TCRLA_Public/100923.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, September 23, 2010, Vol. 11, No. 187

                            Headlines



A R G E N T I N A

AGROPECUARIA TIBET: Creditors' Proofs of Debt Due on October 22
FARMA 365: Creditors' Proofs of Debt Due on November 16
HIGH Q: Creditors' Proofs of Debt Due on November 11
* ARGENTINA: Buenos Aires May Sell US$750 Million in Debt Abroad


B E R M U D A

BW GROUP: Moody's Affirms Corporate Family Rating at 'Ba1'


B R A Z I L

CONCESSIONARIA RODOVIA: Moody's Assigns Issuer Ratings on Bonds
INDEPENDENCIA SA: Fitch Downgrades Issuer Default Rating to 'C'


C A Y M A N  I S L A N D S

BEDFORD LEASING: Shareholders' Final Meeting Set for October 15
BMB-H INVESTMENT: Shareholders' Final Meeting Set for October 15
CAPITAL INSTRUMENTS: Shareholders' Final Meeting Set for Oct. 15
CST INTERNATIONAL: Shareholders' Final Meeting Set for October 15
EPOCH 2001-1: Shareholders' Final Meeting Set for October 15

EPOCH 2002-2: Shareholders' Final Meeting Set for January 8
HALCYON SECURITIZED: Shareholders' Final Meeting Set for Oct. 15
HERTFORD LEASING: Shareholders' Final Meeting Set for October 15
JGB LIMITED: Shareholders' Final Meeting Set for October 15
KABARE FUND: Shareholders' Final Meeting Set for October 27

O'CONNOR CURRENCY: Shareholders' Final Meeting Set for October 29
O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29
O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29
O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29
O'CONNOR STRATEGIC: Shareholders' Final Meeting Set for October 29

O'CONNOR US: Shareholders' Final Meeting Set for October 29
TAINCER COMPANY: Shareholders' Final Meeting Set for October 15
TOPTRONIC INDUSTRIAL: Members Receive Wind-Up Report
VLAICU LEASING: Shareholders' Final Meeting Set for October 15
X-AXIS FINANCE: Shareholders' Final Meeting Set for October 15


M E X I C O

CREDITO REAL: S&P Affirms 'BB-' Rating on US$60 Mil. Senior Notes
GMAC FINANCIERA: Moody's Takes Rating Actions on Four RMBS


P U E R T O  R I C O

BENEFICIAL MORTGAGE: 7 Ex-Execs Indicted in US$20.8MM Fraud Scheme


T R I N I D A D  &  T O B A G O

CL FIN'L: No Mutual Funds in CLICO, Unit Trust Corp. Says
CL FIN'L: More Investors Rally Against CLICO Repayment Plan
CL FIN'L: Credit Unions Seek Help From Opposition Leader


X X X X X X X X

Upcoming Meetings, Conferences and Seminars




                         - - - - -


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A R G E N T I N A
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AGROPECUARIA TIBET: Creditors' Proofs of Debt Due on October 22
---------------------------------------------------------------
Daniel Bendersky, the court-appointed trustee for Agropecuaria
Tibet SA's reorganization proceedings, will be verifying
creditors' proofs of claim until October 22, 2010.

Mr. Bendersky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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:

         Daniel Bendersky
         avenida Corrientes 1675
         Argentina


FARMA 365: Creditors' Proofs of Debt Due on November 16
-------------------------------------------------------
Nelida Grunblatt de Nobile, the court-appointed trustee for Farma
365 SA's reorganization proceedings, will be verifying creditors'
proofs of claim until November 16, 2010.

Ms. de Nobile will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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:

         Nelida Grunblatt de Nobile
         Luis Felipe Vallese 1193
         Argentina


HIGH Q: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------
Dora Magdalena Paiva, the court-appointed trustee for High Q
Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until November 11, 2010.

Ms. Paiva will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, 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:

         Dora Magdalena Paiva
         Rivadavia 986
         Argentina


* ARGENTINA: Buenos Aires May Sell US$750 Million in Debt Abroad
----------------------------------------------------------------
Buenos Aires province in Argentina may announce a sale of US$750
million in debt as early as September 24, 2010, Bill Faries at
Bloomberg News reports, citing newspaper Ambito Financiero.

According to the report, the newspaper said that the Argentine
province will sell the five-year bond to yield about 11.5%.

                        *     *     *

As of September 22, 2010, Buenos Aires province continues to carry
Moody's "B2" long-term and foreign currency long-term debt rating.
The province also continues to carry Standard and Poor's "B"
issuer credit ratings.


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


BW GROUP: Moody's Affirms Corporate Family Rating at 'Ba1'
----------------------------------------------------------
Moody's Investor Services has affirmed BW Group's Ba1 corporate
family rating and senior unsecured debt rating with a stable
outlook.

This affirmation follows the announcement by its 67%-owned
subsidiary, BW Offshore Limited, that it has made an offer to
acquire the remaining 70% ownership in its associate Prosafe
Production Public Limited.

Additionally, BW Offshore has entered into an agreement to dispose
of APL Plc to National Oilwell Varco.

To fund the acquisition cost of around US$480 million, BW Offshore
expects to issue around 202 million in new shares to Prosafe's
existing shareholders and pay cash of around US$145 million.

It also expects to receive around US$500 million from the disposal
of APL -- subject to the usual final adjustments for deviations
from agreed working capital accounts -- to part fund the
acquisition and future capital expenditures of BW Offshore.

Both transactions are targeted to complete before the end of 2010,
subject to customary regulatory and shareholder approvals.

"The acquisition, which is -- as indicated -- funded by an equity-
share swap, and cash from the disposal of APL, will have no
material impact on BW Group's financial profile," says Peter Choy,
a Moody's Vice President and Senior Credit Office, adding, "The
combination of Prosafe will further enhance the global market
position of BW Offshore in the Floating Production Storage
Offloading business."

"The completion of sale of APL -- which will more than fund the
cash payment for the Prosafe acquisition -- will further enhance
the liquidity profile of BW Offshore, which had cash-on-hand of
about US$81 million as of 30 June 2010, and an undrawn credit
facility of about US$500 million from the BW Group," says Choy.

While BW Group's current ownership in BW Offshore will be diluted
to 47% from 67% upon completion of these transactions, Moody's
continues to assess BW Group's financial profile with full
consolidation of BW Offshore.

This is based on the expectation that BW Offshore will continue to
rely in the near term upon the US$1.5 billion credit facility from
BW Group for funding support.

This approach will continue until BW Offshore can demonstrate a
strengthening in its financial position and an ability to raise
financing comfortably on its own merits.

BW Group's Ba1 rating continues to reflect its good level of
business diversity with a fair amount of fixed-contract coverage,
its prudent operating and financial management track record, its
consistently strong liquidity, and weak near-term credit metrics
for its rating.

BW Group's stable rating outlook reflects Moody's view that it
will maintain its strong liquidity position and gradually reduce
its leverage in the next two years by using free cash flow arising
from moderate improvements in profitability (based on some
improvement in freight rates) and lower capital expenditures, such
that adjusted Debt/EBITDA will fall to around 5.0x and
EBIT/interest will rise above 2.0x in the medium term.

A rating upgrade is unlikely in the next 12 months, given BW
Group's relatively weak credit metrics.

Downward rating pressure could emerge upon further deterioration
in the group's financial profile due to a material adverse change
in market conditions, or debt-funded acquisitions which result in
a worsening of BW Group's credit metrics, with adjusted
debt/EBITDA exceeding 5.5x-6.0x , or EBIT/interest falling below
1.25x for a prolonged period.

The last rating action was on 2 December, 2009 when BW Group's
issuer and debt ratings were downgraded to Ba1 stable.

BW Group, domiciled in Bermuda, is a diversified shipping group
with operations in five key segments -- tankers, liquefied
petroleum gas, liquefied natural gas, floating, production,
storage and offloading vessels, and offshore technology.  It
operates a fleet of 95 vessels.  BW is a privately held holding
company, 93%-owned by the Sohmen family and 7% by HSBC.


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


CONCESSIONARIA RODOVIA: Moody's Assigns Issuer Ratings on Bonds
----------------------------------------------------------------
Moody's America Latina Ltda assigned issuer ratings of Baa3 on the
global scale and Aa1.br on the Brazilian National Scale to
Concessionaria Rodovia Presidente Dutra S/A (NovaDutra).  At the
same time, Moody's assigned ratings of Baa3 and Aa1.br to
NovaDutra's 5-year BRL300 million senior debentures secured by
floating guarantees and Ba1 and Aa2.br to 5-year BRL200 million
subordinated debentures.  The outlook is stable for all ratings.
This is the first time Moody's has assigned ratings to NovaDutra.

The proposed debentures in the amount of BRL500 million will be
used to replace BRL390 million of short-term debt and to support
the company's capital expenditures in the near term.

Assignments:

Issuer: CONCESSIONARIA RODOVIA PRES. DUTRA S.A.

  -- Issuer Rating: Baa3 (global scale) / Aa1.br (Brazilian
     national scale)

  -- BRL300 million debentures secured by floating guarantee: Baa3
     / Aa1.br

  -- BRL200 million subordinated debentures: Ba1 / Aa2.br

                         Ratings Rationale

The Baa3 global scale and Aa1.br national scale issuer ratings
reflect the essential role of NovaDutra's highway in one of the
most densely populated and economically critical regions of the
country with an alignment that connects Sao Paulo with Rio de
Janeiro.  The ratings also reflect the mature nature of the
concession, as evidenced by an operating track record that dates
back to 1996.  The relatively stable regulatory environment for
operating toll roads in Brazil and NovaDutra's strong credit
metrics for the rating category further support the ratings.

The risks associated with significant capital expenditures
constrain the rating, as do the high level of investment activity
of its controlling shareholder and the limited structural
provisions embedded in the debentures.  Additional constraints are
the relatively short remaining life of the concession, which
expires in ten years, and the strong competition from the
alternative route, the Ayrton Senna road.

Moody's has rated the first tranche of debentures in the amount of
BRL300 million at the same level as the NovaDutra's senior
unsecured issuer rating to reflect the expected repayment of this
debt instrument arising from its floating guarantee.  Creditors
with a floating guarantee are senior to any unsecured holders in
the priority of claims, but junior to any debt that is secured by
specific tangible assets.

Moody's has rated the second tranche of debentures in the amount
of BRL200 million one notch lower than the NovaDutra's issuer
rating to reflect the subordination of the debentures to any other
debt.  In accordance with the Brazilian Corporations Law any
unsecured debt in excess of a company's equity capital is required
to be subordinated to any other existing or future debt.  As of
June 30, 2010, and pro-forma for the new transaction, the BRL300
million senior unsecured and the BRL200 million subordinated will
be virtually the only two classes outstanding debt of NovaDutra.

Credit enhancements embedded in the documentation of the proposed
debentures reviewed to date include restrictions on dividend
payments.  A payout ratio beyond the minimum legal requirement of
25% will be allowed only if the Net Debt to EBITDA ratio is below
4.0 times and the Debt Service Coverage Ratio is higher than 1.2
times.  Additional limitations are offered by the concession
agreement that requires equity capital to remain above 20% of the
accumulated investments in the concession.

While a higher leverage restricts dividend distribution, it does
not trigger an early maturity event.  There are no limitations on
additional debt issues ranking above the proposed debt classes or
cross default provisions with the parent company and any other
debt within the CCR group.  There are also no limitations on the
provision of intercompany loans.

Despite the relatively loose debt structure, Moody's views the
risk of any major cash drains from NovaDutra funding new CCR group
projects as relatively low in the near term.  This view considers
CCR's strong liquidity position, which is supported by a BRL1.5
billion cash position outstanding at the holding company level as
of June 30, 2010.  CCR has historically enjoyed access to the
local banking and capital markets and financing for its various
concessions has been mostly in the form of non-recourse long-term
project finance debt.  Additionally, CCR's access to NovaDutra's
cash flows is limited as a result of this subsidiary's investment
requirements and regulatory oversight.

NovaDutra is committed to a significant capital expenditures
program estimated at approximately BRL900 million through 2014.
The program's primary goal is to reduce traffic congestion (de-
bottlenecking), which includes the construction of 22 kilometers
of side lanes for local traffic in the metropolitan areas of Sao
Paulo, Sao Jose dos Campos and Rio de Janeiro by 2012.  A
conservative scenario also considers the potential of new
investments for road duplication in the Araras' hills in the 2012
to 2014 period, which could bring total capital expenditures to
BRL 1.5 billion over the next five years.  The terms and
conditions for these additional investments are still under
negotiation with the federal concession authority, Agencia
Nacional de Transportes Terrestres.  The ultimate magnitude and
timing of the capital investment program could exert pressure on
NovaDutra's performance.

From a credit perspective, the federal regulatory framework in
Brazil is considered adequate in terms of transparency for the
tariff setting mechanisms and also in terms of protection against
events outside the control of the concessionaire.  The ANTT has
been generally supportive of toll road operators in the country,
as recently illustrated by its approval of NovaDutra's relocation
of its toll plazas in order to restore the economic equilibrium
lost in 2009 after the concession of the Ayrton Senna Road.

NovaDutra has strong credit metrics for the rating category,
characterized by a very low leverage to date as measured by the
last three-year average Funds From Operations to debt ratio of
164% and Cash interest coverage of 13.0x.  Credit metrics have
been supported by solid revenue growth.  Toll road related
revenues in 2009 rose 4.5% over the previous year, following years
of strong growth of 12.4% in 2008 and 8.8% in 2007.  The increase
in competition and unfavorable economic conditions negatively
affected toll revenues in 2009, but they have recently rebounded
as demonstrated by the 13.7% toll revenue increase during the
first half of this year.

Despite strong revenue growth, Moody's expects NovaDutra's credit
metrics to weaken in the years to come.  As a mature concession,
NovaDutra is expected to maintain a high dividend payout ratio.
This high dividend distribution, along with a significant capital
expenditure program, will likely result in increased leverage.
Moody's foresees the cash interest coverage ratio deteriorating to
approximately 4.0x over the next five years while the FFO to debt
ratio will remain in the 35-40% range.

The stable outlook reflects Moody's opinion that growth in traffic
volume should continue to provide the company with strong cash
generation and relatively low leverage.  Traffic levels should be
helped by the 4-5% annual growth expected for Brazilian GDP in
2011 and thereafter.  Moody's expects an increase in leverage and
dividend distributions to be prudently managed, so that credit
metrics remain adequate for the assigned rating.

Moody's would consider an upgrade if the company steadily improves
its liquidity profile and achieves sustained credit metrics that
exceed expected performance, so that leverage, as measured by the
FFO to debt ratio, remains above 45% and cash debt interest
coverage ratio stays above 6.0x on a sustainable basis; or if
there is a significant extension of the concession tenor.

A deterioration in NovaDutra's operating performance so that the
FFO to debt ratio falls below 25% and the cash interest coverage
ratio falls below 4.0x for an extended period could result in a
rating downgrade.  A weakened liquidity profile along with tighter
than expected financial covenants could also trigger a downgrade
action.  The ratings of the senior unsecured and subordinated
debentures could also be downgraded if NovaDutra were to issue
additional debt that ranks above the current debentures in the
priority of claims or were to create cross default provisions with
the parent company and any other debt within the CCR group.

NovaDutra is an operating subsidiary of Companhia de Concessoes
Rodoviarias (unrated), one of Brazil's largest toll-road
concession groups, which controls approximately 1,577 kilometers
of toll road concessions.  CCR is controlled by a consortium of
AGConcessoes, Camargo Correa, Brisa and Soares Penido Concessoes.
CCR's consolidated revenues attained BRL3.4 billion (US$1.9
billion) and an EBITDA of BRL2.2 billion (US$1.2 billion) in the
last 12 months ended June 30, 2010, of which NovaDutra accounted
for 23% and 18%, respectively.

NovaDutra holds a 25-year concession to operate the toll road
services of the Presidente Dutra highway (BR-116 RJ/SP), a 402-
kilometer toll road linking the nation's two most important
metropolitan regions: Sao Paulo and Rio de Janeiro, which the
federal regulatory agency, Agencia Nacional de Transportes
Terrestres, granted in October 1995.  In 2009, the company
reported an annual tolled traffic of 127.7 million of equivalent
vehicles.


INDEPENDENCIA SA: Fitch Downgrades Issuer Default Rating to 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Independencia S.A and
Independencia International Ltd., a special-purpose vehicle
wholly-owned and unconditionally guaranteed by Independencia,:

Independencia S.A

  -- Local and foreign currency Issuer Default Rating to 'C'
     from 'CCC'';

  -- National scale rating to 'C(bra)' from 'CCC(bra)'.

Independencia International Ltd

  -- US$165 million senior secured notes to 'C/RR4' from
     'CCC/RR4';

  -- Second lien secured exchange notes to 'C/RR6' from 'CC/RR6'.

The downgrade of Independencia's ratings reflects the company's
inability to support its monthly payment obligations due to
insufficient liquidity.  The company announced on Sept. 13, 2010
that it reached an agreement to postpone its cattle and others
suppliers monthly payments scheduled for September and October
2010 (BRL9.7 million) by two months to Nov.  8, 2010 under the
judicial recovery plan, following filing for bankruptcy protection
on Feb. 27, 2009.  Fitch believes that the likelihood of
additional postponements to Independencia's future scheduled
payment dates is significantly high, due to the company's
liquidity concerns as highlighted by its cash restrictions and
limited access to funding alternatives.  Independencia's pending
debt maturities up to Oct.  31, 2010 total BRL31 million.  This
amount includes the 15% coupon payments due on Sept. 30, 2010 in
relation to the US$165 million senior secured notes.

On March 28, 2010, Independencia completed the exchange of its
defaulted notes for a new first priority, senior secured notes
issuance of US$165 million.  The senior secured notes are fully
and unconditionally guaranteed by Independencia S.A and are
secured by a first priority security interest on all tangible
assets of the company.  Despite the above average recovery
expected in the event of default for the senior secured notes, the
Recovery Ratings for these notes are capped at 'C/RR4' in order to
reflect the uncertainties of the Brazilian legal system.  The net
proceeds of the secured notes (BRL251 million) were used to pay
cattle raisers and suppliers, along with funding working capital
needs, pending acquisitions and to repay creditors following the
Brazilian Bankruptcy process.

Independencia's leverage remains high and its EBITDA generation
continues to be negative since 2009.  Working capital requirements
became more pressing following the judicial recovery plan and the
resumption of operating activities.  As of June 30, 2010, the
company held BRL5.4 million of cash and equivalents compared to
BRL1.9 billion of debt.  In the six months ended on June 30, 2010,
Independencia generated negative EBITDA of BRL31.2 million,
compared to negative EBITDA of BRL350 million in 2009, indicating
an insufficiently slow improving trend.  Total debt as of June 30,
2010 was BRL1.9 billion, of which 73% (BRL1.4 billion) is
denominated in US$.  Debt declined from BRL3.1 billion in 2008 due
to the 50% haircut assumed by unsecured creditors in the
reorganization plan.  Debt as of June 30, 2010 was comprised
mainly of BRL823 million of notes (exchange notes and senior
secured notes) accounting for 44% of total debt, BRL576 million of
working capital lines (31%), and BRL413 million of trade finance
debt (22%).


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


BEDFORD LEASING: Shareholders' Final Meeting Set for October 15
---------------------------------------------------------------
The shareholders of Bedford Leasing Limited will hold their final
meeting, on October 15, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


BMB-H INVESTMENT: Shareholders' Final Meeting Set for October 15
----------------------------------------------------------------
The shareholders of BMB-H Investment Trading Limited will hold
their final meeting, on October 15, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


CAPITAL INSTRUMENTS: Shareholders' Final Meeting Set for Oct. 15
----------------------------------------------------------------
The shareholders of Capital Instruments Limited will hold their
final meeting, on October 15, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


CST INTERNATIONAL: Shareholders' Final Meeting Set for October 15
-----------------------------------------------------------------
The shareholders of CST International Limited will hold their
final meeting, on October 15, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


EPOCH 2001-1: Shareholders' Final Meeting Set for October 15
------------------------------------------------------------
The shareholders of Epoch 2001-1 Limited will hold their final
meeting, on October 15, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


EPOCH 2002-2: Shareholders' Final Meeting Set for January 8
-----------------------------------------------------------
The shareholders of Epoch 2002-2, Limited will hold their final
meeting, on January 8, 2010, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


HALCYON SECURITIZED: Shareholders' Final Meeting Set for Oct. 15
----------------------------------------------------------------
The shareholders of Halcyon Securitized Products Investors ABS CDO
I Ltd will hold their final meeting, on October 15, 2010, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


HERTFORD LEASING: Shareholders' Final Meeting Set for October 15
----------------------------------------------------------------
The shareholders of Hertford Leasing Limited will hold their final
meeting, on October 15, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


JGB LIMITED: Shareholders' Final Meeting Set for October 15
-----------------------------------------------------------
The shareholders of JGB Limited will hold their final meeting, on
October 15, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


KABARE FUND: Shareholders' Final Meeting Set for October 27
-----------------------------------------------------------
The shareholders of Kabare Fund will hold their final meeting, on
October 27, 2010, at 10:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


O'CONNOR CURRENCY: Shareholders' Final Meeting Set for October 29
-----------------------------------------------------------------
The shareholders of O'Connor Currency and Rates Portfolio (Euro) 1
Limited will hold their final meeting, on October 29, 2010, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of O'Connor Global Merger & Acquisition Trading
Limited will hold their final meeting, on October 29, 2010, at
11:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of O'Connor Global Convertible Arbitrage Limited
will hold their final meeting, on October 29, 2010, at 11:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of O'Connor Global Convertible Arbitrage Limited
will hold their final meeting, on October 29, 2010, at 10:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


O'CONNOR STRATEGIC: Shareholders' Final Meeting Set for October 29
------------------------------------------------------------------
The shareholders of O'Connor Strategic Limited will hold their
final meeting, on October 29, 2010, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


O'CONNOR US: Shareholders' Final Meeting Set for October 29
-----------------------------------------------------------
The shareholders of O'Connor U.S. Equity Long/Short Investing
Limited will hold their final meeting, on October 29, 2010, at
12:00 noon, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


TAINCER COMPANY: Shareholders' Final Meeting Set for October 15
---------------------------------------------------------------
The shareholders of Taincer Company Limited will hold their final
meeting, on October 15, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


TOPTRONIC INDUSTRIAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Toptronic Industrial Holding Co. Ltd. received, on
August 20, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


VLAICU LEASING: Shareholders' Final Meeting Set for October 15
--------------------------------------------------------------
The shareholders of Vlaicu Leasing Limited will hold their final
meeting, on October 15, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


X-AXIS FINANCE: Shareholders' Final Meeting Set for October 15
--------------------------------------------------------------
The shareholders of X-Axis Finance Limited will hold their final
meeting, on October 15, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


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


CREDITO REAL: S&P Affirms 'BB-' Rating on US$60 Mil. Senior Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' rating on
the up to US$60 million five-year senior unsecured notes proposed
by Credito Real S.A. de C.V. SOFOM E.N.R., in addition to the
US$150 million senior unsecured notes issued under an indenture
dated as of April 14, 2010.  The outlook is stable.

"The ratings on Credito Real reflect its high dependence on
volatile funding sources, primarily market debt, somewhat
increasing its refinancing risk," said Standard & Poor's credit
analyst Alfonso J. Novelo.  "Also, S&P considers the strong
competition in payroll discount lending in Mexico," he continued.
The company's adequate asset quality, improved and more stable
profitability, and improvements in adjusted capitalization
partially offset these risks.

The rating on the notes also takes into consideration a full
foreign-exchange hedge, of principal and interest, during the
whole term of the notes.  S&P believes a rolling swap hedge to be
riskier, and S&P could review the ratings if such a swap is used.

The counterparty credit rating remains 'BB-' with a stable
outlook.

                           Ratings List

              Credito Real S.A. de C.V. SOFOM E.N.R.

   Counterparty credit rating                     BB-/Stable/--

                          Rating Affirmed

      US$210 million five-year senior unsecured notes  BB-


GMAC FINANCIERA: Moody's Takes Rating Actions on Four RMBS
----------------------------------------------------------
Moody's de Mexico has taken rating actions on four residential
mortgage backed securitizations issued by GMAC Financiera S.A. de
C.V., Sociedad Financiera de Objeto Multiple, Entidad No Regulada
in Mexico.  The underlying collateral consists of first-lien,
fixed-rate loans denominated in UDIS and granted primarily to low-
income borrowers.

Master Servicer: GMAC Financiera S.A. de C.V., Sociedad Financiera
de Objeto Multiple, Entidad No Regulada.

Issuer: HSBC Mexico, S.A., Institución de Banca Multiple, Grupo
Financiero HSBC, División Fiduciaria, acting only in its capacity
as trustee.

  -- MXMACFW 06U Class A Certificates: Caa1.mx (sf) (National
     Scale) and Caa1 (sf) (Global Scale, Local Currency) ratings
     placed on review for possible downgrade; the last rating
     action occurred on April 1, 2009, when the ratings were
     downgraded to Caa1.mx (sf) from Aa3.mx (sf) and to Caa1 (sf)
     from Baa3 (sf).

  -- MXMACFW 07-2U Class B Certificates: ratings downgraded to
     Ca.mx (sf) from Caa1.mx (sf) (National Scale) and to Ca (sf)
     from Caa1 (sf) (Global Scale, Local Currency); the last
     rating action occurred on May 7, 2010, when the Caa1.mx (sf)
     and Caa1 (sf) ratings were placed on review for possible
     downgrade.

  -- MXMACFW 07-3U Class A Certificates: ratings downgraded to
     Ba2.mx (sf) from A3.mx (sf) (National Scale) and to B2 (sf)
     from Ba3 (sf) (Global Scale, Local Currency); the ratings
     remain on review for further possible downgrade.  The last
     rating action occurred on April 30, 2009, when the A3.mx (sf)
     and Ba3 (sf) ratings were placed on review for possible
     downgrade.

  -- MXMACFW 07-4U Class B Certificates: ratings downgraded to
     Ca.mx (sf) from Caa1.mx (sf) (National Scale) and to Ca (sf)
     from Caa1 (sf) (Global Scale, Local Currency); the last
     rating action occurred on May 7, 2010, when the Caa1.mx (sf)
     and Caa1 (sf) ratings were placed on review for possible
     downgrade.

  -- MXMACFW 07-6U Class B Certificates: ratings downgraded to
     Ca.mx (sf) from Caa3.mx (sf) (National Scale) and to Ca (sf)
     from Caa3 (sf) (Global Scale, Local Currency); the last
     rating action occurred on May 7, 2010, when the Caa3.mx (sf)
     and Caa3 (sf) ratings were placed on review for possible
     downgrade.

                        Ratings Rationale

    MXMACFW 07-2U, MXMACFW 07-3U, MXMACFW 07-4U, MXMACFW 07-6U

The downgrades impacting the MXMACFW 07-2U, MXMACFW 07-3U/MXMACFW
07-4U, and MXMACFW 07-6U transactions are primarily based on the
weak performance of the underlying mortgage portfolios and Moody's
projection of lifetime cumulative gross defaults and expected
losses on the pools.  The underlying pools continue to display a
sharp ramp-up of delinquencies greater than 90 days that is
significantly above Moody's initial expectations considering the
seasoning of the transactions.

As of August 2010, delinquencies greater than 90 days, including
real estate owned, as a percent of the original pool balance for
each of the underlying pools were:

  -- MXMACFW 07-2U: 22.3% after 41 months since closing, versus
     13.9% as of 12 months ago

  -- MXMACFW 07-3U, 07-4U: 26.2% after 37 months since closing,
     versus 14.9% as of 12 months ago

  -- MXMACFW07-6U: 33.3% after 35 months since closing, versus
     17.9% as of 12 months ago

The month-to-month deterioration in performance has been
considerable over the past year, with delinquencies greater than
90 days (including REOs) almost doubling for most of the
underlying pools.  Accumulated net losses, however, represent less
than 2% of the original pool balance in all cases given the
relatively low number of reported REO sales to date.  Further, all
of the transactions have relatively high outstanding pool balances
(including REOs) ranging from 79% to 84% of the original balance.
Given the weak performance trends to date and the high pool
factors for each of the transactions, Moody's expects
significantly higher lifetime cumulative gross defaults as a
percent of the original pool as compared to the level of gross
defaults observed to date.

Moody's projected the lifetime cumulative gross defaults in each
transaction is:

  -- MXMACFW 07-2U: 38% of original balance, or 49% of current
     balance

  -- MXMACFW 07-3U, 07-4U: 44% of original balance, or 54% of
     current balance

  -- MXMACFW 07-6U: 51% of original balance, or 61% of current
     balance

After estimating projected lifetime gross default rates as a
percent of the current pool balance including REOs, Moody's
determined the expected losses by applying a severity of loss
assumption on the projected defaulted loan balance (assumed
severities range between 68-69% across the three transactions).
Moody's updated expected net loss projections are:

  -- MXMACFW 07-2U: 33% of current balance
  -- MXMACFW 07-3U, 07-4U: 37% of current balance
  -- MXMACFW 07-6U: 42% of current balance

Moody's then compares these net loss projections with the
estimated lifetime available credit enhancement by certificate
(including subordination, overcollateralization, and remaining
excess spread), which is:

  -- MXMACFW 07-2U Class B: 29% of current balance
  -- MXMACFW 07-3U Class A: 33% of current balance
  -- MXMACFW 07-4U Class B: 26% of current balance
  -- MXMACFW 07-6U Class B: 19% of current balance

Regarding the variability of the ratings of the Class B
certificates downgraded to Ca (sf)/Ca.mx (sf) (MXMACFW 07-2U,
MXMACFW 07-4U, MXMACFW 07-6U), Moody's notes that as of this date
it does not foresee further rating downgrades on the certificates.
Certificates with expected recoveries of 35% to 65% are generally
rated Ca (sf), while certificates are generally rated C (sf) if
their expected recoveries are below 35%.  However, a one notch
benefit is generally applied for at risk Mexican RMBS certificates
that do not experience write-downs in principal balance and are
expected to continue receiving coupon payments for many years, as
is the case for the affected certificates.  As a result, Moody's
does not foresee further ratings downgrades on the affected
certificates under this approach.

Regarding the variability of the Ba2.mx (sf)/B2.mx (sf) ratings of
the MXMACFW 07-3U Class A certificates, if expected losses on the
underlying pool were to increase by approximately 10% (from the
37% projected currently to approximately 41%), the certificates
would likely be downgraded by one notch on the global rating
scale.

The primary sources of assumption uncertainty are related to the
macroeconomic environment, the timing of recovery of the Mexican
economy and labor market, and the severity of loss assumption
given the limited market data related to historical recoveries for
REOs.

                   MXMACFW 06U AND MXMACFW 07-3U

The decision to place or maintain the ratings of MXMACFW 06U (86%
serviced by Su Casita) and MXMACFW 07-3U (43% serviced by Su
Casita) on review for possible downgrade reflects heightened
concerns with respect to: i) Su Casita's stability as servicer of
these RMBS transactions following Moody's recent downgrades of the
company's issuer ratings and its servicer quality rating, and ii)
future collateral performance given that an increased risk of a
servicer disruption may result in weakening of collections
activities, leading to increased delinquencies, lower recoveries,
and ultimately higher losses on the securitized pools

On September 13, 2010, Moody's downgraded Su Casita's global scale
local currency issuer rating to Caa2 from B2 (national scale
issuer rating downgraded to Caa2.mx from Baa3.mx), and placed
these ratings on review for further possible downgrade.  These
rating actions follow the announcement on September 10th that
negotiations with BBVA Bancomer to purchase a portion of Su
Casita's loan portfolio had ceased due to an inability to reach
agreement on valuation.  Su Casita's current liquidity position is
weak, as the company has sufficient funds available to cover
existing debt only through the middle of 1Q 2011, at which time
the company would suffer a liquidity shortfall.

On September 15, 2010, Moody's also downgraded the servicer
quality (SQ) rating of Su Casita as servicer of residential
mortgage loans to SQ4 from SQ3+; the rating remains on review for
further possible downgrade, based on concerns about its stability
as servicer.  During economic downturns a servicer's financial
strength becomes even more important in connection with the
performance of the portfolio under management.  There is a risk
that a company with a weakened financial strength may have a
limited ability to devote sufficient resources to sustain its
servicing capabilities in a difficult economic environment.

Moody's ongoing review of these two certificates will focus on the
performance of the transactions and the risk of a potential
servicing disruption.  Moody's will also focus on Su Casita's
ability to repay its short-term obligations, in light of the
company's limited access to external sources of capital.  In
addition, Moody's will also closely monitor the company's capital
structure as well any additional support it may receive from
Sociedad Hipotecaria Federal.

The primary source of assumption uncertainty is Su Casita's
ultimate strategic direction and solvency, and the extent of any
potential servicing disruptions.

Further, Moody's considered that a loan servicer's capabilities
can have a significant effect - either positive or negative - on
realized loss levels in residential mortgage loan securitizations.
Moody's assesses a servicer's ability to affect residential
mortgage losses and into the future.  A servicer's financial
stability could negatively affect its ability to properly perform
its duties as primary servicer of securitized mortgage loans.
Furthermore, any negative impact on the servicing function may in
turn adversely affect the performance of the loans serviced by the
company.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of these
transactions in the past 6 months.


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


BENEFICIAL MORTGAGE: 7 Ex-Execs Indicted in US$20.8MM Fraud Scheme
------------------------------------------------------------------
caribbeanbusinesspr.com reports that federal and local agents
rounded up seven former Beneficial Mortgage executives indicted in
a multimillion dollar mortgage scheme that struck some 30
financial institutions and at least 126 homeowners in Puerto Rico.
The report relates FBI spokesman Harry Rodriguez said that arrest
warrants were executed in San Juan, Caguas, Guaynabo and Brooklyn.

According to the report, authorities said the seven suspects are
facing a host of federal charges including conspiracy, bank fraud,
postal fraud and money laundering tied to an alleged scheme that
netted them at least US$20.8 million.  The report relates that the
busts capped a federal probe into Beneficial Mortgage dating back
more than a year.  The company's Roosevelt Avenue offices were
raided in May 2009 by dozens of federal agents who carted off
computers and boxes of documents as evidence in the fraud
investigation, the report says.

caribbeanbusinesspr.com notes that the fraud scheme centered on
illegally retaining payments clients made to creditors to pay off
old mortgages or loans after obtaining a refinancing loan, leaving
the unwitting clients on the hook for the debt.  The charges carry
maximum prison terms of 30 years and fines.

Among those arrested were:

   -- Company President Ernesto Acosta Rodriguez,
   -- Mariluna Roman Rodriguez,
   -- Samuel Cristy Llamas,
   -- Leishla Ramos Mateo,
   -- Yvonne Clever Normandia,
   -- Jose Blanco Hernandez, and
   -- Emily Alvarado Santiago.

In May 2009, the report relates, the Puerto Rico Financial
Institutions Commissioner's Office slapped a cease and desist
order on Acosta Rodriguez, Beneficial Mortgage Treasurer Ernesto
Acosta Matos and Secretary Carmen Rodriguez Negron for allegedly
incurring in "serious" violations of the island's Mortgage
Institutions Law.  The report relates that the Financial
Institutions Commissioner's Office found that Beneficial
originated mortgages, packaged them and then sold them on the
secondary market to investors including Banco Cooperativo de
Puerto Rico.  Instead of canceling the mortgages when a client
refinanced or sold their home, Beneficial kept the loans in its
portfolio, which resulted in consumers being tabbed for two
existing mortgages on their credit history, the report says.

The report notes that the federal indictment said that the fraud
scheme was built around clients who turned to Beneficial Mortgage
for a mortgage loan or mortgage refinancing.  After granting the
loans, Beneficial Mortgage grouped the loans and sold them on the
secondary market to Banco Cooperativo, the report relates.

The report notes that Beneficial Mortgage was then in charge of
forwarding the monthly payments from consumers to Banco
Cooperativo.  When a client went to a bank covered by the Federal
Deposit Insurance Corp. to sell or refinance the property,
Beneficial Mortgage would send letters to those banks and the
customer saying that the original loan was closed, the report
relates.

However, the report says, Beneficial Mortgage kept the loans open,
retaining the money and continuing to make monthly payments to
Banco Cooperativo to disguise the cancellation.

Beneficial Mortgage is based in Juan, Puerto Rico.


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


CL FIN'L: No Mutual Funds in CLICO, Unit Trust Corp. Says
---------------------------------------------------------
None of the Unit Trust Corporation's mutual funds are invested in
Colonial Life Insurance Company (Trinidad) Limited (CLICO) or
Clico Investment Bank (CIB), Trinidad and Tobago Newsday reports.
CLICO and CIB are subsidiaries of CL Financial Limited.

According to the report, UTC said it "will therefore not be
affected by government's restructuring plans for Clico's Executive
Annuity Plan (EAP) since the corporation never had any investments
in these products."  However, the report relates, UTC indicated
that it does have investments in other subsidiaries of the CL
Financial Group.  "As of August 31, the exposure consists of
Republic Bank bonds and shares, which are valued at TT$515 million
and other bonds of TT$377 million secured by shares in the
Lascelles Group, a Jamaican spirits group," UTC stated, the report
notes.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company 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
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards 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.



CL FIN'L: More Investors Rally Against CLICO Repayment Plan
-----------------------------------------------------------
Curtis Rampersad at Trinidad Express reports that two groups of
Colonial Life Insurance Company (Trinidad) Limited (CLICO)
investors have come together to call for a meeting with Finance
Minister Winston Dookeran within 48 hours as they try to get their
money back in fewer than 20 years.

CLICO is a unit of CL Financial Limited.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2010, dissatisfied with the government's decision on
Colonial Life Trinidad & Tobago Guardian Online said that
dissatisfied with the government's decision on (CLICO) depositors,
groups are being formed to represent policyholders, Trinidad &
Tobago Guardian Online reports.  According to the report, two such
groups proposing to represent policyholders are the United Clico
Policyholders (UCP) and the Clico EFPA Policyholders Group.

The Express notes that Peter Permell, CLICO EFPA Policyholders
group deputy chairman, said that the groups want a meeting with
Dookeran within 48 hours to address their concerns about
announcements to repay them without interest and over 20 years.

"We are saying payment over 20 years is not acceptable and while
we understand Government's position with the economy, there are
people who need this money to pay medical bills and they can't
wait 20 years," the report quoted Mr. Permell as saying.  The
group suggested shortening the 20-year payment plan or giving
investors interest on their principal investments, he added.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company 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
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards 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.


CL FIN'L: Credit Unions Seek Help From Opposition Leader
--------------------------------------------------------
Credit unions told Opposition Leader Dr. Keith Rowley that they
felt betrayed by the People's Partnership government and if the
State goes ahead with current plans to repay co-operatives that
invested in Colonial Life Insurance Company (Trinidad) Limited
(CLICO), the credit unions would not be able to pay interest and
dividends to their members, Trinidad Express reports.

CLICO is a unit of CL Financial Limited.

According to the report, Dr. Rowley met with representatives of
the Co-operative Credit Union League of Trinidad and Tobago.  The
report relates that the League asked for the meeting in light of
government's budget position to treat the CLICO matter by
facilitating a payment of TT$75,000 to investors and any remainder
thereafter to be paid in the form of 0% interest 20-year bonds.

The League told Dr. Rowley that credit unions were made up of low
income earners for the most part, the report notes.  The League,
the report relates, said it and other individual credit unions
invested heavily in CLICO and the government's proposal meant that
credit unions would not be able to pay interest and dividends and
will not be able to pay investors who wanted to withdraw money.
They said they would not be able to sustain daily operations, the
report adds.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company 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
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards 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.


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


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

Sept. 22-23, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYU Bankruptcy and Business Reorganization Workshop
       New York University School of Law, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 28, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Level Professional Development Program
       Weil, Gotshal & Manges LLP, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29, 2010
RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
    17th Annual Distressed Investing Conference
       The Helmsley Park Lane Hotel, New York City
          Contact: 1-903-595-3800;
                   http://www.renaissanceamerican.com/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.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/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Jan. 27-28, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Caribbean Insolvency Symposium
       Westin Casuarina Resort & Spa, Grand Cayman Island
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Valcon
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Hyatt Regency Century Plaza, Los Angeles, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Conrad Duberstein Moot Court Competition
       Duberstein U.S. Courthouse, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - Florida
       Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    SUCL/ Alexander L. Paskay Seminar on
    Bankruptcy Law and Practice
       Marriott Tampa Waterside, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Byrne Judicial Clerkship Institute
       Pepperdine University School of Law, Malibu, Calif.
          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,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       JW Marriott, Chicago, IL
          Contact: http://www.turnaround.org/

May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - New York City
       Association of the Bar of the City of New York,
       New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       Hilton New York, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Canadian-American Cross-Border Insolvency Symposium
       Fairmont Royal York, Toronto, Ont.
          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, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Sanctuary at Kiawah Island, Kiawah Island, S.C.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       Dublin, Ireland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

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

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          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, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  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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