TCRLA_Public/090227.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

             Friday, February 27, 2009, Vol. 9, No. 41

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Owes US$1.2 Million to USVI Firms
STANFORD INT'L BANK: Receiver Closes USVI Office Operations
* ANTIGUA & BARBUDA: Government Plans to Seize Stanford Land


A R G E N T I N A

CENTRO DE DIA: Proofs of Claim Verification Deadline Is April 6
DROGUERIA INSTITUCIONAL: Verifying Proofs of Claim Until April 20
INDUSTRIAS METALURGICAS: S&P Puts 'B' Rating on Negative Watch
LEBERIT SRL: Verifying Proofs of Claim Until April 17
PARTEN SRL: Verifying Proofs of Claim Until April 15

QUIMICA INDUSTRIAL: Proofs of Claim Verification Due on April 3
TALMECA SA: Proofs of Claim Verification Deadline Is April 8
VASIL CORP: Verifying Proofs of Claim Until March 20


B A R B A D O S

* BARBADOS: Central Bank Governor Warns of Impending Layoffs


B E R M U D A

DIGITAL ILLUSIONS: Creditors' Proofs of Debt Due on March 13
DIGITAL ILLUSIONS: Members' Final General Meeting Set for April 1
EDGEWOOD LIMITED: Creditors' Proofs of Debt Due on March 11
EDGEWOOD LIMITED: Members' Final General Meeting Set for March 26
IPC GROUP: Creditors' Proofs of Debt Due on March 11

IPC GROUP: Members' Final General Meeting Set for March 27
NEW STAR: Creditors' Proofs of Debt Due on March 11
NEW STAR: Members' Final General Meeting Set for March 26
SIGMA LIMITED: Creditors' Proofs of Debt Due on March 11
SIGMA LIMITED: Members' Final General Meeting Set for March 26

XL CAPITAL: Unit Names James Loder as Chief Underwriting Officer


B R A Z I L

SEIKO EPSON: Two Latin American Units Falsified Earnings Report


C A Y M A N  I S L A N D S

APM GLOBAL: Placed Under Voluntary Wind-Up
G.O. 1A-CAYMAN ET AL: Commences Wind-Up Proceedings
GIAMO FUND: Appoints Krys and Stride as Liquidators
GREAT OAKS: Placed Under Voluntary Wind-Up
HAREWOOD INVESTMENTS: Placed Under Voluntary Wind-Up

JEFFERIES ARCH: Placed Under Voluntary Wind-Up
JEFFERIES CERIMON: Placed Under Voluntary Wind-Up
LEVERAGED SHORT: Shareholders Receive Wind-Up Report
PALM BEACH: Placed Under Voluntary Wind-Up
R6 OVERSEAS: Placed Under Voluntary Wind-Up

RJX EFT: Placed Under Voluntary Wind-Up
ROCAL, LTD: Placed Under Voluntary Wind-Up
RONIN AGRICULTURAL: Placed Under Voluntary Wind-Up
RONIN AGRICULTURAL: Placed Under Voluntary Wind-Up
RONIN MASTER: Placed Under Voluntary Wind-Up

SHANGHAI HOPE: Placed Under Voluntary Wind-Up
T.O.P.Q.I.M. SYSTEMATIC: Placed Under Voluntary Wind-Up
T.O.P.Q.I.M. INVESTMENT: Placed Under Voluntary Wind-Up
THREEAM SPC: Placed Under Voluntary Wind-Up
WEST SIDE V: Placed Under Voluntary Wind-Up

WINDLESHAM REAL: Placed Under Voluntary Wind-Up


J A M A I C A

AIR JAMAICA: Reduction of Traditional Routes Takes Effect
CITRUS GROWERS: Government to Offer $100 Million Lifeline


T R I N I D A D  &  T O B A G O

CL FINANCIAL: FCB Starts Payment on Matured CIB Deposits
CL FINANCIAL: Republic Bank to Keep Stake in Barbados Bank
CL FINANCIAL: Restraining Order to Ensure Clico Will Meet Debt
CL FINANCIAL: Gov't to Liquidate Clico Bahamas Limited


V E N E Z U E L A

STANFORD INT'L BANK: Venezuelan Unit Seized by Gov't, for Sale


V I R G I N  I S L A N D S

* VIRGIN ISLANDS: Gov't Says it is Cooperating With Stanford Probe


                         - - - - -


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

STANFORD INT'L BANK: Owner Owes US$1.2 Million to USVI Firms
------------------------------------------------------------
Stanford International Bank Limited (“SIBL”) owner Robert Allen
Stanford owes US$1.2 million to various St Croix businesses in
U.S. Virgin Islands, Martinne Geller of Reuters reports.  Mr.
Stanford's offices in the USVI have been shut down by the US
court-appointed receiver overseeing his assets, a member of the
receiver's team told Reuters in an interview.

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 SIBL, Stanford
Group Company (SGC), and investment adviser Stanford Capital
Management.

Reuters relates a property surveyor, two architecture firms, an
excavator and an asphalt provider, have filed liens against Mr.
Stanford's properties, aiming to protect themselves in the event
the fraud charges and federal investigation can interfere with Mr.
Stanford's ability to pay them.

Mr. Stanford's assets, according to Reuters, includes:

  –- US$7.7 million home and office compound;

  –- US$20-million 120-foot custom yacht; and

  –- deeds to US$34.7 million of property on the Caribbean island

A deed office in Christiansted city, Reutes notes, said that out
of 19 different properties, only five showed mortgages.  The
mortgages, which totaled US$3.2 million at the time of purchase,
were all with the Bank of Houston, the report says.

Reuters discloses Larry Aldrich, who runs an earth excavation
business, filed a US$26,067.50 lien against Mr. Stanford on
February 20 for an excavation work, which was in connection with a
road contruction planned to ease a steep climb to the US$9 million
hilltop estate Mr. Stanford wanted demolished and planned to
completely rebuild.

The report relates five liens totaling about US$1 million have
been filed against Mr. Stanford since February 20, with the
majority pertaining to the hilltop property Kaiser Estate.  Two
other liens totaling US$231,416.75 were filed on February 20
against his affiliate, Christiansted Downtown Holdings LLC, the
report notes.

The report adds Survey Services Co also has two liens against Mr.
Stanford totaling US$33,685.

                     US$104 Million Tax Lien

The U.S. Internal Revenue Service filed a federal tax lien for
US$104,236,285.85 against Mr. Stanford and his ex-wife, Susan
Stanford, The Miami Herald News reports, citing Miami-Dade Circuit
Court records.

The court records cited by the report said the IRS lien, filed
Aug. 21, 2008, in Miami, covers tax years 2002 through 2004.

The report relates based on tax court records, the Stanfords are
challenging IRS assessments in U.S. Tax Court related to federal
income taxes for other years, and have fought tax bills at least
as far back as 1996.

According to the Herald, an unnamed Stanford employee said Mr.
Stanford retained Brendan V. Sullivan, a senior partner at the
Washington, D.C., law firm of Williams & Connolly, to represent
him in his legal woes.

                           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.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America, the
U.S. Securities and Exchange Commission on February 17, 2009,
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


STANFORD INT'L BANK: Receiver Closes USVI Office Operations
-----------------------------------------------------------
The U.S. Virgin Island office of Robert Allen Stanford, owner of
Stanford International Bank (SIBL), was shut down following the
reported arrival of the court-appointed receiver, Martinne Geller
of Reuters reports.

Local newspaper The St Croix Avis, the report relates, said the
receiver overseeing the assets of Mr. Stanford allegedly halted
operations in King Street and told employees to pack up their
belongings and go home until further notice.

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, the Honorable Reed O'Connor of the U.S. District
Court for the Northern District of Texas appointed a receiver for
SIBL.

The U.S. Securities and Exchange Commission (SEC), on Feb. 17,
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.

According to Reuters, Michael Goldberg, an attorney with Ft
Lauderdale-based Akerman Senterfitt, said receivers often will
close offices for companies they oversee if they feel the cost of
running the office outweighs the benefit.

                            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.


* ANTIGUA & BARBUDA: Government Plans to Seize Stanford Land
------------------------------------------------------------
Antigua and Barbuda's government plans to take over land owned by
Robert Allen Stanford to "protect the national economy" following
the US fraud charges against him, Billy Canning of Reuters
reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, the Honorable Reed O'Connor of the U.S. District
Court for the Northern District of Texas appointed a receiver for
SIBL after 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 government, Reuters relates, explained that the appointment by
a Texas court of a US receiver to seize Mr. Stanford assets
"threatens the financial viability of the once Stanford Group-
owned Bank of Antigua, the prompt payment by the Stanford Group of
Companies of the massive outstanding debt to local suppliers and
the continued employment of over eight hundred employees at a time
of global financial crisis."

According to Reuters, a list accompanying the official statement
detailed land parcels "required for public purpose" totaling more
than 250 acres on the country:

  –- plots housing Stanford banks and companies,
  –- beachside homes and development properties located at Shell
     Beach, Crabbs Peninsula and Cedar Valley Springs, and among
     other sites.

Bank of Antigua, Reuters says, is now under a grouping of regional
banks in an operation coordinated with the Eastern Caribbean
Central Bank.

Meanwhile, Reuters reports UK-based accounting company Vantis
Business Recovery Services, appointed by Antigua and Barbuda
regulators to act as receiver for the SIBL and Stanford Trust
Company Ltd, said it was trying to identify the total amount of
assets held on behalf of SIB.

"At this time we are unable to ascertain the total value of assets
held or report on the timescale for the return of monies to
investors," Vantis Business was quoted by Reuters as saying.



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

CENTRO DE DIA: Proofs of Claim Verification Deadline Is April 6
---------------------------------------------------------------
Felisa Tumilasci, the court-appointed trustee for Centro de Dia
Alborada Sociedad Anonima's bankruptcy proceedings, will be
verifying creditors' proofs of claim until April 6, 2009.

Ms. Tumilasci will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, 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.

The Trustee can be reached at:

          Felisa Tumilasci
          Avenida Callao 449
          Buenos Aires, Argentina


DROGUERIA INSTITUCIONAL: Verifying Proofs of Claim Until April 20
-----------------------------------------------------------------
The court-appointed trustee for Drogueria Institucional Asamblea
S.A.'s reorganization proceedings will be verifying creditors'
proofs of claim until April 20, 2009.

The trustee will present the validated claims in court as
individual reports on June 3, 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 16, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 3, 2010.



INDUSTRIAS METALURGICAS: S&P Puts 'B' Rating on Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its global scale
ratings, including the 'B' corporate credit rating, on Argentine
turbine producer Industrias Metalurgicas Pescarmona S.A.I.C. y F.
remained on CreditWatch, where they were placed with negative
implications on Nov. 5, 2008.

"The continuing negative CreditWatch listing reflects our concerns
about IMPSA's liquidity position and financial flexibility in
light of its short-term maturities," said Standard & Poor's credit
analyst Diego Ocampo.

S&P believes IMPSA's free operating cash flow and current cash
holdings are insufficient to cover short-term obligations.  As a
result, the company will depend on collecting either the proceeds
of the recent sale of a 49% stake in its Ceara wind project to
Brazilian Companhia Energética de Minas Gerais or payments from
projects currently under development.

S&P considers the likelihood of those monies being collected as
high.  This would strengthen the company's cash position, reduce
refinancing and liquidity risk, and lead to an affirmation of the
ratings.

However, S&P could lower the ratings if collections are delayed or
if IMPSA decides to use the funds for purposes other than
enhancing its liquidity position or reducing debt.  The magnitude
of the downgrade would be determined by S&P's perception of
refinancing risk at the time.  S&P expects to resolve this
CreditWatch in the next 45 days.

As part of S&P's recent analysis, S&P has concluded that IMPSA's
global scale ratings are somewhat isolated from risks arising from
being incorporated in Argentina, given its strong base of foreign
operations, which S&P expects to grow.  Therefore, the current
CreditWatch is related not to country risk-related events and or
transfer and convertibility issues but to IMPSA's liquidity
prospects and financial aggressiveness.

The ratings on IMPSA reflect the company's high leverage and
short-term debt concentration, its exposure to the inherent
volatility of the capital goods industry, and fluctuations in
economic activity in the main countries in which it operates.

IMPSA's adequate competitive position in the hydropower generation
turbines business and some geographic diversification partially
mitigate these factors.  The rating also incorporates the expected
improvement in IMPSA's cash generation and financial profile,
resulting from the company's sizable backlog and business
diversification from its relatively new division in windpower
generator production.


LEBERIT SRL: Verifying Proofs of Claim Until April 17
-----------------------------------------------------
The court-appointed trustee for Leberit S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 17, 2009.


PARTEN SRL: Verifying Proofs of Claim Until April 15
----------------------------------------------------
The court-appointed trustee for Parten S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 15, 2009.

The trustee will present the validated claims in court as
individual reports on June 1, 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 17, 2009.


QUIMICA INDUSTRIAL: Proofs of Claim Verification Due on April 3
---------------------------------------------------------------
Maria Elena Mercante, the court-appointed trustee for Quimica
Industrial Disur Sociedad Anonima's bankruptcy proceedings, will
be verifying creditors' proofs of claim until April 3, 2009.

Ms. Mercante will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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.

The Trustee can be reached at:

         Maria Elena Mercante
         Uruguay 772


TALMECA SA: Proofs of Claim Verification Deadline Is April 8
------------------------------------------------------------
Carlos Llorca, the court-appointed trustee for Talmeca S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until April 8, 2009.

Mr. Llorca will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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.

The Trustee can be reached at:

          Carlos Llorca
          Carlos Pellegrini 385
          Buenos Aires, Argentina


VASIL CORP: Verifying Proofs of Claim Until March 20
----------------------------------------------------
The court-appointed trustee for Vasil Corp S.R.L.'s bankruptcy
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 4, 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 12, 2009.


===============
B A R B A D O S
===============

* BARBADOS: Central Bank Governor Warns of Impending Layoffs
------------------------------------------------------------
Barbados Central Bank Governor Dr. Marion Williams warned public
of more layoffs in the country due to the global economic
recession, CBC.bb News reports.

According to the report, Dr. Williams urged businesses not to lay-
off employees but to use other strategies because this could
worsen the situation.

"In order to lessen the impact of the global recession, keeping
employment up will be important since if we cannot do so spending
will decline  and the decline in spending means worsening of the
impact of the recession.  It will be important for the social
partners to collaborate closely to arrest this development,” the
news agency quoted Dr. Williams as saying.

"Having said this, it is clear if that businesses cannot continue
to pay wages and salaries at the same level if their sales are
declining, this would be a recipe for  making losses and for
eventual closure of the entity altogether."



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

DIGITAL ILLUSIONS: Creditors' Proofs of Debt Due on March 13
------------------------------------------------------------
The creditors of Digital Illusions Ltd. are required to file their
proofs of debt by March 13, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb 20, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


DIGITAL ILLUSIONS: Members' Final General Meeting Set for April 1
-----------------------------------------------------------------
The members of Digital Illusions Ltd. will hold their final
general meeting on April 1, 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 20, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


EDGEWOOD LIMITED: Creditors' Proofs of Debt Due on March 11
-----------------------------------------------------------
The creditors of Edgewood Limited are required to file their
proofs of debt by March 11, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb 19, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


EDGEWOOD LIMITED: Members' Final General Meeting Set for March 26
-----------------------------------------------------------------
The members of Edgewood Limited will hold their final general
meeting on March 26, 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:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


IPC GROUP: Creditors' Proofs of Debt Due on March 11
----------------------------------------------------
The creditors of IPC Group Ltd. are required to file their proofs
of debt by March 11, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb 19, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


IPC GROUP: Members' Final General Meeting Set for March 27
----------------------------------------------------------
The members of IPC Group Ltd. 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:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


NEW STAR: Creditors' Proofs of Debt Due on March 11
---------------------------------------------------
The creditors of New Star Capital Guaranteed European Hedge Fund
Limited are required to file their proofs of debt by March 11,
2009, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb 23, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


NEW STAR: Members' Final General Meeting Set for March 26
---------------------------------------------------------
The members of New Star Capital Guaranteed European Hedge Fund
Limited will hold their final general meeting on March 26, 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 23, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


SIGMA LIMITED: Creditors' Proofs of Debt Due on March 11
--------------------------------------------------------
The creditors of Sigma Limited are required to file their proofs
of debt by March 11, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb 19, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


SIGMA LIMITED: Members' Final General Meeting Set for March 26
--------------------------------------------------------------
The members of Sigma Limited will hold their final general meeting
on March 26, 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:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda



XL CAPITAL: Unit Names James Loder as Chief Underwriting Officer
----------------------------------------------------------------
XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd,
appointed James Loder as Chief Underwriting Officer of its
Bermuda-based Professional Lines business.

Mr. Loder will be responsible for overseeing XLIB's second-largest
portfolio of business and a team of nine people.

Commenting on Mr. Loder's appointment, Chief Underwriting Officer
of XL Insurance's Global Professional operations Bernard Horovitz
said: "We are pleased to have someone of Jim's caliber within XL
Insurance to be ready and able to step into this role.  Mr. Loder
has been instrumental in developing strategy for Professional
products over the past few years and has excellent vision to
ensure we continue our success."

Don Baker, President of XL Insurance (Bermuda) Ltd, added: " Mr.
Loder has been a valuable member of the XLIB team during the past
nine years.  He has demonstrated strong leadership skills as he
has taken on more responsibilities within XLIB. His depth of
knowledge will further strengthen the Bermuda Professional Lines
unit."

XL Insurance (Bermuda) Ltd, –-  http://www.xlcapital.com.--a
Bermuda-based subsidiary of XL Capital Ltd, focuses on large
corporate risks and professional lines.  XL Capital Ltd, through
its operating subsidiaries, is a leading provider of global
insurance and reinsurance coverages to industrial, commercial and
professional service firms, insurance companies and other
enterprises on a worldwide basis.

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed these ratings
with a negative outlook:

* XL Capital Ltd -- senior unsecured debt at Baa2; preferred
stock at Ba1;

* XL Capital Finance (Europe) plc -- senior unsecured debt at
Baa2;

* XLLIAC Global Funding -- backed medium term notes at A2;

* Stoneheath Re -- preferred stock at Ba1;

* Premium Asset Trust Series 2004-9 -- senior secured at A2.



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

SEIKO EPSON: Two Latin American Units Falsified Earnings Report
---------------------------------------------------------------
Seiko Epson Corp.'s two Latin American units inflated profit by
about US$46 million, Bloomberg News reports citing a company
statement.

According to the statement cited by the news agency, a company
investigation found three employees in Brazil overstated accounts
receivable to cover up an error in reconciling local and U.S.
accounting standards, while one in Mexico inflated the receivables
to give the impression the amount of money overdue was declining.

“The direct cause of the improper accounting practices is believed
to be the desire of those involved to protect their positions,”
Seiko Epson said in the statement obtained by Bloomberg News.
“However this situation was made possible by the weakness of
internal controls at Epson companies in Brazil and Mexico.”

The report relates the Brazilian subsidiary overstated profit by
US$42 million over a nine-year period, while its Mexico unit
improperly reported US$4.1 million in net income over four years.

The company will book a loss of JPY4.4 billion (US$45.4 million)
in the fiscal year ending March 31 to reflect the impact, the
report says.

Japan-based Seiko Epson Corporation (TYO:6724) ---
http://www.epson.jp/---
is primarily involved in the development, manufacture and sale of
information equipment, electronic devices and precision equipment.
The Company operates in four business segments.  The Information
Equipment segment offers printers, liquid crystal display (LCD)
projectors and personal computers, among others.  The Electronic
Devices segment provides thin-film transistor (TFT) LCD panels,
crystal devices and semiconductors.  The Precision Equipment
segment offers watches and plastic lens under the brand name
Seiko, as well as factory automation (FA) equipment.  The Others
segment is engaged in the distribution and transportation
services, the provision of maintenance services for facilities, as
well as the insurance agency and travel agency businesses.


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

APM GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On December 19, 2008, the sole shareholder of APM Global Fixed
Income Fund Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Enrico de Alessandrini
          230 Park Avenue, Suite 1000
          New York, NY 10169
          USA
          Telephone: (212) 370 2500
          Facsimile: (212) 202 3735


G.O. 1A-CAYMAN ET AL: Commences Wind-Up Proceedings
---------------------------------------------------
On February 5, 2008, the shareholder resolved to voluntarily wind
up the operations of:

   -- G.O. 1A-Cayman One, Ltd.;
   -- G.O. 1A-Cayman Two, Ltd.; and
   -- G.O. 1A-Cayman Three, Ltd.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106SMB, Grand Cayman


GIAMO FUND: Appoints Krys and Stride as Liquidators
---------------------------------------------------
On August 31, 2008, the Grand Court of the Cayman Islands
appointed Kenneth M. Krys and Christopher Stride as the
liquidators of Giamo Fund Limited.

The Liquidators can be reached at:

         Kenneth M. Krys
         Christopher Stride
         Messrs. Kenneth Krys and Christopher Stride
         P.O.Box 31237, Governors Square
         23 Lime Tree Bay Avenue
         Grand Cayman KY1-1205, Cayman Islands
         Telephone: (345) 947-4700
         Facsimile: (345) 947-6728


GREAT OAKS: Placed Under Voluntary Wind-Up
------------------------------------------
On December 23, 2008, the shareholder of Great Oaks Strategic
Master Fund II, Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Jessica Turnbull
         Deloitte & Touche, P.O. Box 1787
         Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258


HAREWOOD INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------------
On December 18, 2008, the sole shareholder of Harewood Investments
No. 1 Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Russell Smith
         c/o John D'Cunha
         PO Box 2499, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 946 0820
         Facsimile: (345) 946 0864


JEFFERIES ARCH: Placed Under Voluntary Wind-Up
----------------------------------------------
On December 22, 2008, the sole shareholder of Jefferies Arch Rock
Master Fund, Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         dms Corporate Services Ltd.
         dms House, 2nd Floor, P.O. Box 1344
         Grand Cayman KY1-1108
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


JEFFERIES CERIMON: Placed Under Voluntary Wind-Up
-------------------------------------------------
On December 22, 2008, the sole shareholder of Jefferies Cerimon
Fund (Cayman), Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         dms Corporate Services Ltd.
         dms House, 2nd Floor, P.O. Box 1344
         Grand Cayman KY1-1108
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


LEVERAGED SHORT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Leveraged Short Equity Index Hedge Hub Ltd.
met on January 23, 2009, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

        Walkers SPV Limited
        Walker House, 87 Mary Street
        George Town, Grand Cayman KY1-9002
        Cayman Islands


PALM BEACH: Placed Under Voluntary Wind-Up
------------------------------------------
On December 22, 2008, the sole shareholder of Palm Beach
Diversified Offshore, Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         dms Corporate Services Ltd.
         dms House, 2nd Floor, P.O. Box 1344
         Grand Cayman KY1-1108
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


R6 OVERSEAS: Placed Under Voluntary Wind-Up
-------------------------------------------
On December 24, 2008, the sole shareholder of R6 Overseas
Opportunity Fund, Ltd. resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands
          Telephone: (345) 914-6314


RJX EFT: Placed Under Voluntary Wind-Up
---------------------------------------
On October 31, 2008, the sole shareholder of RJX EFT Advantage
Fund, Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          OGIER
          c/o Bradley Kruger
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


ROCAL, LTD: Placed Under Voluntary Wind-Up
------------------------------------------
On December 22, 2008, the sole shareholder of Rocal, Ltd. resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands
          Telephone: (345) 914-6314


RONIN AGRICULTURAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On December 23, 2008, the sole shareholder of Ronin Agricultural
Master Fund LDC resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Bjorn Magnus Eriksson
          501 Brickell Key Drive
          Suite 603, Miami, FL 33131 USA
          Tel: 305-579-9101
          Fax: 305-579-9192


RONIN AGRICULTURAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On December 23, 2008, the sole shareholder of Ronin Agricultural
Fund Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Bjorn Magnus Eriksson
         501 Brickell Key Drive
         Suite 603
         Miami, FL 33131 USA
         Tel: (305) 579-9101
         Fax: (305) 579-9192


RONIN MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 23, 2008, the sole shareholder of Ronin Master OP Fund
LDC resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Bjorn Magnus Eriksson
          401 Brickell Key Drive
          Suite 603, Miami, FL 33131 USA
          Tel: 305-579-9101
          Fax: 305-579-9192


SHANGHAI HOPE: Placed Under Voluntary Wind-Up
---------------------------------------------
On December 17, 2008, the sole shareholder of Shanghai Hope
International Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Leo Koguan
         406 Brook Shore Court
         Sugar Land, TX 77479
         USA
         Tel: (8621) 6386 6887
         Fax: (8621) 6386 7588


T.O.P.Q.I.M. SYSTEMATIC: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On December 11, 2008, the shareholders of T.O.P.Q.I.M. Systematic
Equity Fund SPC resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         dms Corporate Services Ltd.
         dms House, 2nd Floor, P.O. Box 1344
         Grand Cayman KY1-1108
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


T.O.P.Q.I.M. INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On December 16, 2008, the shareholders of T.O.P.Q.I.M. Investment
(Cayman) Management Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         dms Corporate Services Ltd.
         dms House, 2nd Floor, P.O. Box 1344
         Grand Cayman KY1-1108
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


THREEAM SPC: Placed Under Voluntary Wind-Up
-------------------------------------------
On December 18, 2008, the sole shareholder of Threeam, SPC Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
January 31, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Nicolas Matthews
          c/o Kinetic Partners Cayman LLP, Harbour Centre
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9906
          Facsimile: (345) 623 0007


WEST SIDE V: Placed Under Voluntary Wind-Up
-------------------------------------------
On December 15, 2008, the shareholder of West Side V Offshore
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
January 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          West Side Advisors LLC
          1995 Broadway, 8th Floor
          New York, NY 10023 USA


WINDLESHAM REAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On December 17, 2008, the sole shareholder of Windlesham Real
Estate Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 27, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen John Le Seelleur
         c/o Maples and Calder
         Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands



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

AIR JAMAICA: Reduction of Traditional Routes Takes Effect
---------------------------------------------------------
Air Jamaica's plan to cut its traditional routes as part of the
airline's new business plan became effective yesterday,
February 26, Radio Jamaica News reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Jamaica Information Service News said Air Jamaica is
revamping its operations to reduce losses, and unveiled a three-
point business plan, which is aimed at keeping the company
operating throughout this year, and to position it on a path
towards financial stability.

According to the Associated Press, the airline said it will
eliminate six routes and cut jobs this month due to the global
economic crisis.  The AP related the airline's CEO and President
Bruce Nobles, said flights to Atlanta, Miami, Los Angeles,
Barbados, Grenada and the island of Grand Cayman will be cut late
this month.

Meanwhile, Mr. Nobles, Radio Jamaica relates, said the airline is
accommodating voluntary retrenchment.

"The employees in North America stations where we're eliminating
services will be made redundant, although some of them will be
transferred to other locations (and) the impact on the rest of our
staff will be sorted out over the next few weeks.  We have a
voluntary separation programme underway - leave of absence or
early retirement and once we've sorted out how many people we can
afford to leave on their own, then we'll figure out what our
excess manpower requirement is and then meet with the employee
groups to sort of work out what to do next ... that process will
take place over the next few weeks," Radio Jamaica quoted Mr.
Nobles as saying.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994. However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.


CITRUS GROWERS: Government to Offer $100 Million Lifeline
---------------------------------------------------------
The Government is getting ready to inject around $100 million
bail-out fund to Citrus Growers Association (“CGA”) and its
subsidiary, Jamaica Citrus Growers Limited, which are on the verge
of bankruptcy, Radio Jamaica News reports.

The Cabinet, the report relates, has approved a financing plan to
keep the association afloat but not without strict conditions.
Minister of Agriculture and Lands Dr. Christopher Tufton, The
Jamaica Observer relates, has requested a management audit into
the operations of the companies before considering their request
for a $70 million loan.  Dr. Tufton's decision, the same report
says, followed complaints from citrus farmers about a $14 million
debt owed to them by CGA from last June, and the agricultural
ministry's confirmation that CGA also owed them over $50 million.

Dr. Tufton, as cited by Radio Jamaica, said a new business plan
was presented to the Agriculture Ministry to steer CGA to
financial viability but the directors has to agree to certain
terms.

"They needed to act on the report on the management audit and
we'll be prepared to work with them as long as they would allow
for some adjustment in the way the company was managed.  The
Government was not going to provide financial assistance until we
were confident that they were going to restructure and that
restructuring based on their current state required some from of
equity participation," Radio Jamaica quoted Dr. Tufton as saying.

However, Radio Jamaica says CGA became agitated and complained
about the length of time it was taking for the government to come
to their rescue.

Radio Jamaica adds Dr. Tufton said a meeting will be held with the
stakeholders today, Feb. 27 to come up with a clear plan of action
in light of the approval to grant bridge-financing support.

                        About Jamaica Citrus

The Jamaica Citrus Growers Limited, a limited liability company
since 1949, is engaged in the business of processing, packing and
marketing of citrus and dairy products as well as chilled
beverages under the Dairy Farmers and Juciful brand names.  It is
a subsidiary of Citrus Growers Association Limited (CGA).


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

CL FINANCIAL: FCB Starts Payment on Matured CIB Deposits
--------------------------------------------------------
First Citizen Bank (FCB) has began payouts to Clico Investment
Bank (CIB)'s depositors whose deposits are maturing on or before
February 28, Trinidad and Tobago Newsday reports, citing FCB Group
Corporate Communications Manager, Dexter Charles.

Mr. Charles, the report relates, reiterated that depositors were
paid CIB interests rates up until the end of January, after which
they were paid using the interest rates of FCB.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

Under the memorandum, FCB was given authority to handle the
affairs of CIB depositors.

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.


CL FINANCIAL: Republic Bank to Keep Stake in Barbados Bank
----------------------------------------------------------
Republic Bank said it will keep its 65% stake in Barbados National
Bank (BNB), Trinidad and Tobago Newsday reports.

According to the report, the bank was responding to recent media
reports in Barbados that the Prime Minister David Thompson had
indicated his intention to gain control of the bank by purchasing
Republic Bank’s 65 percent shareholding in its subsidiary BNB.

Republic bank meanwhile confirmed it has not received any offers
to purchase its shareholding in BNB, the report relates.

Newsday recounts that Republic Bank acquired shares in BNB in
2003. Clico Investment Bank (CIB)/ Colonial Life Insurance Company
Limited (Clico) has a 55% stake in Republic Bank.

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing $10
billion debt.


CL FINANCIAL: Restraining Order to Ensure Clico Will Meet Debt
--------------------------------------------------------------
Central Bank Governor Ewart Williams said the injunction filed
against CL Financial Limited was done to ensure that taxpayers did
not end up footing Colonial Life Insurance Company Limited
(Clico)'s $10 billion liability, Trinidad and Tobago Newsday
reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2009, T&T Newsday said the Central Bank and Colonial Life
Insurance Company Limited secured a restraining order against CL
Financial, barring the company from conducting any local or
international business with its assets.  High Court Judge Gregory
Delzin, the report related, granted the restraining order after an
urgent ex-parte application brought by attorneys for the Central
Bank, Senior Counsel Reginald Armour, along with attorneys’ Simon
De La Bastide and Elena Araujo.

According to Newsday, Mr. Williams said in his view the injunction
strengthens the MOU between the government and CL Financial.

Mr. Williams, the report relates, said the Central Bank was “doing
all in its power” to ensure that depositors and policy holders are
protected, and that Government recoup its temporary funding to
Clico, and that the proceeds from the sales of CL’s assets were
there to meet any shortfall.

Asked by Newsday if CL Limited was moving to dispose of its
assets, Mr. William said the injunction was done to prevent that
from happening, and that the Central Bank has to ensure that
assets held by CL Financial will cover Clico’s debts.

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing $10
billion debt.


CL FINANCIAL: Gov't to Liquidate Clico Bahamas Limited
------------------------------------------------------
The Bahamian Supreme Court granted a request from the islands
government to liquidate Clico Bahamas Limited for the protection
of company shareholders, CaribWorldNews reports.

Craig Gomez of Baker Tilley Gomez was appointed as the liquidator
of the company, according to the report.

“This action was precipitated at this time because of the
continuing decline in the market value of the real estate
investment in the United States via CLICO Bahamas Limited
subsidiaries, CLICO Enterprises Limited and Wellington Preserve
Limited, the uncertain financial position of its parent
CL Financial Limited, the inability of the company to pay
claims/surrenders of policies in one of the jurisdictions where it
operates and the lack of a credible plan by the company to address
the shortfall in capital and liquidity in a reasonable time,” the
Office of the Registrar of Insurance Companies said in a statement
obtained by CaribWorldNews.

“It was felt that to delay taking action would only further erode
the assets of the company to the detriment of policyholders,” the
Office of the Registrar said in the statement cited by the news
agency.

                       About CLICO Bahamas

CLICO Bahamas Limited (formerly British Fidelity Assurance
Limited), a subsidiary of CLICO (Holdings) Barbados Limited and a
subsidiary of the CL Financial group, operated in the Bahamas as a
part of the C L Financial group since 1992.  The company operated
for many years prior to 1992 as British Fidelity Assurance Limited
under different owners.  The company has active operations in the
Bahamas, Belize and the Turks & Caicos Islands.

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing $10
billion debt.



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

STANFORD INT'L BANK: Venezuelan Unit Seized by Gov't, for Sale
--------------------------------------------------------------
The Associated Press reports Stanford International Bank Limited's
Venezuelan unit will be put up for sale after the goverment seized
its business.

"We hope it doesn't take more than 15 days" to finish evaluating
the bank's finances and proceed to a sale, the report cited
Venezuela Finance Minister Ali Rodriguez as saying.

The report recalls Venezuela's government last week seized
temporary control of Stanford Bank SA after panicked withdrawals
on news of U.S. fraud charges against owner Robert Allen Stanford
and three of his companies.  According to the report, clients
withdrew an estimated US$93 million, or 36.8% of its deposits, in
Venezuelan currency.

As reported in the Troubled Company Reporter-Latin America, the
U.S. Securities and Exchange Commission, on Feb. 17, 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 in the enforcement action.

The Venezuelan bank is not named in the fraud complaint by U.S.
Regulators, the AP notes.

Meanwhile, the AP says a Caracas court barred eight Stanford Bank
SA board members from leaving the country after issuing freeze
order on their assets.

                          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.



==========================
V I R G I N  I S L A N D S
==========================

* VIRGIN ISLANDS: Gov't Says it is Cooperating With Stanford Probe
------------------------------------------------------------------
The US Virgin Islands has suspended a company owned by Robert
Allen Stanford from a tax incentive program and is cooperating
with a US fraud investigation of the Texas billionaire, Reuters
reports, citing Percival Clouden, executive director of the Virgin
Islands Economic Development Authority.

"We are cooperating with the SEC," the report quoted Mr. Clouden
as saying.  "We are temporarily suspending his (Stanford's) access
to our tax incentive program, until the US investigation is
resolved."

As reported in the Troubled Company Reporter-Latin America, the
U.S. Securities and Exchange Commission on February 17, 2009,
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.



                            ***********

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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