TCRLA_Public/090226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, February 26, 2009, Vol. 9, No. 40

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Antigua Regulatory Body Appoints Receivers
STANFORD INT'L BANK: May Face Suriname Investors' Class Suit


A R G E N T I N A

ARMY SA: Trustee Verifying Proofs of Claim Until March 18
CATALINAS SA: Trustee Verifying Proofs of Claim Until April 7
COCA OMAR: Trustee Verifying Proofs of Claim Until April 14
COMPU STYLE: Trustee Verifying Proofs of Claim Until March 31
ELECTRO METALURGICA: Verifying Proofs of Claim Until March 20

GRAFICA PORTEATA: Verifying Proofs of Claim Until April 1
HOPAC CONSTRUCCIONES: Verifying Proofs of Claim Until April 8
MAHOSA SA: Verifying Proofs of Claim Until April 3


B E R M U D A

MAN-IP 360: Creditors' Proofs of Debt Due on March 6
MAN-IP 360: Members' Final General Meeting Set for March 27
MGSIS CLASS: Creditors' Proofs of Debt Due on March 6
MGSIS CLASS: Members' Final General Meeting Set for March 27
TRADING 360: Creditors' Proofs of Debt Due on March 6

TRADING 360: Members' Final General Meeting Set for March 27
TRADING UNB: Creditors' Proofs of Debt Due on March 6
TRADING UNB: Members' Final General Meeting Set for March 27
UNB DUAL-STRATEGY: Creditors' Proofs of Debt Due on March 6
UNB DUAL-STRATEGY: Members' Final General Meeting Set for March 27


B R A Z I L

LEHMAN BROTHERS: Fundo De Investimento Chapter 11 Case Dismissed


C A Y M A N  I S L A N D S

ABACAS INVESTMENTS: Sole Shareholder Receives Wind-Up Report
ANSBACHER (CAYMAN): Shareholders Receive Wind-Up Report
ANSBACHER CORPORATE: Shareholders Receive Wind-Up Report
BBVA & PARTNERS: Members Receive Wind-Up Report
FLAMING SPIRIT: Shareholder Receives Wind-Up Report

HAMPTON MULTI-STRATEGY: Shareholders Receive Wind-Up Report
TDC LIMITED: Members Receive Wind-Up Report
TENJIN HOLDINGS: Members Receive Wind-Up Report
TENORITE CDO: Members Receive Wind-Up Report
TESTUDO RE: Members Receive Wind-Up Report

TOKYO SUPPORTERS: Members Receive Wind-Up Report
TRANSAMERICA LONG/SHORT ET AL: Liquidators Present Wind-Up Report
TRIBECA ASIA: Members Receive Wind-Up Report
TRIBECA ASIAN EQUITY: Members Receive Wind-Up Report
TRIBECA ASIAN MACRO: Members Receive Wind-Up Report

TRIBECA ASIAN STRATEGIES: Members Receive Wind-Up Report
TRIBECA CONSUMER: Members Receive Wind-Up Report
TRIBECA EUROPEAN: Members Receive Wind-Up Report
TRIBECA GLOBAL: Members Receive Wind-Up Report
TRIBECA TECHNOLOGY: Members Receive Wind-Up Report

TRIBECA UTILITY: Members Receive Wind-Up Report
VAAM HOLDINGS: Members Receive Wind-Up Report
VENN GLOBAL: Members Receive Wind-Up Report
VISAGE CDO: Members Receive Wind-Up Report
ZAIS INVESTMENT: Members Receive Wind-Up Report


C O S T A  R I C A

DOMINO PIZZA: Laid Off Employees Receive Separation Pay


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Housing Sales Fell 50% Last Year


M E X I C O

CEMEX SAB: To Issue US$500-Million Bond to Refinance Debt
CEMEX SAB: Fitch Assigns 'BB' Rating on Dollar-Denominated Bond
CEMEX SAB: S&P Retains Negative Watch on 'BB+' Corporate Rating
GRUPO TMM: Earns US$91.70 Million in 4th Qtr Ended Dec. 2008
STANFORD INT'L BANK: 2 Investors to Seek Claims Under Mexican Law


P U E R T O  R I C O

LUIS RODRIGUEZ: Voluntary Chapter 11 Case Summary


X X X X X X X X

AMERICAN INT'L: Gets MetLife and Axa Bids for Life Insurance Unit
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

STANFORD INT'L BANK: Antigua Regulatory Body Appoints Receivers
---------------------------------------------------------------
Antigua and Barbuda Financial Services Regulatory Commission
(“FSRC”) has appointed Nigel Hamilton-Smith and Peter Wastell,
client partners at Vantis Business Recovery Services, as joint
receivers of Robert Allen Stanford's Stanford International Bank
Ltd (“SIBL”) and Stanford Trust Company Ltd., Caribbean Net News
reports.

As reported in the Troubled Company Reporter-Latin America on
February 19, 2009, the U.S. SEC charged Mr. Stanford and three of
his companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.

The SEC also charged SIBL chief financial officer James Davis as
well as Laura Pendergest-Holt, chief investment officer of
Stanford Financial Group (SFG), in the enforcement action.

Vantis Business, a division of Vantis, the UK accounting, tax and
business advisory group, requests that all investor and depositor
related enquiries be sent to stanfordenquiries@vantisplc.com

                      About Vantis Business

Vantis Business Recovery Services is a trading division of Vantis
Group Ltd, which is regulated by the Institute of Chartered
Accountants in England and Wales for a range of investment
business activities.  Vantis Group Ltd is a Vantis plc group
company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                            About SIBL

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.


STANFORD INT'L BANK: May Face Suriname Investors' Class Suit
------------------------------------------------------------
HBN Law, representing investors in the Republic of Suriname
allegedly victimized by Robert Allen Stanford's US$8 billion fraud
scheme, continues to register aggrieved parties in order to file a
class action lawsuit, Caribbean Net News reports.

“Part of the prejudiced investors appears to be residing or be
domiciled in the Netherlands Antilles and Aruba.  A number of them
already applied to HBN Law for legal assistance,” the law firm
said in a press release obtained by Caribbean Net News.  “ We will
look after the interests of the aggrieved parties that apply to it
in this matter in the United States, in Antigua and elsewhere in
the world, in a structured way.”

The report relates the law firm said it will coordinate with the
U.S. Security and Exchange Commission and the financial
supervisory agencies in Antigua in order to ensure that the
aggrieved parties represented by HBN share in a lawful way in any
possible payments.

As reported in the Troubled Company Reporter-Latin America on
February 19, 2009, the U.S. SEC charged Mr. Stanford and three of
his companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.

Mr. Stanford's companies include Antiguan-based Stanford
International Bank Limited (SIBL), Houston-based broker-dealer and
investment adviser Stanford Group Company (SGC), and investment
adviser Stanford Capital Management.  The SEC also charged SIBL
chief financial officer James Davis as well as Laura Pendergest-
Holt, chief investment officer of Stanford Financial Group (SFG),
in the enforcement action.

                            About SIBL

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



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

ARMY SA: Trustee Verifying Proofs of Claim Until March 18
---------------------------------------------------------
The court-appointed trustee for Army S.A.'s bankrutpcy proceedings
will be verifying creditors' proofs of claim until March 18, 2009.

The trustee will present the validated claims in court as
individual reports on April 30, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 15, 2009.


CATALINAS SA: Trustee Verifying Proofs of Claim Until April 7
-------------------------------------------------------------
The court-appointed trustee for Catalinas S.A.'s bankrutpcy
proceedings will be verifying creditors' proofs of claim until
April 7, 2009.


COCA OMAR: Trustee Verifying Proofs of Claim Until April 14
-----------------------------------------------------------
The court-appointed trustee for Coca Omar y Coca Edgar S.H.'s
bankrutpcy proceedings will be verifying creditors' proofs of
claim until April 14, 2009.

The trustee will present the validated claims in court as
individual reports on June 9, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July  8, 2009.


COMPU STYLE: Trustee Verifying Proofs of Claim Until March 31
-------------------------------------------------------------
The court-appointed trustee for Compu Style S.A.'s bankrutpcy
proceedings will be verifying creditors' proofs of claim until
March 31, 2009.

     
ELECTRO METALURGICA: Verifying Proofs of Claim Until March 20
-------------------------------------------------------------
The court-appointed trustee for Electro Metalurgica Argentina
S.A.'s bankrutpcy proceedings will be verifying creditors' proofs
of claim until March 20, 2009.

The trustee will present the validated claims in court as
individual reports on May 7, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 19, 2009.


GRAFICA PORTEATA: Verifying Proofs of Claim Until April 1
---------------------------------------------------------
The court-appointed trustee for Grafica Porteata S.A.'s bankrutpcy
proceedings will be verifying creditors' proofs of claim until
April 1, 2009.

The trustee will present the validated claims in court as
individual reports on May 20, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 6, 2009.

     
HOPAC CONSTRUCCIONES: Verifying Proofs of Claim Until April 8
-------------------------------------------------------------
The court-appointed trustee for Hopac Construcciones S.R.L.'s
bankrutpcy proceedings will be verifying creditors' proofs of
claim until April 8, 2009.


MAHOSA SA: Verifying Proofs of Claim Until April 3
--------------------------------------------------
The court-appointed trustee for Mahosa S.A.'s bankrutpcy
proceedings will be verifying creditors' proofs of claim until
April 3, 2009.

The trustee will present the validated claims in court as
individual reports on May 20, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 3, 2009.



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

MAN-IP 360: Creditors' Proofs of Debt Due on March 6
----------------------------------------------------
The creditors of Man-IP 360 Limited are required to file their
proofs of debt by March 6, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


MAN-IP 360: Members' Final General Meeting Set for March 27
-----------------------------------------------------------
The members of Man-IP 360 Limited will hold their final general
meeting on March 27, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


MGSIS CLASS: Creditors' Proofs of Debt Due on March 6
-----------------------------------------------------
The creditors of MGSIS Class R AHL are required to file their
proofs of debt by March 6, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


MGSIS CLASS: Members' Final General Meeting Set for March 27
------------------------------------------------------------
The members of MGSIS Class R AHL will hold their final general
meeting on March 27, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


TRADING 360: Creditors' Proofs of Debt Due on March 6
-----------------------------------------------------
The creditors of Trading 360 Limited are required to file their
proofs of debt by March 6, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


TRADING 360: Members' Final General Meeting Set for March 27
------------------------------------------------------------
The members of Trading 360 Limited will hold their final general
meeting on March 27, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


TRADING UNB: Creditors' Proofs of Debt Due on March 6
-----------------------------------------------------
The creditors of Trading UNB Dual-Strategy Limited are required to
file their proofs of debt by March 6, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


TRADING UNB: Members' Final General Meeting Set for March 27
------------------------------------------------------------
The members of Trading UNB Dual-Strategy Limited will hold their
final general meeting on March 27, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


UNB DUAL-STRATEGY: Creditors' Proofs of Debt Due on March 6
-----------------------------------------------------------
The creditors of UNB Dual-Strategy Limited are required to file
their proofs of debt by March 6, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


UNB DUAL-STRATEGY: Members' Final General Meeting Set for March 27
------------------------------------------------------------------
The members of UNB Dual-Strategy Limited will hold their final
general meeting on March 27, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda



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

LEHMAN BROTHERS: Fundo De Investimento Chapter 11 Case Dismissed
----------------------------------------------------------------
Judge James Peck of the U.S. Bankruptcy Court for the Southern
District of New York dismissed the bankruptcy case of Fundo De
Investimento Multimercado Credito Privado Navigator
Investimento No Exterior, a wholly-owned subsidiary of Lehman
Brothers Special Financing Inc., effective February 24, 2009,
pursuant to Sections 1112(b) and 305 of the Bankruptcy Code.

Fundo filed for bankruptcy protection on October 5, 2008.

According to Richard Krasnow, Esq., at Weil Gotshal & Manges LLP,
in New York, Fundo was made to file for bankruptcy protection
based on the understanding that it is a U.S. entity incorporated
in Delaware.

However, Mr. Krasnow says it was learned later on that Fundo is
not a Delaware corporation but an investment fund organized in
Brazil.  It was also learned that Fundo is managed by BNY Mellon
Servicos Financeiros Distribuidora de Titulos e Valores
Mobiliarios, S.A., and has no creditors or assets in the U.S.
save for Lehman Brothers Holdings Inc.'s guaranty of a claim that
Fundo has against a non-U.S., non-debtor affiliate.

Mr. Krasnow explains that under Brazilian law, a fund is not
eligible for bankruptcy.  Fundo does not also have a "separate
legal personality" except that it can enter into contracts and
engage in other actions as if it were a legal entity through its
manager, he adds.

The pendency of Fundo's Chapter 11 case has prevented it from
fully implementing the wind-down of its business in a manner that
would maximize recovery for all of its stakeholders, Mr. Krasnow
tells the Court.  He relates that as part of its winding-down,
Fundo has explored the market for certain of its assets in
Brazil.  Potential sale partners, however, are reluctant to enter
into substantive negotiations because of the uncertainty
surrounding the effect of the U.S. case on Fundo's assets in
Brazil.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers led in the global financial
markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offered a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).  Several other affiliates followed
thereafter.

Lehman Brothers Finance AG, also known as Lehman Brothers Finance
SA, filed a petition under Chapter 15 of the U.S. Bankruptcy Code
in the U.S. Bankruptcy Court in Manhattan on February 10, 2009.
Lehman Brothers Finance, a subsidiary of Lehman Brothers Inc.,
listed estimated assets of more than US$1 billion and estimated
liabilities of more than US$1 billion.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL).  James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

            International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units of Lehman Brothers Holdings, Inc., which has filed for
bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion ($33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


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

ABACAS INVESTMENTS: Sole Shareholder Receives Wind-Up Report
------------------------------------------------------------
On January 23, 2009, the sole shareholder of Abacas Investments
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Vijayabalan Murugesu
          Telephone: 345 815 1481
          Facsimile: 345 945 6265


ANSBACHER (CAYMAN): Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Ansbacher (Cayman) Limited met on Jan. 28,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Huw Moses
         Carlos de Serpa Pimentel
         Clifton House, 75 Fort Street
         PO Box 190, Grand Cayman KY1-1104


ANSBACHER CORPORATE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Ansbacher Corporate Services (Cayman) Ltd. met
on Jan. 27, 2009, and received the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Huw Moses
         Carlos de Serpa Pimentel
         Clifton House, 75 Fort Street
         PO Box 190, Grand Cayman KY1-1104


BBVA & PARTNERS: Members Receive Wind-Up Report
-----------------------------------------------
The members of BBVA & Partners USD Equity Arbitrage Ltd. met on
Jan. 22, 2009, and received the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Bobby Toor
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


FLAMING SPIRIT: Shareholder Receives Wind-Up Report
---------------------------------------------------
On January 31, 2009, the shareholder of Flaming Spirit Ltd
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Connan Hill
         Bronwynne R. Arch
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-7634


HAMPTON MULTI-STRATEGY: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Hampton Multi-Strategy Offshore Fund Ltd. met
on Jan. 27, 2009, and received the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Zephyr House, 3rd Floor
         122 Mary Street
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands


TDC LIMITED: Members Receive Wind-Up Report
-------------------------------------------
The members of TDC Limited met on January 22, 2009, and received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Onson Mukwedeya
         Jan Neveril
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


TENJIN HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Tenjin Holdings Inc. met on January 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Emile Small
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TENORITE CDO: Members Receive Wind-Up Report
--------------------------------------------
The members of Tenorite CDO I Ltd. met on January 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Phillipa White
         Carl Gosselin
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TESTUDO RE: Members Receive Wind-Up Report
------------------------------------------
The members of Testudo Re Cayman Ltd. met on Jan. 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

Stuart Jessop is the company's liquidator.


TOKYO SUPPORTERS: Members Receive Wind-Up Report
------------------------------------------------
The members of Tokyo Supporters CBO Funding Corporation met on
January 22, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Emile Small
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRANSAMERICA LONG/SHORT ET AL: Liquidators Present Wind-Up Report
-----------------------------------------------------------------
On January 22, 2009, Jan Neveril and Giles Kerley presented the
companies' wind-up report and property disposal to the members of:

   -- Transamerica Long/Short Fund Ltd; and
   -- Transamerica Long/Short Trading Ltd.

The Liquidators can be reached at:

         Jan Neveril
         Giles Kerley
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRIBECA ASIA: Members Receive Wind-Up Report
--------------------------------------------
The members of Tribeca Asia Pacific Equity Ltd. met on January 22,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Jan Neveril
         Onson Mukwedeya
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRIBECA ASIAN EQUITY: Members Receive Wind-Up Report
----------------------------------------------------
The members of Tribeca Asian Eequity Ltd. met on January 22, 2009,
and received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Carl Gosselin
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRIBECA ASIAN MACRO: Members Receive Wind-Up Report
---------------------------------------------------
The members of Tribeca Asian Macro Ltd. met on January 22, 2009,
and received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Jan Neveril
         Onson Mukwedeya
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRIBECA ASIAN STRATEGIES: Members Receive Wind-Up Report
--------------------------------------------------------
The members of Tribeca Asian Strategies Ltd. met on January 22,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Emile Small
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRIBECA CONSUMER: Members Receive Wind-Up Report
------------------------------------------------
The members of Tribeca Consumer Large Cap Long Short Ltd met on
January 22, 2009, and received the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Jan Neveril
         Onson Mukwedeya
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRIBECA EUROPEAN: Members Receive Wind-Up Report
------------------------------------------------
The members of Tribeca European Strategies Ltd. met on January 22,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Carl Gosselin
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRIBECA GLOBAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Tribeca Global Investments Ltd. met on January 22,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Carl Gosselin
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRIBECA TECHNOLOGY: Members Receive Wind-Up Report
--------------------------------------------------
The members of Tribeca Technology Long Short Ltd. met on Jan. 22,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Emile Small
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


TRIBECA UTILITY: Members Receive Wind-Up Report
-----------------------------------------------
The members of Tribeca Utility Long Short Ltd. met on January 22,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Carl Gosselin
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


VAAM HOLDINGS: Members Receive Wind-Up Report
---------------------------------------------
The members of Vaam Holdings Corp. met on January 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Emile Small
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


VENN GLOBAL: Members Receive Wind-Up Report
-------------------------------------------
The members of Venn Global Opportunities Fund Ltd met on Jan. 22,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Giles Kerley
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


VISAGE CDO: Members Receive Wind-Up Report
------------------------------------------
The members of Visage CDO II, Ltd. met on Jan. 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Chris Marett
         Prashant Veturkar
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands


ZAIS INVESTMENT: Members Receive Wind-Up Report
-----------------------------------------------
The members of Zais Investment Grade Limited IV met on January 22,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Emile Small
         Maples Finance Limited
         P.O. Box 1093GT, Grand Cayman
         Cayman Islands



==================
C O S T A  R I C A
==================

DOMINO PIZZA: Laid Off Employees Receive Separation Pay
-------------------------------------------------------
Domino's Pizza Inc.'s Costa Rica franchise operations has paid
full severance pay to a group of at least 17 laid off employees
after the company abruptly closed its shops on January 31, Inside
Costa Rica News reports.

According to the report, 37 employees, who are owed between
¢200.000 and ¢400.000, were expected to have been paid in full on
Feb. 23, while the rest of the employees, who are owed more than
¢400.000 each, were expected to have been paid in installments
starting yesterday, Feb. 25.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2009, Inside Costa Rica News said Domino's Pizza's local
operations were halted after its Mexican owner decided to pull up
stakes and close its nine stores, leaving its 130 employees
unemployed.  The order, the same report related, came from the
head office in San Francisco de Dos Rios, San Jose, directed all
stores be closed, all equipment and inventory be pulled, without
any explanation.

The report related the affected employees told the press that the
move (closing) was surprising, though not totally unexpected,
as the company had been losing money, estimated at US$2 million by
the employees of the pizza chain.

                      About Domino's Pizza

Domino's Pizza, Inc. -- http://www.dominos.com-- is a pizza
delivery company in the United States.  The company operates
through a network of 8,624 Company-owned and franchise stores,
located in all 50 states and in more than 55 countries.  The
Company?s franchisee comprises of over 2,000 owner-operators.  The
Company operates its business in three segments: domestic stores,
domestic supply chain and international.  The domestic stores
segment comprises 4,584 franchise stores and 571 Company-owned
store operations during the fiscal year ended December 30, 2007.
The domestic supply chain segment operates 17 regional dough
manufacturing and food supply chain centers, one supply chain
center providing equipment and supplies to certain of stores in
the United States and internationally, and one vegetable
processing supply chain center.  The international segment
oversees a network of 3,469 international franchise stores in more
than 55 countries



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

* DOMINICAN REPUBLIC: Housing Sales Fell 50% Last Year
------------------------------------------------------
Dominican Republic's housing sales dropped 50% last year due to a
lull in the demand of houses, The Dominican Today reports, citing
Constructora Cohisa, headed by Ramon Elias Noble.

According to the report, the construction sector sold
approximately 15,000 units in 2007, but fell to 3,500 last year,
when 7,000 houses were built.

Mr. Nobles, the report notes, said buyers aren’t eager to get into
debt, as a result unemployment is expected the rise in the
country.

The Dominican Today relates Mr. Noble said interest rates for the
temporary loans for developers, as well as those for buyers to
finance residential units have fallen.   “Loan rates for buyers
fell from 23% and 24% to around 21, and savings and loans
associations provide loans as low as 16%,” but reiterated that
several factors make buyers hesitant, Mr. Noble said as cited by
the report.



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

CEMEX SAB: To Issue US$500-Million Bond to Refinance Debt
---------------------------------------------------------
Cemex S.A.B. de C.V. will meet with bond investors on the
company's plan to offer around US$500 million bond to refinance
part of its existing debts, Reuters reports.

According to the report, Cemex has to meet US$4.1 billion in debt
maturities this year.  Cemex, the report relates, has been slammed
by debt problems after its ambitious Rinker takeover in 2007,
slumping sales, and losses on derivatives amid turmoil caused by
the global credit debacle.

Reuters notes Cemex plans to use free cash flow and asset sales to
pay for most of its due loans.

One of the banks managing the sale said lead managers for the
planned issue are Citigroup, BBVA, HSBC, Royal Bank of Scotland
and Santander, Reuters relates.

                           About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.


CEMEX SAB: Fitch Assigns 'BB' Rating on Dollar-Denominated Bond
---------------------------------------------------------------
(Fitch Ratings-Chicago-24 February 2009)
Fitch Ratings expects to assign a rating of 'BB' to Cemex, S.A.B.
de C.V.'s proposed dollar-denominated bond. Proceeds from this
bond, which is expected to be approximately US$500 million, will
be used to repay existing bank debt.  The bond will be issued by
Cemex and guaranteed by New Sunward and Cemex Mexico, S.A. de C.V.

The 'BB' rating of these proposed notes takes into consideration
Cemex's strong global business position as an integrated cement
player and its ability to continue to generate free cash flow
during the worst economic downturn in recent history. The ratings
factor in as positive the Mexican government's support of Cemex
due to the size of the company and its importance to the country's
economy, as well as the banks continued support of the company.

Balanced against these credit strengths are the high level of
leverage at Cemex, as well as the debt maturities of approximately
US$4.1 billion, US$3.8 billion and US$7.8 billion during 2009,
2010 and 2011, respectively.  Fitch expects Cemex's total adjusted
net debt to EBITDAR ratio to remain above 5.0 times (x) during
2009 and to remain above 4.0x during 2010.  This level of leverage
is due to unprecedented downturns in three of the company's key
markets - the United States, Spain and the U.K. - as well as a
weakening of some of the company's markets that performed well in
2008.

Cemex's foreign currency Issuer Default Rating was downgraded to
'BB' from 'BB+' by Fitch on Feb. 23, 2009.  Fitch's Rating Outlook
for Cemex is Negative.  This Rating Outlook reflects the
challenges that all companies in the cement, ready-mix and
aggregate industries will face during 2009 and 2010, particularly
those that are reliant upon the U.S. and European markets.

As of Dec. 31, 2008, Cemex had total adjusted debt of US$23
billion and cash and marketable securities of US$993 million;
adjusted debt includes total debt plus perpetual debt and
operating leases.  During 2008, Cemex generated US$4.6 billion of
EBITDAR, resulting in a total adjusted debt to EBITDAR ratio of
about 5.0x.  During the fourth quarter of 2008 the company's
EBITDAR declined to about US$860 million from about US$1.350
billion during the prior quarter.  Factoring in seasonality, the
numbers were still substantially lower than during the last
quarter of 2007, when Cemex's EBITDAR was US$1.150 billion.  The
drop-off in EBITDAR was driven by steep declines in sales volumes
and the devaluation of the Mexican peso, British pound and Euro
versus the U.S. dollar.

For 2009, Cemex projects an EBITDAR range of about US$3.7 billion
to US$3.9 billion.  Through free cash flow and asset sales, the
company intends to reduce debt by US$3.6 billion.  To achieve
these goals the company has scaled back its 2009 capital expenses
to US$650 million from around US$2 billion during both 2007 and
2008.  The company has also implemented a restructuring program
aimed at achieving US$700 million of recurring synergies.  In
addition to the aforementioned, Cemex is attempting to divest
about $2 billion of assets in 2008.  Obstacles the company will
have to overcome as it seeks to sell assets include: the high debt
burden of several leading producers of cement and ready mix; tight
credit conditions and high cost of capital; and the ability of the
company to obtain attractive bids given the current economic
uncertainty.

Cemex is the third-largest cement producer in the world based on
production capacity of approximately 97 million metric tons and
operates in more than 50 countries.  The company is also the
global leader in the ready mix concrete market with sales of over
80.5 million cubic meters, and an important global player in the
aggregates business with sales of 222.7 million tons.  In 2008,
Cemex generated US$4.370 billion of EBITDA on US$21.8 billion of
sales revenues.


CEMEX SAB: S&P Retains Negative Watch on 'BB+' Corporate Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' long-term
corporate credit ratings on Cemex S.A.B de C.V. and its key
operating subsidiaries (Cemex Espana S.A., Cemex Mexico S.A. de
C.V., and Cemex Inc.) remain on CreditWatch, where they were
placed with negative implications on Jan. 21, 2009.  At the same
time, S&P assigned a 'BB+' rating to Cemex's intermediate-maturity
notes in the amount of about $500 million.  The recovery rating is
'3', indicating that lenders can expect substantial (70% to 90%)
recovery in the event of a payment default.

"The CreditWatch placement reflects our concerns that Cemex will
experience further deterioration in its key financial ratios and
that the company will continue to rely on asset disposals to cover
part of its debt maturities in 2009," said Standard & Poor's
credit analyst Juan Pablo Becerra.  "Additionally, S&P is
concerned that Cemex's asset sales may be hampered by depressed
asset prices and the near-freeze in global credit markets."

The company has continued its effort to cover its 2009 maturities'
shortfall, as evidenced by its planned debt issuance.  S&P expects
to resolve the CreditWatch listing by April 2009, if not earlier,
based on a full review of the issuer's plans and progress in
addressing its 2009 maturities.  S&P could affirm the rating if
the company is able to raise $2.0 billion or so to cover its 2009
maturities shortfall and if it demonstrates progress in
refinancing its maturities due 2010.  Nevertheless, if Cemex is
unable to raise this amount by April 2009, the company's
refinancing risk will increase and liquidity will weaken further,
which could result in a multiple-notch downgrade.

The ratings assigned to Cemex reflect S&P's expectations that the
company's 2009 financial performance will be under a great deal of
pressure, especially in light of the worsening of worldwide
economic conditions.  About 74% of the company's revenue is
concentrated in the U.S., Mexico, and Spain--all of which S&P
expects to record negative growth this year.  This will translate
into lower volumes and cash flow generation compared with 2008.
As a result, S&P believes that the financial target of the ratio
of funds from operations-to-adjusted net debt in 2009 will be
below S&P's expected 2008 ratio of 15%. S&P believes that Cemex's
2009 shortfall will be $1.8 billion to $2.0 billion.


GRUPO TMM: Earns US$91.70 Million in 4th Qtr Ended Dec. 2008
------------------------------------------------------------
Grupo TMM, S.A.B. disclosed its financial results for the fourth
quarter and year-ended December 31, 2008.

For the three months ended December 31, 2008, the company
posted US$91.70 million in net income from a US$15.63 million net
loss in the same period in 2007.

The company recorded a net income of US$81.04 million for the full
year of 2008, from a US$66.91 net loss in 2007.  The company
recorded an earnings per share of US$1.43 for the full year of
2008.

As of December 31, 2008, Grupo TMM's balance sheet showed total
current assets of US$260.518 million available to pay total
current liabilities of US$106.396 million.

The company's balance sheet as of end-December 2008 also showed
total assets of US$1.092 billion and total liabilities of
US$916.050 million, resulting to a shareholder's equity of
US$176. 791 million.

Jose F. Serrano, chairman and chief executive officer of Grupo
TMM, said that due to the strengthening of the U.S. dollar versus
the peso in the second half of 2008, TMM recorded net exchange
gains of US$123.8 million and US$145.5 million in the fourth
quarter and full year 2008, respectively.  Mr. Serrano emphasize
that 60% of the company's revenues and 35% of its costs and
expenses are U.S. dollar denominated.

                         Conference Call

TMM's management will host a conference call and Webcast to review
financial and operational highlights today, February 26 at 11:00
a.m. Eastern time.

To participate please dial

   (877) 723-9511 (domestic) or
   (719) 325-4767 (international)

Accompanying visuals and a simultaneous Webcast of the meeting
will be available at http://www.visualwebcaster.com/event.asp?
id=55590.

A replay of the conference call will be available through March 12
at 11:59 p.m. Eastern time, by dialing:

   (888) 203-1112 or
   (719) 457-0820, and entering passcode 4652949.

On the Internet a replay will be available for 30 days at
http://www.visualwebcaster.com/event.asp?id=55590.

                         About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2008, Grant Thornton, S.C. raised substantial doubt
about the ability of Grupo TMM, S.A.B, to continue as a going
concern after it audited the company's financial statements for
the year ended Dec. 31, 2007.  The auditing firm pointed to the
company's sustained substantial losses from continuing
operations during the past five years.


STANFORD INT'L BANK: 2 Investors to Seek Claims Under Mexican Law
-----------------------------------------------------------------
Mexican investors David Quintos and Diana Dimitiova sought U.S.
District Judge David Godbey's permission to recover investment
losses in Robert Allen Stanford's companies under Mexican
securities laws, Laurel Brubaker Calkins of Bloomberg News
reports.

As reported in the Troubled Company Reporter-Latin America on
February 19, 2009, the U.S. SEC charged Mr. Stanford and three of
his companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.

According to Bloomberg News, Randy Pulman, the lawyer of the
Mexican investors, said Mexico’s laws provide broader investor
protections than U.S. laws, including the rights to sue for legal
fees and “moral damages.”  “It is hard to see how counsel for the
U.S. government can simultaneously represent the interests of U.S.
citizens and foreign nationals in this case,” Mr. Pulman wrote in
a court document obtained by Bloomberg News.

Bloomberg News relates Mr. Pulman, of San Antonio’s Pulman,
Cappuccio, Pullen & Benson LLP, said U.S. regulators have no
jurisdiction over the sale of allegedly fraudulent CDs by Stanford
offices in Mexico, Panama, Venezuela and Ecuador.

Meanwhile, Former SEC lawyer Ed Tomko, in a phone interview with
the news agency, said Judge Godbey should bar investors from suing
Stanford in multiple countries.

“It would set up a situation where each country could come out and
say its interests are contrary to the interests of every other
country,” Mr. Tomko told Bloomberg News.

As a matter of policy, court-appointed receivers don’t favor U.S.
investors over foreign nationals, Mr. Tomko said as cited by
Bloomberg News.

“The receiver’s responsibilities are neither selective nor limited
strictly to recovering for U.S. investors,” Bloomberg News quoted
Mr. Tomko as saying.  “The U.S. receiver’s responsibility goes to
all the investors, no matter where they are.”

                            About SIBL

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



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

LUIS RODRIGUEZ: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Luis Angel Rodriguez Torres
       Nydia Villanueva Figueroa
       fdba LNK Construction Inc.
       fdba R&F Developers Inc.
       Calle Martinete 151
       San Juan, PR 00926

Bankruptcy Case No.: 09-01130

Chapter 11 Petition Date: February 19, 2009

Court: United States Bankruptcy Court
      District of Puerto Rico (Old San Juan)

Judge: Enrique S. Lamoutte Inclan

Debtor's Counsel: Victor Gratacos Diaz, Esq.
        P.O. BOX 7571
        Caguas, PR 00726
        Tel: (787) 746-4772
        Email: vgratacd@coqui.net

Total Assets: US$2,545,605

Total Debts: US$2,126,910

A full-text copy of the Debtor's petition, including its largest
unsecured creditors, is available for free at:

            http://bankrupt.com/misc/prb09-01130.pdf



===============
X X X X X X X X
===============

AMERICAN INT'L: Gets MetLife and Axa Bids for Life Insurance Unit
-----------------------------------------------------------------
American International Group Inc. received bids from MetLife Inc.
and Axa SA for its life-insurance unit spanning more than 50
countries, Bloomberg News reports citing three people familiar
with the situation who declined to be identified because
negotiations are private.

According to the report, MetLife made a preliminary offer of
US$11.2 billion for American Life Insurance Co (“Alico”).

Meanwhile, a rival bid from Axa excludes operations in Japan,
Alico’s biggest market, the people said as cited by Bloomberg
News.

MetLife's offer may drop to about US$8 billion because of
deterioration in the unit’s financial condition, Bloomberg News's
sources said.

“All the life insurers are pretty much suffering right now,” the
news agency quoted Alan Rambaldini, an analyst at Morningstar
Inc., as saying.  “Before this whole financial crisis happened,
that unit of AIG was considered one of their best ones.  Under
normal circumstances there would probably be a lot more interest
than just two companies.”

                            About AIG

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on Sept. 8, 2008, to
US$4.76 on Sept. 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On Sept. 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, $40 billion of newly issued AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had $1.022 trillion in total consolidated
assets and $950.9 billion in total debts.  Shareholders' equity
was $71.18 billion, including the addition of $23 billion of
consideration received for preferred stock not yet issued.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Valcon
       Four Seasons, Las Vegas, Nevada
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 2, 2009
ASSOCIATION OF INSOLVENCY AND RESTRUCTURING ADVISORS
    Chicago Regional Conference
       Union League Club of Chicago, Chicago, Illinois
          Contact: 1-541-858-1665; http://www.airacira.org/

Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Beverly Wilshire, Beverly Hills, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Conrad Duberstein Moot Court Competition
       St. John's University School of Law, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

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

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

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

                            ***********


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.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.


Copyright 2008.  All rights reserved.  ISSN 1529-2746.

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

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

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


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