TCRLA_Public/051128.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

          Monday, November 28, 2005, Vol. 6, Issue 235

                            Headlines


A R G E N T I N A

AVICUYO S.A.: Concludes Reorganization
BRIDERS S.R.L.: Court Mandates Liquidation
EDENOR: S&P Maintains `raD' Rating on $600M Bonds
EMPRESA DE TRANSPORTE: Reorganization Converts to Bankruptcy
FLETES LOTO: Judge Approves Bankruptcy Motion

HELADERIAS CITANOVA: Proceeds With Liquidation
IEBA: $230M of Corporate Bonds Remain at Junk Level
LOPEZ LIBREROS: Initiates Bankruptcy Following Court Orders
LYBRA INTERNATIONAL: Begins Liquidation
MENDEZ CH: Court OK's Creditor's Involuntary Bankruptcy Motion

POO: Assets To Be Liquidated
SANCOR: S&P Assigns 'raB' Rating to Various Bonds
SCHNEIDER: Seeks Judicial Approval for Preventive Agreement
SUPERCANAL: $286M Debt Offer Gets 69.7% Creditor Approval
TRANS DAN: Gets Court Approval to Reorganize

WORLD TELEPHONY: Court Declares Company Bankrupt


B O L I V I A

AGUAS DEL ILLIMANI: Sisab Suspends Audit Tender


B R A Z I L

BANCO FIBRA: S&P Assigns 'B+/B' Ratings; Stable Outlook
BANCO SCHAHIN: S&P Assigns 'B' Rating to $15M Notes
GERDAU: CFO Sees Santander Selling Sidenor Stake in Future

C A Y M A N   I S L A N D S

INVESTCORP EDHF: Shareholders to Hold Final Meeting Dec. 20
INVESTCORP EHEF: To Detail Wind Up Accounting on Dec. 20
INVESTCORP RVF: Final Meeting, Record Retension Set
INVESTCORP THEF: Final Meeting of Shareholders Set for Dec. 20
INVESTCORP USHEF: To Account Wind Up Process Dec. 20

J5 CAPITAL: To Hold Final General Meeting Dec. 16
JAPAN REVIVAL: To Relate Wind Up Process to Members Dec. 15
JG ANGENE: Members to Review Wind Up Accounting Dec. 15
KC PRIME ASSET: Extraordinary Final Meeting Set for Dec. 16
KELLOGG ISL: To Authorize Liquidator to Retain Records

KINGFISHER GLOBAL: Final General Meeting to be Held Dec. 20
KODIAK CAPITAL: Final General Meeting to be Held Dec. 15
KODIAK CAPITAL (ERISA): Schedules Final Meeting for Dec. 15
KW CAPITAL: To Relate to Members Account of Wind Up Dec. 16
LCM II: To Hold Final General Meeting Dec. 16

LEADING WORLDWIDE: To Disclose Wind Up Details Dec. 16
LIVES XXX: Final General Meeting Set for Dec. 16
LOCKHART CAPITAL: Shareholders' Final Meeting Set for Dec. 16
LODESTONE LIMITED: To Hold Final General Meeting Dec. 15
LONGFORD LIMITED: To Authorize Liquidators to Retain Records

LYNWOOD HOLDINGS: To Hold Final General Meeting Dec. 19
MA3 CAPITAL: To Present Account on Liquidation Dec. 16
MADEIREA INVESTMENTS: Final General Meeting to be Held Dec. 15
MANAGED QUANTITATIVE (FUND): Final Wind Up Meeting Dec. 16
MANAGED QUANTITATIVE (TRADING): Dec. 16 Final Meeting Date

MARIN CREDIT: Liquidation Review Set for Dec. 15
MERCURY LAND: Final General Meeting Scheduled for Dec. 15
METROPOLITAN OPERA: To Explain Wind Up Process Dec. 15
MGRE LTD.: Wind Up Process to be Reported Dec. 1
ML CBO III: Final General Meeting Set for Dec. 16


C O L O M B I A

BATELSA: Three Bidders Make Offers for 99.99% Stake
GRANAHORRAR: Regulator Authorizes BBVA's $424M Acquisition


J A M A I C A

C&W JAMAICA: Changes Financial Reporting Details
MIRANT CORP: Court Approves Bank Claims Settlement Agreement

M E X I C O

CALPINE CORP: Delaware Court Prohibits Use of Noteholders' Cash
CALPINE CORP: Unfavorable Ruling Prompts S&P to Review Ratings
TV AZTECA: Considers $94M Bond Issuance on Local Market


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

AVICUYO S.A.: Concludes Reorganization
--------------------------------------
The reorganization of General San Martin's Avicuyo S.A. has
ended. Data revealed by Infobae on its Web site indicated that
the process was concluded after the city's court homologated
the debt agreement signed between the Company and its
creditors.


BRIDERS S.R.L.: Court Mandates Liquidation
------------------------------------------
A Buenos Aires court ordered the liquidation of Briders S.R.L.
after the Company defaulted on its obligations, Infobae
reveals. The liquidation pronouncement will effectively place
the Company's affairs as well as its assets under the control
of Mr. Ignacio Victor Kaczer, the court-appointed trustee.

Mr. Kaczer will verify creditors' proofs of claim until Feb.
14, 2006. The verified claims will serve as basis for the
individual reports to be submitted in court on March 28, 2006.
The submission of the general report follows on May 12, 2006.

CONTACT: Mr. Ignacio Victor Kaczer, Trustee
         Avda. Callao 441
         Buenos Aires


EDENOR: S&P Maintains `raD' Rating on $600M Bonds
-------------------------------------------------
Standard & Poor's International Ratings, LLC reaffirmed its
`raD' rating on US$600 million worth of bonds issued by Edenor
S.A., the CNV reported on its Web site. The affected bonds
described as "Programa Global de Obligaciones" will mature on
Nov. 5, 2006. The rating action is based on Edenor's financial
status as of Sep. 30, 2005.

S&P said that an `raD' rating is assigned when the obligor is
in payment default or if the obligor has filed for bankruptcy.
The rating may also be used when principal payments are not
made on the due date even if the applicable grace period has
not expired, unless the ratings agency believes that such
payments will be made during such grace period.

Edenor, which distributes electricity to parts of the capital
and greater Buenos Aires province with about 2.2 million
clients, reported a loss of ARS49.1 million in the first nine
months of the year, against a loss of ARS75.4 million a year
earlier.

CONTACT:  EDENOR S.A.
          Azopardo Building
          Azopardo 1025 (1107) Capital Federal
          Phone: (54-11) 4346-5000
          Fax: (54-11) 4346-5300
          E-mail: to ofitel@edenor.com.ar
          Web Site: http://www.edenor.com.ar


EMPRESA DE TRANSPORTE: Reorganization Converts to Bankruptcy
------------------------------------------------------------
Empresa de Transporte Automotor Molino Blanco S.R.L., which was
undergoing reorganization, entered bankruptcy on orders from
San Lorenzo's civil and commercial court. Infobae relates that
the court appointed accounting firm Estudio Concursal El
Remedio, to be the receiver on the case. Estudio Concursal El
Remedio will conduct the credit verification process "por via
incidental."

CONTACT: Empresa de Transporte Automotor Molino Blanco S.R.L.
         Ayacucho 3810
         Rosario (Santa Fe)


FLETES LOTO: Judge Approves Bankruptcy Motion
---------------------------------------------
Fletes Loto S.A. was declared bankrupt after Court No. 1 of
Buenos Aires' civil and commercial tribunal endorsed the
petition of Mr. Daniel Amarilla for the Company's liquidation.
Argentine daily La Nacion reports that Mr. Amarilla has claims
totaling $9,822.14 against Fletes Loto S.A.

The court assigned Ms. Maria Taboada to supervise the
liquidation process as trustee. Ms. Taboada will validate
creditors' proofs of claims until Feb. 13, 2006.

The city's Clerk No. 2 assists the court in resolving this
case.

CONTACT: Fletes Loto S.A.
         Chiclana 3092
         Buenos Aires

         Ms. Maria Taboada, Trustee
         Juana Azurduy 2449
         Buenos Aires


HELADERIAS CITANOVA: Proceeds With Liquidation
----------------------------------------------
Heladerias Citanova S.R.L. was successful in its bid to have
Heladerias Citanova S.R.L. declared bankrupt. Court No. 6 of
Buenos Aires' civil and commercial tribunal ruled that the
Company is officially "Quiebra," reports La Nacion.

As such, Heladerias Citanova S.R.L. will now start the process
with Ms. Adriana Benzer as trustee. Creditors must submit
proofs of their claim to the trustee by March 7, 2006 for
authentication. Failure to comply with this requirement will
mean a disqualification from the payments that will be made
after the Company's assets are liquidated.

The creditor sought for the Company's liquidation after the
latter failed to pay debts amounting to $11,845.20.

The city's Clerk No. 12 assists the court on the case that will
close with the sale of all of its assets.

CONTACT: Heladerias Citanova S.R.L.
         Pedro Goyena 1605
         Buenos Aires

         Ms. Adriana Benzer, Trustee
         Montevideo 149
         Buenos Aires


IEBA: $230M of Corporate Bonds Remain at Junk Level
---------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal
Argentina reaffirmed its `raD' on a total of US$230 million of
corporate bonds issued by Inversora Electrica de Buenos Aires
S.A. (IEBA)

According to the CNV, the rating applies to the following
bonds:

- US$130 million worth of bonds described as "Obligaciones
  Negociables Simples no convertibles en acciones" and expired
  on Sep. 16, 2005.

- US$100 million worth of bonds described as "Obligaciones
  Negociables Simples no convertibles en acciones" and expired
  on Sep. 16, 2002.

The rating action is based on IEBA's financial status as of
September 30, 2005.


LOPEZ LIBREROS: Initiates Bankruptcy Following Court Orders
-----------------------------------------------------------
Lopez Libreros Editores S.R.L. enters bankruptcy protection
after a Buenos Aires court ordered the Company's liquidation.
The order effectively transfers control of the Company's assets
to a court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Mr. Walter Arturo
Calleja as trustee. Mr. Calleja will be verifying creditors'
proofs of claims until the end of the verification phase on
Feb. 21, 2006.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on April 4, 2006 followed by the general report, which is due
on May 17, 2006.

CONTACT: Mr. Walter Arturo Calleja, Trustee
         Lambare 1140
         Buenos Aires


LYBRA INTERNATIONAL: Begins Liquidation
---------------------------------------
Lybra International Holding Group S.A. of Buenos Aires will
begin liquidating its assets after the city's civil and
commercial court declared the Company bankrupt. Infobae reveals
that the bankruptcy process will commence under the supervision
of court-appointed trustee, Ms. Ester Alicia Ferraro.

The trustee will review claims forwarded by the Company's
creditors until March 1, 2006. After claims verification, Ms.
Ferraro will submit the individual reports for court approval
on April 17, 2006. The general report will follow on May 31,
2006.

CONTACT: Lybra International Holding Group S.A.
         Avda. Libertador San Martin 602
         Buenos Aires

         Ms. Ester Alicia Ferraro, Trustee
         Esmeralda 960
         Buenos Aires


MENDEZ CH: Court OK's Creditor's Involuntary Bankruptcy Motion
--------------------------------------------------------------
Court No. 1 of Buenos Aires' civil and commercial tribunal
declared Mendez CH S.R.L. bankrupt, says La Nacion. The ruling
comes in approval of the petition filed by the Company's
creditor, Mr. Santiago Saavedra, for nonpayment of $2,669.51 in
debt.

Trustee Natalio Kinsbrunner will examine and authenticate
creditors' claims until Feb. 14, 2006. This is done to
determine the nature and amount of the Company's debts.
Creditors must have their claims authenticated by the trustee
by the said date in order to qualify for the payments that will
be made after the Company's assets are liquidated.

Clerk No. 2 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Mendez CH S.R.L.
         Gregorio Araoz Alfaro 312
         Buenos Aires

         Mr. Natalio Kinsbrunner, Trusteee
         Marcelo Torcuato de Alvear 1671
         Buenos Aires


POO: Assets To Be Liquidated
----------------------------
Poo, the spices and vinegar unit of Sabores Argentinos that
filed for bankruptcy in 2001, is heading for liquidation.

According to an El Cronista report, the industrial plant at
Villa Lugano is to be auctioned together with the equipment at
a minimum price of ARS3.5 million.

Other assets and well-known brands such as Layco, Poo, Huser,
Mayco, are also expected to go under the hammer. A bankruptcy
judge ordered the sale to raise a total of ARS7 million, which
will be used to pay creditors.

When it filed for bankruptcy in 2001, Poo listed debts of US$11
million, which later on increased to $17 million.


SANCOR: S&P Assigns 'raB' Rating to Various Bonds
-------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal
Argentina has assigned an `raB-' rating on various corporate
bonds issued by Sancor Coop. Unidas Ltda. 'raD', according to
the National Securities Commission.

The ratings, based on the Company's financial standing as of
Sep. 30, 2005, applies to:

  - US$300 million worth of bonds described as "Programa de
    Obligaciones Negociables" and maturing on April 23, 2006.

  - US$19 million of worth of bonds described as "Serie 2, bajo
    el Programa de Ons. por U$300 millones" and matured on
    Jan. 27, 2004.

  - US$75.8 million worth of bonds described as "Serie 3, bajo
    el Programa de Ons. Por US$300 millones", and matured on
    January 27, 2004.

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. However, adverse business, financial, or
economic conditions would likely impair capacity or willingness
of the obligor to meet its financial commitments on the
obligations.


SCHNEIDER: Seeks Judicial Approval for Preventive Agreement
-----------------------------------------------------------
Schneider + Klein S.R.L., a company under reorganization,
requested the judicial endorsement of the out-of-court
preventive agreement reached with its creditors, Infobae
reports.

Court No. 25 of Buenos Aires' civil and commercial tribunal
handles the Company's case with the assistance of Clerk No. 49.


SUPERCANAL: $286M Debt Offer Gets 69.7% Creditor Approval
---------------------------------------------------------
Argentina's Mendoza province-based cable TV operator Supercanal
has secured 69.7% of creditors' approval for its formal
restructuring proceeding. The restructuring offer, presented to
the National Court of First Instance on Commercial Matters No.
20, Secretariat No. 40, involved US$286 million in debt.
Supercanal is Argentina's number three-cable operator and the
leading operator in the provinces, with 350,000 subscribers.


TRANS DAN: Gets Court Approval to Reorganize
--------------------------------------------
Trans Dan S.R.L. will begin reorganization following the
approval of its petition by Buenos Aires' civil and commercial
court. The opening of the reorganization will allow the Company
to negotiate a settlement with its creditors in order to avoid
a straight liquidation.

Mr. Alberto Miguel Ladaga will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Dec. 21, 2005. The validated claims
will be presented in court as individual reports on March 3,
2006.

Mr. Ladaga is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on April 18, 2006.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on Aug. 23, 2006.

CONTACT: Mr. Alberto Miguel Ladaga, Trustee
         Vidt 2039
         Buenos Aires


WORLD TELEPHONY: Court Declares Company Bankrupt
------------------------------------------------
Court No. 18 of Buenos Aires' civil and commercial tribunal
declared local company World Telephony Advance WTA S.R.L.
"Quiebra", relates La Nacion. The court approved the bankruptcy
petition filed by Techtel LMDS Comunicaciones.

The Company will undergo the bankruptcy process with Ms. Elsa
Taborcias as trustee. Creditors are required to present proofs
of claim to Ms. Taborcias for verification before Feb. 14,
2006. Creditors who fail to submit the required documents by
the said date will not qualify for any post-liquidation
distributions.

Clerk No. 36 assists the court on the case.

CONTACT: World Telephony Advance WTA S.R.L.
         Avenida Presidente Roque Saenz Pena 628
         Buenos Aires

         Ms. Elsa Taborcias, Trustee
         Carlos Pellegrini 1063
         Buenos Aires



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B O L I V I A
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AGUAS DEL ILLIMANI: Sisab Suspends Audit Tender
-----------------------------------------------
The tender process to find a firm to conduct an audit of
capital La Paz waterworks concessionaire Aguas del Illimani
(AISA) has been suspended, reports Business News Americas.
Bolivia's basic services regulator Sisab suspended the
operation because proposals from three short-listed specialists
failed to comply with all of the requirements set out in the
bidding rules.

"The process will begin again as soon as possible but it will
involve a direct appointment of an auditor, which the regulator
has the power to do," said a Sisab spokesperson.

The three consultancies that presented proposals and bids to
carry out a wide ranging audit of AISA are: PSIRU-Business
School, University of Greenwich (from the UK); PKF Accounting &
Business Advisers (UK); and Biotec Colombia.

The three audit specialists presented proposals to carry out an
economic, commercial, administrative and technical appraisal of
AISA's performance from 1997 to date.

Sisab commissioned a complete review of AISA's performance
after local resident groups launched a series of street
protests in 2003 against the concessionaire, alleging poor
service.

The government had promised protesters it would seek the
rescission of the contract on the grounds that AISA had failed
to comply with its investment obligations.

AISA, a subsidiary of French water and energy group Suez,
continues to operate potable water and sanitation services in
La Paz and its satellite city El Alto.



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

BANCO FIBRA: S&P Assigns 'B+/B' Ratings; Stable Outlook
-------------------------------------------------------
Standard & Poor's Ratings Services said today it assigned its
'B+/B' long- and short-term counterparty credit ratings to
Banco Fibra S.A. The outlook is stable.

"The ratings on Banco Fibra incorporate the bank's low
profitability when compared with the industry; the challenge to
build a diversified funding base given the natural
concentration on its deposit base, an issue for most wholesale
banks; and its exposure to the fierce competition affecting
most banks operating in the segment of midsize companies and
the consequent pressure on margins," said Standard & Poor's
credit analyst Beatriz Degani.

These risk factors are tempered by the bank's strong asset
quality indicators; its good track record and expertise in the
corporate and middle-market segments; strong liquidity to face
economic downturns and cover unexpected losses; and the
benefits in terms of ownership with the implicit support from
the shareholder.

Banco Fibra is a commercial midsize bank, positioned as the
20th-largest private bank in Brazil, with total assets
amounting to Brazilian real 9.2 billion ($3.9 billion) as of
June 2005. Despite its relatively small market share, Banco
Fibra is among the top banks operating in the small corporate
and middle-market segments, currently serving approximately 750
corporate clients.

"We expect that the bank will be able to successfully implement
its growth strategy into the middle-market segment and still
sustain its good asset quality indicators (NPLs) at a rate of
less than 4% and maintain a Bank for International Settlements
ratio of more than 15%," added Ms. Degani. We also expect
profitability to improve to an adjusted ROA of about 2%.

The outlook could be revised to negative or the ratings could
be lowered if there is a significant deterioration in Banco
Fibra's asset quality ratios (vis-a-vis its current levels); if
the bank's liquidity and funding are pressured; or if it fails
to show more robust profitability levels.

Conversely, the outlook could be revised to positive or there
could be an eventual elevation of the ratings in the longer
term, depending on the bank's capacity to deliver the expected
results of its growth lending strategy in a consistent manner
during a longer period of time. Such a positive rating action
would also depend on the bank sustaining its strong liquidity
position.

Primary Credit Analyst: Beatriz Degani, Sao Paulo (55) 11-5501-
8933; beatriz_degani@standardandpoors.com

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


BANCO SCHAHIN: S&P Assigns 'B' Rating to $15M Notes
---------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it
assigned its 'B' foreign-currency long-term senior unsecured
debt rating to Banco Schahin S.A.'s $15 million notes issued on
Nov. 22, 2005, and maturing in 18 months.

"The counterparty credit rating on Banco Schahin S.A.
(B/Stable/B) reflects the intrinsic risks of a small bank
facing the challenge of growing its business while maintaining
adequate funding in the increasingly competitive banking
market; the weak credit quality of its remaining wholesale
portfolio (mainly credits to small and midsize companies) that,
despite improvement, is still worse than that of its major
peers; and like all the banks that operate in the same market,
the margins pressure related to retail lending," said Standard
& Poor's credit analyst Tamara Berenholc. These risk factors
are offset by the bank's coherent strategy to generate more
retail business while gradually reducing the weight of loans to
small and midsize companies; the improvement in credit quality
and profitability through the increase of its retail
operations; and the conservative approach of its Treasury
activity.

With total assets of Brazilian reais (BrR) 1.034 million ($440
million at an exchange rate of BrR2.35 to $1.0) as of June
2005, Schahin is a small bank positioned as the 41st-largest
private financial institution in Brazil. The bank is part of a
conglomerate with operations in several areas, including oil-
related services, engineering, and utilities. We do not assign
ratings to any industrial or service company part of Schahin's
conglomerate, and the ratings assigned to the bank do not
incorporate potential support from shareholders.

The stable outlook on both local and foreign currency ratings
assigned to Schahin incorporates our expectation that the bank
will be able to maintain stability in its consumer finance and
payroll discount lending to support its growth strategy while
maintaining its profitability and asset quality indicators. The
stable outlook also incorporates the maintenance of a BIS ratio
higher than 13%.

The outlook may be changed to positive or ratings may be raised
if the bank (consolidated figures) shows sustainable growth and
stronger returns, a significant improvement in asset quality
indicators (with NPL ratio below 2%), higher liquidity, and
better capital ratios. On the other hand, the outlook could be
changed to negative or ratings could be lowered if there is a
significant deterioration in Schahin's asset quality ratios
(vis-a-vis its current levels), or if the bank is unable to
sustain its operations, thus reducing its profitability.

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: CFO Sees Santander Selling Sidenor Stake in Future
----------------------------------------------------------
An executive from Brazilian steelmaker Gerdau said Spanish bank
Santander (NYSE: STD) is likely to dispose of its stake in
Spanish steelmaker Sidenor in the future, relates Business News
Americas. Gerdau and Santander recently agreed to acquire 40%
each of Sidenor for EUR444 million (US$524 million), an
operation that requires approval from the European Union.

"The bank is an important partner in the deal and has a clear
view of Sidenor's projected profitability. The bank has entered
this arrangement to earn money, and can sell its Sidenor share
in the future," Gerdau CFO Osvaldo Schirmer was quoted as
saying in a conference call with analysts.

The Gerdau CFO did not say whether his company would be
interested in buying Santander's 40%, a move that would give
the steelmaker an opening to the EU market, where Sidenor's
focus is on the automobile industry.



===========================
C A Y M A N   I S L A N D S
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INVESTCORP EDHF: Shareholders to Hold Final Meeting Dec. 20
-----------------------------------------------------------
                 INVESTCORP EDHF LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 20th December
2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of final winding up on 20th December, 2005.

2. To authorize the liquidator to retain the records of the
company for a minimum of six years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          P.O. Box 1111, Grand Cayman, Cayman Islands
          For enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949 5122
          Facsimile: 345 949 7920


INVESTCORP EHEF: To Detail Wind Up Accounting on Dec. 20
--------------------------------------------------------
                   INVESTCORP EHEF LIMITED
                 (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 20th
December 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of final winding up on 20th December 2005.

2. To authorize the liquidator to retain the records of the
company for a minimum of six years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949 5122
          Facsimile: 345 949 7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


INVESTCORP RVF: Final Meeting, Record Retension Set
---------------------------------------------------
                  INVESTCORP RVF LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 20th December
2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of final winding up on 20th December, 2005.

2. To authorize the liquidator to retain the records of the
company for a minimum of six years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949 5122
          Facsimile: 345 949 7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


INVESTCORP THEF: Final Meeting of Shareholders Set for Dec. 20
--------------------------------------------------------------
                INVESTCORP THEF LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 20th December
2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of final winding up on 20th December 2005.

2. To authorize the liquidator to retain the records of the
company for a minimum of six years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949 5122
          Facsimile: 345 949 7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


INVESTCORP USHEF: To Account Wind Up Process Dec. 20
----------------------------------------------------
              INVESTCORP USHEF LIMITED
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 20th
December 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of final winding up on 20th December 2005.

2. To authorize the liquidator to retain the records of the
company for a minimum of six years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949 5122
          Facsimile: 345 949 7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


J5 CAPITAL: To Hold Final General Meeting Dec. 16
-------------------------------------------------
                        J5 CAPITAL
                  (In Voluntary Liquidation)
              The Companies Law (2004 Revision)
                       Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

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


JAPAN REVIVAL: To Relate Wind Up Process to Members Dec. 15
-----------------------------------------------------------
         JAPAN REVIVAL INVESTMENTS I CAYMAN LIMITED
                (In Voluntary Liquidation)
                     The Companies Law
                        Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Jersey Limited,
2nd Floor, Le Masurier House, La Rue Le Masurier, St. Helier,
Jersey JE2 4YE, on 15th December 2005 for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  MARK WANLESS
          Voluntary Liquidator
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier, St. Helier,


JG ANGENE: Members to Review Wind Up Accounting Dec. 15
-------------------------------------------------------
                    JG ANGENE CO. LIMITED
                  (In Voluntary liquidation)
               The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general
meeting of the above named company will be held at the offices
Smith Barney Private Trust Company (Cayman) Limited, CIBC
Financial Centre, George Town, Grand Cayman, on the 15th day of
December
2005 for the purpose of presenting to the members an account of
the winding up of company and giving any explanation thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170, George Town, Grand Cayman


KC PRIME ASSET: Extraordinary Final Meeting Set for Dec. 16
-----------------------------------------------------------
              KC PRIME ASSET FUNDING CORPORATION
                  (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of the
above-named company will be held at the offices of Deutsche
Bank (Cayman) Limited, Elizabethan Square, George Town, Grand
Cayman, on the 16th December 2005 for the purpose of presenting
to the members an account of the winding up of the company and
giving any explanation thereof.

CONTACT:  DAVID DYER
          Voluntary Liquidator
          For enquiries:
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984GT, Grand Cayman


KELLOGG ISL: To Authorize Liquidator to Retain Records
------------------------------------------------------
                   KELLOGG ISL LIMITED
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

TAKE NOTICE THAT pursuant to Section 145 of the Companies Law
(2004 Revision) that the final meeting of the shareholders of
the above-named company will be held at the offices of
Walkers, PO Box 265GT, Walker House, Mary Street, George Town,
Grand Cayman, Cayman Islands, on 17th November 2005 at 10.00
a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at the final winding up and for hearing any explanation
that may be given by the liquidator.

2. To authorize the liquidator to retain the records of the
company for a period of five years from the dissolution of the
company, after which time they may be destroyed.

Any member entitled to attend and vote is permitted to appoint
a proxy to attend and vote instead of him and such proxy need
to be a member.

CONTACT:  ART WEIGAND
          Voluntary Liquidator
          c/o Walkers, Walker House
          P.O. Box 265 GT, Mary Street
          George Town, Grand Cayman, Cayman Islands


KINGFISHER GLOBAL: Final General Meeting to be Held Dec. 20
-----------------------------------------------------------
             KINGFISHER GLOBAL HEDGE FUND LTD.
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies
Law (2004 Revision), that the final general meeting of the sole
shareholder of the above-named company will be held at
Ansbacher House, 20 Genesis Close, George Town, Grand Cayman,
on 20th December 2005 at 3:30 p.m. The purpose of said general
meeting of the sole shareholder is to have laid before him the
report of the Liquidator, showing the manner in which the
winding-up of the company has been conducted, the property of
the company distributed and the debts and obligations of the
company discharged and giving any explanation thereof.

CONTACT:  DMS CORPORATE SERVICES LTD.
          Voluntary Liquidator
          For enquires: Tammy Seymour
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          Ansbacher House
          P.O. Box 31910 SMB, Grand Cayman


KODIAK CAPITAL: Final General Meeting to be Held Dec. 15
--------------------------------------------------------
                KODIAK CAPITAL OFFSHORE, LTD.
                 (In Voluntary Liquidation)
               The Companies Law (as revised)

Pursuant to section 145 of the Companies Law (as revised), the
final general meeting of the sole shareholder of this company
will be held at the registered office of the company on 15th
December 2005

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at final winding up on 15th December 2005.

2. To authorize the liquidators to retain the records of the
company for a period of five years from the dissolution of the
company after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  CFS LIQUIDATORS LTD.
          For enquiries: M David Makin
          Telephone: (345) 949 - 3977
          Facsimile: (345) 949 - 3877

          CFS Liquidators Ltd.
          C/O Windward 1, Regatta Office Park
          West Bay Road, P.O. Box 31106 SMB
          Grand Cayman, Cayman Islands


KODIAK CAPITAL (ERISA): Schedules Final Meeting for Dec. 15
-----------------------------------------------------------
             KODIAK CAPITAL OFFSHORE (ERISA), LTD.
                 (In Voluntary Liquidation)
               The Companies Law (as revised)

Pursuant to section 145 of the Companies Law (as revised), the
final general meeting of the sole shareholder of this company
will be held at the registered office of the company on 15th
December 2005

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at final winding up on 15th December 2005.

2. To authorize the liquidators to retain the records of the
company for a period of five years from the dissolution of the
company after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  CFS LIQUIDATORS LTD.
          For enquiries: M David Makin
          Telephone: (345) 949 - 3977
          Facsimile: (345) 949 - 3877

          CFS Liquidators Ltd.
          C/O Windward 1, Regatta Office Park
          West Bay Road, P.O. Box 31106 SMB
          Grand Cayman, Cayman Islands


KW CAPITAL: To Relate to Members Account of Wind Up Dec. 16
-----------------------------------------------------------
                  KW CAPITAL ONE HOLDING
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)
                       Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

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


LCM II: To Hold Final General Meeting Dec. 16
---------------------------------------------
                 LCM II INITIAL LP LTD
              (In Voluntary Liquidation)
          The Companies Law (2004 Revision)
                      Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

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


LEADING WORLDWIDE: To Disclose Wind Up Details Dec. 16
------------------------------------------------------
             LEADING WORLDWIDE TRADING LTD.
              (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision)
the final meeting of this company will be held at the office of
Chris Johnson Associates Ltd., Strathvale House, George Town,
Grand Cayman, Cayman Islands, on 16 December 2005 at 10:00 am.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of final winding up on 16th December 2005.

2. To authorize the Liquidators to retain the records of the
company for a period of six years from the dissolution of the
company after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: CHRISTOPHER D. JOHNSON
         Voluntary Liquidator
         For Enquiries: Russell Smith
         Telephone: (345) 946 0820
         Facsimile: (345) 946 0864
         P.O. Box 2499 GT, Ground Floor
         Strathvale House, George Town, Grand Cayman


LIVES XXX: Final General Meeting Set for Dec. 16
------------------------------------------------
                     LIVES XXX LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)
                        Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

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


LOCKHART CAPITAL: Shareholders' Final Meeting Set for Dec. 16
-------------------------------------------------------------
            LOCKHART CAPITAL OFFSHORE FUND, LTD
                    (The "Company")
              (In Voluntary Liquidation)
            The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held
at the registered office of the Company on 16th December 2005
at 11.30 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at final winding up on 16th December 2005.

2. To authorize the Liquidators to retain the records of the
company for a period of five years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman


LODESTONE LIMITED: To Hold Final General Meeting Dec. 15
--------------------------------------------------------
                      LODESTONE LIMITED
                 (In Voluntary liquidation)
               The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general
meeting of the above named company will be held at the offices
Smith Barney Private Trust Company (Cayman) Limited, CIBC
Financial Centre, George Town, Grand Cayman, on the 15th day of
December
2005 for the purpose of presenting to the members an account of
the winding up of company and giving any explanation thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170, George Town, Grand Cayman


LONGFORD LIMITED: To Authorize Liquidators to Retain Records
------------------------------------------------------------
                    LONGFORD LIMITED
                     (The "Company")
                (In Voluntary Liquidation)
              The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held
at the registered office of the Company on 16th December 2005
at 9.30 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at final winding up on 16th December 2005.

2. To authorize the Liquidators to retain the records of the
company for a period of five years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          C/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman


LYNWOOD HOLDINGS: To Hold Final General Meeting Dec. 19
-------------------------------------------------------
                   Lynwood Holdings Limited
                   In Voluntary Liquidation
               The Companies Law (2004 Revision)

NOTICE is herby given pursuant to Section 145 of the companies
Law that the final general meeting of Lynwood Holdings Limited
will be held at Room 1601-02, 16th Floor, One Hysan Avenue,
Causeway Bay, Hong Kong, at 10:30 a.m. on December  19, 2005
for the purpose of enabling the members to review an account of
the winding up of the Company and to request any explanation
thereof.

CONTACT: Jackson IP, Joint and Several Liquidator
         Room 1601-02, 16th Floor, One Hysan Avenue
         Causeway Bay, Hong Kong


MA3 CAPITAL: To Present Account on Liquidation Dec. 16
------------------------------------------------------
                             MA3 Capital
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)
                             Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of MA3 Capital will be held
at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on December 16, 2005
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

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


MADEIREA INVESTMENTS: Final General Meeting to be Held Dec. 15
--------------------------------------------------------------
                    Madeirea Investments Ltd.
                   (In Voluntary liquidation)
                The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general
meeting of Madeirea Investments Ltd. will be held at the
offices Smith
Barney Private Trust Company (Cayman) Limited, CIBC Financial
Centre, George Town, Grand Cayman, on December 15, 2005 for the
purpose of presenting to the members an account of the winding
up of Company and giving any explanation thereof.

CONTACT: Buchanan Limited, Voluntary Liquidator
         P.O. Box 1170, George Town, Grand Cayman


MANAGED QUANTITATIVE (FUND): Final Wind Up Meeting Dec. 16
----------------------------------------------------------
     Managed Quantitative Advisors Multistrategy Fund Ltd.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the final meeting of shareholders of
Managed Quantitative Advisors Multistrategy Fund Ltd. will be
held at the offices of Q & H Nominees Ltd., Third Floor,
Harbour Centre, P.O. Box 1348 GT, Grand Cayman, Cayman Islands,
on December 16, 2005 at 2:00 p.m. to consider the following
matters:

1. The Liquidator's account showing the manner in which the
winding up of the Company has been conducted and the property
of the Company disposed of;

2. The hearing of any explanation that may be given by the
Liquidator in respect of the winding up of the Company; and

3. The manner in which the books, accounts and documentation of
the Company and of the Liquidator should be maintained and
subsequently disposed.

By Order of the Liquidator

NOTE: Any Member unable to attend may appoint a proxy by
completing, signing and returning the Form of Proxy before the
start of the Meeting. A proxy need not be a Member or creditor
of the Company.

CONTACT: Q & H Nominees Ltd., Voluntary Liquidator
         Third Floor, Harbour Centre, P.O. Box 1348 GT
         Grand Cayman, Cayman Islands


MANAGED QUANTITATIVE (TRADING): Dec. 16 Final Meeting Date
----------------------------------------------------------
Managed Quantitative Advisors Multistrategy Trading Company
Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the final meeting of shareholders
Managed Quantitative Advisors Multistrategy Trading Company
Ltd. will be held at the offices of Q & H Nominees Ltd., Third
Floor, Harbour Centre, P.O. Box 1348 GT, Grand Cayman, Cayman
Islands, on December 16, 2005 at 1:30 p.m. to consider the
following matters:

1. The Liquidator's account showing the manner in which the
winding up of the company has been conducted and the property
of the Company disposed of;

2. The hearing of any explanation that may be given by the
Liquidator in respect of the winding up of the Company; and

3. The manner in which the books, accounts and documentation of
the Company and of the Liquidator should be maintained and
subsequently disposed.

By Order of the Liquidator

NOTE: Any Member unable to attend may appoint a proxy by
completing, signing and returning the Form of Proxy before the
start of the Meeting. A proxy need not be a Member or creditor
of the Company.

CONTACT: Q & H Nominees Ltd., Voluntary Liquidator
         Third Floor, Harbour Centre
         P.O. Box 1348 GT
         Grand Cayman
         Cayman Islands


MARIN CREDIT: Liquidation Review Set for Dec. 15
------------------------------------------------
             Marin Credit Arbitrage Master Fund Ltd.
                   (In Voluntary Liquidation)
           
Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at the registered office of the Company on December 15,
2005 at 2:00 p.m.

Business:

1. To confirm, ratify and approve the conduct of the
liquidation by the liquidators, S.L.C. Whicker and K.D. Blake;

2. To approve the quantum of the liquidators' remuneration,
that being fixed by the time properly spent by the liquidators
and their staff;

3. To lay accounts before the meeting showing how the winding
up has been conducted and how the property of the Company has
been disposed of as at the date of the final meeting and to
approve such accounts; and

4. To authorize the liquidators to retain the records of the
Company and of the liquidators for a period of five years from
the dissolution of the Company, after which they may be
destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in their stead.
A proxy need not be a member or creditor.

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         Caroline Cookson
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-945-4331/ 345-949-4800
         Facsimile: 345-949-7164


MERCURY LAND: Final General Meeting Scheduled for Dec. 15
---------------------------------------------------------
                  Mercury Land Holdings Limited
                    (In Voluntary liquidation)
                 The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general
meeting of Mercury Land Holdings Limited will be held at the
offices Smith Barney Private Trust Company (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, on December
15,
2005 for the purpose of presenting to the members an account of
the winding up of Company and giving any explanation thereof.

CONTACT: Buchanan Limited, Voluntary Liquidator
         P.O. Box 1170, George Town, Grand Cayman


METROPOLITAN OPERA: To Explain Wind Up Process Dec. 15
------------------------------------------------------
               Metropolitan Opera Holdings Limited
                    (In Voluntary liquidation)
                The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general
meeting of Metropolitan Opera Holdings Limited will be held at
the offices Smith Barney Private Trust Company (Cayman)
Limited, CIBC Financial Centre, George Town, Grand Cayman, on
December 15, 2005 for the purpose of presenting to the members
an account of the winding up of Company and giving any
explanation thereof.

CONTACT: Buchanan Limited, Voluntary Liquidator
         P.O. Box 1170, George Town, Grand Cayman


MGRE LTD.: Wind Up Process to be Reported Dec. 1
------------------------------------------------
                            MGRE Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of
MGRE Ltd. will be held at the offices of Deutsche Bank (Cayman)
Limited, Elizabethan Square, George Town, Grand Cayman, on
December 1, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223


ML CBO III: Final General Meeting Set for Dec. 16
-------------------------------------------------
                   ML CBO III (Cayman) Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of ML CBO III (Cayman) Ltd.
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
December 16, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

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



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

BATELSA: Three Bidders Make Offers for 99.99% Stake
---------------------------------------------------
The government has received three offers for the sale of 99.99%
of Barranquilla-based telco Batelsa. The offers, according to
Business News Americas, came from fixed line telcos ETB, EPM
and Metrotel. ETB and EPM have been analyzing Batelsa's
economic and technical situation, while Metrotel is developing
its studies along with state-run nationwide operator Telecom.
Metrotel and Telecom are presenting one single offer for
Batelsa.

The government is putting Batelsa on the block to raise funds
to pay former municipal operator EDT's employee severance
packages. Batelsa took control of EDT's assets after public
services regulator Superservicios liquidated the operator in
May 2004 due to its poor financial state.

Corporacion Financiera del Valle, the entity in charge of
establishing the value of Batelsa and drafting bidding rules
for the sale, valued the Company's assets at COP204 billion
(US$89.5mn).

Batelsa has 130,000 lines installed, of which 125,000 are in
service.


GRANAHORRAR: Regulator Authorizes BBVA's $424M Acquisition
----------------------------------------------------------
BBVA Colombia's (NYSE: BBV) acquisition of a 98.8% stake in
state-owned mortgage lender Granahorrar has secured regulatory
approval from Superbancaria.

Business News Americas recalls that BBVA last month won the
public auction for the stake with a COP970-billion (US$424mn)
bid, more than double the minimum price of COP429.76 billion
set by the government for the privatization.

Granahorrar was intervened by the government during the
country's financial crisis in the late 1990s to save it from
bankruptcy.

Between January and September, Granahorrar has assets of
COP3.729 trillion and a credit portfolio of COP1.8 trillion. It
has 132 branches and employs 2,300 employees in the country.

BBVA Colombia, a subsidiary of Spanish banking group Banco
Bilbao Vizcaya Argentaria, S.A. (NYSE: BBV), is one of the
biggest financial groups in Latin America.



=============
J A M A I C A
=============

C&W JAMAICA: Changes Financial Reporting Details
------------------------------------------------
Telecoms company Cable and Wireless Jamaica (C&W) has stopped
providing shareholders with information on the performance of
its different segments, The Jamaica Observer reports. The
Company announced its decision in a shareholder notification
attached to its latest financial statements.

C&W said the report was prepared in accordance with standards
issued by the International Accounting Standards Board (IASB),
but disclosure relating to segment reporting was discontinued
with effect from the first quarter reporting.

C&W president and CEO Rodney Davis explained that segment
reporting might not have been the best presentation of
segmented information to suit the needs of investors and
shareholders.

With segment reporting, C&W would disclose how much each of its
segments, cellular and landlines in particular, contributed to
revenue and profit.

Over the past few years, C&W executives have complained that it
was required to share to the public too much information while
its privately held competitor had no such obligation. The
Company felt that the additional disclosure placed it at a
disadvantage, especially in the cellular market, because it can
reveal too much commercially sensitive data to competitors.

However, analysts find that having information on the various
segments would add to their ability to assess the effectiveness
and efficacy of the Company's strategies, emphasizing that
without the segments being reported, it would be difficult to
assess how well the Company's push to expand broadband services
was doing or what weighting of each business segment.

C&W has stated in its report that average monthly subscriber
base increased 67% over the previous quarter, and 511% for the
same quarter in 2004.

Companies segment their reporting along business lines or
geography. Thus, C&W would have reported on landline services
separate from mobile.

Segment reporting, which falls under the IAS 14 in the
International Financial Reporting Standard (IFRS), was made
applicable to local companies in 1998 and was adopted by Cable
and Wireless in its 2002/03 financial year.

Under the IFRS definition, a business or geographical segment
is identified as reportable if the majority of its revenue is
earned from sales to external customers; and

- its revenue is 10% or more of total revenue, external and
internal, of all segments; or

- its result (either profit or loss) is 10% or more of the
combined result of all segments in profit or the combined
result of all segments in loss, whichever is the greater in
absolute amount; or

- its assets are 10% or more of the total assets of all
segments.

For the quarter ended September 30, 2005, C&W's revenue of
$5.47 billion was relatively unchanged when compared to the
same quarter last year of $5.48 billion - a decline of 0.2 per
cent.

Cost of sales dropped 17.7% during the period when compared to
the corresponding period last year, dropping from $2 billion to
$1.7 billion primarily due to a decline in handset subsidies,
which was partially offset by higher out-payment costs
resulting from increased international traffic, according to a
report to shareholders.

Net profit attributable to stockholders of $416 million for the
quarter represented a 12.1% boost over the comparative period
last year.

Mr. Davis announced yesterday that the segment reporting would
be continually reviewed. C&W claimed that its newly introduced
format would better serve the needs of investors and
shareholders.

"We are mindful of the needs of our investors and shareholders
and we continue to review our disclosure requirements on an
ongoing basis. We always strive to present the best information
to meet the needs of our stakeholders and will continue to do
so," Mr. Davis said.


MIRANT CORP: Court Approves Bank Claims Settlement Agreement
------------------------------------------------------------
On December 12, 2002, West Georgia Generating Company, L.L.C.,
a Mirant Corporation debtor-affiliate, entered into a Credit
Agreement with certain financial institutions and Deutsche Bank
AG, New York Branch, as agent for the Banks.

Subsequently, the Banks asserted claims against West Georgia
under the Credit Agreement and related documents for
$139,500,000, plus interest, fees, costs and expenses, secured
by substantially all of West Georgia's assets and property.

The Debtors have classified the Bank Claims as Mirant Debtor
Class 2 Secured Claims.

Deutsche Bank, on the Banks' behalf, indicated it would object
to the Debtors' proposed treatment of the Bank Claims.

The parties subsequently agreed to a consensual treatment of
the Bank Claims and a corresponding amendment to the Credit
Agreement.

A full-text copy of the Settlement Agreement is available at no
cost at http://bankrupt.com/misc/Bank_Claims_Settlement.pdf

Among others, the parties agree that:

     a. $45,000,000 will be paid to Deutsche Bank for the
Banks'
        benefit on account of the Bank Claims; and

     b. $10,000,000 in cash will be transferred to Mirant
        Americas, Inc.

The Payments will be made using West Georgia's funds.

The parties also agree that:

    -- third-party general unsecured claims against West
       Georgia will be paid in cash of only up to $10,000,000;

    -- priority tax claims and cure claims associated with West
       Georgia's assumption of prepetition contracts, totaling
       $1,203,782, will be paid out of West Georgia's cash;

    -- a $8,500,000 working capital reserve will be
       established;

    -- final maturity of the Credit Agreement will be extended
       from June 1, 2009, to September 30, 2011;

    -- the Banks agree, subject to certain conditions, to
       accept the plan;

    -- the Settlement Agreement may be terminated if, among
       others, West Georgia's chapter 11 case is dismissed or
       converted to a case under Chapter 7 of the Bankruptcy
       Code, a Chapter 11 trustee will be appointed in West
       Georgia's Chapter 11 Case, the Plan has not been
       confirmed by the Bankruptcy Court on or before December
       31, 2005, or the Plan has not become effective on or
       before March 31, 2006;  dated December 3, 2003.

Judge Lynn approves West Georgia's Settlement Agreement with
the Banks.

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590).  Thomas E. Lauria, Esq., at White
& Case LLP, represents the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $20,574,000,000 in assets and
$11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 82
Bankruptcy Creditors' Service, Inc., 215/945-7000)



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

CALPINE CORP: Delaware Court Prohibits Use of Noteholders' Cash
---------------------------------------------------------------
Calpine Corporation (NYSE: CPN) provided this update following
last week's ruling by the Delaware Court of Chancery in its
action against The Bank of New York, as collateral trustee for
Calpine's Senior Secured Note Holders, and Wilmington Trust
Company, as indenture trustee for Calpine's First Lien Notes,
and as indenture trustee for Calpine's Second Lien Notes.

In his ruling, Vice Chancellor Leo E. Strine, Jr., concluded
that Calpine's use of approximately $313 million of proceeds
from the sale of its domestic gas assets to purchase certain
gas storage inventory violated the second lien indenture and
use of the proceeds for similar contracts is impermissible.
Approximately $400 million from the sale of the company's
domestic gas assets remains in an account at the Bank of New
York. Calpine is still permitted to use its natural gas asset
sale proceeds to purchase certain natural gas assets or
repurchase certain secured debt in accordance with the
company's indentures.

Vice Chancellor Strine has not ruled on the appropriate timing
to implement the remedy for his decision and noted the
following:

   -- The First Lien Trustee lacks standing to request a  
      remedy.

   -- The Second Lien Trustee's tardiness warrants a deferral
      of the restorative remedy determination and delayed
      decision on when restoration of the $313 million plus
      some modest interest will be returned to Calpine's
      account at the Bank of New York.  The primary question is
      when restoration has to occur and what timing flexibility
      Calpine will have to devote those restored proceeds to
      the purchase of proper Designated Assets or First Lien
      Notes. The lateness of the Second Lien Trustee in filing
      the counterclaims will be taken into account in that
      remedial calculus.

   -- The question of remedy is deferred until Calpine has
      answered the Second Lien Trustee's counterclaims (which
      it shall do by November 28, 2005) and conferred with the
      Second Lien Trustee.  In the absence of agreement between
      the parties as to remedy, the parties must present
      expedited submissions addressing the form of relief by
      November 30, 2005, and file replies the next day,
      December 1, 2005.

   -- Calpine shall indemnify the First Lien Trustee and the
      Second Lien Trustee for their reasonable expenses upon
      submission of proper documentation and the Collateral
      Trustee's motion to dismiss is denied.

A major power company, Calpine Corporation supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces and is building a plant in Mexico. It
is included in the S&P 500 Index and is publicly traded on the
New York Stock Exchange under the symbol CPN. (Troubled Company
Reporter, Thursday, Nov. 24, 2005, Vol. 9, No. 278)

CONTACT:  CALPINE CORPORATION
          MEDIA: Katherine Potter
          Tel: +1-408-792-1168
          E-mail: kpotter@calpine.com

          INVESTORS: Karen Bunton
          Tel: +1-408-792-1121
          E-mail: kbunton@calpine.com
          Web site:  http://www.calpine.com


CALPINE CORP: Unfavorable Ruling Prompts S&P to Review Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B-'
corporate credit rating on merchant generation company Calpine
Corp. and its subsidiaries on CreditWatch with negative
implications. The San Jose, Calif.-based company, which
develops, acquires, owns, and operates power generation
facilities, has about $18 billion of total debt outstanding.

Standard & Poor's 'BBB-' underlying rating on Gilroy Energy
Center LLC's bonds and its 'BBB' rating on Power Contract
Financing LLC's bonds were not affected by the rating action on
Calpine.

The CreditWatch is based on an unfavorable court decision in
the company's litigation with the Bank of New York, under which
$400 million in cash will remain frozen and Calpine could be
required to return $313 million to the trustee account.

This development materially harms the company's weak liquidity
profile; however, Calpine's significant cash balance and its
ability to generate cash from the sale of gas assets in storage
should allow the company to meet the potential liquidity
demands arising from the lawsuit.

"More importantly, the court decision heightens concerns about
Calpine's ability to sell or monetize assets so that management
can execute its delevering plan," said Standard & Poor's credit
analyst Jeffrey Wolinsky.

"Of particular concern is the effect of the court's decision on
Calpine's ability to monetize portions of the Geysers facility
to meet its liquidity needs," said Mr. Wolinsky.

Standard & Poor's said that the resolution of the CreditWatch
will depend on gaining greater clarity on Calpine's ability to
use the proceeds of monetized assets.

Primary Credit Analyst: Jeffrey Wolinsky, CFA, New York (1)
212-438-2117; jeffrey_wolinsky@standardandpoors.com


TV AZTECA: Considers $94M Bond Issuance on Local Market
-------------------------------------------------------
Mexican broadcaster TV Azteca, controlled by Ricardo Salinas
Pliego, plans to issue up to MXN1 billion (US$94 million) worth
of 7-year bonds on the local stock market. Dow Jones Newswires
reveals the planned issuance will be the third under TV
Azteca's MXN4.5-billion debt program.

The Company placed MXN2 billion under the program in December
2004, and another MXN1.4 billion in September of this year. TV
Azteca's parent company, Azteca Holdings, has been paying off
its dollar-denominated debt and plans to stick with issuing
local debt. TV Azteca itself has no more dollar debt, according
to Dow Jones Newswires.

TV Azteca is one of the two largest producers of Spanish
language television programming in the world, operating two
national television networks in Mexico, Azteca 13 and Azteca 7,
through more than 300 owned and operated stations across the
country. TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing
US Hispanic market, and Todito.com, an Internet portal for
North American Spanish speakers.

CONTACT: TV Azteca, S.A. De C.V.
         Investor Relations:
         Bruno Rangel
         Phone: 011 52 (55) 1720 0041
         E-mail: jrangelk@tvazteca.com.mx
                 rvillarreal@gruposalinas.com.mx

         Rolando Villarreal
         Phone: 011 52 (55) 1720 9167

         Press Relations
         Tristan Canales
         Phone: 011 52 (55) 1720 1441
         E-mail: tcanales@gruposalinas.com.mx
         Daniel McCosh
         Phone: 011 52 (55) 1720 0059



                            ***********


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
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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