TCRLA_Public/060103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, January 3, 2006, Vol. 7, Issue 2

                            Headlines

A R G E N T I N A

ACINDAR: Grants $30M Loan to CST
BANCOR: Settles $117M Debt With Central Bank
FRIGORIFICO SAN CARLOS: Judge Approves Bankruptcy
LABORATORIA RISU: Seeks Reorganization Approval from Court
LATTE E FORMAGGIO: Files for Bankruptcy

KOPOS FORESTAL: Court Favors Involuntary Bankruptcy Motion
MARTIN LACASE: Moves to Reorganize
SUMATIK S.R.L.: Seeks Court Approval to Reorganize
ZEOX S.A.: Debt Payments Halted, Set to Reorganize


B E R M U D A

LINES OVERSEAS: Dismisses SEC Allegations
SEA CONTAINERS: Sells Remaining Properties in Newhaven Port


B O L I V I A

AGUAS DEL ILLIMANI: Pozo y Asociados Kicks Off Audit


B R A Z I L

AMPLA: Strikes $45M Deal to Sell Plants to Sabricorp
BANCO BRADESCO: To Pay Interests on Own Capital Feb. 1
VARIG: Makes $6.7M Partial Payment to Aircraft Lessors
VIACAO ITAPEMIRIM: Fitch Downgrades Notes to 'CCC'


C A Y M A N   I S L A N D S

AUDIO HOLDINGS: Commences Liquidation
AUDIO INVESTMENTS: Proofs of Debt Due Until Jan. 18
CAL 99: Griffin Management To Oversee Liquidation Process
CAMELOTFUND UMBRELLA: Kicks Off Liquidation
CLBS PORTFOLIO: Debt Particulars Due for Submission Jan. 28

CONFERENCE EQUITY: Taps Westport Services as Liquidator
CONFERENCE FINANCE: Voluntary Liquidation Begins
CONFERENCE HOLDINGS: Start Voluntary Liquidation Process
CONFERENCE IIP: Westport Services to Oversee Liquidation
CONFERENCE INVESTMENTS: Shareholders Decide on Liquidation

DENALI CAPITAL: Proofs of Debt Due Jan. 26
ECI EQUITY: Creditors Have Until Jan. 18 to Prove Debts
ECI FINANCE: Names Westport Services as Liquidator
ECI HOLDINGS: Shareholders Decide on Voluntary Liquidation
ECI INVESTMENTS: Creditors to Prove Debts On/Before Jan. 18

EQUITY ECI: Creditors Have Until Jan. 18 to Prove Claims
EXECUTIVE EQUITY: Westport Services Selected as Liquidator
EXECUTIVE IIP: Appoints Westport Services as Liquidator
FORUM NORDIC: Enters Voluntary Wind Up
FORWARD FUNDING: To be Wound Up Voluntarily

HAMILTON CONVERTIBLE: To Start Wind Up Process
IRONSHORE MANAGEMENT: Chooses Regula Limited as Liquidator
KE SAGANG: Voluntary Liquidation Begins
ROCK CREEK: Liquidators to Verify Creditors' Claims
SAIL VALUE: John Cullinane, Derrie Boggess to Supervise Wind Up

SANDOUK ADVISORS: Shareholders Resolve to Liquidate
SCL ENTERPRISE: Piccadilly Cayman Limited Chosen as Liquidator
SEVEN COLORS: Liquidators Start Verifying Creditors' Claims
SOVEREIGN LIMITED: Creditors Given 30 Days to File Claims
WINBELL INVESTMENT: Debt Particulars Due Jan. 30


J A M A I C A

AIR JAMAICA: To Increase N.Y.-Grenada Flights Next Month


M E X I C O

BALLY TOTAL: Pardus Responds to Company's Public Allegations
BALLY TOTAL: Holders Send Proxy Statement, GOLD Proxy Card
CALPINE CORP: Court Okays Continuation of Existing Bank Accounts


P U E R T O   R I C O

DORAL FINANCIAL: New President/COO to Assume Duties Jan. 31


V E N E Z U E L A

PDVSA: Govt. Renews Control of 32 Oil Fields

     -  -  -  -  -  -  -  -

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

ACINDAR: Grants $30M Loan to CST
--------------------------------
Argentine long steel producer Acindar will grant a US$30-million
loan to the Brazilian steelmaker CST, reports Business News
Americas.

CST is a subsidiary of Arcelor Brasil, which in turn is a unit
of Luxembourg-based steel giant Arcelor, while Acindar also
belongs to the Arcelor group.

Acindar is Argentina's largest producer of long steel and
Arcelor Brasil is one of Latin America's biggest steel
producers, with annual production of 11Mt.


BANCOR: Settles $117M Debt With Central Bank
--------------------------------------------
Cordoba province bank Banco de Cordoba (Bancor) has settled all
of its ARS354 million (US$117mn) debt with the central bank,
signaling its return to a healthy financial status, says
Business News Americas.

Bancor incurred the debt during Argentina's severe crisis in
late 2001 and 2002, when the central bank had to aid many banks
with liquidity lines to avoid massive bankruptcies.

As of October 31, Banco de Cordoba reported assets and deposits
of ARS3.69 billion and ARS3.03 billion, respectively.


FRIGORIFICO SAN CARLOS: Judge Approves Bankruptcy
-------------------------------------------------
Frigorifico San Carlos S.A. was declared bankrupt after Court
No. 7 of Buenos Aires' civil and commercial tribunal endorsed
the petition of Gradapel S.A. for the Company's liquidation.
Argentine daily La Nacion reports that Gradapel S.A. has claims
totaling $50,000 against Frigorifico San Carlos S.A.

The court assigned accounting firm Estudio Viegas, Brener y
Casal to supervise the liquidation process as trustee. The
trustee will validate creditors' proofs of claim until Feb. 15,
2006.

The city's Clerk No. 14 assists the court in resolving this
case.

CONTACT:  Frigorifico San Carlos S.A.
          Araujo 976
          Buenos Aires

          Estudio Viegas, Brener y Casal, Trustee
          Uruguay 469
          Buenos Aires


LABORATORIA RISU: Seeks Reorganization Approval from Court
----------------------------------------------------------
Buenos Aires' civil and commercial Court No. 15 is currently
reviewing the merits of the reorganization petition filed by
Laboratoria Risu S.A. Argentine daily La Nacion reports that the
Company filed the request after defaulting on its debt payments
since Dec. 26, 2005.

The reorganization petition, if granted by the court, will allow
Laboratoria Risu S.A. to negotiate a settlement with its
creditors in order to avoid a straight liquidation. Clerk No. 29
assists the court on this case.

CONTACT:  Laboratoria Risu S.A.
          Parana 567
          Buenos Aires


LATTE E FORMAGGIO: Files for Bankruptcy
---------------------------------------
Buenos Aires-based Latte e Formaggio S.A. filed for bankruptcy,
Argentine daily La Nacion reports. The Company has defaulted on
its debt payments since Dec. 19 this year.

Court No. 11 of the city's civil and commercial tribunal is yet
considering whether to approve the bankruptcy motion, with the
assistance of Clerk No. 22.

CONTACT:  Latte e Formaggio S.A.
          Lavalle 652
          Buenos Aires


KOPOS FORESTAL: Court Favors Involuntary Bankruptcy Motion
----------------------------------------------------------
Court No. 11 of Buenos Aires' civil and commercial tribunal
declared Kopos Forestal S.A. bankrupt, says La Nacion. The
ruling comes in approval of the petition filed by the Company's
creditor, Ms. Sabina Sirlei Brandao, for nonpayment of $212,355
in debt.

Mr. Francisco Costa will examine and authenticate creditors'
claims until March 24, 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. 22 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT:  Kopos Forestal S.A.
          Ciudad de la Paz 2506
          Buenos Aires

          Mr. Francisco Costa, Trustee
          Sarmiento 1562
          Buenos Aires


MARTIN LACASE: Moves to Reorganize
----------------------------------
Court No. 11 of Buenos Aires' civil and commercial tribunal is
studying the request for reorganization submitted by local
company Martin Lacase, says La Nacion.

The report adds that that the Company filed a "Concurso
Preventivo" petition following cessation of debt payments on
April 2004.

The city's Clerk No. 22 assists the court on this case.

CONTACT:  Martin Lacase
           Parera 65
           Buenos Aires


SUMATIK S.R.L.: Seeks Court Approval to Reorganize
--------------------------------------------------
Sumatik S.R.L., a company operating in Buenos Aires, has
requested for reorganization after failing to pay its
liabilities since Aug. 25, 2005.

The reorganization petition, once approved by the court, will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

The case is pending before Court No. 20. Clerk No. 20 assists on
this case.

CONTACT:  Sumatik S.R.L.
          Nunez 4820
          Buenos Aires


ZEOX S.A.: Debt Payments Halted, Set to Reorganize
--------------------------------------------------
Court No. 1 of Buenos Aires' civil and commercial tribunal is
reviewing the merits of Zeox S.A. petition to reorganize. La
Nacion recalls that the Company filed the petition following
cessation of debt payments. Reorganization will allow Zeox S.A.
to avoid bankruptcy by negotiating a settlement with its
creditors.

The Company petitioned for reorganization after failing to pay
debts since Nov. 30, 2005.

CONTACT:  Zeox S.A.
          Ramon Freire 2911
          Buenos Aires



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

LINES OVERSEAS: Dismisses SEC Allegations
-----------------------------------------
Lines Overseas Management, Ltd. ("LOM"), a Bermuda-based
financial services firm, dismissed allegations by the US
Securities and Exchange Commission that it had destroyed phone
records related to a regulatory probe into alleged securities
fraud.

The Royal Gazette reports that last week, the SEC, in a Status
Report to the US District Court for the District of Columbia,
stated it still has not received the "most relevant information
concerning LOM managing director Scott Lines' involvement in the
market manipulation schemes" involving Sedona Software Solutions
and SHEP Technologies Inc.

The SEC made reference to an April 2005 meeting of LOM's Audit
Committee in which it said "a member of that committee disclosed
to LOM's auditor the substance of LOM's tape-recorded telephone
conversations involving Brian Lines' role in the Sedona matter,
but then told the auditor that LOM had destroyed all Sedona-
related tape recordings, as well as all other tape recordings of
telephone conversations."

"We are deeply concerned that LOM may have destroyed evidence
that was subject to the Sedona Subpoenas during the pendency of
this action.

"Moreover, it further underscores the need for an order of this
Court to enforce the Sedona Subpoenas to prevent any further
destruction of evidence relevant to the SEC's investigation,"
the SEC said.

A spokesman from LOM has said that the Company and its counsel
view certain allegations in the SEC report as "inflammatory and
factually incorrect".

LOM's counsel plans to file a response to the SEC's report in
which they "look forward to demonstrating the inaccuracies".

"No Sedona-related phone records (or any Sedona-related records)
have been destroyed.

"The SEC's allegation to the contrary is entirely false," LOM
said in a statement.


SEA CONTAINERS: Sells Remaining Properties in Newhaven Port
-----------------------------------------------------------
Sea Containers Ltd. (NYSE SCRA and SCRB, www.seacontainers.com)
announced on December 30, 2005 that it has completed the sale of
Newhaven Marina, West Quay and Railway Quay in Newhaven, East
Sussex, England to Oakdene Homes PLC for $20.7 million in cash.  
Sea Containers will report a profit on the transaction of $10.4
million in the fourth quarter of 2005 and proceeds from the sale
will be used to reduce company debt.

Ian C. Durant, Chief Executive, commented, "Because Sea
Containers is no longer involved in ferry operations in
Newhaven, our investment there was no longer appropriate.  We
are pleased that the purchaser will continue the work we began
for the benefit of the town."

Sea Containers has now sold almost all of its port property
interests in the U.K. and the sale forms part of Sea Containers'
ongoing strategy to focus on its core businesses.

CONTACT:  Sea Containers Ltd.
          Lisa Barnard
          Director of Communications
          Phone: 44 20 7805 5850
          E-mail: lisa.barnard@seacontainers.com

          Investor Relations
          William W. Galvin III
          The Galvin Partnership
          Phone: 1 (203) 618-9800
          E-mail: wwg@galvinpartners.com



=============
B O L I V I A
=============

AGUAS DEL ILLIMANI: Pozo y Asociados Kicks Off Audit
----------------------------------------------------
Consultancy firm Pozo y Asociados has begun an audit of water
utility Aguas del Illimani (AISA), Business News Americas
reports, citing basic services regulator Sisab.

The audit will cover a complete review of AISA's tenure since
taking over the utility in 1997 under a 30-year concession. The
result of the audit is expected in three months.

The government ordered Sisab to carry out a wide-ranging audit
of AISA after local residents groups launched a series of street
protests in 2003 against the concessionaire, alleging poor
service just six years into its concession.

But AISA's PR official Tania Jalding insists the Company has
fulfilled all obligations specified in the contract. The utility
released operation reports on a regular basis, Jalding said. If
there had been any irregularities, Sisab would have noticed them
before and not after eight years, she added.

If the audit finds that the Company has indeed honored its
obligations as outlined in the concession contract, AISA will
maintain its interest in staying in Bolivia, Jalding said.

The government has said it would seek the rescission of AISA's
contract on the grounds that the Company, a unit of French
services group Suez, has failed to comply with its investment
obligations.


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

AMPLA: Strikes $45M Deal to Sell Plants to Sabricorp
----------------------------------------------------
Power company Ampla has agreed to sell nine small-scale
hydroelectric generation plants to investment company Sabricorp
Participacoes, reports Business News Americas.

The deal, worth BRL105 million (US$45mn), awaits approval from
power regulator Aneel.

Ampla, formerly known as Cerj, is selling the plants, which have
a combined installed capacity of some 62MW, in order to comply
with recently implemented power sector legislation requiring
companies to separate generation and distribution assets
completely.

Ampla's other plants have capacity of less than 10MW each and
are in Rio de Janeiro, Minas Gerais and Espirito Santo states.

Privatized in 1996, Ampla has the exclusive concession to
deliver electricity until 2026 to 2.2 million consumers spread
out in 66 municipalities of the state of Rio de Janeiro (73% of
its territory).

The Company's major shareholders are the Endesa/Enersis group
with 91.9% and Energias de Portugal S.A. with 7.7%. In 2004, the
Company distributed 7,292 megawatt-hours to 2.1 million
customers, representing a 2.4% share of Brazil's electric
distribution market.


BANCO BRADESCO: To Pay Interests on Own Capital Feb. 1
------------------------------------------------------
Banco Bradesco S.A. announced on a letter sent to the Securities
and Exchange Commission on December 28, 2005 that it will pay on
February 1, 2006 the Interests on Own Capital related to the
month of January 2006, in the amount of BRL0.0285000 per common
stock and BRL0.0313500 per preferred stock to the stockholders
registered in the Company's records on January 2, 2006.

The Company wrote:

The payment, net of the Withholding Income Tax of 15% (fifteen
percent), except for legal entity stockholders exempted from the
referred taxation, which will receive for the stated amount,
will be made through the net amount of BRL0.0242250 per common
stock and BRL0.0266475 per preferred stock, as follows:

- Credit in the current account informed by the stockholder to
Banco Bradesco S.A., the Depository Financial Institution of the
Stocks.

- The stockholders who did not inform their banking data or do
not hold a current account in a Financial Institution must go to
a Bradesco Branch on their preference having the "Notice For
Receipt of Earnings from Book-Entry Stocks", sent by mail to
those having their address updated in the Company's records, and
having the following documents:

  - Individuals: Identity Card and Individual Taxpayer's
Register (CPF);

  - Legal Entities: Corporate Taxpayer's ID (CNPJ), consolidated
and updated Articles of Incorporation or the Bylaws. The Bylaws
must be updated with the minutes of the meeting that elected the
current board of executive officers. The partners/managers or
officers empowered to represent the company must present their
Identity Card and CPF.

Note: When represented by mandate, the presentation of the
respective power of attorney, Identity Card and CPF of the
mandatary will be necessary.

- For holders of stocks held on custody with the CBLC -
Brazilian Clearing and Depository Corporation, the payment will
be made to CBLC, which will transfer them to the respective
stockholders through the Depository Agents.

CONTACT: Banco Bradesco
         Investor Relations
         Jean Philippe Leroy
         Phone: 55-11-3684-9229
                   or
         Luiz Osorio Leao Filho
         Phone: 55-11-3684-9302
         URL: http://www.bradesco.com.br/ir


VARIG: Makes $6.7M Partial Payment to Aircraft Lessors
------------------------------------------------------
Brazil's embattled flagship airline Varig said that, pursuant to
a ruling by a New York court, it has deposited US$6.7 million in
partial payment of debts owed to US aircraft lessors. The sum,
according to an Agencia Brasil report, will be divided among the
15 airplane lessors.

Judge Robert Drain of the Bankruptcy Court of the Southern
District of New York ruled December 21 that Varig will be able
to keep its fleet intact until at least Jan. 12 so long as it
makes payments to aircraft leasing companies.

Judge Drain turned down requests from AWAS Aviation Services
Inc., GATX Corp. and Wells Fargo & Co. to order Varig to return
planes for non-payment of leases, "cannibalization" of parts,
and delays in Varig's Brazilian bankruptcy proceedings.

Judge Drain's ruling requires Varig to make US$18.3 million of
payments to the leasing companies before the next hearing. All
of Varig's 77 aircraft are operated under some form of lease,
according to court documents filed by Varig Dec. 19.


VIACAO ITAPEMIRIM: Fitch Downgrades Notes to 'CCC'
--------------------------------------------------
Fitch Ratings has downgraded the foreign currency rating
assigned to Viacao Itapemirim S.A.'s (VISA) 12% senior secured
notes to 'CCC', with a Negative Rating Watch from 'B'. The notes
totaling US$25.3 million (approximately BRL$60 million) were
issued in February and April 2004 and are due on Feb. 10, 2006.
The notes are secured by pledges of certain licenses granted to
VISA to operate interstate passenger bus transportation routes
in Brazil and by the total capital stock of Grupo Itapemirim's
real estate holding company, Imobiliaria Bianca Ltda.

The rating action reflects the dependence of VISA on external
resources from its shareholder, Grupo Itapemirim, as the company
was unable to complete a sale leaseback transaction to refinance
the outstanding notes. Fitch believes that uncertainty exists as
to the ability and propensity of Grupo Itapemirim to inject
additional capital into VISA. As Fitch estimates that VISA's
cash flow from operations will not be enough repay the entire
balance outstanding, repayment of the notes will likely depend
on external resources from VISA's shareholder. The company has
informed Fitch that it plans to repay the notes at maturity with
cash flow from seasonally strong sales from holiday travel in
December and January and with funds provided from its
shareholder. Grupo Itapemirim is planning to sell real estate
assets to repay approximately 65% of the outstanding notes.
Nevertheless, uncertainty exists regarding the ability of VISA's
shareholder to sell certain real estate assets and collect the
associated proceeds before the Feb. 10, 2006 maturity date of
the notes. Fitch will continue to monitor this situation and
evaluate any new information that could affect VISA's ability to
pay off the notes at maturity, and consequently the rating of
the notes.

In 2004, VISA's generated revenues of BRL$307 million and
operating EBITDA of BRL$55 million. VISA's operating EBITDA had
improved relative to prior years as a result of annual regulated
tariff adjustments and greater average occupancy rates of about
60%. With total debt of BRL$110 million, VISA's total debt to
operating EBITDA ratio was 1.9 times (x) in 2004. Although
VISA's revenues are likely to be higher this year due to ticket
price increases implemented in the second half of 2005, Fitch
expects VISA's EBITDA in 2005 to be about 25% lower due to
higher operating costs, primarily from diesel fuel and wages.
VISA's total debt at Sept. 30, 2005 was BRL$106 million.

VISA is the leading provider of interstate passenger bus
transportation services in Brazil. The company operates a fleet
of about 1,265 buses in 21 of Brazil's 26 states and serves more
than 2,000 cities. VISA benefits from its position as one of the
leaders in interstate passenger bus transportation in Brazil.
The industry enjoys high barriers to entry, price competitive
advantages in relation to alternative passenger transportation
means, and satisfactory regulated tariff revisions. VISA's
revenues are a function of the number of buses operating,
passenger volume, occupancy rates, and ticket prices. The
company's top 10 operating routes accounted for 31% of its gross
revenues in 2004, while its top three operating routes (Sao
Paulo to Rio de Janeiro; Sao Paulo to Curitiba; and Sao Paulo to
Fortaleza) accounted for 14% of its gross revenues in 2004.

VISA is controlled by the Itapemirim Group, which consists of 17
family-owned companies operating a broad spectrum of businesses
(e.g. cargo, tourism, granite mining, and hotel and food
services) with more than 14,000 employees. The group's primary
activity is interstate passenger bus service. Three of the
group's companies (VISA, Penha, and Viacao Kaiowa) form a
consolidated fleet of 1,900 buses that transport approximately
5.0 million passengers annually. This business segment generated
approximately 60% of the group's consolidated 2004 revenues of
about BRL870 million.

CONTACT:  Anita Saha, CFA +1-312-368-3179
          Gisele Paolino +55-21-4503-2600, Rio de Janeiro


MEDIA RELATIONS: Christopher Kimble, New York
                 Tel: +1 212-908-0226



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

AUDIO HOLDINGS: Commences Liquidation
-------------------------------------
                  AUDIO HOLDINGS LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


AUDIO INVESTMENTS: Proofs of Debt Due Until Jan. 18
---------------------------------------------------
                 AUDIO INVESTMENTS LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


CAL 99: Griffin Management To Oversee Liquidation Process
---------------------------------------------------------
                      CAL 99 - 747
                In Voluntary Liquidation
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the above-named company at an extraordinary general meeting
held on 9th December 2005:

THAT the company be voluntarily wound up under the Companies Law
(2004 Revision) and that Limited be appointed as liquidator, and
that the liquidator be authorized, if it think fit, to
distribute specific assets to members.

Creditors of the above-named company, which is being wound up
voluntarily, are required on or before 26th January 2006, 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 liquidators of the said
company, and if so required by notice in writing from the said
liquidators, 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:  GRIFFIN MANAGEMENT LIMITED
          Voluntary Liquidator
          Contact for enquires: Janeen Aljadir
          Telephone: (345) 949-4943
          Facsimile: (345) 814-4859

          CALEDONIAN BANK & TRUST LIMITED
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043 GT, Grand Cayman
          Cayman Islands


CAMELOTFUND UMBRELLA: Kicks Off Liquidation
-------------------------------------------
                CAMELOTFUND UMBRELLA FUND
                     (The "Company")
               (In Voluntary Liquidation)
                Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated 14th
December 2005:

RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
joint liquidators to act for the purposes of such winding up.

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Date of Publication of Notice: December 15, 2005

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited, Walker House
          P.O. Box 908, George Town, Grand Cayman
          Contact for enquiries: John Cullinane
          Telephone: (345) 914-6305


CLBS PORTFOLIO: Debt Particulars Due for Submission Jan. 28
-----------------------------------------------------------
                  CLBS PORTFOLIO ADVISORS LTD.
                   (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at a general
meeting held on 13th December 2005:

That the Company be voluntarily wound up under the Companies Law
(2004 Revision) and that CDL Company Ltd., be appointed as
liquidator, and that the liquidator be authorized, if think fit,
to distribute specific assets to members.

Creditors of the above-named Company, which is being wound up
voluntarily, are required on or before 28th January 2006, 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 of the said 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:  CDL COMPANY LTD.
          P.O. Box 31106SMB
          Grand Cayman


CONFERENCE EQUITY: Taps Westport Services as Liquidator
-------------------------------------------------------
                CONFERENCE EQUITY LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


CONFERENCE FINANCE: Voluntary Liquidation Begins
------------------------------------------------
               CONFERENCE FINANCE LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


CONFERENCE HOLDINGS: Start Voluntary Liquidation Process
--------------------------------------------------------
               CONFERENCE HOLDINGS LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


CONFERENCE IIP: Westport Services to Oversee Liquidation
--------------------------------------------------------
                  CONFERENCE IIP LIMITED
                (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


CONFERENCE INVESTMENTS: Shareholders Decide on Liquidation
----------------------------------------------------------
              CONFERENCE INVESTMENTS LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


DENALI CAPITAL: Proofs of Debt Due Jan. 26
------------------------------------------
                 DENALI CAPITAL CLO II, LTD.
                  In Voluntary Liquidation
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the above-named company at an extraordinary general meeting
held on 9th December 2005:

THAT the company be voluntarily wound up under the Companies Law
(2004 Revision) and that Griffin Management Limited, be
appointed as liquidator, and that the liquidator be authorized,
if it think fit, to distribute specific assets to members.

Creditors of the above-named company, which is being wound up
voluntarily, are required on or before 26th January 2006, 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 liquidators of the said
company, and if so required by notice in writing from the said
liquidators, 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.

Dated this 26th day of December 2005.

CONTACT:  GRIFFIN MANAGEMENT LIMITED
          Voluntary Liquidator
          Contact for enquires: Janeen Aljadir
          Telephone: (345) 949-4943
          Facsimile: (345) 814-4859

          Caledonian Bank & Trust Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043 GT, Grand Cayman
          Cayman Islands


ECI EQUITY: Creditors Have Until Jan. 18 to Prove Debts
-------------------------------------------------------
                     ECI EQUITY LIMITED
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


ECI FINANCE: Names Westport Services as Liquidator
--------------------------------------------------
                   ECI FINANCE LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


ECI HOLDINGS: Shareholders Decide on Voluntary Liquidation
----------------------------------------------------------
                   ECI HOLDINGS LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


ECI INVESTMENTS: Creditors to Prove Debts On/Before Jan. 18
-----------------------------------------------------------
                 ECI INVESTMENTS LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 15th
December 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the company are to prove their debts or claims on
or before 18th January 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of liquidation: 15th December 2005.

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


EQUITY ECI: Creditors Have Until Jan. 18 to Prove Claims
--------------------------------------------------------
                      Equity ECI Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Equity ECI Limited at an extraordinary general meeting held
on December 15, 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the Company are to prove their debts or claims on
or before January 18, 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of Liquidation: December 15, 2005

CONTACT:  Westport Services Ltd., Voluntary Liquidator
          Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949-5122
          Facsimile: 345 949-7920


EXECUTIVE EQUITY: Westport Services Selected as Liquidator
----------------------------------------------------------
                    Executive Equity Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Executive Equity Limited at an extraordinary general meeting
held on December 15, 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the Company are to prove their debts or claims on
or before January 18, 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of Liquidation: December 15, 2005

CONTACT:  Westport Services Ltd., Voluntary Liquidator
          Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949-5122
          Facsimile: 345 949-7920


EXECUTIVE IIP: Appoints Westport Services as Liquidator
-------------------------------------------------------
                       Executive IIP Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Executive IIP Limited at an extraordinary general meeting
held on December 15, 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the Company are to prove their debts or claims on
or before January 18, 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of Liquidation: December 15, 2005

CONTACT:  Westport Services Ltd., Voluntary Liquidator
          Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949-5122
          Facsimile: 345 949-7920


FORUM NORDIC: Enters Voluntary Wind Up
--------------------------------------
                Forum Nordic Hedge Fund Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following written resolution was passed by the sole holder
of ordinary shares of Forum Nordic Hedge Fund Limited on
December 13, 2005 at 11:30 a.m.:

THAT the Company be wound-up voluntarily and that Christopher D.
Johnson and Russell Smith of Chris Johnson Associates Ltd.,
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 January 19, 2006, 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. Russell Smith, Joint Voluntary Liquidator
          PO Box 2499GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 945-0864


FORWARD FUNDING: To be Wound Up Voluntarily
-------------------------------------------
                       Forward Funding Corp.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of Forward Funding Corp. on December 15, 2005:

THAT the Company be wound up voluntarily and that Piccadilly
Cayman Limited of PO Box 10632 APO, Grand Cayman, be and is
hereby appointed as liquidator for the purposes of winding up
the Company and that Piccadilly Cayman Limited shall have the
power to bind the Company for the purposes of such winding up.

Creditors of the Company are to prove their debts or claims on
or before January 30, 2006 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:  Piccadilly Cayman Limited, Voluntary Liquidator
          Ellen J. Christian
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman
          Telephone: 345 945-9208
          Fax: 345 945-9210


HAMILTON CONVERTIBLE: To Start Wind Up Process
----------------------------------------------
           Hamilton Convertible Opportunities Fund Ltd.
                    (In Voluntary Liquidation)
                    Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated December
8, 2005:

RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
joint liquidators to act for the purposes of such winding up.

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Date of Publication: December 14, 2005

CONTACT:  John Cullinane and Derrie Boggess
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman
          Telephone: (345) 914-6305


IRONSHORE MANAGEMENT: Chooses Regula Limited as Liquidator
----------------------------------------------------------
                Ironshore Management Limited
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)
                        Section 133

TAKE NOTICE that the following resolutions were passed by the
shareholders of Ironshore Management Limited at a general
meeting of the shareholders held on December 8, 2005:

THAT the Company be placed into voluntary liquidation forthwith
and that Regula Limited be appointed as the liquidator, for the
purpose thereof.

Creditors of the Company are to prove their debts or claims on
or before January 30, 2006, and to establish any title they may
have under the Companies Law (2004 Revision) or be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT:  Regula Limited, Joint Voluntary Liquidators
          David Dyer and Jewel Studenhofft and
          c/o Deutsche Bank International Trust Co.
          (Cayman) Limited
          P. O. Box 1984GT, Grand Cayman
          Cayman Islands
          Telephone: 345 949-8244
          Facsimile: 345 949-7866


KE SAGANG: Voluntary Liquidation Begins
---------------------------------------
                       Ke Sagang Leasing
                    In Voluntary Liquidation
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Ke Sagang Leasing at an extraordinary general meeting held on
December 9, 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004 Revision) and that Griffin Management Limited be appointed
as liquidator, and that the liquidator be authorized, if it
think fit, to distribute specific assets to members.

Creditors of Ke Sagang Leasing, which is being wound up
voluntarily, are required on or before January 26, 2006, 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 liquidators of the said company,
and if so required by notice in writing from the said
liquidators, 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:  Griffin Management Limited, Voluntary Liquidator
          Janeen Aljadir
          Caledonian Bank & Trust Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-4943
          Facsimile: (345) 814-4859


ROCK CREEK: Liquidators to Verify Creditors' Claims
---------------------------------------------------
                    Rock Creek Fund (P), Ltd.
                    (In Voluntary Liquidation)
                    Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated December
9, 2005:

RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
joint liquidators to act for the purposes of such winding up.

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Date of Publication: December 15, 2005

CONTACT:  John Cullinane and Derrie Boggess
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited, Walker House
          P.O. Box 908, George Town, Grand Cayman
          Telephone: (345) 914-6305


SAIL VALUE: John Cullinane, Derrie Boggess to Supervise Wind Up
---------------------------------------------------------------
                      Sail Value Asia Fund
                   (In Voluntary Liquidation)
                   Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated November
30, 2005:

RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
joint liquidators to act for the purposes of such winding up.

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Date of Publication: December 15, 2005

CONTACT:  John Cullinane and Derrie Boggess
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited, Walker House
          P.O. Box 908, George Town, Grand Cayman
          Telephone: (345) 914-6305


SANDOUK ADVISORS: Shareholders Resolve to Liquidate
---------------------------------------------------
                    Sandouk Advisors Limited
                   (In Voluntary Liquidation)
                   Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated December
13, 2005:

RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
joint liquidators to act for the purposes of such winding up.

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Date of Publication: December 15, 2005

CONTACT:  John Cullinane and Derrie Boggess
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited, Walker House
          P.O. Box 908, George Town, Grand Cayman
          Telephone: (345) 914-6305


SCL ENTERPRISE: Piccadilly Cayman Limited Chosen as Liquidator
--------------------------------------------------------------
               SCL Enterprise Holdings Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of SCL Enterprise Holdings Limited on December
15, 2005:

THAT the Company be wound up voluntarily and that Piccadilly
Cayman Limited of PO Box 10632 APO, Grand Cayman, be and is
hereby appointed as liquidator for the purposes of winding up
the Company and that Piccadilly Cayman Limited shall have the
power to bind the Company for the purposes of such winding up.

Creditors of the Company are to prove their debts or claims on
or before January 30, 2006, 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:  Piccadilly Cayman Limited, Voluntary Liquidator
          Ellen J. Christian
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman
          Telephone: 345 945-9208
          Fax: 345 945-9210


SEVEN COLORS: Liquidators Start Verifying Creditors' Claims
-----------------------------------------------------------
                    Seven Colors Corporation
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of Seven Colors Corporation at an extraordinary general meeting
of the shareholder held on December 15, 2005.

RESOLVED THAT the Company be voluntarily wound up and that
Kareen Watler and Sylvia Lewis be and are hereby appointed as
liquidators of the Company for that purpose.

Creditors of the Company are to prove their debts or claims on
or before January 30, 2006, 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.

Date of Liquidation: December 15, 2005

CONTACT:  Ms. Kareen Watler and Ms. Sylvia Lewis
          Joint Voluntary Liquidators
          P.O. Box 1109GTm, Grand Cayman
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


SOVEREIGN LIMITED: Creditors Given 30 Days to File Claims
---------------------------------------------------------
                       Sovereign Limited
                   (In Voluntary Liquidation)
                   Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated October
25, 2005:

RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
joint liquidators to act for the purposes of such winding up.

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Date of Liquidation: December 14, 2005

CONTACT:  John Cullinane and Derrie Boggess
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman
          Telephone: (345) 914-6305


WINBELL INVESTMENT: Debt Particulars Due Jan. 30
------------------------------------------------
                  Winbell Investment, Holdings
                    In Voluntary Liquidation
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Winbell Investment, Holdings at an extraordinary general
meeting held on December 16, 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004 Revision) and that Griffin Management Limited be appointed
as liquidator, and that the liquidator be authorized, if it
think fit, to distribute specific assets to members.

Creditors of Winbell Investment, Holdings, which is being wound
up voluntarily, are required on or before January 30, 2006, 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 liquidators of the said
Company, and if so required by notice in writing from the said
liquidators, 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:  Griffin Management Limited, Voluntary Liquidator
          Janeen Aljadir
          Caledonian Bank & Trust Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-4943
          Facsimile: (345) 814-4859



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

AIR JAMAICA: To Increase N.Y.-Grenada Flights Next Month
--------------------------------------------------------
As part of an effort to boost regional tourism, Jamaica's ailing
flagship carrier Air Jamaica will increase weekly flights to the
Caribbean island of Grenada from New York beginning Feb. 23,
according to an Associated Press report.

The New York-Grenada route "has been doing well for us, and we
believe it is a good thing for tourism in Grenada and the
Caribbean" to increase the number of weekly flights from six to
eight, said airline spokeswoman Sandrea Falconer.

Air Jamaica suspended service in March to Grenada, Barbados and
St. Lucia, in an attempt to recover from losses due to higher
fuel costs and a drop in passengers after the Sept. 11 attacks.

The airline, which has restarted flights to the other two
islands, will resume service to St. Lucia with three times a
week non-stop flights from New York next month.



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

BALLY TOTAL: Pardus Responds to Company's Public Allegations
------------------------------------------------------------
Pardus European Special Opportunities Master Fund L.P. (the
Fund), Pardus Capital Management L.P. (PCM), Pardus Capital
Management LLC (PCM LLC) and Mr. Karim Samii has responded to
Bally Total Fitness Holding Corporation's recent public
allegations that the Fund, Liberation Investments L.P. and
Liberation Investments, Ltd. are acting in concert and that such
concerted actions may have triggered rights under the Company's
Stockholder Rights Plan.

The Fund is a limited partnership formed under the laws of the
Cayman Islands. PCM is a Delaware limited partnership. PCM LLC
is a Delaware limited liability company, and Mr. Karim Samii is
the sole member of PCM LLC.

On December 29, 2005, the Fund, PCM, PCM LLC and Mr. Samii filed
Amendment Number 12 (the "Amendment") to the Schedule 13D (as
amended, the "Schedule 13D") originally filed by PCM with the
Securities and Exchange Commission on September 6, 2005. The
Amendment amends the previously filed Item 4 disclosure in the
Schedule 13D by adding the following:

On or about December 29, 2005, the Fund delivered a letter to
the board of directors of Bally Total Fitness Holding
Corporation (the "Company") responding to the Company's recent
public allegations that the Fund, Liberation Investments L.P.
and Liberation Investments, Ltd. are acting in concert and that
such concerted actions may have triggered rights under the
Company's Stockholder Rights Plan.

The Fund is the beneficial owner of 5,475,000 shares of the
common stock, par value $0.01 per share (the "Shares"), of the
Company, including 1000 shares of common stock owned of record
in the name of the Fund and 1000 shares of common stock owned of
record in the name Pardus Capital A/C Pardus European Special
Opportunities Master Fund L.P. PCM serves as the investment
manager of the Fund and possesses sole power to vote and direct
the disposition of all Shares held by the Fund.

PCM LLC, as the general partner of PCM, and Mr. Karim Samii, as
the sole member of PCM LLC, may be deemed to be the beneficial
owners of all the Shares held by the Fund; however, PCM LLC and
Mr. Karim Samii disclaim beneficial ownership of all the Shares
held by the Fund.

Mr. Joseph R. Thornton, a portfolio manager of PCM, may also
earn fees and incentive allocations on account of the Fund's
investment in the Shares. Charles J. Burdick, Barry R. Elson and
Don R. Kornstein do not beneficially own any securities of the
Company and, except for Mr. Kornstein and his wife's joint 0.39%
ownership interest in Liberation Investments, L.P., the direct
beneficial owner of 2,662,963 Shares, do not have any personal
ownership interest, direct or indirect, in any securities of the
Company.

Mr. Burdick currently serves on the PCM Advisory Board, which
advises PCM and its affiliates from time to time with respect to
investment strategies, assessing business viability, sourcing
transactions and valuing potential investments.

The PCM Advisory Board members do not have any oversight
responsibility or discretion over the investments made by or on
behalf of PCM and its affiliates and the PCM Advisory Board
members do not (except to the extent publicly disclosed by the
Fund) have any knowledge of the investments held by PCM and its
affiliates from time to time.

Mr. Burdick does not receive and is not entitled to any
compensation or remuneration for serving on the PCM Advisory
Board from the Fund or any of its affiliates.

The PCM Advisory Board members have the ability to invest up to
an aggregate of $10,000,000 in the Fund and certain of its
affiliates. Mr. Burdick does not have any investment interest in
the Fund or any of its affiliates.

The persons filing this Schedule 14A are PCM, the Fund, PCM LLC
and Messrs. Samii, Thornton, Burdick, Elson and Kornstein
(collectively, the "Reporting Persons"). Based on information
provided by the Company, as of December 20, 2005 there were
38,285,905 shares of the Company's common stock issued and
outstanding. Thus, the Fund and PCM are deemed to beneficially
own, and PCM LLC and Mr. Karim Samii may be deemed to
beneficially own, 5,475,000 Shares, or 14.3% of the shares of
the Company's issued and outstanding common stock.

The letter sent by the Pardus group stated:

Three weeks ago, on December 8, we wrote to express our concern
and dismay over actions of Bally's management and Board that
have caused grave injury to the Company, and to request urgent
action to begin to repair the damage. Among other things, we
asked you immediately to place Pardus' three nominees on the
Board, begin a program of needed governance reform, halt the
management's litigation campaign against shareholder democracy -
which has now resulted in losses for the Company in both federal
and state court - establish a fair and open procedure to manage
the sale process (which, contrary to management's recent
assertions, Pardus fully supports), and open an independent
investigation of management's recent sales of large amounts of
stock.

Rather than respond on the merits, your open letter of December
12 rejected every one of our requests and failed even to respond
to any of our concerns. Continuing this pattern, on December 23,
management made the extraordinary announcement that the Company
is "considering its options in [sic] seeking a determination" of
whether actions of Pardus and Liberation Investments "may have
triggered the Company's Stockholder Rights Plan." Any such
claim, to put it mildly, would be frivolous. Pardus has taken no
action that could conceivably trigger the Rights Plan, and
allowing the Rights Plan to go into effect in the current
environment would be a serious breach of fiduciary duties owed
to stockholders by the Board and an impermissible interference
with the shareholder franchise.

Moreover, the apparent basis for any such claim is the Company's
allegation that the Rights Plan was triggered when Pardus placed
on its slate Don Kornstein, who had been suggested for a Board
post by Liberation. But, as management and its counsel know full
well, the Company has admitted in court papers filed in Delaware
that it confirmed to Liberation that suggesting the names of
possible directors would NOT trigger the Rights Plan. Because
there is no legitimate basis to claim that the Rights Plan has
gone into effect, and because it inexplicably fails to disclose
the Company's judicial admissions, the December 23 release is
false and misleading and appears to violate the securities laws.

Given the lack of any foundation for this threatened claim, the
December 23 release appears to us to serve two equally
illegitimate purposes. The first is to intimidate Pardus and
induce us to stop advocating reform. That is a serious mistake.
Far from deterring Pardus, the Company's threats and bullying
powerfully confirm the need for the changes we have asked the
Board to implement. The Company's tactics will not work.

The second apparent purpose is to send a message to stockholders
that management will do everything in its power to block reform,
and to create confusion and uncertainty in the market - all as
part of an effort to further entrench management, and allow
management to continue to enrich themselves under the proposed
new equity plan, after having sold a substantial amount of their
equity holdings at prices well above the current market. We
demand that this conduct stop.

Time is growing short, and we again call upon the Board to
implement the recommendations outlined in our December 8 letter.
The current stock price clearly shows that your shareholders and
the broader market strongly disapprove of management's actions
since the earnings release. Both the stock price and what we
have heard from other shareholders indicate that Mr. Toback's
recent round of investor visits was a complete failure. In this
context, there is a real risk that Mr. Toback will lose his job
at the upcoming annual meeting.

It is clear, we believe, that management is hopelessly
conflicted, and that the Board must act independently to meet
the imminent challenges the Company faces, including planning
for a potential successor to Mr. Toback. Management's recent
actions, including the December 23 release, which were
apparently sanctioned by Company counsel, also make it
imperative that the independent Board members immediately retain
their own legal advisor to make sure that the Board can
discharge its fiduciary responsibilities free from any conflict.

Finally, we must note our strong objection to management's
personal attacks on Don Kornstein, an extremely capable and
knowledgeable candidate who would be a great credit to the
Board. Bally is lucky that he is willing to serve. Contrary to
the impression created by the December 23 release, we are
informed by Mr. Kornstein that several current members of the
Board interviewed him in November and commented that he would be
a valuable addition to the Board due to his unique skills and
experience. It is fundamentally unfair for management now to
disparage Mr. Kornstein for self-interested purposes.

SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY
STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON
DECEMBER 27, 2005 AND OTHER DOCUMENTS RELATED TO SOLICITATION OF
PROXIES BY THE REPORTING PERSONS BECAUSE THEY CONTAIN IMPORTANT
INFORMATION.

A DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY WILL BE MAILED
TO STOCKHOLDERS OF THE COMPANY ON OR ABOUT DECEMBER 29, 2005 AND
IS AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE
COMMISSION'S WEBSITE AT HTTP://WWW.SEC.GOV.

INFORMATION RELATING TO THE PARTICIPANTS IN A PROXY SOLICITATION
IS CONTAINED IN THIS SCHEDULE 14A AND THE SCHEDULE 13D FILED BY
PCM WITH THE SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 6,
2005, AS AMENDED BY AMENDMENT NO. 1, DATED SEPTEMBER 6, 2005,
AMENDMENT NO. 2, DATED SEPTEMBER 6, 2005, AMENDMENT NO. 3, DATED
SEPTEMBER 8, 2005, AMENDMENT NO. 4, DATED SEPTEMBER 15, 2005,
AMENDMENT NO. 5, DATED SEPTEMBER 23, 2005, AMENDMENT NO. 6,
DATED OCTOBER 6, 2005, AMENDMENT NO. 7, DATED OCTOBER 17, 2005,
AMENDMENT NO. 8, DATED OCTOBER 24, 2005, AMENDMENT NO. 9, DATED
NOVEMBER 17, 2005, AMENDMENT NO. 10, DATED NOVEMBER 23, 2005,
AMENDMENT NO. 11, DATED DECEMBER 8, 2005, AND AMENDMENT NO. 12,
DATED DECEMBER 29, 2005, FILED BY THE FUND, PCM, PCM LLC AND MR.
SAMII (AS AMENDED, THE "SCHEDULE 13D"), WITH RESPECT TO BALLY
TOTAL FITNESS HOLDING CORPORATION. THE SCHEDULE 13D IS CURRENTLY
AVAILABLE AT NO CHARGE ON THE SECURITIES AND EXCHANGE
COMMISSION'S WEBSITE AT HTTP://WWW.SEC.GOV.

CONTACT:  Bally Total Fitness
          Janine Warell (Investors)
          Phone: 773-864-6897
                    or
          Matt Messinger (Media)
          Phone: 773-864-6850


BALLY TOTAL: Holders Send Proxy Statement, GOLD Proxy Card
----------------------------------------------------------
The Liberation Investments, L.P., Liberation Investments Ltd.
and their affiliates (collectively, "Liberation"), have sent to
the other stockholders on December 30, 2005 their Proxy
Statement and GOLD Proxy Card, which will enable the other
stockholders to support their proposals to improve the quality
of corporate governance at Bally Total Fitness Holding
Corporation.

The holders wrote:

We expect that our proposals will be voted on at the 2006 Annual
Meeting of Stockholders of the Company currently slated to occur
at 8:30 A.M. (CST) on January 26, 2006, at the Renaissance
Chicago O'Hare Hotel, 8500 West Bryn Mawr Avenue, Chicago,
Illinois, including any adjournments or postponements thereof or
any special meeting that may be called in lieu thereof (the
Annual Meeting). Liberation is the beneficial owner of 4,284,450
shares or approximately 11.19% of the Common Stock of the
Company, making it one of the Company's largest stockholders.

As you may be aware, Liberation has long been concerned about
the quality of corporate governance at Bally. We believe that
stockholder democracy at the Company would be bolstered by
providing stockholders with a continuing voice in determining
the tenure of Bally's senior management team, including its
Chief Executive Officer and President. We expect that the
existence of such a stockholder right would strengthen corporate
governance by serving as a powerful incentive for members of
senior management to pay careful attention to their fiduciary
duties and focus keenly on maximizing value for all
stockholders.

We believe that the Company is presently at a critical strategic
crossroads. The Company reported on November 30, 2005 that it is
actively pursuing extraordinary alternatives, including a
possible merger or sale transaction. We are asking you to join
us in increasing management accountability to stockholders by
supporting our call for improved corporate governance. It is
time for us to make these much-needed changes.

The enclosed Proxy Statement contains important information
concerning the Company's Annual Meeting. Please read it
carefully.

WE URGE YOU TO SIGN, DATE AND RETURN THE ENCLOSED GOLD PROXY
CARD TODAY.

CONTACT:  Bally Total Fitness
          Janine Warell (Investors)
          Phone: 773-864-6897
                    or
          Matt Messinger (Media)
          Phone: 773-864-6850


CALPINE CORP: Court Okays Continuation of Existing Bank Accounts
----------------------------------------------------------------          
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
notes that the United States Trustee generally requires a
debtor-in-possession to close all prepetition bank accounts and
open new debtor-in-possession bank accounts.  In addition, the
United States Trustee may require a debtor-in-possession to
maintain separate accounts for cash collateral and taxes.

However, he points out that in complex Chapter 11 cases, like
the Calpine Corporation and its debtor-affiliates' cases, courts
in the Southern District of New York often waive the
requirements, recognizing that these are often impractical and
potentially detrimental to a debtor's postpetition business
operations and restructuring efforts.

Moreover, because the Debtors have the capability to draw the
necessary distinctions between pre- and post-petition
obligations and payments without closing the prepetition bank
accounts and opening new ones, the Debtors' creditors will not
be prejudiced.

Accordingly, the Debtors sought and obtained the U.S. Bankruptcy
Court for the Southern District of New York's authority, on an
interim basis, to continue using their existing bank accounts
with the same names and account numbers as existed immediately
prior to the Chapter 11 cases.  The Court waives the requirement
to establish separate accounts for cash collateral and tax
payments.

The Debtors are authorized to deposit funds in and withdraw
funds from the bank accounts by all usual means and to otherwise
treat the prepetition bank accounts for all purposes as debtor-
in-possession accounts.

Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- 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.  Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.  The Company filed for chapter 11 protection on Dec.
20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M.
Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and
Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts.  As of Dec. 19, 2005,
the Debtors listed $26,628,755,663 in total assets and
$22,535,577,121 in total liabilities. (Calpine Bankruptcy News,
Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000)



=====================
P U E R T O   R I C O
=====================

DORAL FINANCIAL: New President/COO to Assume Duties Jan. 31
-----------------------------------------------------------
Doral Financial Corporation (NYSE: DRL), a diversified financial
services company, announced on December 30, 2005 that John A.
Ward III will assume the duties of President and Chief Operating
Officer of Doral Financial Corporation, succeeding Zoila Levis,
who is retiring from these positions and the Company's
management team, effective January 31, 2006. Mrs. Levis will
continue as a member of Doral Financial Corporation's Board of
Directors.

Mr. Ward has served as non-Executive Chairman of the Board since
July 14, 2005, and interim CEO since September 15, 2005. His
previous experience includes serving as Chairman and CEO of
American Express Bank from 1996 until 2000. Before joining
American Express, Mr. Ward was an executive for 27 years at The
Chase Manhattan Bank, during which he served as CEO of Chase
Bankcard Services and President and CEO of Chase Personal
Financial Services, a nationwide retail mortgage and home equity
lender.

Mr. Ward commented, "I want to thank Zoila for her contribution
over the years in establishing Doral as a major participant in
the financial services market in Puerto Rico. She has been
extremely helpful in working with me as Doral transitions to new
senior leadership. We are committed to ensuring that a highly
professional management team is in place at Doral as we move
forward in completing the restatement process and, in turn,
implementing a strategic business model to grow the company
following the conclusion of that process."

Doral Financial Chairman & CEO John Ward wrote to all employees
of the Company stating:

I hope and trust you are enjoying the holiday season. While, as
you know, I joined our company during the year, what has been
most evident to me is the warmth and togetherness of our
organization and the pride in being part of Doral. These
attributes, and the commitment which each of us consistently
demonstrate to Doral's future success, make this company unique
- great to work for and to do business with.

The year 2005 has been full of challenges for our company as
well as for the banking industry in Puerto Rico. You can be
proud that in such an environment we've been able to maintain
our focus, provide the excellent service we are widely known
for, and emerge with remarkable milestones:

- Internal Loan Originations increased 4.4%, from $4.9 billion
in 2004 to $5.1 billion in 2005

- Mortgage Servicing Portfolio increased 9.6%, from $14.3
billion in 2004 to $15.6 billion in 2005

  - Growth in Key Business Areas, including:
  
  - Consumer Portfolio growth of 44%

  - Commercial Portfolio growth of 26%

  - Insurance Portfolio growth of 5%

- Total Deposits grew 14.3%, from $3.6 billion to $4.2 billion

I want to congratulate each and every one of you for making
these accomplishments possible-they underscore the enthusiasm,
dedication and the outstanding service Doral continually
delivers to customers.

I am also pleased to report to you that the cost-reduction plan
implemented in 2005 is yielding desired results, helping to make
our company more efficient and a stronger competitor. We have
put in place a system to spot opportunities for greater
efficiencies that will make us an even stronger institution in
2006.
This year we also are undergoing a revamping of Doral's senior
management. As you know, the members of the Levis family have
left the Company, or are doing so in the near future. We
appreciate their building Doral into one of Puerto Rico's
leading financial services enterprises and will preserve the
tradition of great service they've embedded in the Doral
culture.

We've also welcomed and promoted excellent executives to lead
Doral forward. As we look to the future, Doral has in place a
highly talented management team in financial services. We are
ready to move our Company full speed ahead. It's time for
Doral's next chapter.

We are also nearing the end of the restatement of our financial
results for the years 2000 to 2004. As we said in our press
release of December 15, we expect to issue our restated
financial statements in February - with our capital solid and
our finances strong.

The cornerstone of Doral's future is all of us who work at
Doral. In this regard and to underscore your importance to Doral
and me personally, starting in January the Human Resources
Department will report directly to me as CEO. I will also be
holding town hall meetings in January to discuss with all of you
the new initiatives we've implemented to make this company more
efficient and the opportunities that are arising for all at
Doral Financial and its subsidiaries. I am looking forward to
seeing you and moving forward in the New Year with new
enthusiasm and a fresh start for our company.

As recognition for your hard work, we've declared Monday,
January 2 as a Holiday. I wish every one of you a Happy New
Year, enjoy the long weekend with your friends and family and
may you continue to bring joy and happiness to every one of our
customers with your outstanding service and winning attitude.

Doral Financial Corporation, a financial holding company, is the
largest residential mortgage lender in Puerto Rico and the
parent company of Doral Bank, a Puerto Rico commercial bank;
Doral Securities, a Puerto Rico based investment banking and
brokerage firm; Doral Insurance Agency, Inc.; and Doral Bank,
FSB, a federal savings bank based in New York City.

CONTACT:  Doral Financial Corporation
          Richard F. Bonini / Lucienne Gigante
          Phone: 212-329-3733



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

PDVSA: Govt. Renews Control of 32 Oil Fields
--------------------------------------------
Venezuela has successfully recovered all 32 privately-operated
oil fields, the Associated Press reports, citing Venezuela's oil
minister Rafael Ramirez.

The government had set a Dec. 31 deadline for all private
companies holding contracts to independently pump oil in
Venezuela to agree to new joint ventures that will be majority-
owned by state oil company Petroleos de Venezuela S.A. (PDVSA).

The 32 operating agreements were signed between 1990 and 1997
when Venezuela' petroleum industry was open to private and
foreign capital. The objective at the time - when the price of
crude was below $10 a barrel - was to increase production at
low-priority oil fields that had been closed because of their
location or a lack of resources, and which PDVSA had no plans to
reactivate.

As oil prices crept back up in recent years, President Hugo
Chavez' government sought to boost its control and share of
profits from the industry. In 2001, it passed a hydrocarbons law
that made the operating agreements illegal by requiring oil
production to be carried out by companies majority-owned by the
government.

The government had threatened to reclaim oil fields from
companies that refused to sign the so-called transitional joint-
venture agreements, which will later be converted into permanent
agreements with PDVSA.

The state could have as much as 90% stake in the new ventures.
The amount the private companies have invested in the fields
will determine the amount of control they have, Ramirez has
said.



                            ***********


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
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
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Copyright 2006.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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* * * End of Transmission * * *