TCRLA_Public/051006.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

           Thursday, October 6, 2005, Vol. 6, Issue 198

                            Headlines


A R G E N T I N A

ALIMENTOS FARGO: Fitch Retains 'D(arg)' Rating on $120M of Bonds
CLISA: Local S&P Leaves Corporate Bond Ratings Unchanged
IMAGEN SATELITAL: $80M Bonds Maintain 'D' Rating
LA PANADERIA S.A.: Deadline for General Report Approaches
MASTELLONE HERMANOS: Moody's Assigns 'D' Rating to $7M Bonds

MULTICANAL: Local Fitch Maintains D(arg) Rating on Various Bonds
PINNACLE ENTERTAINMENT: Seeks Credit Terms Change After Storms


B E R M U D A

ANNUITY & LIFE: Lockwood, Mawdsley Employment Deals End
INTELSAT: Initiates Satellite Launch Talks With Argentina
LOM HOLDINGS: Announces Small Share Buys Back Results


B R A Z I L

BANCO MERCANTIL: S&P Assigns 'B/B' Rating; Outlook Stable
GERDAU: Finalizes Merger With Diaco, Subsidiaries
VARIG: Customers Scramble to Use Frequent Flier Miles


C A Y M A N   I S L A N D S

ASSET PROTECTION: Shareholder Decides to Liquidate Operations
ATLANTIC OPPORTUNITIES: Shareholder Voluntarily Winds Up Bus.
COLOGICO INVESTMENT: Walker, Edwards Appointed as Liquidators
DYOLL INSURANCE: Creditors' Debt Claims Filing Deadline Set
eANYWHERE TECH: Company to Wound Up Voluntarily

eANYWHERE TELECOM: Appoints Liquidator
eMOBILE COMM: Creditors to Prove Claims Before Oct. 12, 2005
FAIRFIELD MASTERS: Liquidators Await Creditors' Claims
HIGHLAND LOAN: Joint Liquidators Appointed
ID CAPITAL: Shareholders Resolve to Liquidate Voluntarily

INTENT HOLDINGS: Creditors Must Prove Debt Claims Before Oct. 19
ISSEY LIMITED: Issues Notice of Voluntary Liquidation
J.D. ASSOCIATES: Appoints Leo M Connolly as Liquidator
MARIN CREDIT: Shareholders Decide to Liquidate Company
MISHKA NO.1: Liquidation Initiated, Creditors Notified

ML CBO: Steven O' Connor, Jon Roney Selected as Liquidators
NEWBURY FUNDING: Liquidators Appointed to Oversee Process
OGIKUBO HOLDINGS: To Be Wound Up Voluntarily
OHFUNA HOLDINGS: Creditors' Claims Due By October 20
PJ EUROPEAN: Company to be Wound Up Voluntarily

SEARCHLIGHT CAPITAL: dms Corporate Services Named Liquidator
SHANTI PROPELLER: Creditors to Submit Claims to Liquidator
SOUTH AFRICA: To be Placed into Voluntary Liquidation
ST. THOMAS: Creditors Notified to Prove Debt Claims
STRATA 2005-1: Voluntary Liquidation Initiated

SUDAM PAPER: Selects Mr. Luis Marmissolle as Liquidator
THE EQUITUS CAYMAN: Joint Liquidators Appointed
THE EQUITUS MASTER: Owner Resolves Wind Up Company
TREETOP GLOBAL: Shareholder Passes Resolution to Liquidate
TRIPLE CROWN: Shareholders Decide on Voluntarily Liquidation


C H I L E

PLACER DOME: Bema Issues Notice of Default to Placer Dome
PLACER DOME: Arizona Star Issues Notice of Default
PLACER DOME: Responds to Bema Notice of Default


C O L O M B I A

INTERCONEXION ELECTRICA: S&P Assigns BB Foreign Currency Rating


E C U A D O R

* ECUADOR: S&P Affirms 'CCC+' Long-Term Sovereign Credit Rating


P E R U

SIDERPERU: Equilibrium Cuts Rating After Missed Payments
* PERU: Outlook Revision Reflects Improving Economic Profile


U R U G U A Y

ANCAP: Petrobras Seeks to Use Idle Refining Capacity


V E N E Z U E L A

ROYAL SHELL: Objects to Seniat's Tax Claim
SIDOR: Comptroller Decision on Dividend Payment Expected


     - - - - - - - - - -

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

ALIMENTOS FARGO: Fitch Retains 'D(arg)' Rating on $120M of Bonds
----------------------------------------------------------------
Fitch Argentina Calificadora de Reisgo S.A. maintains a 'D(arg)'
rating on some US$120 million of corporate bonds issued by local
Company Compania de Alimentos Fargo S.A., Argentina's securities
regulator, the CNV, reports.

The rating, assigned to financial commitments that are currently
in default, was given based on the Company's finances as of June
30, 2005. The bonds, described as "Obligaciones Negociables
Simples," will mature on July 24, 2008.


CLISA: Local S&P Leaves Corporate Bond Ratings Unchanged
--------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
reaffirmed the 'raB-' rating on US$120 million worth of
corporate bonds issued by Argentine Company CLISA. The CNV
described the affected bonds as "Obligaciones Negociables con
garantia (AGO 21-01-03, AD 23-01-03)." These bonds will mature
on June 1, 2012.

S&P said that an obligation rated 'raB' denotes weak protection
parameters relative to other Argentine obligations. The obligor
currently has the capacity to meet its financial commitments on
the obligation. But adverse business, financial, or economic
conditions would likely impair capacity or willingness of the
obligor to meet its financial commitments on the obligations.

At the same time, the local S&P maintains the 'raD' rating on
US$100 million worth of CLISA's bonds described as "Obligaciones
Negociables con garantia." The bonds matured on June 1, 2004.

The rating actions were based on the Company's financial health
as of June 30, 2005.


IMAGEN SATELITAL: $80M Bonds Maintain 'D' Rating
------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. reaffirmed its
'D' rating on US$80 million worth of corporate bonds issued by
Argentine Company Imagen Satelital S.A., the CNV relates. The
rating issued applies to bonds called "obligaciones negociables"
that expired on May 2, 2005. The Company's financial health as
of June 30, 2005 determined the action taken by Moody's.


LA PANADERIA S.A.: Deadline for General Report Approaches
---------------------------------------------------------
The due date submitting the general report on the liquidation of
Buenos Aires-based La Panaderia S.A. will be tomorrow, Oct. 7,
2005. The report shall contain a summary of the Company's
financial status as well as relevant events pertaining to the
bankruptcy.

The Company began liquidating its assets following the
pronouncement of the city's civil and commercial Court No. 26
ordering the Company's liquidation. Mr. Jose Miguel Fernandez
was appointed as trustee.

Mr. Fernandez verified creditors' proofs of claim until June 30,
2005. The validated claims were presented in court as individual
reports on Aug. 26, 2005.

The bankruptcy process will end with the disposal company assets
in favor of its creditors.

CONTACT: La Panaderia S.A.
         Sarandi 248
         Buenos Aires

         Mr. Jose Miguel Fernandez, Trustee
         Junin 55
         Buenos Aires


MASTELLONE HERMANOS: Moody's Assigns 'D' Rating to $7M Bonds
------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. assigned a 'D'
rating on US$7,091,000 worth of bonds issued by Argentine
Company Mastellone Hermanos S.A., the CNV revealed on its Web
site.

The rating, based on the Company's finances as of June 30, 2005,
is assigned to bonds that are in payment default, according to
the ratings agency. The affected bonds are described as
"Obligaciones Negociables monto original U$S225 millones." Final
maturity of the issue is unknown.


MULTICANAL: Local Fitch Maintains D(arg) Rating on Various Bonds
----------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. reaffirmed the
'D(arg)' rating on US$1.3 billion worth of corporate bonds
issued by Multicanal S.A., the CNV reports.

The bonds affected are:

- US$1.05 billion worth of "obligaciones negociables" with
  undisclosed maturity date;

- US$125 million worth of "obligaciones negociables simples"
  with undisclosed maturity date; and

- US$125 million worth of "obligaciones negociables" with
  undisclosed maturity date.

Fitch also maintained its 'C(arg)' rating on US$300 million
worth of undated Multicanal bonds described as "Programa de ONs
por U$S 300 MM."

Fitch's rating action is based on Multicanal's financial status
as of June 30, 2005.


PINNACLE ENTERTAINMENT: Seeks Credit Terms Change After Storms
--------------------------------------------------------------
Pinnacle Entertainment, Inc. (NYSE: PNK) announced Tuesday that
it has circulated to its lenders under its credit agreement a
proposed amendment in order to assure that developments arising
out of Hurricanes Katrina and Rita are fully contemplated under
the covenants in the credit agreement.  As previously reported,
the two hurricanes resulted in the temporary closures of the
Company's Boomtown New Orleans facility in Harvey, Louisiana
(which reopened for business on September 30, 2005) and its
L'Auberge du Lac facility in Lake Charles, Louisiana, and severe
damage to its Casino Magic Biloxi facility in Biloxi,
Mississippi.  The hotel at L'Auberge du Lac is currently
accommodating reconstruction workers.  The Company plans to
reopen the L'Auberge du Lac casino hotel as soon as such
reopening is approved by governmental authorities.

The amendment, among other things, clarifies the treatment in
calculating financial covenants of certain expected insurance
recoveries, including business interruption insurance.  Because
the timing of recognition of expected business interruption
insurance recoveries is uncertain, the amendment establishes
procedures for recognition of business interruption insurance
for purposes of the credit agreement covenants.  The amendment
also waives compliance with certain financial covenants for the
remainder of the year, and establishes procedures for ultimately
rebuilding the Biloxi facility.  In addition, the proposed
amendment would establish new procedures for measuring
compliance with financial covenants in 2006 with respect to the
Boomtown New Orleans and L'Auberge du Lac properties.

The Company is also continuing to move forward in arranging a
new, larger bank deal to provide additional funding for its St.
Louis and Biloxi projects.

About Pinnacle Entertainment

Pinnacle Entertainment owns casinos in Nevada, Mississippi,
Louisiana, Indiana and Argentina, owns a hotel in Missouri, and
receives lease income from two card club casinos in the Los
Angeles metropolitan area.  The Company opened a major casino
resort in Lake Charles, Louisiana in May 2005 and a new casino
in Neuquen, Argentina in July 2005.  Pinnacle has also been
selected for two casino development projects in the St. Louis,
Missouri area.  The casino operations in St. Louis are dependent
upon final approval by the Missouri Gaming Commission.

CONTACTS:

     At the Company - (702) 784-7777:
     Dan Lee, Chairman & CEO
     Wade Hundley, President
     Steve Capp, CFO
     Chris Plant or Lewis Fanger, Investor Relations



=============
B E R M U D A
=============

ANNUITY & LIFE: Lockwood, Mawdsley Employment Deals End
-------------------------------------------------------
Annuity and Life Re (Holdings), Ltd. (together with its
subsidiaries, the "Company") announced to John W. Lockwood, its
Chief Financial Officer, and William H. Mawdsley, its Chief
Actuary, on September 28, 2005 of the Company's election not to
renew their employment agreements. Notifications of nonrenewal,
as required by the terms of the employment agreements, were sent
to Mr. Lockwood and Mr. Mawdsley on September 28, 2005. Mr.
Lockwood received his notice on September 29, 2005, but Mr.
Mawdsley has informed the Company that he did not receive the
notice until October 3, 2005. Mr. Mawdsley has indicated that he
reserves the right to assert that the notice of nonrenewal was
not timely delivered pursuant to the terms of his employment
agreement. Mr. Lockwood's agreement will expire on December 31,
2005 and, assuming the notice of nonrenewal was timely
delivered, Mr. Mawdsley's agreement will expire on January 2,
2006. The Company intends to enter into discussions with Messrs.
Lockwood and Mawdsley regarding the terms of their continued
employment by the Company beyond the remaining term of their
employment agreements.

Mr. Lockwood's current annual salary is $200,000. Mr. Mawdsley's
current annual salary is $200,000 and he receives an additional
$10,000 per month as a housing and travel allowance.

Under the terms of their existing employment agreements, if the
employment of Mr. Lockwood or Mr. Mawdsley is terminated by the
Company without serious cause or by the employee with good
reason, the Company must continue to pay such employee his base
salary for a period of one year from such termination.
Additionally, Mr. Mawdsley would be entitled to travel and
housing allowances for three months after the date of
termination and reasonable relocation expenses from Bermuda to
the United States.

Also under the terms of their existing employment agreements,
upon a change in control of the Company, the options to purchase
Common Shares of the Company held by Messrs. Lockwood and
Mawdsley would become exercisable immediately and all restricted
Common Shares held by them would vest immediately. If their
employment with the Company is terminated without serious cause
or if they terminate their employment for certain specified
reasons within, with respect to Mr. Lockwood, six months
following a change in control, or, with respect to Mr. Mawdsley,
one year following a change in control, the employee would be
entitled to receive two times his annual salary. In addition,
Mr. Mawdsley would also be entitled to receive twelve months of
his travel and housing allowance and reasonable relocation
expenses from Bermuda to the United States. Mr. Mawdsley is also
entitled to receive an amount equal to any income taxes payable
by him by reason of the payments made to him occurring in
connection with a change in control.

Mr. Lockwood's employment agreement was previously filed with
the Commission as Exhibit 10.1 to the Company's Form 10-Q filed
on May 17, 2004, and is incorporated herein by reference. Mr.
Mawdsley's employment agreement was previously filed with the
Commission as Exhibit 10.1 to the Company's Form 10-Q filed on
May 15, 2002, and is incorporated herein by reference.

CONTACT: Annuity & Life Re (Holdings), Ltd.
         Phone: 1-441-296-7667


INTELSAT: Initiates Satellite Launch Talks With Argentina
---------------------------------------------------------
Talks have started between the Argentine government and Bermuda-
based satellite network operator Intelsat regarding plans to
launch a new commercial telecommunications services satellite in
an Argentine orbit, reports Business News Americas. Under the
terms of the agreement, Intelsat would provide the satellite and
the Argentine government would provide the orbit, according to
the report. Both sides are yet to comment on the report.


LOM HOLDINGS: Announces Small Share Buys Back Results
-----------------------------------------------------
LOM (Holdings) Limited (LOM) informed the Bermuda Stock Exchange
(BSX) Tuesday that the Company repurchased the following shares,
which have subsequently cancelled:

  - 10,450 shares on 27th September 2005 at $3.05 per share; and
  - 2,000 shares on 28th  September 2005 at $2.85 per share

CONTACT:  Bermuda Stock Exchange (BSX)
          Joanne DeRoza
          Tel: 1-441-292-7212
          E-mail: jderoza@bsx.com



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

BANCO MERCANTIL: S&P Assigns 'B/B' Rating; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B/B'
counterparty credit rating to Banco Mercantil do Brasil S.A.
(MB). The outlook is stable.

The rating assigned to MB reflects the challenges faced by a
midsize bank operating in the segment of small and midsize
companies and individuals in the competitive banking industry in
Brazil; its low profitability when compared to the industry,
which is negatively affected by the bank's large and costly
operational structure and small scale; as well as the bank's
capitalization that can be a limiting factor for growth in the
long term, though adequate in the short term. These risk factors
are partially offset by MB's long track record operating in the
market and knowledge of its core/niche market, mainly the state
of Minas Gerais, which translate into good market share and
brand-name recognition on a regional basis, its diversified
operation, and adequate liquidity.

With total assets of Brazilian reais (BrR) 4.4 billion as of
June 2005 (equivalent to $1.9 billion at BrR2.35 to $1), MB is a
small bank, positioned as the 22nd largest private bank in the
competitive Brazilian system. While the bank's national market
share is not relevant (market share in total assets and lending
is less than 1%), it holds a more significant market presence in
the region where the bank focuses its operations (Minas Gerais
and interior of Sao Paulo, mainly). MB's brand name is well
recognized in the region, where it focuses its activities on
consumer banking, mainly to low-income individuals, and in
servicing midsize and local companies.

MB has a long track record in the market, operating since 1943.
MB went through a restructuring process in the past four years
and, by doing so, was prepared for the competitive environment.
"While we believe the bank has streamlined its operations, it
remains challenged to translate its customer-oriented strategy
and its reshaped operational structure into higher profitability
and gains of scale," said Standard & Poor's credit analyst
Tamara Berenholc. MB's primary strategic goal is the protection
of its business model, through the diversification of its
activities and adequate profitability coming from the increase
in clientele and higher financial intermediation.

One of the main factors constraining the rating is MB's low
bottom-line results. The bank has maintained average ROA of 0.5%
in the past three years adjusted for nonrecurrent results.
Despite the bank's efforts to improve core earnings with
enhancements in its asset mix (move toward more profitable
lending to individuals), and to increase revenues from fees and
cross selling; the bank's structure is still costly (it
presented a noninterest expenses-to-revenues ratio of 77% in
June 2005, which compares poorly with Brazilian and
international standards), and still lacks the necessary scale
(revenues from fees to total revenues reached only 16% as of
June 2005) and revenues stream. We believe the bank still has to
build a track record of stronger and more consistent returns to
reverse its low profitability and improve its financial
standing.

The stable outlook reflects our expectations that the bank will
maintain its conservative operation-that explains in part its
profitability level-and preserve its liquidity. Asset quality
indicators are also expected to be maintained at average
industry levels, supported by the bank's reinforcement on credit
policy and procedures. Deterioration of asset quality indicators
and the reduction of its profitability would prompt a change to
a negative outlook or a downgrade. On the other hand, the
ratings could trend upward if the bank is successful in
presenting sustainable and recurring profitability above
1.5%, improving asset quality indicators following credit
growth, and a stronger capital base to support its operation and
expansion.

Primary Credit Analyst: Tamara Berenholc, Sao Paulo (55) 11-
5501-8950; tamara_berenholc@standardandpoors.com

Secondary Credit Analyst: Daniel Araujo, Sao Paulo (55) 11-5501-
8939; daniel_araujo@standardandpoors.com


GERDAU: Finalizes Merger With Diaco, Subsidiaries
-------------------------------------------------
The merger process between Brazilian long steel producer Gerdau
(NYSE: GGB) and Colombian steelmaker Diaco and its subsidiaries
is now complete, reports Business News Americas.

As such, "Gerdau now holds 60% of Diaco's shares and the
Mayaguez group 40%," said Diaco president Juan Manuel Romero.

Porto Alegre-based Gerdau will hold three posts on the Diaco
board and the Mayaguez group, which previously controlled Diaco,
will have two, said Mr. Romero, who was also ratified as
executive president.

Diaco, which sells 50% of the 500,000t of steel consumed in
Colombia every year, delisted its shares from the Bogota bourse
on September 12 after Gerdau started its takeover bid.

CONTACT: Gerdau S.A.
         Press Office
         Phone: 55(51) 3323-2170
         E-mail: imprensa@gerdau.com.br
         URL: www.gerdau.com.br


VARIG: Customers Scramble to Use Frequent Flier Miles
-----------------------------------------------------
Latin America's biggest airline, Viacao Aerea Rio-Grandense SA
(Varig), is appealing to clients who are rushing to unload
frequent flier miles for fear that the airline will collapse.

"Customers shouldn't be alarmed," marketing director Faustino
Pereira said. "There's no need to rush to use up miles. They'll
be able to use them whenever they want."

Concerned the airline will liquidate, film producer Hilton
Kauffmann used his awards to upgrade from economy class for the
first time in August. School teacher Luciana Martins began
selling on the Internet her 140,000 Varig miles. Carlos Eduardo
Carvalho, a fixed-income trader, spent his remaining miles for a
flight from Sao Paulo to Florianopolis.

Maria Christina de Almeida Oliveira, a consumer-rights
consultant at the Sao Paulo state consumer protection agency,
said consumers have the right to reimbursement for their miles
should the airline go out of business.

"But they will have to file for it with the court and get in
line with other creditors," Ms. Oliveira said.

Varig, which is controlled by its employees, sought bankruptcy
protection after losing BRL5.45 billion between 2000 and 2004
because of rising fuel costs and competition from low- cost
carriers.

The airline stopped flying to five Brazilian cities this year
and plans to reduce service further.



===========================
C A Y M A N   I S L A N D S
===========================

ASSET PROTECTION: Shareholder Decides to Liquidate Operations
-------------------------------------------------------------
                 ASSET PROTECTION FUND II, LTD.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special written resolution was passed by the sole
shareholder of the Company at an extraordinary meeting held on
August 26, 2005:

"RESOLVED THAT the Company be placed into voluntary liquidation
and that S.L.C. Whicker and K.D. Blake, of KPMG, Grand Cayman,
Cayman Islands, be and are hereby appointed Joint Voluntary
Liquidators of the Company to act jointly or severally for the
purposes of such liquidation."

Creditors of the Company are to prove their debts or claims on
or before October 10, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         P.O. Box 493 GT, Grand Cayman, Cayman Island

         Peter de Vere
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-914-4334/345-949-4800
         Facsimile: 345-949-7164


ATLANTIC OPPORTUNITIES: Shareholder Voluntarily Winds Up Bus.
-------------------------------------------------------------
             ATLANTIC OPPORTUNITIES FUND LIMITED
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of Atlantic Opportunities Fund Limited at an
extraordinary general meeting of the shareholders held on May
31, 2005:

"That the Company be voluntarily wound up and that Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up."

Creditors of the Company are to prove their debts or claims on
or before October 19, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Mr. Linburgh Martin, Joint Voluntary Liquidator
         Thiry Gordon
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbour Place
         P.O. Box 1034GT, Grand Cayman


COLOGICO INVESTMENT: Walker, Edwards Appointed as Liquidators
-------------------------------------------------------------
                COLOGICO INVESTMENT MANAGEMENT
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following written resolution was passed by the sole
shareholder of Cologico Investment Management on August 31,
2005:

THAT the Company be wound up voluntarily and that David A.K.
Walker and Lawrence Edwards, of PricewaterhouseCoopers,
Strathvale House, George Town, Grand Cayman, Cayman
Islands, be and are hereby appointed Joint
Liquidators for the purposes of winding-up the
Company and that either of them shall have the power to act
alone in the winding up.

Creditors of the company are to prove their debts or claims on
or before October 14, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator
         PricewaterhouseCoopers
         Strathvale House
         George Town, Grand Cayman
         Cayman Islands

         Jodi Smith
         P.O. Box 219GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237


DYOLL INSURANCE: Creditors' Debt Claims Filing Deadline Set
-----------------------------------------------------------
The joint liquidators of Dyoll Insurance Company Limited issued
a notice that in order to participate in the First Interim
Dividend Payment, creditors/claimants who have not yet filed a
Proof of Debt are required to do so by no later than October 26,
2005, which has been fixed as the Last Date for Proving,

The joint liquidators - Kenneth Krys of RSM Cayman and John Lee
of PricewaterhouseCoopers - said they will be corresponding with
creditors/claimants within the next two weeks and may seek
additional information regarding the claim or supporting
documentation. Creditors/claimants are required to provide all
outstanding information on or before the Last Date for Proving.

The joint liquidators intend to declare the First Interim
Dividend within 4 months of the Last Date for Proving and
currently aim to declare and pay the First Interim Dividend on
October 31, 2005. Creditors/Claimants will be paid 17% of their
admitted liability at the said date.

CONTACT: JOINT LIQUIDATORS
         John W. Lee
         Kenneth M. Krys
         Address for service: RSM Cayman Islands
                              P.O. Box 1370GT
                              GRAND CAYMAN


eANYWHERE TECH: Company to Wound Up Voluntarily
-----------------------------------------------
           eANYWHERE TECH, INC.
        (In Voluntary Liquidation)
       The Companies Law (2004 Revision)

TAKE NOTICE THAT

1. the following Special Resolutions of the Company were adopted
on June 22, 2005:

"RESOLVED THAT:

  a) that the Company be wound up voluntarily under The
     Companies Law (2004 Revision), section 132; and

  b) that Mr. Nien-Hung Chung be appointed as Liquidator."

2. Creditors of the Company are required to prove their claims
and debts on or before October 12, 2005, and to establish any
title they may have under the Companies Law (Revised) or be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT: Mr. Nien-Hung Chung, Voluntary Liquidator
         Charles Adams, Ritchie & Duckworth
         P.O. Box 709GT, Zephyr House
         Mary Street, George Town, Grand Cayman
         Phone: 345-949-4544
         Fax: 345-949-8460


eANYWHERE TELECOM: Appoints Liquidator
--------------------------------------
               eANYWHERE TELECOM, INC.
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

TAKE NOTICE THAT

1. the following Special Resolutions of the Company were adopted
on May 20, 2005:

"RESOLVED THAT:

a) that the Company be wound up voluntarily under The Companies
   Law (2004 Revision), section 132; and

b) that Mr. Nien-Hung Chung be appointed as Liquidator."

2. Creditors of the Company are required to prove their claims
and debts on or before October 12, 2005, and to establish any
title they may have under the Companies Law (Revised) or be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT: Mr. Nien-Hung Chung, Voluntary Liquidator
         Charles Adams
         Ritchie & Duckworth
         P.O. Box 709GT, Zephyr House
         Mary Street, George Town, Grand Cayman
         Phone: 345-949-4544
         Fax: 345-949-8460


eMOBILE COMM: Creditors to Prove Claims Before Oct. 12, 2005
------------------------------------------------------------
                 eMOBILE COMM, INC.
             (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

TAKE NOTICE THAT

1. the following Special Resolutions of the Company were adopted
on June 22, 2005:

"RESOLVED THAT:

a) that the Company be wound up voluntarily under The Companies
   Law (2004 Revision), section 132; and

b) that Mr. Nien-Hung Chung be appointed as Liquidator."

2. Creditors of the Company are required to prove their claims
and debts on or before October 12, 2005, and to establish any
title they may have under the Companies Law (Revised) or be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT: Mr. Nien-Hung Chung, Voluntary Liquidator
         Charles Adams, Ritchie & Duckworth
         P.O. Box 709GT, Zephyr House
         Mary Street, George Town, Grand Cayman
         Phone: 345-949-4544
         Fax: 345-949-8460


FAIRFIELD MASTERS: Liquidators Await Creditors' Claims
------------------------------------------------------
                 FAIRFIELD MASTERS FUND LIMITED
                   (In Voluntary Winding Up)
                The Companies Law (2004 Revision)
                          Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholders of Fairfield Masters Fund Limited Company at an
extraordinary general meeting of the shareholders held on
September 6, 2005:

THAT the Company be placed in voluntary winding up.

THAT Chris Humphries and Sophia A. Dilbert be appointed joint
liquidators of the Company.

NOTICE IS HEREBY GIVEN that the creditors of Fairfield Masters
Fund Limited which is being wound up voluntarily are required on
or before October 13, 2005, to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned,
the attorneys-at-law for the liquidator of the Company and if so
required by notice in writing from the said liquidator either by
their attorneys-at-law or personally to come in and prove the
said debts or claims at such time and place as shall be
specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT: Ms. Sophia A. Dilbert and Mr. Chris Humphries
         Joint Voluntary Liquidators
         c/o Stuarts, Walker Hersant, Attorneys-at-Law
         P.O. Box 2510GT, Cayman Financial Centre
         36a Dr. Roy's Drive, George Town
         Grand Cayman, Cayman Islands


HIGHLAND LOAN: Joint Liquidators Appointed
------------------------------------------
         HIGHLAND LOAN FUNDING V SUBCO LTD
            (In voluntary liquidation)
        The Companies Law (2004 revision)
                    Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Highland Loan Funding V Subco Ltd at an
extraordinary general meeting of the shareholder(s) held on
September 1, 2005:

THAT the Company be placed into voluntary liquidation forthwith.
THAT Phillip Hinds and Jon Roney be appointed as liquidators of
the Company.

Creditors of Highland Loan Funding V Subco Ltd are to prove
their debts or claims on or before October 20, 2005, and to send
full particulars of their debts or claims to the joint
liquidators of the Company. In default thereof, they will be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT: Messrs. Phillip Hinds and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


ID CAPITAL: Shareholders Resolve to Liquidate Voluntarily
---------------------------------------------------------
                    ID CAPITAL
              (In Voluntary Liquidation)
         The Companies Law (2004 Revision)
                   Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting held on 9th September 2005:

  THAT the Company be placed into voluntary liquidation
forthwith.

  THAT Johann Le Roux and Jon Roney be appointed as liquidators
of the Company. Creditors of the above-named company are to
prove their debts or claims on or before 20th October 2005, and
to send full particulars of their debts or claims to the joint
liquidators of the said company. In default thereof, they will
be excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

Dated: 9th September 2005.

CONTACT:  JOHANN LE ROUX and JON RONEY
          Joint Voluntary Liquidators

          ADDRESS: Maples Finance Limited
                   P.O. Box 1093GT
                   Grand Cayman, Cayman Islands


INTENT HOLDINGS: Creditors Must Prove Debt Claims Before Oct. 19
----------------------------------------------------------------
           INTENT HOLDINGS LIMITED
         (In Voluntary Liquidation)
              (The "Company")
       The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the shareholders of this Company on August 24, 2005:

1) THAT the Company be placed into voluntary liquidation
forthwith; and

2) THAT Ian Wight and Stuart Sybersma, of Deloitte, be appointed
liquidators, jointly and severally, for the purposes thereof.
Creditors of the Company are to prove their debts or claims on
or before October 19, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Mr. Stuart Sybersma, Joint Voluntary Liquidator
         Nicole Ebanks, Deloitte
         P.O. Box 1787 GT, Grand Cayman
         Cayman Islands
         Phone: (345) 949 7500
         Facsimile: (345) 949 8258


ISSEY LIMITED: Issues Notice of Voluntary Liquidation
-----------------------------------------------------
                   ISSEY LIMITED
             (In Voluntary Liquidation)
         The Companies Law (2004 Revision)
                    Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 29th
August 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Guy Major and Jon Roney be appointed as liquidators of the
Company. Creditors of the above-named company are to prove their
debts or claims on or before 20th October 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

Dated: 29th August 2005

CONTACT: GUY MAJOR and JON RONEY
         Joint Voluntary Liquidators
         ADDRESS:  Maples Finance Limited
                   P.O. Box 1093GT
                   Grand Cayman, Cayman Islands


J.D. ASSOCIATES: Appoints Leo M Connolly as Liquidator
------------------------------------------------------
               J.D. ASSOCIATES LTD.
           (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of J.D. Associates Ltd. on August 29, 2005.

"RESOLVED THAT the Company be voluntarily wound up and that Leo
M Connolly be and is appointed as liquidator of the Company for
that purpose."

Creditors of the Company are to prove their debts or claims on
or before October 20, 2005 and to establish any title they may
have under the Companies Law (2004 Revision) or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: Mr. Leo M Connolly, Voluntary Liquidator
         Campbells
         4th Floor, Scotia Centre
         P.O. Box 884
         George Town, Grand Cayman


MARIN CREDIT: Shareholders Decide to Liquidate Company
------------------------------------------------------
       MARIN CREDIT ARBITRAGE MASTER FUND, LTD.
             (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

The following special written resolution was passed by the
shareholders of the Company on August 31, 2005:

"RESOLVED THAT the Company be wound up voluntarily and that
S.L.C. Whicker and K.D. Blake, of KPMG, Grand Cayman, Cayman
Islands, be and are hereby appointed Joint Voluntary Liquidators
of the Company to act jointly or severally for the purposes of
such winding-up."

Creditors of the Company, including any counterparties of the
Company that may consider themselves to be obligees, are to
prove their debts, claims, or obligations they claim, on or
before October 19, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands

         Caroline Cookson
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-914-4331/345-949-4800
         Facsimile: 345-949-7164


MISHKA NO.1: Liquidation Initiated, Creditors Notified
------------------------------------------------------
                MISHKA NO.1 LIMITED
            (In Voluntary Liquidation)
         The Companies Law (2004 Revision)
                     Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Mishka No.1 Limited at an extraordinary
general meeting of the shareholder(s) held on September 6, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Johann Le Roux and Chris Watler be appointed as liquidators
of the Company.

Creditors of Mishka No.1 Limited are to prove their debts or
claims on or before October 20, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said Company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT: Messrs. Johann Le Roux and Chris Watler
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


ML CBO: Steven O' Connor, Jon Roney Selected as Liquidators
-----------------------------------------------------------
               ML CBO III (CAYMAN) LTD.
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)
                    Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of ML CBO III (Cayman) Ltd. at an
extraordinary general meeting of the shareholder(s) held on
September 8, 2005.

THAT the Company be placed into voluntary liquidation forthwith.

THAT Steven O'Connor and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.

Creditors of ML CBO III (Cayman) Ltd. are to prove their debts
or claims on or before October 20, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT: Messrs. Steven O'Connor and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands.


NEWBURY FUNDING: Liquidators Appointed to Oversee Process
---------------------------------------------------------
        NEWBURY FUNDING CBO I LTD.
        (In Voluntary Liquidation)
     The Companies Law (2004 Revision)
                 Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Newbury Funding CBO I Ltd. at an
extraordinary general meeting held on August 31, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Johann Le Roux and Hugh Thompson be appointed as
liquidators of the Company.

Creditors of Newbury Funding CBO I Ltd. are to prove their debts
or claims on or before October 20, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT: Messrs. Johann Le Roux and Hugh Thompson
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


OGIKUBO HOLDINGS: To Be Wound Up Voluntarily
--------------------------------------------
                OGIKUBO HOLDINGS
            (In Voluntary Liquidation)
        The Companies Law (2004 Revision)
                   Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Ogikubo Holdings. at an extraordinary
general meeting held on August 30, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Johann LeRoux and Jon Roney be appointed as liquidators of
the Company.

Creditors of the above-named company are to prove their debts or
claims on or before October 20, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT: Messrs. Johann Leroux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


OHFUNA HOLDINGS: Creditors' Claims Due By October 20
----------------------------------------------------
               OHFUNA HOLDINGS
          (In Voluntary Liquidation)
        The Companies Law (2004 Revision)
                 Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Ohfuna Holdings at an extraordinary
general meeting held on September 7, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Johann LeRoux and Jon Roney be appointed as liquidators of
the Company.

Creditors of Ohfuna Holdings are to prove their debts or claims
on or before October 20, 2005, and to send full particulars of
their debts or claims to the joint liquidators of the Company.
In default thereof, they will be excluded from the benefit of
any distribution made before the debts are proved or from
objecting to the distribution.

CONTACT: Mr. Johann Leroux and Mr. Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


PJ EUROPEAN: Company to be Wound Up Voluntarily
-----------------------------------------------
         PJ EUROPEAN FUND LIMITED
        (In Voluntary Liquidation)
        The Companies Law (Revised)

The following special resolution was passed by the shareholder
of this Company at an extraordinary general meeting held on July
4, 2005:

"That the company be voluntarily wound up and that Q&H Nominees
Ltd. be appointed liquidator of the company for that purpose."
Creditors of the company are to prove their debts or claims on
or before October 27, 2005 and to establish any title they may
have under the Companies Law (Revised), or to be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT: Q&H NOMINEES LTD., Voluntary Liquidator
         Greg Link
         Phone: 949 4123
         Facsimile: 949 4647
         P.O. Box 1348
         George Town
         Grand Cayman


SEARCHLIGHT CAPITAL: dms Corporate Services Named Liquidator
------------------------------------------------------------
            SEARCHLIGHT CAPITAL INTERNATIONAL LTD.
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

TAKE NOTICE that the following special resolution was passed by
the sole shareholder of Searchlight Capital International Ltd.
on September 2, 2005:

THAT dms Corporate Services Ltd. is hereby appointed as
liquidator of the Company and in that connection is authorized
to take all necessary steps to liquidate the Company."

Creditors of Searchlight Capital International Ltd. are to prove
their debts or claims on or before October 19, 2005, and to
establish any title they may have under the Companies Law (2004
Revision), or to be excluded from the benefit of any
distribution made before the debts are proved or from objecting
to the distribution.

CONTACT: dms Corporate Services Ltd., Voluntary Liquidator
         Tammy Seymour
         Ansbacher House
         P.O. Box 31910 SMB, Grand Cayman
         Telephone: (345) 946 7665
         Facsmilie: (345) 946 7666


SHANTI PROPELLER: Creditors to Submit Claims to Liquidator
----------------------------------------------------------
                       SHANTI PROPELLER
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of this company on August 31, 2005:

THAT the Company be wound-up voluntarily and that Richard L.
Finlay be and is hereby appointed Liquidator for the purposes of
winding-up the Company.

Creditors of the Company are to prove their debts or claims on
or before and to establish any title they may have under the
Companies Law (2004 Revision), or to be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT: Mr. Richard L. Finlay, Voluntary Liquidator
         Conyers Dill & Pearman, Cayman, George Town
         Grand Cayman, Cayman Islands

         Krysten Lumsden
         Telephone: (345) 945 3901
         Facsimile: (345) 945 3902
         P.O. Box 2681 GT, Grand Cayman


SOUTH AFRICA: To be Placed into Voluntary Liquidation
-----------------------------------------------------
       SOUTH AFRICA EQUITY FRANCHISE FUND LIMITED
            (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the Company at an annual general meeting held on September 6,
2005:

"RESOLVED THAT the Company be placed into voluntary liquidation
and that Mr. S.L.C. Whicker and Mr. K.D. Blake, of KPMG, Grand
Cayman, Cayman Islands, be and are hereby appointed Joint
Voluntary Liquidators of the Company to act jointly or severally
for the purposes of such liquidation."

Creditors of the Company are to prove their debts or claims on
or before October 19, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         P.O. Box 493 GT, Grand Cayman, Cayman Island

         Caroline Cookson
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-914-4331/345-949-4800
         Facsimile: 345-949-7164


ST. THOMAS: Creditors Notified to Prove Debt Claims
---------------------------------------------------
           ST. THOMAS TRADING, LTD.
          (In Voluntary Liquidation)
        The Companies Law (2004 Revision)

The following special written resolution was passed by the sole
shareholder of the Company on August 31, 2005:

"RESOLVED THAT the Company be wound up voluntarily and that
S.L.C. Whicker and K.D. Blake, of KPMG, Grand Cayman, Cayman
Islands, be and are hereby appointed Joint Voluntary Liquidators
of the Company to act jointly or severally for the purposes of
such winding-up."

Creditors of the Company, including any counterparties of the
Company that may consider themselves to be obligees, are to
prove their debts, claims, or obligations they claim, on or
before October 19, 2005 and to establish any title they may have
under the Companies Law (2004 Revision), or to be excluded from
the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands

         Caroline Cookson
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-914-4331/345-949-4800
         Facsimile: 345-949-7164


STRATA 2005-1: Voluntary Liquidation Initiated
----------------------------------------------
                    STRATA 2005-1, LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Strata 2005-1, Limited at an extraordinary
general meeting of the shareholder(s) held on August 29, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Wendy Ebanks and Jon Roney be appointed as liquidators of
the Company.

Creditors of Strata 2005-1, Limited are to prove their debts or
claims on or before October 20, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT: Mr. Jon Roney, Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


SUDAM PAPER: Selects Mr. Luis Marmissolle as Liquidator
-------------------------------------------------------
                      SUDAM PAPER S.A.
                 (In Voluntary Liquidation)
             The Companies Law (2003 Revision)

The following special resolution was passed by the shareholders
of Sudam Paper S.A. at an Extraordinary Meeting of SUDAM PAPER
S.A. held on August 9, 2005:

"That the Company be placed into Voluntary Liquidation and that
Mr. Luis Marmissolle be appointed Liquidator of the Company."

Creditors of this Company are required on or before October 19,
2005 to send in their names and addresses and particulars of
their debts or claims and the names and addresses of their
attorneys-at-law (if any) to the undersigned, the liquidator(s)
of the said company, and if so required by notice in writing
from the said liquidator (s), either by their attorneys-at-law
or personally, to come in and prove the said debts or claims at
such time and places as shall be specified in such notice or, in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT: Mr. Luis Marmissolle, Voluntary Liquidator
         Av. de las Am,ricas 8000, C.P. 14000
         Canelones, Uruguay
         Phone: (598-2) 601 6544*
         Fax: (598-2) 601 7614


THE EQUITUS CAYMAN: Joint Liquidators Appointed
-----------------------------------------------
            THE EQUITUS CAYMAN FUND
           (In Voluntary Liquidation)
        The Companies Law (2004 Revision)

The following written resolution was passed by the sole
shareholder of The Equitus Cayman Fund on August 30, 2005:

THAT the Company be wound-up voluntarily and that David A.K.
Walker and Lawrence Edwards, of PwC Corporate Finance & Recovery
(Cayman) Limited, Strathvale House, George Town, Grand Cayman,
Cayman Islands, be and are hereby appointed Joint Liquidators
for the purposes of winding-up the Company and that either of
them shall have the power to act alone in the winding-up.

Creditors of the company are to prove their debts or claims on
or before October 14, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator
         Jodi Smith
         PO Box 219GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 914 8694
         Facsimile: (345) 949 4590


THE EQUITUS MASTER: Owner Resolves Wind Up Company
--------------------------------------------------
                 THE EQUITUS MASTER FUND
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following written resolution was passed by the sole holder
of ordinary shares of The Equitus Master Fund on August 30,
2005:

THAT the Company be wound-up voluntarily and that David A.K.
Walker and Lawrence Edwards, of PwC Corporate Finance &
Restructuring Limited, P.O. Box 219GT, Strathvale House, George
Town, Grand Cayman, Cayman Islands, be and are hereby appointed
Joint Liquidators for the purposes of winding-up the Company and
that either of them shall have the power to act alone in the
winding-up.

Creditors of the company are to prove their debts or claims on
or before October 14, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator
         Jodi Smith
         Phone: (345) 914 8694
         Facsimile: (345) 949 4590
         PO Box 219GT, Grand Cayman, Cayman Islands


TREETOP GLOBAL: Shareholder Passes Resolution to Liquidate
----------------------------------------------------------
                   TREETOP GLOBAL MACRO, LTD.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special written resolution was passed by the sole
shareholder of the Company on September 8, 2005:

"THAT AS A SPECIAL RESOLUTION the Company be placed into
voluntary liquidation and that S.L.C. Whicker and K.D. Blake, of
KPMG, Grand Cayman, Cayman Islands, be and are hereby appointed
Joint Voluntary Liquidators of the Company to act jointly or
severally for the purposes of such liquidation."

Creditors of the Company are to prove their debts or claims on
or before October 19, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         P.O. Box 493GT, Grand Cayman, Cayman Islands

         Caroline Cookson
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-914-4331/345-949-4800
         Facsimile: 345-949-7164


TRIPLE CROWN: Shareholders Decide on Voluntarily Liquidation
------------------------------------------------------------
                 TRIPLE CROWN LIMITED
            (In Voluntary Liquidation)
           The Companies Law (2004 Revision)
                     Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 31st
August 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Johann Le Roux and Martin Couch be appointed as liquidators
of the Company. Creditors of the above-named company are to
prove their debts or claims on or before 20th October 2005, and
to send full particulars of their debts or claims to the joint
liquidators of the said company. In default thereof, they will
be excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

Dated: 31st August 2005.

CONTACT:  JOHANN LE ROUX and MARTIN COUCH
          Joint Voluntary Liquidators
          ADDRESS: Maples Finance Limited
                   P.O. Box 1093GT
                   Grand Cayman, Cayman Islands



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

PLACER DOME: Bema Issues Notice of Default to Placer Dome
---------------------------------------------------------
Bema Gold Corporation (TSX:BGO)(AMEX:BGO)(AIM:BAU) ("Bema")
announces that, pursuant to the terms of the Compania Minera
Casale ("CMC") Shareholders' Agreement ("the Shareholders'
Agreement"), Bema and Arizona Star Resource Corp. ("Arizona
Star") have received a certificate from Placer Dome Inc.
("Placer") on September 27, 2005 regarding the financeability of
the Cerro Casale project. The certificate ("Certificate A")
states that Placer has determined that the Cerro Casale project
is still not financeable under the terms of the Shareholders'
Agreement.

Bema and Arizona Star question the foundation for the issuance
of Certificate A and have given Placer notice of default under
the Shareholders' Agreement. Bema and Arizona Star have
identified several areas in which Placer is in default of the
Shareholders' Agreement and if Placer fails to remedy these
defaults within 30 days (from October 3, 2005), as specified in
the Shareholders' Agreement, Bema and Arizona Star intend to
pursue arbitration with a view to reclaiming Placer's 51%
interest in the Cerro Casale project.

The Cerro Casale deposit (Bema 24%, Arizona Star 25%, Placer
51%) is one of the world's largest undeveloped gold and copper
projects. A feasibility study completed by Placer Dome Technical
Services Limited in January 2000 and updated in March, 2004
outlined estimated measured and indicated mineral resources of
approximately 25.4 million ounces of gold and 6.4 billion pounds
of copper.

On Behalf Of Bema Gold Corporation

Clive Johnson, Chairman, CEO, President

Bema Gold Corporation (TSX:BGO) (AMEX:BGO) (AIM:BAU)

CONTACT: Bema Gold Corporation
         Ian MacLean Manager, Investor Relations
         Tel: (604) 681-8371
         E-mail: investor@bemagold.com

         Bema Gold Corporation
         Derek Iwanaka, Investor Relations
         Tel: (604) 681-8371
         E-mail: investor@bemagold.com
         URL: http://www.bema.com


PLACER DOME: Arizona Star Issues Notice of Default
--------------------------------------------------
Arizona Star (TSX VENTURE:AZS) announced Tuesday that, in
cooperation with Bema Gold Corporation, it has notified Placer
Dome Inc. that Placer Dome is in default of its obligations
under the Shareholders' Agreement governing the Cerro Casale
project.

On September 27, 2005, Placer Dome advised Arizona Star and Bema
Gold of its conclusion that the Cerro Casale project is not
financially viable at this time and is not financeable under the
terms of the Shareholders' Agreement.

Arizona Star believes that Placer Dome has failed to perform its
obligations under the Shareholders' Agreement and the Updated
Feasibility Study Agreement. In particular, Arizona Star
believes that Placer Dome has failed to use its reasonable
commercial efforts to arrange financing for Cerro Casale in the
amounts and on the terms which are reasonable and customary for
projects of this kind. Arizona Star also claims that Placer Dome
has failed to complete an updated feasibility study and has
failed to optimize the Cerro Casale project, both as required in
its contractual agreements with Arizona Star and Bema Gold.

Pursuant to the terms of the Shareholders' Agreement, Placer
Dome now has 30 days to remedy these defaults. If the defaults
have not been remedied within 30 days, Arizona Star and Bema
Gold intend to take all necessary steps to have Placer Dome's
interest in Cerro Casale returned to them.

Arizona Star holds a 25% interest in the Cerro Casale gold-
copper project located in Chile. Placer Dome holds a 51%
interest in the project and is the operator. Bema Gold holds the
remaining 24%.

Some of the statements contained in this release are forward-
looking statements, such as estimates and statements that
describe the Company's future plans, objectives or goals,
including words to the effect that the Company or management
expects a stated condition or result to occur. Since forward-
looking statements address future events and conditions, by
their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ
materially from those currently anticipated in such statements.

Arizona Star Resource Corp. trades on the TSX Venture Exchange
under the symbol AZS.

The TSX Venture Exchange neither approves nor disapproves the
info rmation contained in this News Release. Arizona Star
Resource Corp. tr ades on the TSX Venture Exchange under the
symbol AZS.

CONTACT: Arizona Star Resource Corp.
         Paul Parisotto, President and CEO
         Tel: (416) 369-9333
         URL: http://www.arizonastar.com


PLACER DOME: Responds to Bema Notice of Default
-----------------------------------------------
On October 3, 2005, Placer Dome Inc. (TSX:PDG) (NYSE:PDG)
(ASX:PDG)(SWX:PDG)(BOURSE:PDG) received a Notice of Default
under the Shareholders' Agreement for the Cerro Casale project
in Chile from Bema Gold Corporation ("Bema"), one of the
participants in the project. Also on October 3, 2005, Placer
Dome received a letter from Arizona Star Resource Corporation
("Arizona Star"), the other participant in the project,
confirming its support for Bema's Notice of Default.

Placer Dome disagrees with the allegations contained in Bema's
Notice of Default. Receipt of the Notice of Default initiates a
30-day period within which time any default may be remedied.

Placer Dome has concluded the Cerro Casale project is not
financeable under the terms of the Shareholders' Agreement.
Placer Dome has presented a proposal to Bema and Arizona Star to
evaluate alternate development scenarios for the project. The
Cerro Casale project is owned indirectly by Placer Dome (51%),
Bema (24%) and Arizona Star (25%).

Placer Dome employs 13,000 people at 16 mining operations in
seven countries. The Vancouver-based company's shares trade on
the Toronto, New York, Swiss and Australian stock exchanges and
Euronext-Paris under the symbol PDG.

Head office
Suite 1600, Bentall IV
1055 Dunsmuir Street
(PO Box 49330,
Bentall Postal Station)
Vancouver, B.C. Canada V7X 1P1
Tel: (604) 682-7082
On the Internet: http://www.placerdome.com

CONTACT: Placer Dome Inc.
         Greg Martin, Investor Relations
         Tel: (604) 661-3795

         Placer Dome Inc.
         Meghan Brown, Investor Relations
         Tel: (604) 661-1577

         Placer Dome Inc.
         Gayle Stewart, Media Relations
         Tel: (604) 661-1911
         Toll Free: Within North America:
                    Tel: 1-800-565-5815
         URL: http://www.placerdome.com



===============
C O L O M B I A
===============

INTERCONEXION ELECTRICA: S&P Assigns BB Foreign Currency Rating
---------------------------------------------------------------
Corporate Credit Rating
  Local currency: BBB/Stable/--
  Foreign currency:  BB/Stable/--

Major Rating Factors

Strengths:
    - Dominant position in Colombia's National Transmission
System, reflected by the operation of 80% of the country's
transmission grid
    - Natural monopoly in the markets it serves, owning 80% of
the transmission lines in the National Transmission System (STN)
    - Stable source of revenues, since they are not affected by
changes in volume sales or electricity prices, but linked to
asset values and their replacement costs
    - Adequate financial flexibility

Weaknesses:
    - Operating in the economic and political environment of
Colombia
    - Foreign exchange risk, somewhat mitigated by the use of
hedging instruments
    - Increased exposure to more volatile economies

Rationale

The ratings on ISA reflect its dominant position in Colombia's
National Transmission System, the company's strategic importance
for the Republic of Colombia, the company's natural monopoly,
the government's ownership, and the expectations of stable
financial performance during the next years. These strengths are
mitigated by the risks of operating in the economic and
political environment of Colombia and the risk of foreign
exchange, along with the increased exposure to more volatile
economies.

ISA is an important participant in the Colombian power and
telecommunications sectors, where it operates 80% of the
country's transmission grid, 79% of the transmission network in
Peru (LC: BB+/Positive/--; FC: BB/Positive/--), and 53% in
Bolivia (B-/Negative/--). It also operates and administers the
Colombian power market and coordinates the short-term
international electricity transactions between Colombia (LC:
BBB/Stable/--; FC: BB/Stable/--) and Ecuador (CCC+/Watch Neg/--
).

The existing system in Colombia is a natural monopoly. The
government has tried to introduce more competition into the
system by putting out new transmission lines for bid.
Nevertheless, ISA's technical and financial capabilities have
allowed it to win most of the bids for the projects.

The Republic of Colombia remains ISA's main shareholder with 59%
of the shares, while the general public is the second largest
with 28%, followed by Empresas Publicas de Medellin and Empresa
de Energia de Bogota, with participations of 11% and 2%,
respectively. The interest of the Colombian government to sell
some participation continues, which is expected to take place
during the next couple of years. We view government ownership as
an important factor for maintaining a close link between the
sovereign rating and the rating on ISA, specially regarding the
debt issued by the holding company. Nevertheless, ISA's
international operations aren't seen by Standard & Poor's as
strategic for the Colombian government; thus, the close link
between the ratings could change.

During the first half of 2005, about 91% of ISA's total
operational income came from network use, which provided
stability to the company's revenues. Moreover, the revenues are
not affected by changes in volume sales or electricity prices
because revenues are linked to asset values and their
replacement costs.

ISA has been focusing on gaining presence in the region through
full transmission networks. We view this increased exposure to
riskier economies as a potential source of additional pressure
for the company. Notwithstanding the above, we see the
interconnection lines as positive for the country. Moreover,
ISA's diversification efforts are also focused on building a
presence in the country's telecommunications industry through
its companies Flycom and Internexa.

ISA created a new subsidiary called XM Compa¤Ħa de Expertos en
Mercados to manage financial transactions in the electricity and
gas wholesale markets internal and externally. XM will perform
the functions currently carried out by the national dispatch
center (CND), the commercial exchange system administrator
(ASIC), and the national transmission system's bill payment
administrator (LAC). This subsidiary started operations at the
beginning of this month. In our opinion, this new subsidiary
will contribute to the integration of the operation and
administration of the market and its transparency, and does not
represent a source of additional cash flow, nor is it expected
to imply additional leverage for the company.

Debt leverage continued to decrease to 40% as of June 2005 from
57% in the same period of the previous year. Foreign-exchange
risk is somewhat mitigated due to the use of hedging
instruments, such as forwards and swaps. EBITDA interest
coverage improved to 3.3x in the 12 months ended June 2005,
compared with 3.0x for the same period a year before. We expect
EBITDA interest coverage to be in the 3.5x area in the next
couple of years.

Liquidity

ISA's liquidity is adequate, with $60 million in cash and $196
million in lines of credit as of July 2005. The company's debt
maturities are expected to be repaid with the steady cash flow
that its operations generate and with certain refinancings from
available lines of credit. ISA does not have significant debt
maturities during 2005 since only 20% of the total debt as of
June 2005 was short term, and will be paid with ISA's cash.

ISA has been carrying out operations with hedging instruments
(swaps) to be protected against the exchange-rate variations of
the credits acquired in foreign currency, reducing and
stabilizing the effects on the financial results. During the
first half of 2005, ISA covered 58% of its foreign currency debt
with swaps.

The company must maintain certain ratio levels to comply with
the covenants imposed under the BIRF, BID, and FEN loan
agreements. As of July 2005, all financial covenants were in
compliance. Moreover, the covenants established with the World
Bank expired on June 30, 2005, and the FEN's covenants will
expire in October 2005. Nevertheless, the company will continue
to comply with those covenants as an internal guideline.

Outlook

The stable outlook reflects ISA's dominance of the transmission
market in Colombia, being majority owned by the Republic of
Colombia, and its operation in a proven and stable regulatory
framework. We expect the company to be able to continue
presenting satisfactory financial and operational performance.
Nevertheless, any underdevelopment in Colombia, a government-
ownership decrease of more than 51%, or an aggressive investment
plan in other countries without generating free cash flow could
pressure the local currency rating downward.

Primary Credit Analyst: Fabiola Ortiz, Mexico City (52) 55-5081-
4449; fabiola_ortiz@standardandpoors.com

Secondary Credit Analyst: Federico Mora, Mexico City (52) 55-
5081-4436; federico_mora@standardandpoors.com



=============
E C U A D O R
=============

* ECUADOR: S&P Affirms 'CCC+' Long-Term Sovereign Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' long-term
sovereign credit rating on the Republic of Ecuador and removed
it from CreditWatch with negative implications, where it was
placed on Aug. 23, 2005.

Standard & Poor's also said that the outlook on Ecuador is
stable.

The rating action reflects the approval of a US$400 million loan
from Fondo Latinoamericano de Reservas (FLAR), which reduces the
near-term risk of a shortfall in government financing.

"Access to financing from FLAR mitigates revenue losses
associated with the shutdown of oil production in August," said
Standard & Poor's credit analyst Lisa Schineller. "Eventual
disbursement, pending approval of Ecuador having a Central Bank
board of directors in place, eases near-term financing
pressures." In October, a significant amount of locally issued
government debt comes due, which is not expected to be fully
rolled-over, and in November, interest is due on its global
2012s.

Although the political backdrop in Ecuador remains fragile given
a highly divisive political environment and limited support for
President Alfredo Palacio, social tensions have stabilized. In
addition, an economic team is working to improve relations with
multilateral creditors and secure adequate financing for the
remainder of 2005 and 2006.

"Creditworthiness could improve with consistent policy signals
backed by prudent fiscal performance that, in turn, restore
confidence in government policy and improve the outlook for
access to financing," noted Ms. Schineller.

"Conversely, the ratings could come under downward pressure amid
signs of fiscal slippage and increased financial stress for the
sovereign."

Primary Credit Analyst: Lisa M Schineller, New York (1) 212-438-
7352; lisa_schineller@standardandpoors.com



=======
P E R U
=======

SIDERPERU: Equilibrium Cuts Rating After Missed Payments
--------------------------------------------------------
Siderperu failed to meet commitments to pay on September 30
three quarterly payments already postponed from 2003, prompting
Lima-based risk agency Equilibrium to downgrade its rating on
the steelmaker's first corporate bond program to category D from
C.

Business News Americas report that Siderperu, which has
struggled to meet payments for its first bond issues, secured
creditors approval on a global refinancing agreement (AGR) in
April 2002 to reprogram the payments from 2003-2012.

Since then, however, creditors have agreed to three addendums to
reprogram the commitments made in the AGR. A payment of US$7.9
million was due on September 30.

On September 30, Siderperu made a US$1.75-million payment that
corresponded to the regular quarterly quota of the principal
amount.

Siderperu, which is controlled by local holding Sider, reported
a PEN1-million (US$310,000) net loss on non-preferred shares for
the second quarter of 2005 compared with a PEN4.9-million net
profit in same-period 2004.

The Company is based in Chimbote in central Peru's Ancash
region.


* PERU: Outlook Revision Reflects Improving Economic Profile
------------------------------------------------------------
Rationale

The recent outlook revision on Standard & Poor's ratings on the
Republic of Peru reflect expectations that the country's
economic and fiscal profile will continue to improve over the
medium term, despite a potential cyclical downturn in commodity
prices. Favorable external conditions, as well as cautious
macroeconomic management, have boosted GDP growth to around 4.5%
per year (on average) since 2002 and kept fiscal deficits at
around 1% of GDP. The increasing reliability of the country's
monetary authority, which has met its inflation target for the
past three years, has helped develop domestic debt markets and
modestly reduced the high level of dollarization in the economy.

A smooth transition to a new administration after the 2006
presidential elections could provide a stronger political anchor
for economic management and strengthen economic institutions.
That, combined with a continuing reduction in the government's
debt burden and strengthening of the country's external
liquidity position, could bring Peru's economic and financial
profile closer in line with higher-rated sovereigns over the
next two years.

Peru's government has been taking advantage of the favorable
international environment to reduce some of its major credit
vulnerabilities over the past three years, despite a relatively
weak political environment. Fiscal deficits and debt levels
continue to show a declining trend in terms of GDP. The external
sector, still a significant credit weakness, has also shown
considerable development, enhanced by growing exports of both
traditional and nontraditional products. Increasing
international reserves and diminishing gross external financing
requirements reduce Peru's vulnerability to external shocks. The
government's net external public-sector debt should decline to
an estimated 64% of current account receipts in 2005 from nearly
130% in 2002, but still remains much higher than that of the
median of similarly rated sovereigns, 30%. Peru's credit story
also benefits from appropriate government liability management,
including the development of the domestic capital market for
long-dated, fixed-rate government debt in local currency.

Peru's political and social climate remains weak despite the
improvement in economic indicators, and could still undermine
improvements in creditworthiness. Relatively high economic
growth rates since 2002 have not improved the country's
political and social situation. Despite relatively strong
economic growth prospects over the medium term, averaging at
least 4% between 2006 and 2008, the government is challenged to
diversify the sources of growth to ensure its sustainability and
facilitate job creation.

Outlook

Should the transition to a new administration consolidate
economic achievements and fiscal prudence-even in the context of
a less favorable external environment-an upgrade could be
forthcoming. Standard & Poor's considers that such improvements
would likely not be demonstrated prior to the completion of the
upcoming administration's first year. Alternatively, increasing
political or social instability that could undermine the
consensus on, and implementation of, economic policy would
increase the risk of policy reversal. In such a case, Standard &
Poor's would likely revise the outlook back to stable.

Primary Credit Analyst: Sebastian Briozzo, New York (1) 212-438-
7342; sebastian_briozzo@standardandpoors.com



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

ANCAP: Petrobras Seeks to Use Idle Refining Capacity
----------------------------------------------------
Brazil's state-run oil company Petroleo Brasileiro (Petrobras)
is in talks with Uruguay's Administracion Nacional de
Combustibles, Alcohol y Portland (Ancap) regarding plans to
refine oil and produce lubricants in Uruguay. Dow Jones
Newswires reveals Petrobras plans to use Uruguay's idle refining
capacity, which is estimated at 10,000 barrels per day.

Petrobras President Jose Sergio Gabrielli said if the project
with Ancap moves forward, Petrobras plans to ship light crude
oil from Africa to Uruguay for refinement.

In the meantime, Petrobras also plans to use Ancap's idle
capacity to produce lubricants under its brand Lubrax.



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

ROYAL SHELL: Objects to Seniat's Tax Claim
------------------------------------------
Royal Dutch Shell PLC has challenged a claim by Venezuela's
Seniat tax office that its local unit has refused to pay a new
energy tax, approved in 2001. Unit President Sean Rooney said
that the Company was awaiting a final decision from Seniat.

"I'm hopeful the final decision will be something that is
acceptable," said Mr. Rooney

Seniat has threatened to halt Shell's production and has asked a
court for an injunction on the Anglo-Dutch group's assets worth
US$130 million.

Seniat previously ordered the temporary suspension of Royal
Dutch Shell's administrative activities in the country over VAT
irregularities and requested from a local court an injunction to
impound Shell's "assets and rights" for the amount of VEB280
billion (US$130 million) as part of its attempt to recover these
back taxes.


SIDOR: Comptroller Decision on Dividend Payment Expected
--------------------------------------------------------
Venezuela's comptroller is expected to issue a ruling this week
on the payment of cash flow surplus to class B shareholders of
steelmaker Sidor. According to Business News Americas, the
comptroller would base its ruling on the report completed by
Venezuela's heavy industry holding company CVG and national
development bank BNDES.

"The report clarifies the terms under which the process was
carried out: it spells out where the payments would come from,
their characteristics and workers' rights to those surpluses,"
Giovanni Barrios, the steelmaker's workers representative
explained.

CVG and Sidor shareholders reached agreements in May this year,
whereby CVG recognized the rights of series B shareholders to a
US$94 million dividend payment.

In the first payment, CVG distributed US$35.8 million of cash
surplus among Sidor workers.

Out of the US$94 million, 20% will go to pay down debt resulting
from when workers bought shares. Future dividend payments will
include 20% for debt and 80% cash, changing later on to 50% debt
and 50% cash, and then again 20% and 80% and so on. This plan
will be implemented for CVG's future revenues from Sidor cash
surplus until debt has been written off.

"From then on series B shareholders will receive 100% of their
respective surplus portion," said basic industry and mining
(Mibam) minister Victor Alvarez.




                            ***********


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 America is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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