/raid1/www/Hosts/bankrupt/TCRLA_Public/020129.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   L A T I N   A M E R I C A

            Tuesday, January 29, 2002, Vol. 3, Issue 20

                           Headlines


A R G E N T I N A

CAMUZZI GAS: Denies Paying Out Dividends Last Year
SCOTIABANK QUILMES: Parent Deems Argentina `Bump In The Road'


B R A Z I L

BANCO NACIONAL: Ex-Owner, Officials Arrested On Fraudulent Mgt.
COPEL: Parana Govt. Cancels Privatization Due To Lack Of Bidders


C H I L E

TELEX-CHILE: Creditors Allay Bankruptcy Fears


D O M I N I C A N   R E P U B L I C

KMART CORP: Bankruptcy Filing Will Not Hinder DR Investments


M E X I C O

BANCRECER: Banorte Targets November 1 For Full Integration
BITAL: ING Deal Advantageous To Both Groups
BITAL: Legal Procedures Delay Berrondo-Del Valle Deal Completion
ISPACT MEXICANA: S&P Lowers Export Trust No. 96-1 Rating to 'CC'
ISPAT MEXICANA: Parent To Refinance $80 MM In Bonds
SOUTH CAROLINA TEES: Ch. 11 Sheds No Light on Mexican Plant


P A R A G U A Y

BANCO UNION/BANCO ORIENTAL: Govt. Predicts Stolen Money Recovery


T R I N I D A D   &   T O B A G O

BWIA: Union Denies Staff Reduction Talks Took Place


V E N E Z U E L A

SIVENSA: Debt Restructuring Plan Gets Shareholder Approval
VENEPAL: Venezuela Bourse Suspends Trading, No Explanation


     - - - - - - - - - -

=================
A R G E N T I N A
=================

CAMUZZI GAS: Denies Paying Out Dividends Last Year
--------------------------------------------------
Hugo Krajnc, public affairs director at Camuzzi Gas del Sur, said
that the Argentine natural gas distributor didn't pay out US$30
million in dividends to shareholders while withholding payments
to suppliers, reports Business News Americas.

Kranjc's announcement counters a Buenos Aires Economico report
which stated that the Company shelled out additional dividends
last year. However, shareholders did approve a US$26-million
dividend in March 2001 related to results of fiscal year 2000.

"That was the only payment of dividends made by Camuzzi Gas del
Sur to its shareholders during the year 2001, as can be verified
in all the notes sent by the company to local regulatory
authorities during that period; furthermore, that distribution
took place when there were no delays in Camuzzi's payments of its
commercial or financial obligations," Krajnc said.

Last September, Argentina's government suspended subsidy payments
to Camuzzi Gas del Sur, a move that eventually "created a very
critical financial problem for the Company" causing Camuzzi Gas
del Sur to delay payments to gas suppliers, said Camuzzi Gas del
Sur public relations manager Carina Carrasco.

After a period of negotiations, the Company struck a deal with
the government of then president Fernando de la Rua in December,
in which it pledged to pay late subsidy payments to the Company
from December 2001 through May of 2002.

However, in late December, riots and looting led to the
resignation of De la Rua, ushering in even more political
uncertainty.

"The subsidy payments have still not been implemented and as a
result there has been a delay in payments to producers," Carrasco
said.  Governmental subsidies are aimed at keeping gas rates
lower for users in southern Argentina.

Meanwhile, the Company also denied a local press report that said
Camuzzi Gas del Sur's late payments to its oil and gas suppliers
totaled US$100 million.

"It is not US$100 million ... it is at least half of this,"
Carrasco said, without specifying the figure.

Just recently, S&P downgraded Camuzzi Gas del Sur's local and
foreign currency ratings to `SD' from `B' on expectation that the
Company may find it impossible to meet some of its foreign
currency obligations in a timely manner, due to sovereign-induced
constraints.


SCOTIABANK QUILMES: Parent Deems Argentina `Bump In The Road'
-------------------------------------------------------------
Bank of Nova Scotia, the biggest Canadian banking investor in
Latin America and owner of Scotiabank Quilmes, Argentina's 12th
largest bank, said it remains committed to its international
presence despite Argentina being a "bump in the road," reports
Reuters.

On Wednesday the bank admitted, while its international
operations were generally healthy, being a global player can come
with mixed results -- as in Argentina.

Argentina's economic and political turmoil have led Scotiabank to
review its stake in the country, but Peter Godsoe, the bank's
chairman, made no further comment on whether the bank would stay
or go. Instead, he reiterated his remarks made during the bank's
fourth-quarter conference call in December.

"We said in the fourth quarter, and we stand by it, that in a
worst case scenario -- and when I said this on December 6 I
really didn't perceive that it would truly be chaos with five
presidents in two weeks -- would be that our write-off, dealt
with it completely, would be less than one-quarter's earnings."

Godsoe noted that the bank has been through revolutions before
and, when something doesn't work, it will get out of the
situation. The bank set aside a C$100-million reserve for its
Argentine exposure in the fourth quarter.

Moody's Investors Service recently said Argentina's recent
currency devaluation and financial turmoil have driven the
country's banks to insolvency. Scotiabank's Argentine unit,
Scotiabank Quilmes, was affected by Moody's downgrade.

Standard & Poor's recently said the currency devaluation in
Argentina would force Scotiabank, as well as its peers, to all
take significant writedowns.

CONTACTS:  Alan Macdonald
           Chief Executive Officer
           Phone: (54-11) 4338-8000
           Fax: (54-11) 4338-8033
           Mail: 6th Floor
           Gral. J.D. Peron 564
           (C1038AAL) Buenos Aires

           Roy D. Scott
           Vice-President and Managing Director, Latin America
           Phone: (54-11) 4394-8726
           Fax: (54-11) 4328-1901
           Mail: P.O. Box 3955
           C1000WBN Correo Central
           Buenos Aires, Argentina
           E-mail: scotiarep@sinectis.com.ar

AUDITORS:  KPMG LLP
           Av. Leandro N. Alem 1050, Piso 2
           C1001AAS-Buenos Aires, Argentina
           +54 (11) 4316 5700

           PRICEWATERHOUSECOOPERS LLP
           Buenos Aires Office
           Cerrito 268
           C1010AAF Buenos Aires
           Mail Address :
           Casilla de Correo Central 896
           C1010AAF Buenos Aires
           Argentina
           Telephone: [54] (11) 4370 6000, 4370 6700, 4370 6900
           Telecopier: [54] (11) 4370 6800, 4370 6339

           COrdoba Office
           PricewaterhouseCoopers
           Boulevard Chacabuco 492
           X5000IIR C>rdoba
           Telephone: [54] (351) 420 2300
           Telecopier: [54] (351) 420 2332



===========
B R A Z I L
===========

BANCO NACIONAL: Ex-Owner, Officials Arrested On Fraudulent Mgt.
---------------------------------------------------------------
Marcos Magalhaes Pinto, the former owner of the bankrupted
Brazilian bank Banco Nacional, was arrested Friday on charges of
fraudulent management, the Associated Press reports.

Also taken into police custody are five of the bank's former
directors who were also accused of fraudulent management, as well
as illegally transferring about US$6 billion out of Brazil
between 1990 and 1995 through Interbanco, the bank's subsidiary
in neighboring Paraguay.

They six were also accused of trying to hide bank losses by
opening 600 fictitious accounts and forging loans that were then
booked as bank assets.

Nacional collapsed in 1995, forcing Brazil's Central Bank to
intervene, clean up some US$9.2 billion in bad debt and hand
Nacional's infrastructure and staff over to Unibanco SA, Brazil's
third-largest private bank.


COPEL: Parana Govt. Cancels Privatization Due To Lack Of Bidders
----------------------------------------------------------------
The government of Brazil's southern Parana state dropped plans to
privatize electricity utility Companhia Paranaense de Energia
(Copel) after potential investors balked at the process.
Potential investors pointed to changes in government energy
policy and default in Argentina as reasons for their sudden
disinterest.

The government hoped to sell about 89 percent of Copel's voting
shares for at least BRL5.07 billion (US$2.1 billion) on January
31.

Two previous attempts to sell Copel failed last year as no
bidders materialized due to an unstable picture in the
electricity sector. The botched auctions came amid an acute power
shortage and rationing, with the government's regulatory role
largely undefined.

"The government's decision to keep much of the country's
generation capacity in state hands instead of opening the market
up by 2003 made bidding unviable for many interested companies,"
said a spokesman for the press office of Parana Governor Jaime
Lerner. "The default in Argentina also made investors wary."

Copel has 17 hydroelectric plants and one thermoelectric plant
with a total capacity of over 4,500 megawatts. The company
accounts for about 7 percent of Brazil's power generation
capacity.

CONTACTS:  Ingo Henrique Hobert, Chief Executive Officer
           Deni Lineu Schwartz, Chief Government Relatins Officer
           Ferdinando schauenburg, CFO

           THEIR ADDRESS:
           Companhia Paranaense de Energia (COPEL)
           Dulcidio, 800
           Batel  80420-170 Curitiba - PR
           Brazil
           Phone   +55 41 322-3535

           Home Page http://www.copel.com

           INVESTOR RELATIONS
           Ricardo Portugal Alves
           Email: Ricardo.portugal@copel.com
           AND
           Othon M,der Ribas
           Email: othon@copel.com



=========
C H I L E
=========

TELEX-CHILE: Creditors Allay Bankruptcy Fears
---------------------------------------------
The lawyers representing Telex-Chile creditors Inversiones DLJ (a
partnership between Donaldson, Lufkin & Jenrette (DLJ) and Credit
Suisse First Boston (CSFB)) and Nera Finans withdrew on Friday
their clients' injunction against a shareholders' pact,
dispelling Telex's bankruptcy threats.

According to a Business News Americas report, Inversiones DLJ and
Nera Finans resorted to out of court talks with Southern Cross
earlier last week so that Telex operations would not be hurt by
the ongoing legal dispute.

Inversiones DLJ and Nera filed an injunction a couple of weeks
ago against a shareholders' pact that would allow Southern Cross
to raise its stake in Telex from 18.1 percent to between 34
percent and 90 percent. The plaintiffs argued that the
shareholders' pact was unfair to them and that Southern Cross
should offer more for their combined 5 percent stake.

Southern Cross originally planned to take control of Telex
through the purchase of debt from creditors, a public tender
offer on Telex shares, and a US$379-million capital increase.

The deal would reduce Telex's debt to between US$10 - $12 million
and give the Company an injection of fresh capital. However,
reinstating the Nera-DLJ injunction would return Telex to the
brink of bankruptcy.

Telex shareholders will hold an extraordinary general meeting on
January 30 to finalize the pact.

Investment banks and creditors took over 51 percent of Telex in
October 1999 from the Ibanez and Radic families as part of a
series of measures designed to recoup their investments. Telex,
which had debts of US$220 million, was forced to sell its mobile
and local telephony subsidiaries as part of the financial
restructuring.

CONTACTS:  TLEX-CHILE S.A.
           Juan E. Ib ¤ez Walker, Chairman
           Rafael Wilhelm Matthei, Finance/Admin. Manager
           Rinconada El Salto 202, Huechuraba
           Santiago, Chile
           Phone: +56-2-380-0171
           Fax: +56-2-382-5142
           Toll Free: 800-379-9110
           Email: tlchile@chilesat.net
           URL:  http://www.telex.cl

           or

           Felipe P‚rez - Manager of Corporate Affairs
           Telephone 562-382-5793
           Fax 562-3825185
           From US, toll free: 1-800-379-9110
           Internet e-mail: tlchile@chilesat.net



===================================
D O M I N I C A N   R E P U B L I C
===================================

KMART CORP: Bankruptcy Filing Will Not Hinder DR Investments
------------------------------------------------------------
K-Mart's recent bankruptcy filing will not affect the Company's
investments in the Dominican Republic, according to Danilo del
Rosario, the director of the Office for the Promotion of
Investment.

In a report released by DR1 Daily News, del Rosario revealed he
spoke to chief executive Charles Conaway who confirmed that the
Company will continue with its plans for the DR.

Kmart Corporation announced last year that it will open five
supercenters in the country with an investment of US$125 million.
The first of these would be at the corner of Lope de Vega and
John F. Kennedy in Santo Domingo.

Kmart Corp. last week filed for bankruptcy protection, the
largest retailer ever to do so, after a dismal holiday sales
season and cutthroat competition from rivals Wal-Mart Stores Inc.
and Target Corp. left the Company strapped for cash.

Kmart, which filed its petition in U.S. Bankruptcy Court for the
Northern District of Illinois in Chicago, said it had secured $2
billion in financing from Credit Suisse First Boston, Fleet
Retail Finance Inc., General Electric Capital Corp. and J.P.
Morgan Chase Bank. The financing, approved late last Tuesday by
Bankruptcy Court Judge Susan Pierson Sonderby, will help the
Company's cash flow while it restructures.



===========
M E X I C O
===========

BANCRECER: Banorte Targets November 1 For Full Integration
----------------------------------------------------------
Officials of Grupo Financiero Banorte have set a deadline for its
newly acquired Grupo Financiero Bancrecer to begin operating as
one bank. According to a report by Mexico City daily Reforma,
Banorte officials have scheduled full integration to take place
November 1 this year. This goal will require the two banks'
information systems to be 100-percent integrated.

Banorte, headed by Othon Ruiz Montemayor, has contracted DMR, led
by Pelayo Villanueva, and Accenture to manage the change of
systems, says Mexico City daily Reforma.

Banorte will have to choose between its own Sistematics platform
or Bancrecer's Altamira platform, which is viewed one of
Bancrecer's attractive assets.


BITAL: ING Deal Advantageous To Both Groups
-------------------------------------------
Analysts agreed that the conclusion of a deal between Grupo
Financiero Bital and Dutch financial institution ING in the area
of insurance would benefit both groups, Mexico City daily Reforma
reports.

According to analysts, Bital already has a well-positioned branch
network, while ING needs to further develop its insurance
business in Mexico.

Bital has already come up with US$100 million out of a total of
US$400 million in financing required by financial authorities.

"What it looks like is that (Bital) has begun talks with some
institutions for the other part of the financing due in May, and
among the institutions be mentioned are Holland's ING and the
United States' GE Capital," said Vector analyst Abel Hibert.

ING recently agreed to buy close to 20 percent of Bital for
around US$200 million dollars, a move which will bring the
Mexican financial institution's total foreign ownership to close
to 35 percent.

ING Investments currently owns 98 percent of Afore Bital, and has
stakes in Seguros Comercial America and Seguros Bital.

CONTACTS:  Engr Luis Berrondo Avalos, Chairman
           Atty Jaime Ruiz Sacristan, CEO
           German Osuna Castelan,  General Manager Finance
           Atty Fenando Ysita Del Hoyo, Secretary

           THEIR ADDRESS:
           Grupo Financiero Bital SA de CV
           Paseo de la Reforma No 243 Cuauhtemoc
           Mexico DF    06500
           Mexico
           Phone   +52 5 721 5286
           Home Page http://www.bital.com.mx


BITAL: Legal Procedures Delay Berrondo-Del Valle Deal Completion
----------------------------------------------------------------
Although the deal between Antonio del Valle and Luis and Eduardo
Berrondo to exchange Bital and Grupo Camesa shares has already
been signed, its completion won't take place until February.
According to a Mexico City daily Reforma report, legal procedures
have yet to be drawn up.

At the conclusion of the deal Del Valle will receive 70 percent
of Camesa, a company that produces wire and cable, while leaving
Berrondo with Del Valle's 25-percent stake in Bital.

According to the report, Del Valle had not intended to give up
his interest in Bital, and had made proposals to Santander, Banco
Comercial Portugues, ING and some investment funds to put up
Bital's required financing, however, the Berrondos refused to
divest.


ISPACT MEXICANA: S&P Lowers Export Trust No. 96-1 Rating to 'CC'
---------------------------------------------------------------
Standard & Poor's lowered Friday its rating on Imexsa Export
Trust No. 96-1's (Imexsa), a subsidiary of Ispat International
N.V. (Ispat), structured export certificates to double-'C' from
single-'B'-plus. The rating on the certificates remains on
CreditWatch with negative implications.

The lowered rating on the certificates reflects the fact that
Imexsa is preparing to enter into restructuring negotiations with
the holders of the export certificates due in 2003. The
restructuring entails a moratorium on all capital repayments
until 2005. Standard & Poor's would view the implementation of
such a moratorium as a default on the structured export
certificates because bondholders would have no alternative but to
accept this coercive offer, and would not receive the originally
scheduled payments. Upon completion of the exchange, the rating
on the structured export certificates will be lowered to 'D'. The
lowered rating on the certificates also reflects the downgrade of
Imexsa's local currency corporate credit rating to double-'C'
from single-'B'-plus on Jan. 25, 2002, which also remains on
CreditWatch with negative implications.

The corporate rating action is based on Imexsa's restructuring
negotiations. Standard & Poor's will be closely monitoring the
development of the restructuring negotiations going forward.

In the last year, Imexsa has faced difficult steel slab market
conditions, high-energy prices, and a strike that lasted from
Dec. 20, 2001 until Jan. 17, 2002 that caused the stoppage of all
production of steel slabs.

The structured export certificate transaction is based on a long-
term supply contract between Imexsa and Mitsubishi Corp., in
which the latter is required to purchase enough shipments of
steel slabs from Imexsa at the then prevailing market price to
cover 1.3 times the maximum debt service for each quarterly debt
service period.

The structured export certificates entered into early
amortization after being downgraded to double-'B'-minus on Nov.
23, 2000.

CONTACTS:  STANDARD & POOR'S RATINGS SERVICES
           Juan J Flores, Mexico City, +52-55-5279-2020
           Rosario Buendia, New York, +1-212-438-2410
           Olivier Beroud, London, +44-20-7826-3508


ISPAT MEXICANA: Parent To Refinance $80 MM In Bonds
---------------------------------------------------
Ispat International NV, the eighth-largest steelmaker, said it
will refinance $80 million in bonds issued by its Mexican unit,
which holds about $500 million of its $2.3-billion debt, reports
Bloomberg.

Ispat offered to exchange bonds due in 2003 for notes with the
same interest rate maturing in 2008.

Ispat spokeswoman Annanya Sarin revealed that principal
repayments for the new instruments wouldn't begin until 2005. The
unit can afford these payments, Sarin said, but declined to say
whether it would miss the existing schedule.

"We expect the holders will accept this because it enables the
Company to meet its obligations," Sarin said.

The exchange offer will expire on February 22.

CONTACT:  ISPAT INTERNATIONAL LIMITED
          Annanya Sarin, Head of Communications
          Tel. +44-20-7543-1162, or +31-10-404-6738

          B. C. Agarwal, Chief Financial Officer
          Tel. +44-20-7543-1135

          OR
          Citigate Dewe Rogerson
          John McInerney, Investor Relations
          Tel. +1-212-419-4219, for Ispat International Limited


SOUTH CAROLINA TEES: Ch. 11 Sheds No Light on Mexican Plant
-----------------------------------------------------------
Columbia-based South Carolina Tees Inc. has filed for bankruptcy
protection, reports Knight-Ridder Business News.

The T-shirt manufacturer and wholesaler, which was established in
1977, has a plant in Mexico, across the Rio Grande from El Paso,
Texas. The report didn't mention if the plant will be affected by
the Company's bankruptcy filing, but according to the Company's
attorney, William Calloway, South Carolina Tees plans to continue
operating as it reorganizes its finances through the bankruptcy.

"It's not a liquidation," Calloway said.

"We were able to go into court Wednesday and obtain limited use
of cash collateral to continue operating the business," he added.

The Company's next hearing is set for Feb. 14 in Charleston.

South Carolina Tees owes about $11 million to a secured lender,
said Calloway. The apparel maker's 20 largest unsecured creditors
-- ranging from suppliers to an employee health insurance carrier
-- are owed about $11.5 million, according to documents filed
nearly two weeks ago with the U.S. Bankruptcy Court in Columbia.



===============
P A R A G U A Y
===============

BANCO UNION/BANCO ORIENTAL: Govt. Predicts Stolen Money Recovery
----------------------------------------------------------------
Paraguayan Central Bank's legal director, Benigno Lopez,
expressed optimism that the government is on the verge of
recovering US$14 million of the US$16 million that was diverted
from intervened banks Banco Union and Banco Oriental by their
government appointed administrators, says Business News Americas.

Lopez is confident that the case should be resolved in a maximum
of six months and lead to the return of US$14 million.

According to a Central Bank spokesperson, the Paraguayan
government is working with US authorities, which have frozen
US$14 million in a Citibank account in New York.

In addition, the spokesperson revealed that the government has
also hired a legal team from one of New York's best law firms to
prove that the money actually belongs to the liquidated
Paraguayan banks.

The remaining US$2 million is believed to have been paid as
commissions to intermediaries that helped divert the money and is
believed to be in private bank accounts in Paraguay.

Los Angeles-based economist and lawyer John Tulac - and the
holder of the Citibank account - has been charged by a New York
court for participating in the diversion of the funds.



=================================
T R I N I D A D   &   T O B A G O
=================================

BWIA: Union Denies Staff Reduction Talks Took Place
---------------------------------------------------
Trinidad and Tobago-based airline BWIA is yet to consult with the
Aviation Communication and Allied Workers' Union (ACAWU)
regarding plans to reduce staff at the airline, The Trinidad
Guardian reports.

"There was no consultation," said ACAWU acting president, Curtis
John.

"With the collective bargaining agreement any decision that
affects the employees who fall under our bargaining unit, the
Company is supposed to call and consult with us before
implementing anything."

ACAWU has a membership of 1,500 and it represents the majority of
BWIA employees. It has previously stated BWIA does not need to
reduce staff.

The other unions that represent BWIA employees are the
Superintendents' Association, the Communication, Transport and
General Workers' Union and the Trinidad and Tobago Pilots'
Association.

Last week, BWIA chief executive officer Conrad Aleong said that
the airline has begun talks with the unions about the impending
job cuts. But John refuted Aleong's statement, noting that during
the most recent talks between the union and BWIA, the airline was
asking for a wage freeze for the 2001 to 2003 period as a measure
meant to ensure there would be no lay-offs.

John said he felt betrayed by BWIA when he learned of its
intentions to implement job cuts, via media reports.

Meanwhile, Clint Williams, BWIA director, corporate
communications, acknowledged the airline was required to consult
with the unions whenever it wants to undertake job cuts and other
cost-cutting measures.

However, he said BWIA need not hold any consultations at this
time since the executive was yet to decide on exactly when and
how it would begin its restructuring program.



=================
V E N E Z U E L A
=================

SIVENSA: Debt Restructuring Plan Gets Shareholder Approval
----------------------------------------------------------
Shareholders of Venezuelan group Sivensa voted Friday in favor of
a debt-restructuring plan for its Sidetur steel subsidiary
covering US$246 million of liabilities, the Company said in a
statement.

According to a Bloomberg report, the restructuring would allow
the Venezuelan steelmaker to pay off $121 million in borrowings
in installments over six years and the remaining $125 million in
a lump sum in 2007. The restructured debt would carry an interest
rate of 3.5 percentage points above the London Interbank Offered
Rate (LIBOR).

In return, creditor banks will take a 15-percent stake in
Sivensa. The banks could increase their share to up to 80
percent. However, CFO Gustavo Machado told shareholders the banks
are likely to own 38 percent by 2007.

Sivensa is seeking to obtain operating funds and spread out debt
payments as part of a plan to return to profitability. The
company lost $101 million for the year ended September 30 and
$99.7 million a year earlier.


VENEPAL: Venezuela Bourse Suspends Trading, No Explanation
----------------------------------------------------------
Trading of shares of paper company Venepal SACA was suspended at
the Venezuela's Caracas Stock Exchange, says Bloomberg. The
bourse didn't disclose the reason for the suspension but
according to an unnamed official from the exchange, the action
was taken after the Company failed to pay fees allowing its
trading.

Venepal has been struggling to avoid bankruptcy for more than
three years, buffeted by weak domestic demand for its products,
cheaper imports and heavy indebtedness. The company's shares have
fallen more than 90 percent during the same period.

Venepal is now about to conclude a $100-million restructuring
that results in its bank creditors taking control of its
operations.




               ***********


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 Latin American is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Fe Ong Va¤o, Editors.

Copyright 2002.  All rights reserved.  ISSN 1529-2746.

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 Latin America subscription rate is $575 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 $25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *