTLES PLC           CTTUSD EU     -599615492.2     3880885246
CATTLES PLC           CTT EO        -599615492.2     3880885246
CATTLES PLC           CTT EU        -599615492.2     3880885246
CATTLES PLC           CTT EB        -599615492.2     3880885246
CATTLES PLC           CHOXF US      -599615492.2     3880885246
CATTLES PLC           CTT LN        -599615492.2     3880885246
CATTLES PLC           CTTSEK EU     -599615492.2     3880885246
CATTLES PLC           CTTEUR EO     -599615492.2     3880885246
CATTLES PLC           CTTGBP EO     -599615492.2     3880885246
CATTLES PLC           CTTSEK EO     -599615492.2     3880885246
CATTLES PLC           CZS GR        -599615492.2     3880885246
CATTLES PLC           CTT NR        -599615492.2     3880885246
CATTLES PLC           CTT TQ        -599615492.2     3880885246
CATTLES PLC           CTT PO        -599615492.2     3880885246
CATTLES PLC           CTT VX        -599615492.2     3880885246
CATTLES PLC           CTT QM        -599615492.2     3880885246
CATTLES PLC           CTTUSD EO     -599615492.2     3880885246
CATTLES PLC           CTT NQ        -599615492.2     3880885246
CATTLES PLC           CTTEUR EU     -599615492.2     3880885246
CATTLES PLC           CTT PZ        -599615492.2     3880885246
CATTLES PLC-ADR       CHOXY US      -599615492.2     3880885246
CATTLES PLC-FPR       CTTF LN       -599615492.2     3880885246
CATTLES PLC-FPR       CTTF PZ       -599615492.2     3880885246
CATTLES PLC-NPR       CTTN IX       -599615492.2     3880885246
CATTLES PLC-NPR       CTTN LN       -599615492.2     3880885246
CATTLES PLC-NPR       CCTN PZ       -599615492.2     3880885246
CATTLES PLC-NPR       2843726Q EO   -599615492.2     3880885246
CATTLES PLC-NPR       2843730Q EU   -599615492.2     3880885246
CATTLES PLC-NPR       2843734Q EO   -599615492.2     3880885246
CATTLES PLC-NPR       CTTN PZ       -599615492.2     3880885246
CATTLES PLC-RFD       CTTR LN       -599615492.2     3880885246
CATTLES PLC-RFD       CTTR IX       -599615492.2     3880885246
CATTLES PLC-RFD       CTTR PZ       -599615492.2     3880885246
CHRYSALIS GROUP       CHS PZ        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSUSD EU     -7404166.369    111800785.4
CHRYSALIS GROUP       CHS EO        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSEUR EO     -7404166.369    111800785.4
CHRYSALIS GROUP       5CY GR        -7404166.369    111800785.4
CHRYSALIS GROUP       CHS PO        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSUSD EO     -7404166.369    111800785.4
CHRYSALIS GROUP       CHS LN        -7404166.369    111800785.4
CHRYSALIS GROUP       CHS IX        -7404166.369    111800785.4
CHRYSALIS GROUP       CHS EU        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSEUR EU     -7404166.369    111800785.4
CHRYSALIS GROUP       CLYSF US      -7404166.369    111800785.4
CHRYSALIS GROUP       CYGUF US      -7404166.369    111800785.4
CHRYSALIS GROUP       CHSGBP EO     -7404166.369    111800785.4
CHRYSALIS GROUP       CHS VX        -7404166.369    111800785.4
CHRYSALIS GROUP       HR4 GR        -7404166.369    111800785.4
CLIPPER WINDPOWE      CWP LN          -337139008      354437024
CLIPPER WINDPOWE      CWP PG          -337139008      354437024
CLIPPER WINDPOWE      CWPA LN         -337139008      354437024
CLIPPER WINDPOWE      CWP PZ          -337139008      354437024
CLIPPER WINDPOWE      3470635Q LN     -337139008      354437024
CLIPPER WINDPOWE      CWP IX          -337139008      354437024
CLIPPER WINDPOWE      CWP EO          -337139008      354437024
CLIPPER WINDPOWE      C2W GR          -337139008      354437024
CLIPPER WINDPOWE      CWP EU          -337139008      354437024
CLIPPER WINDPOWE      CRPWF US        -337139008      354437024
COMPASS GROU-OLD      1259Q LN      -668101173.9     2972459078
COMPASS GROUP         QOP GR        -668101173.9     2972459078
COMPASS GRP-ADR       CMSJY US      -668101173.9     2972459078
COMPASS GRP-ADR       CMSGY US      -668101173.9     2972459078
COSTAIN GROUP         CSGFF US       -6136239.91    692749189.9
COSTAIN GROUP         COSTUSD EO     -6136239.91    692749189.9
COSTAIN GROUP         COST PO        -6136239.91    692749189.9
COSTAIN GROUP         COST VX        -6136239.91    692749189.9
COSTAIN GROUP         COSTEUR EO     -6136239.91    692749189.9
COSTAIN GROUP         COSTEUR EU     -6136239.91    692749189.9
COSTAIN GROUP         COST EU        -6136239.91    692749189.9
COSTAIN GROUP         COSTUSD EU     -6136239.91    692749189.9
COSTAIN GROUP         COST EO        -6136239.91    692749189.9
COSTAIN GROUP         COST LN        -6136239.91    692749189.9
COSTAIN GROUP         COSTGBP EO     -6136239.91    692749189.9
COSTAIN GROUP         COST IX        -6136239.91    692749189.9
COSTAIN GROUP         COST PZ        -6136239.91    692749189.9
COSTAIN GROU-RTS      COSN LN        -6136239.91    692749189.9
COSTAIN GROU-RTS      COSF LN        -6136239.91    692749189.9
CPP GROUP PLC         4CV GR        -69442858.18    225437367.4
CPP GROUP PLC         CPP PZ        -69442858.18    225437367.4
CPP GROUP PLC         CPP EU        -69442858.18    225437367.4
CPP GROUP PLC         CPP LN        -69442858.18    225437367.4
CPP GROUP PLC         CPP EB        -69442858.18    225437367.4
CPP GROUP PLC         CPP IX        -69442858.18    225437367.4
DANKA BUS SYSTEM      DNK PO          -497127008      121439000
DANKA BUS SYSTEM      DNK PZ          -497127008      121439000
DANKA BUS SYSTEM      DANKF US        -497127008      121439000
DANKA BUS SYSTEM      3205287Q EU     -497127008      121439000
DANKA BUS SYSTEM      3205283Q EO     -497127008      121439000
DANKA BUS SYSTEM      DNK IX          -497127008      121439000
DANKA BUS SYSTEM      3205291Q EO     -497127008      121439000
DANKA BUS SYSTEM      DNK VX          -497127008      121439000
DANKA BUS SYSTEM      DNK LN          -497127008      121439000
DANKA BUS-$US CE      DANKD AR        -497127008      121439000
DANKA BUS-ADR         DB6 GR          -497127008      121439000
DANKA BUS-ADR         AP39 LI         -497127008      121439000
DANKA BUS-ADR         DANKE US        -497127008      121439000
DANKA BUS-ADR         DANKY US        -497127008      121439000
DANKA BUS-BLK CE      DANKB AR        -497127008      121439000
DANKA BUS-C/E CE      DANKC AR        -497127008      121439000
DANKA BUS-CEDEAR      DANK AR         -497127008      121439000
EASYNET GROUP         EZNGF US      -60380609.34    334049332.2
EASYNET GROUP         ESY PO        -60380609.34    334049332.2
EASYNET GROUP         ESY VX        -60380609.34    334049332.2
EASYNET GROUP         ESY LN        -60380609.34    334049332.2
EASYNET GROUP         EAY GR        -60380609.34    334049332.2
EASYNET GROUP-CV      91009Z LN     -60380609.34    334049332.2
EMI GROUP -ASSD       EMIA LN        -2265916257     2950021937
EMI GROUP LTD         EMI LN         -2265916257     2950021937
EMI GROUP PLC         EMIPF US       -2265916257     2950021937
EMI GROUP PLC         EMI IX         -2265916257     2950021937
EMI GROUP PLC         EMI VX         -2265916257     2950021937
EMI GROUP PLC         3020138Q GR    -2265916257     2950021937
EMI GROUP PLC         EMI PO         -2265916257     2950021937
EMI GROUP PLC-B       1019425Q LN    -2265916257     2950021937
EMI GROUP-ADR         38IS LN        -2265916257     2950021937
EMI GROUP-ADR         EMI$ LN        -2265916257     2950021937
EMI GROUP-ADR         EMIPY US       -2265916257     2950021937
EUROPEAN HOME         EHR PZ        -14328735.16    110864081.4
EUROPEAN HOME         FPAKF US      -14328735.16    110864081.4
EUROPEAN HOME         EHRGBP EO     -14328735.16    110864081.4
EUROPEAN HOME         EHREUR EU     -14328735.16    110864081.4
EUROPEAN HOME         KLZ PO        -14328735.16    110864081.4
EUROPEAN HOME         KLZ VX        -14328735.16    110864081.4
EUROPEAN HOME         EHREUR EO     -14328735.16    110864081.4
EUROPEAN HOME         EHR EU        -14328735.16    110864081.4
EUROPEAN HOME         EHR VX        -14328735.16    110864081.4
EUROPEAN HOME         EHR PO        -14328735.16    110864081.4
EUROPEAN HOME         EHR EO        -14328735.16    110864081.4
EUROPEAN HOME         EHR LN        -14328735.16    110864081.4
FAREPAK PLC           FPK LN        -14328735.16    110864081.4
GALA CORAL GROUP      19374Z LN      -1328160550     7259667191
GALIFORM PLC          GFRMEUR EU    -117673114.1    573836054.4
GALIFORM PLC          GFRMNOK EO    -117673114.1    573836054.4
GALIFORM PLC          GFRM EO       -117673114.1    573836054.4
GALIFORM PLC          GFRMGBP EO    -117673114.1    573836054.4
GALIFORM PLC          GFRM BQ       -117673114.1    573836054.4
GALIFORM PLC          GFRM PZ       -117673114.1    573836054.4
GALIFORM PLC          GFRM NR       -117673114.1    573836054.4
GALIFORM PLC          GFRM EU       -117673114.1    573836054.4
GALIFORM PLC          GFRM IX       -117673114.1    573836054.4
GALIFORM PLC          MFIFF US      -117673114.1    573836054.4
GALIFORM PLC          GFRM PO       -117673114.1    573836054.4
GALIFORM PLC          MFI VX        -117673114.1    573836054.4
GALIFORM PLC          GFRM QM       -117673114.1    573836054.4
GALIFORM PLC          GFRM VX       -117673114.1    573836054.4
GALIFORM PLC          GFRMEUR EO    -117673114.1    573836054.4
GALIFORM PLC          GLFMF US      -117673114.1    573836054.4
GALIFORM PLC          GFRMNOK EU    -117673114.1    573836054.4
GALIFORM PLC          GFRM LN       -117673114.1    573836054.4
GALIFORM PLC          GFRM NQ       -117673114.1    573836054.4
GALIFORM PLC          MFI PO        -117673114.1    573836054.4
GALIFORM PLC          GFRM EB       -117673114.1    573836054.4
GALIFORM PLC          GFRM TQ       -117673114.1    573836054.4
GALIFORM PLC          MFI IX        -117673114.1    573836054.4
GARTLAND WHALLEY      GWB LN        -10986769.42    145352034.5
GO-AHEAD GRO-ADR      GHGUY US      -44415250.72     1780324810
GO-AHEAD GROUP        GHGUF US      -44415250.72     1780324810
GO-AHEAD GROUP        GOG EB        -44415250.72     1780324810
GO-AHEAD GROUP        GOG NQ        -44415250.72     1780324810
GO-AHEAD GROUP        GOG LN        -44415250.72     1780324810
GO-AHEAD GROUP        GOGGBP EO     -44415250.72     1780324810
GO-AHEAD GROUP        GOG IX        -44415250.72     1780324810
GO-AHEAD GROUP        GOG VX        -44415250.72     1780324810
GO-AHEAD GROUP        GOG PO        -44415250.72     1780324810
GO-AHEAD GROUP        GOG EO        -44415250.72     1780324810
GO-AHEAD GROUP        GOGEUR EU     -44415250.72     1780324810
GO-AHEAD GROUP        GOG EU        -44415250.72     1780324810
GO-AHEAD GROUP        GOG TQ        -44415250.72     1780324810
GO-AHEAD GROUP        GOG NR        -44415250.72     1780324810
GO-AHEAD GROUP        GOG BQ        -44415250.72     1780324810
GO-AHEAD GROUP        GOGEUR EO     -44415250.72     1780324810
GO-AHEAD GROUP        GOG PZ        -44415250.72     1780324810
GO-AHEAD GROUP        GOG QM        -44415250.72     1780324810
GO-AHEAD GROUP        G9X GR        -44415250.72     1780324810
GREEN (E) & PART      GEP LN        -35008863.49    305242409.9
HAWTIN PLC            HTI EO        -3873861.331    110875080.8
HAWTIN PLC            HWN GR        -3873861.331    110875080.8
HAWTIN PLC            HWN TH        -3873861.331    110875080.8
HAWTIN PLC            HTI PG        -3873861.331    110875080.8
HAWTIN PLC            HTI VX        -3873861.331    110875080.8
HAWTIN PLC            HTI PZ        -3873861.331    110875080.8
HAWTIN PLC            HTI LN        -3873861.331    110875080.8
HAWTIN PLC            HTI IX        -3873861.331    110875080.8
HAWTIN PLC            HTI EU        -3873861.331    110875080.8
HAWTIN PLC            HTI PO        -3873861.331    110875080.8
HILTON G-CRT OLD      HIGT BB       -97533918.57     1748505414
HILTON GROUP PLC      HLTGF US      -97533918.57     1748505414
HILTON GROUP PLC      HG/ LN        -97533918.57     1748505414
HILTON GROUP PLC      HG PO         -97533918.57     1748505414
HILTON GROUP-ADR      HLTGY US      -97533918.57     1748505414
HILTON GROUP-CER      HG BB         -97533918.57     1748505414
HILTON GROUP-CRT      HIG BB        -97533918.57     1748505414
IGLO BIRDS EYE        2332487Z LN   -340594497.5     3096975127
INEOS GROUP HLDG      6623Z LN      -798534470.8    15936006904
JARVIS PLC            JRVS EO       -64739862.73      130951086
JARVIS PLC            JVR GR        -64739862.73      130951086
JARVIS PLC            JRVSEUR EO    -64739862.73      130951086
JARVIS PLC            JRVS IX       -64739862.73      130951086
JARVIS PLC            JRVS LN       -64739862.73      130951086
JARVIS PLC            JRVS PZ       -64739862.73      130951086
JARVIS PLC            JRVS EU       -64739862.73      130951086
JARVIS PLC            JRVS VX       -64739862.73      130951086
JARVIS PLC            JVSPF US      -64739862.73      130951086
JARVIS PLC            JRVSGBP EO    -64739862.73      130951086
JARVIS PLC            JRVS PO       -64739862.73      130951086
JARVIS PLC            JRVSEUR EU    -64739862.73      130951086
JESSOPS PLC           JS4 GR         -42702021.2    112964060.4
JESSOPS PLC           JSP LN         -42702021.2    112964060.4
JESSOPS PLC           JSPEUR EU      -42702021.2    112964060.4
JESSOPS PLC           JSPEUR EO      -42702021.2    112964060.4
JESSOPS PLC           JSP IX         -42702021.2    112964060.4
JESSOPS PLC           JSP VX         -42702021.2    112964060.4
JESSOPS PLC           JSPGBP EO      -42702021.2    112964060.4
JESSOPS PLC           JSP EO         -42702021.2    112964060.4
JESSOPS PLC           JSP EU         -42702021.2    112964060.4
JESSOPS PLC           JSP PO         -42702021.2    112964060.4
JESSOPS PLC           JSP PZ         -42702021.2    112964060.4
KLEENEZE PLC          KLZ LN        -14328735.16    110864081.4
KOP FOOTBALL HOL      3315203Z LN   -214487094.9    590218957.6
KOP FOOTBALL LTD      901297Z LN    -105207451.9    474568063.7
LADBROKE GROUP        LADB LN       -97533918.57     1748505414
LADBROKE GRP-IDR      695767Q BB    -97533918.57     1748505414
LADBROKE GRP-OLD      LADB BB       -97533918.57     1748505414
LADBROKES - FPR       LADF LN       -97533918.57     1748505414
LADBROKES - FPR       LADF PZ       -97533918.57     1748505414
LADBROKES PLC         LAD IX        -97533918.57     1748505414
LADBROKES PLC         LADEUR EO     -97533918.57     1748505414
LADBROKES PLC         LAD PO        -97533918.57     1748505414
LADBROKES PLC         LADUSD EO     -97533918.57     1748505414
LADBROKES PLC         HG/ VX        -97533918.57     1748505414
LADBROKES PLC         LAD NR        -97533918.57     1748505414
LADBROKES PLC         LAD EO        -97533918.57     1748505414
LADBROKES PLC         LAD QM        -97533918.57     1748505414
LADBROKES PLC         LAD VX        -97533918.57     1748505414
LADBROKES PLC         LAD TQ        -97533918.57     1748505414
LADBROKES PLC         LAD NQ        -97533918.57     1748505414
LADBROKES PLC         LAD EU        -97533918.57     1748505414
LADBROKES PLC         LADEUR EU     -97533918.57     1748505414
LADBROKES PLC         LADNZD EU     -97533918.57     1748505414
LADBROKES PLC         LDBKF US      -97533918.57     1748505414
LADBROKES PLC         LADNZD EO     -97533918.57     1748505414
LADBROKES PLC         LAD EB        -97533918.57     1748505414
LADBROKES PLC         LADGBP EO     -97533918.57     1748505414
LADBROKES PLC         LAD GR        -97533918.57     1748505414
LADBROKES PLC         LAD LN        -97533918.57     1748505414
LADBROKES PLC         LAD BQ        -97533918.57     1748505414
LADBROKES PLC         LAD PZ        -97533918.57     1748505414
LADBROKES PLC-AD      LDBKY LN      -97533918.57     1748505414
LADBROKES PLC-AD      LDBKY US      -97533918.57     1748505414
LADBROKES PLC-CE      LAD BB        -97533918.57     1748505414
LADBROKES PLC-NP      LADN LN       -97533918.57     1748505414
LADBROKES PLC-NP      LADN PZ       -97533918.57     1748505414
LAMBERT FENCHURC      LMF LN        -1453050.041     1826806853
LEEDS SPORTING        LEDPF US       -73166148.8    143762193.7
LEEDS SPORTING        LES LN         -73166148.8    143762193.7
LEEDS UNITED PLC      889687Q GR     -73166148.8    143762193.7
LEEDS UNITED PLC      LDSUF US       -73166148.8    143762193.7
LEEDS UNITED PLC      LUFC LN        -73166148.8    143762193.7
LONDON TOWN PLC       LTW EO        -21897636.36    175672299.2
LONDON TOWN PLC       LTW PG        -21897636.36    175672299.2
LONDON TOWN PLC       LTW EU        -21897636.36    175672299.2
LONDON TOWN PLC       LTWX LN       -21897636.36    175672299.2
LONDON TOWN PLC       LTW IX        -21897636.36    175672299.2
LONDON TOWN PLC       LTW LN        -21897636.36    175672299.2
LONDON TOWN PLC       LOU GR        -21897636.36    175672299.2
LONDON TOWN PLC       LTW PO        -21897636.36    175672299.2
LONDON TOWN PLC       LTWR LN       -21897636.36    175672299.2
LONDON TOWN PLC       LTW PZ        -21897636.36    175672299.2
M 2003 PLC            203055Q LN     -2203513803     7204891602
M 2003 PLC            MTWOF US       -2203513803     7204891602
M 2003 PLC-ADR        MTWOE US       -2203513803     7204891602
M 2003 PLC-ADR        MTWOY US       -2203513803     7204891602
MARCONI PLC           203083Q VX     -2203513803     7204891602
MARCONI PLC           MNI LN         -2203513803     7204891602
MARCONI PLC           MONI BB        -2203513803     7204891602
MARCONI PLC           MNI BB         -2203513803     7204891602
MARCONI PLC           MY2 GR         -2203513803     7204891602
MARCONI PLC           MRCQF US       -2203513803     7204891602
MARCONI PLC-ADR       QUQMON AU      -2203513803     7204891602
MARCONI PLC-ADR       MRCQY US       -2203513803     7204891602
MARCONI PLC-ADR       MONIY US       -2203513803     7204891602
MARCONI PLC-ADR       MONI US        -2203513803     7204891602
MARCONI PLC-ADR       MONIE US       -2203513803     7204891602
MARCONI PLC-ADR       MCONY US       -2203513803     7204891602
MARCONI PLC-ADR       MCBA GR        -2203513803     7204891602
MARCONI PLC-ADR       MY2A GR        -2203513803     7204891602
MFI FURNITURE GR      MFI LN        -117673114.1    573836054.4
MYTRAVEL GROUP        MT/S PO       -379721841.6     1817512774
MYTRAVEL GROUP        MYTPF US      -379721841.6     1817512774
MYTRAVEL GROUP        ARO2 GR       -379721841.6     1817512774
MYTRAVEL GROUP        MT/S VX       -379721841.6     1817512774
MYTRAVEL GROUP        MT/S LN       -379721841.6     1817512774
MYTRAVEL GROUP        3544280Q IX   -379721841.6     1817512774
MYTRAVEL GROUP P      MYTGF US      -379721841.6     1817512774
MYTRAVEL GROUP P      1018144Q GR   -379721841.6     1817512774
MYTRAVEL GROUP P      MT/ VX        -379721841.6     1817512774
MYTRAVEL GROUP-A      2281919Q GR   -379721841.6     1817512774
MYTRAVEL GROUP-A      MYTVF US      -379721841.6     1817512774
NEW STAR ASSET        NSAA LN         -397718038    292972732.1
NEW STAR ASSET        3226431Q EU     -397718038    292972732.1
NEW STAR ASSET        NSAM PO         -397718038    292972732.1
NEW STAR ASSET        NSAM PZ         -397718038    292972732.1
NEW STAR ASSET        NSAM TQ         -397718038    292972732.1
NEW STAR ASSET        NSAM IX         -397718038    292972732.1
NEW STAR ASSET        3226439Q EU     -397718038    292972732.1
NEW STAR ASSET        3226443Q EO     -397718038    292972732.1
NEW STAR ASSET        NSAM LN         -397718038    292972732.1
NEW STAR ASSET        3226435Q EO     -397718038    292972732.1
NEW STAR ASSET        N6S GR          -397718038    292972732.1
NEW STAR ASSET        3226447Q EO     -397718038    292972732.1
NEW STAR ASSET        NWSAF US        -397718038    292972732.1
NORTHERN FOODS        NFDS PZ       -30711069.58    891077074.3
NORTHERN FOODS        NFDS LN       -30711069.58    891077074.3
NORTHERN FOODS        NTFOF US      -30711069.58    891077074.3
NORTHERN FOODS        NFDS QM       -30711069.58    891077074.3
NORTHERN FOODS        NFDS EO       -30711069.58    891077074.3
NORTHERN FOODS        NFDS NR       -30711069.58    891077074.3
NORTHERN FOODS        NFDS EU       -30711069.58    891077074.3
NORTHERN FOODS        NFDSEUR EU    -30711069.58    891077074.3
NORTHERN FOODS        NFDSEUR EO    -30711069.58    891077074.3
NORTHERN FOODS        NFDS NQ       -30711069.58    891077074.3
NORTHERN FOODS        NFO GR        -30711069.58    891077074.3
NORTHERN FOODS        NFDS EB       -30711069.58    891077074.3
NORTHERN FOODS        NFDS BQ       -30711069.58    891077074.3
NORTHERN FOODS        NFDSUSD EU    -30711069.58    891077074.3
NORTHERN FOODS        NFDS TQ       -30711069.58    891077074.3
NORTHERN FOODS        NFDS VX       -30711069.58    891077074.3
NORTHERN FOODS        NFDS PO       -30711069.58    891077074.3
NORTHERN FOODS        NFDSGBP EO    -30711069.58    891077074.3
NORTHERN FOODS        NFDSUSD EO    -30711069.58    891077074.3
NORTHERN FOODS        NFDS IX       -30711069.58    891077074.3
NORTHERN FOODS P      NFDR LN       -30711069.58    891077074.3
NORTHERN FOO-NEW      NFDN LN       -30711069.58    891077074.3
NORTHERN FOO-RFD      650060Q LN    -30711069.58    891077074.3
ORANGE PLC            1460Q GR        -593935051     2902299502
ORANGE PLC            951641Q LN      -593935051     2902299502
ORANGE PLC            ORNGF US        -593935051     2902299502
ORANGE PLC-ADR        ORNGY US        -593935051     2902299502
ORANGE PLC-ADR        ONG GR          -593935051     2902299502
ORANGE PLC-ADR        ORA$ LN         -593935051     2902299502
ORBIS PLC             OBS PO        -4168498.479    127701679.5
ORBIS PLC             OBS LN        -4168498.479    127701679.5
ORBIS PLC             OBS IX        -4168498.479    127701679.5
ORBIS PLC             OBG PO        -4168498.479    127701679.5
ORBIS PLC             ORBSF US      -4168498.479    127701679.5
ORBIS PLC             OBS PZ        -4168498.479    127701679.5
ORBIS PLC             RLP GR        -4168498.479    127701679.5
PARK FOOD GROUP       PKFD LN       -52867263.19    185089877.3
PARK GROUP PLC        PKG VX        -52867263.19    185089877.3
PARK GROUP PLC        PKGGBP EO     -52867263.19    185089877.3
PARK GROUP PLC        PKG EO        -52867263.19    185089877.3
PARK GROUP PLC        PKG EU        -52867263.19    185089877.3
PARK GROUP PLC        PKG LN        -52867263.19    185089877.3
PARK GROUP PLC        PKG PO        -52867263.19    185089877.3
PARK GROUP PLC        PKG PZ        -52867263.19    185089877.3
PARK GROUP PLC        PRKGF US      -52867263.19    185089877.3
PARK GROUP PLC        PRKG IX       -52867263.19    185089877.3
PATIENTLINE PLC       2928903Q EU   -54677284.64    124948245.8
PATIENTLINE PLC       2928907Q EO   -54677284.64    124948245.8
PATIENTLINE PLC       PTL VX        -54677284.64    124948245.8
PATIENTLINE PLC       PTL LN        -54677284.64    124948245.8
PATIENTLINE PLC       PTL PZ        -54677284.64    124948245.8
PATIENTLINE PLC       2928899Q EO   -54677284.64    124948245.8
PATIENTLINE PLC       PTL PO        -54677284.64    124948245.8
PATIENTLINE PLC       PTL IX        -54677284.64    124948245.8
PROSTRAKAN GROUP      PSK VX         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK PO         -8881399.87    126115878.2
PROSTRAKAN GROUP      PKNGF US       -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK PZ         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSKGBP EO      -8881399.87    126115878.2
PROSTRAKAN GROUP      PSKEUR EO      -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK EU         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK LN         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK EO         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSKEUR EU      -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK IX         -8881399.87    126115878.2
REGUS LTD             273187Q LN    -46111835.37      367181111
REGUS PLC             2296Z LN      -46111835.37      367181111
REGUS PLC             273195Q VX    -46111835.37      367181111
REGUS PLC             REGSF US      -46111835.37      367181111
REGUS PLC             RGU GR        -46111835.37      367181111
REGUS PLC-ADS         REGSY US      -46111835.37      367181111
REGUS PLC-ADS         RGUA GR       -46111835.37      367181111
REGUS PLC-ADS         REGS US       -46111835.37      367181111
REGUS PLC-ADS         REGSV US      -46111835.37      367181111
RENTOKIL INITIAL      RKLIF US      -242381476.4     3231214649
RENTOKIL INITIAL      RTO VX        -242381476.4     3231214649
RENTOKIL INITIAL      RTOGBP EO     -242381476.4     3231214649
RENTOKIL INITIAL      RTO IX        -242381476.4     3231214649
RENTOKIL INITIAL      RTO NQ        -242381476.4     3231214649
RENTOKIL INITIAL      RTO QM        -242381476.4     3231214649
RENTOKIL INITIAL      RTO PO        -242381476.4     3231214649
RENTOKIL INITIAL      RTOG IX       -242381476.4     3231214649
RENTOKIL INITIAL      RTO TQ        -242381476.4     3231214649
RENTOKIL INITIAL      RTOUSD EU     -242381476.4     3231214649
RENTOKIL INITIAL      RTO LN        -242381476.4     3231214649
RENTOKIL INITIAL      RTO EB        -242381476.4     3231214649
RENTOKIL INITIAL      RTOKF US      -242381476.4     3231214649
RENTOKIL INITIAL      RTOUSD EO     -242381476.4     3231214649
RENTOKIL INITIAL      RTO EO        -242381476.4     3231214649
RENTOKIL INITIAL      RTO PZ        -242381476.4     3231214649
RENTOKIL INITIAL      RTOEUR EU     -242381476.4     3231214649
RENTOKIL INITIAL      RTO EU        -242381476.4     3231214649
RENTOKIL INITIAL      RTO GR        -242381476.4     3231214649
RENTOKIL INITIAL      RTOEUR EO     -242381476.4     3231214649
RENTOKIL INITIAL      RTO BQ        -242381476.4     3231214649
RENTOKIL INITIAL      RTO1 GR       -242381476.4     3231214649
RENTOKIL INITIAL      RTO NR        -242381476.4     3231214649
RENTOKIL-SP ADR       AP76 LI       -242381476.4     3231214649
RENTOKIL-SP ADR       RTOKY US      -242381476.4     3231214649
SAATCHI & SA-ADR      SSI$ LN       -119260804.2    705060824.5
SAATCHI & SA-ADR      SSA US        -119260804.2    705060824.5
SAATCHI & SAATCH      188190Q GR    -119260804.2    705060824.5
SAATCHI & SAATCH      SSATF US      -119260804.2    705060824.5
SAATCHI & SAATCH      SSI LN        -119260804.2    705060824.5
SCOTTISH MEDIA        SSM LN        -51512119.25      207340304
SCOTTISH MEDIA        SSMR LN       -51512119.25      207340304
SCOTTISH MEDIA        1442Q GR      -51512119.25      207340304
SCOTTISH TELEV        SCTVF US      -51512119.25      207340304
SFI GROUP PLC         SUF LN        -108067115.8    177647536.1
SFI GROUP PLC         SUYFF US      -108067115.8    177647536.1
SKYEPHARMA PLC        SKP LN        -128538078.1      135158758
SKYEPHARMA PLC        SKPGBP EO     -128538078.1      135158758
SKYEPHARMA PLC        SKP1 VX       -128538078.1      135158758
SKYEPHARMA PLC        SKP PO        -128538078.1      135158758
SKYEPHARMA PLC        SKP VX        -128538078.1      135158758
SKYEPHARMA PLC        SKPEUR EU     -128538078.1      135158758
SKYEPHARMA PLC        SKP PZ        -128538078.1      135158758
SKYEPHARMA PLC        SKPEUR EO     -128538078.1      135158758
SKYEPHARMA PLC        SKP EU        -128538078.1      135158758
SKYEPHARMA PLC        SK8C GR       -128538078.1      135158758
SKYEPHARMA PLC        SKP IX        -128538078.1      135158758
SKYEPHARMA PLC        SK8A GR       -128538078.1      135158758
SKYEPHARMA PLC        SKP EO        -128538078.1      135158758
SKYEPHARMA PLC        SKYEF US      -128538078.1      135158758
SKYEPHARMA PLC        SKP TQ        -128538078.1      135158758
SKYEPHARMA -SUB       2976665Z LN   -128538078.1      135158758
SKYEPHARMA-ADR        SKYEY US      -128538078.1      135158758
SKYEPHARMA-ADR        SKYE US       -128538078.1      135158758
SKYEPHARMA-ADR        SKYPY US      -128538078.1      135158758
SKYEPHARMA-ADR        AP80 LI       -128538078.1      135158758
SKYEPHARMA-ADR        SK8N GR       -128538078.1      135158758
SKYEPHARMA-ADR        SK8 GR        -128538078.1      135158758
SKYEPHAR-RTS F/P      SKPF LN       -128538078.1      135158758
SKYEPHAR-RTS F/P      SKPF VX       -128538078.1      135158758
SKYEPHAR-RTS N/P      SKPN VX       -128538078.1      135158758
SKYEPHAR-RTS N/P      SKPN LN       -128538078.1      135158758
SMG PLC               SMG PO        -51512119.25      207340304
SMG PLC               SMG LN        -51512119.25      207340304
SMG PLC-FUL PAID      SMGF LN       -51512119.25      207340304
SMG PLC-NIL PAID      SMGN LN       -51512119.25      207340304
SMITHS NEWS PLC       NWS IX         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1 EO        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2 EO        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS VX         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS PO         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1 BQ        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2EUR EU     -99944882.2    279114366.1
SMITHS NEWS PLC       SMWPF US       -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1GBP EO     -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2GBP EO     -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2EUR EO     -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2 TQ        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS LN         -99944882.2    279114366.1
SMITHS NEWS PLC       SMWPY US       -99944882.2    279114366.1
SMITHS NEWS PLC       NWS PZ         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1 EU        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2 EU        -99944882.2    279114366.1
STV GROUP PLC         SMGPF US      -51512119.25      207340304
STV GROUP PLC         STVG EU       -51512119.25      207340304
STV GROUP PLC         STVG EO       -51512119.25      207340304
STV GROUP PLC         SMG IX        -51512119.25      207340304
STV GROUP PLC         STVGEUR EO    -51512119.25      207340304
STV GROUP PLC         SMG VX        -51512119.25      207340304
STV GROUP PLC         STVG LN       -51512119.25      207340304
STV GROUP PLC         SMG PZ        -51512119.25      207340304
STV GROUP PLC         STVG VX       -51512119.25      207340304
STV GROUP PLC         STVGGBP EO    -51512119.25      207340304
STV GROUP PLC         STVGEUR EU    -51512119.25      207340304
TELEWEST COM-ADR      940767Q GR     -3702234581     7581020925
TELEWEST COM-ADR      TWSTD US       -3702234581     7581020925
TELEWEST COM-ADR      TWT$ LN        -3702234581     7581020925
TELEWEST COM-ADR      TWSTY US       -3702234581     7581020925
TELEWEST COMM         604296Q GR     -3702234581     7581020925
TELEWEST COMM         TWT VX         -3702234581     7581020925
TELEWEST COMM         715382Q LN     -3702234581     7581020925
TELEWEST COMM         TWSTF US       -3702234581     7581020925
THORN EMI PLC         THNE FP        -2265916257     2950021937
THORN EMI-ADR         TORNY US       -2265916257     2950021937
THORN EMI-ADR         THN$ LN        -2265916257     2950021937
THORN EMI-CDR         THN NA         -2265916257     2950021937
THORN EMI-REGD        1772Q GR       -2265916257     2950021937
TI AUTOMOTIVE-A       6525Z LN      -298787496.1     1730489867
TOPPS TILES PLC       TPT EU        -49423537.13    155303750.4
TOPPS TILES PLC       TPTGBP EO     -49423537.13    155303750.4
TOPPS TILES PLC       TPTJF US      -49423537.13    155303750.4
TOPPS TILES PLC       TPT TQ        -49423537.13    155303750.4
TOPPS TILES PLC       TPTJY US      -49423537.13    155303750.4
TOPPS TILES PLC       TPT BQ        -49423537.13    155303750.4
TOPPS TILES PLC       TPTEUR EO     -49423537.13    155303750.4
TOPPS TILES PLC       TPT LN        -49423537.13    155303750.4
TOPPS TILES PLC       TPT PO        -49423537.13    155303750.4
TOPPS TILES PLC       TPT PZ        -49423537.13    155303750.4
TOPPS TILES PLC       TPTEUR EU     -49423537.13    155303750.4
TOPPS TILES PLC       TPT IX        -49423537.13    155303750.4
TOPPS TILES PLC       TPT VX        -49423537.13    155303750.4
TOPPS TILES PLC       TPT EO        -49423537.13    155303750.4
TOPPS TILES-NEW       TPTN LN       -49423537.13    155303750.4
UNIGATE PLC           UNIG LN       -24544959.64    626057950.8
UNIGATE PLC           UNGAF US      -24544959.64    626057950.8
UNIGATE PLC           1577Q GR      -24544959.64    626057950.8
UNIGATE PLC           UNGPF US      -24544959.64    626057950.8
UNIGATE PLC-ADR       UNGAY US      -24544959.64    626057950.8
UNIQ PLC              UNIQ VX       -24544959.64    626057950.8
UNIQ PLC              UNIQEUR EO    -24544959.64    626057950.8
UNIQ PLC              UNIQ LN       -24544959.64    626057950.8
UNIQ PLC              UGE GR        -24544959.64    626057950.8
UNIQ PLC              UNIQ PZ       -24544959.64    626057950.8
UNIQ PLC              UNIQ IX       -24544959.64    626057950.8
UNIQ PLC              UNQPF US      -24544959.64    626057950.8
UNIQ PLC              UNIQGBP EO    -24544959.64    626057950.8
UNIQ PLC              UNIQF US      -24544959.64    626057950.8
UNIQ PLC              UNIQ EU       -24544959.64    626057950.8
UNIQ PLC              UNIQ PO       -24544959.64    626057950.8
UNIQ PLC              UNIQ EO       -24544959.64    626057950.8
UNIQ PLC              UNIQEUR EU    -24544959.64    626057950.8
UTC GROUP             UGR LN        -11904426.45      203548565
VIRGIN MOB-ASSD       VMOC LN       -392165437.6    166070003.7
VIRGIN MOB-ASSD       VMOA LN       -392165437.6    166070003.7
VIRGIN MOBILE         VMOB LN       -392165437.6    166070003.7
VIRGIN MOBILE         VMOB VX       -392165437.6    166070003.7
VIRGIN MOBILE         UEM GR        -392165437.6    166070003.7
VIRGIN MOBILE         VMOB PO       -392165437.6    166070003.7
VIRGIN MOBILE         VGMHF US      -392165437.6    166070003.7
WARNER ESTATE         WNERGBP EO    -37798939.99    432125169.9
WARNER ESTATE         WNEHF US      -37798939.99    432125169.9
WARNER ESTATE         WNER EU       -37798939.99    432125169.9
WARNER ESTATE         WRL GR        -37798939.99    432125169.9
WARNER ESTATE         WNER EO       -37798939.99    432125169.9
WARNER ESTATE         WNER IX       -37798939.99    432125169.9
WARNER ESTATE         WNER LN       -37798939.99    432125169.9
WARNER ESTATE         WNER PO       -37798939.99    432125169.9
WARNER ESTATE         WNER VX       -37798939.99    432125169.9
WARNER ESTATE         WNER PZ       -37798939.99    432125169.9
WATSON & PHILIP       WTSN LN         -120493900    252232072.9
WHITE YOUNG GREE      WHY EU        -35008863.49    305242409.9
WHITE YOUNG GREE      WHY VX        -35008863.49    305242409.9
WHITE YOUNG GREE      WHYEUR EO     -35008863.49    305242409.9
WHITE YOUNG GREE      WHY LN        -35008863.49    305242409.9
WHITE YOUNG GREE      WHY PO        -35008863.49    305242409.9
WHITE YOUNG GREE      WHYGBP EO     -35008863.49    305242409.9
WHITE YOUNG GREE      WHY EO        -35008863.49    305242409.9
WHITE YOUNG GREE      WHY PZ        -35008863.49    305242409.9
WHITE YOUNG GREE      WHYEUR EU     -35008863.49    305242409.9
WHITE YOUNG-NEW       WHYN LN       -35008863.49    305242409.9
WINCANTON PL-ADR      WNCNY US      -151911497.1     1420828184
WINCANTON PLC         WIN PZ        -151911497.1     1420828184
WINCANTON PLC         WIN1USD EU    -151911497.1     1420828184
WINCANTON PLC         WIN1GBP EO    -151911497.1     1420828184
WINCANTON PLC         WIN1EUR EO    -151911497.1     1420828184
WINCANTON PLC         WIN1 NQ       -151911497.1     1420828184
WINCANTON PLC         WIN PO        -151911497.1     1420828184
WINCANTON PLC         WIN1 QM       -151911497.1     1420828184
WINCANTON PLC         WNCNF US      -151911497.1     1420828184
WINCANTON PLC         WIN1 TQ       -151911497.1     1420828184
WINCANTON PLC         WIN VX        -151911497.1     1420828184
WINCANTON PLC         WIN1EUR EU    -151911497.1     1420828184
WINCANTON PLC         WIN1 BQ       -151911497.1     1420828184
WINCANTON PLC         WIN IX        -151911497.1     1420828184
WINCANTON PLC         WIN LN        -151911497.1     1420828184
WINCANTON PLC         WIN1 EO       -151911497.1     1420828184
WINCANTON PLC         WIN1 EB       -151911497.1     1420828184
WINCANTON PLC         WIN1USD EO    -151911497.1     1420828184
WINCANTON PLC         WIN1 EU       -151911497.1     1420828184
WYG PLC               WYG LN        -35008863.49    305242409.9
WYG PLC               WYGEUR EO     -35008863.49    305242409.9
WYG PLC               WYG EU        -35008863.49    305242409.9
WYG PLC               WYGGBP EO     -35008863.49    305242409.9
WYG PLC               WYGEUR EU     -35008863.49    305242409.9
WYG PLC               WHY IX        -35008863.49    305242409.9
WYG PLC               WYG PZ        -35008863.49    305242409.9
WYG PLC               WYG EO        -35008863.49    305242409.9


Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through  Go to order any title today.


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.

                 * * * End of Transmission * * *