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

           Friday, September 24, 2010, Vol. 11, No. 188

                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities
FIDEICOMISO FINANCIERO: Moody's Assigns 'B3' Global Rating on Debt


B E R M U D A

AMCAP HOLDINGS: Creditors' Proofs of Debt Due on September 30
AMCAP HOLDINGS: Sole Member to Receive Wind-Up Report on Oct. 15
LSF LUX: Creditors' Proofs of Debt Due on September 29
LSF LUX: Members' Final Meeting Set for October 20
MARCOR DEVELOPMENT: Creditors' Proofs of Debt Due on October 8

MARCOR DEVELOPMENT: Members' Final Meeting Set for October 20


B R A Z I L

ELETROPAULO METROPOLITANA: Fitch Raises Issuer Rating to 'BB+'


C A Y M A N  I S L A N D S

AALL STAR: Shareholders' Final Meeting Set for October 14
ACORN CAPITAL: Shareholders' Final Meeting Set for October 14
AMS1 LIMITED: Shareholders' Final Meeting Set for October 15
BAYSWATER & BOND: Shareholders' Final Meeting Set for October 5
CORONETS LIMITED: Shareholders' Final Meeting Set for October 15

CREDIPIA 2005: Shareholders' Final Meeting Set for October 20
GENEROUS CAPITAL: Shareholders' Final Meeting Set for October 21
GREAT HARBOUR: Shareholders' Final Meeting Set for October 4
LORRAINE LIMITED: Shareholders' Final Meeting Set for October 20
MACQUARIE HARBOURSIDE: Shareholders' Final Meeting Set for Oct. 20

MODULUS EUROPE: Shareholders' Final Meeting Set for October 7
MODULUS EUROPE: Shareholders' Final Meeting Set for October 7
OFFSHORE DATA: Shareholders' Final Meeting Set for October 14
PROTECTED ABSOLUTE: Shareholders' Final Meeting Set for October 15
ROMAN PTC: Shareholders' Final Meeting Set for October 8

SAITAMA REVIVAL: Shareholders' Final Meeting Set for October 21
SPCP HUNGARIAN: Shareholders' Final Meeting Set for October 15
STEVEN LIMITED: Shareholders' Final Meeting Set for October 21
WATERLOO & VICTORIA: Shareholders' Final Meeting Set for Oct. 5
YEUNG UK: Shareholders' Final Meeting Set for October 20


J A M A I C A

NATIONAL COMMERCIAL BANK: Board Director Resigns


M E X I C O

COZUMEL CARIBE: Seeks to Delay Bid for U.S. Bankruptcy Relief


T R I N I D A D  &  T O B A G O

ALSTONS LTD: Shares Delisted From TTSE
CL FIN'L: CLICO Policyholders Want Government to Honor Promise




                         - - - - -


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FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities
-------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Supervielle Creditos Banex
XXXVIII issued by Equity Trust Company (Argentina) S.A. - acting
solely in its capacity as Issuer and Trustee.

  -- ARS31,176,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXVIII",
     rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf)
     (Global Scale, Local Currency)

  -- ARS42,434,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXVIII",
     rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf)
     (Global Scale, Local Currency)

  -- ARS8,660,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXXVIII",
     rated Baa3.ar (sf) (Argentine National Scale) and B3 (sf)
     (Global Scale, Local Currency)

  -- ARS4,330,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex XXXVIII", rated Caa2.ar (sf)
     (Argentine National Scale) and Caa3 (sf) (Global Scale,
     Local Currency)

                        Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 24,044 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS85,587,667.

The pool is comprised by ARS80,001,041 from new receivables
assigned to the trust by Banco Supervielle and ARS5,586,626 in
receivables assigned to the trust by Fideicomiso Financiero
Supervielle Creditos Banex XVIII.  All receivables comply with the
loan eligibility criteria set in the documents.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administración Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 12.00%.  The Floating Rate Debt Securities will bear a
BADLAR interest rate plus 392 basis points.  The Floating Rate
Debt Securities' interest rate will never be higher than 20% or
lower than 12%.  The Class C Fixed Rate Securities will bear a
fixed interest rate of 19.50%.

Overall credit enhancement is comprised of subordination: 63.57%
for the Class A Fixed Rate Debt Securities, 13.99% for the
Floating Rate Securities and 3.88% for the Class C Fixed Rate
Securities.  In addition the transaction has various reserve funds
and excess spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%.  Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%.  For the secondary pool,
Moody's assumed a triangular distribution for defaults around a
most likely scenario of 2.25% a minimum of 1.5% and a maximum of
3%; and prepayments centered around a most likely scenario of 12%,
a minimum of 7% and a maximum of 17%.  These assumptions are
derived from the historical performance to date of the Banex's
pools.

The model results showed 0.00% expected losses for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 2.44%
expected losses for Class C Fixed Rate Debt Securities and 35.80%
for Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 10%
from the base case scenario for the main pool (i.e., most likely
scenario of 20%, a minimum of 15% and a maximum of 30%), the
ratings of the Classes A and Floating Rate would be unchanged.
The ratings for Class C Fixed Rate debt securities would be likely
downgraded to Ca (sf) and to C (sf) for the Certificates.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Equity Trust Company (Argentina) S.A. will be appointed as the
back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
in this transaction.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings and public information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


FIDEICOMISO FINANCIERO: Moody's Assigns 'B3' Global Rating on Debt
------------------------------------------------------------------
Moody's Latin America has assigned a rating of A3.ar (sf)
(national scale rating) and B3 (sf) (global scale, local currency)
to the debt securities of Fideicomiso Financiero de
Infraestructura Electrica - Serie I, a financial trust established
in Argentina.  The debt securities were issued by Fiduciaria del
Norte S.A. (Argentina) (TQ3.ar), acting solely as issuer and
trustee.

                        Ratings Rationale

The debt securities will bear an floating interest rate of Badlar
plus 400 basis points with a minimum of 14% and a maximum of 24%.
The debt securities will will mature on April 15, 2013.

The main underlying asset of the trust is a specific tariff paid
by most users of the electric service in the Province of Chaco in
Argentina.  Electric service is provided by the Provincial company
Secheep (Servicios Energeticos del Chaco Empresa del Estado
Provincial), which will assign the specific tariff to the issuing
trust.  The specific tariff has been created by a Provincial
Decree and it is equivalent to ARS0.027 (plus VAT) per each
kilowatt of energy consumed.  The specific tariff is billed
together with Secheep's general electricity invoice.

Given that the specific tariff has been in place (and billed) only
since November 2009, Moody's did not have information to evaluate
the performance of the underlying receivables over a long period
of time.  However, Moody's used as a proxy Secheep's historical
collections related to general electricity bills.  Historical
collections showed a solid performance for individuals (homes and
companies), which represent a significant portion of Secheep's
total billing.  The delivery of electricity can be suspended if
any bill is unpaid.

The transaction has a high granularity at the payor level, those
obliged to make payments under the specific tariff and the
electricity bills.  Unlike other transactions backed by special
tariffs in Argentina where payors are concentrated in a few
industrial companies, in this transaction the payor base is
diversified in more than 80,000 clients.

Secheep's clients will make payments under the special tariff
directly at the designated collection agent, which is Nuevo Banco
del Chaco.

The transaction will benefit from a liquidity reserve account,
established at closing from bond proceeds, with an amount
equivalent to the next two interest payments and the next
scheduled principal payment on the debt securities.

Moody's evaluated the likelihood of the Province of Chaco or
Secheep interfering with the assignment of the special tariff to
the trust, or modifying or eliminating the specific tariff, which
may affect the cash flow available to repay the rated securities.
The trust agreement bans the Province from reducing the specific
tariff in terms of nominal amount or duration.  If the Province
interferes with the specific tariff, investors will have a legal
claim against the Province.  Moody's believes that this risk is
consistent with the issuer rating of the Province of Chaco, which
currently is B3 (global scale, local currency) and A3.ar (national
scale).

A slowdown in the economic activity in the Province of Chaco may
cause a reduction of electricity consumption and, therefore, in
the cash flows available to repay the debt securities.  Moody's
considered this risk to be in part mitigated by the coverage
levels available in the transaction, that allow the transaction to
withstand a reduction of up to 20% in the cash flows assuming 2009
consumption levels.

According to Moody's, the overcollateralization available in the
transaction is consistent with the assigned B3 (sf) rating level.
Moody's used a cash flow model which assumed an annual initial
consumption of 1,328 million Kilowatts and triangular
distributions for: i) consumption annual growth rates (with a
minimum of -1%, most likely of 5% and maximum of 10%); ii) payor
defaults (with a minimum of 8%, most likely of 13% and maximum of
18%); and, iii) increases of the tariff payment exemption rates
(with a minimum of 10%, most likely of 15% and maximum of 25%).
Moody's also incorporated in the model certain cash flow
seasonality and trust expenses assumptions.  Finally, a
Montercarlo simulation was run to determine the expected loss on
the debt securities.

Moody's highlights that the seller (Secheep), the collection agent
(Nuevo Banco del Chaco) and the trustee (Fiduciaria del Norte),
are all entities that have the Government of the Province of Chaco
as the main shareholder.  Therefore, Moody's believes that under a
stress scenario, there is a risk that incentives of certain
transaction participants may not be aligned with investors'
interests.  This risk is partially mitigated by the fact the
Securitization Law in Argentina (Law 24,441) requires that the
trustee should act as a "good business man".  As a result, the
trustee is legally obliged to protect investors' interests.  Also,
the reserve accounts will be established in an institution
different from the collection agent.

The main source of uncertainty in this transaction is related to
the stability of specific tariff's legal framework.

This is the first instance of a securitization backed a special
electricity tariff in Argentina that Moody's has rated.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
in this transaction.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings and public information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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AMCAP HOLDINGS: Creditors' Proofs of Debt Due on September 30
-------------------------------------------------------------
The creditors of AmCap Holdings Ltd. are required to file their
proofs of debt by September 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 9, 2010.

The company's liquidator is:

         Ernest A. Morrison
         Milner House
         18 Parliament Street, Hamilton
         Bermuda


AMCAP HOLDINGS: Sole Member to Receive Wind-Up Report on Oct. 15
----------------------------------------------------------------
The sole member of AmCap Holdings Ltd. will receive, on
October 15, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on September 9, 2010.

The company's liquidator is:

         Ernest A. Morrison
         Milner House
         18 Parliament Street, Hamilton
         Bermuda


LSF LUX: Creditors' Proofs of Debt Due on September 29
------------------------------------------------------
The creditors of LSF Lux Holdings I, Ltd. are required to file
their proofs of debt by September 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 9, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF LUX: Members' Final Meeting Set for October 20
--------------------------------------------------
The members of LSF Lux Holdings I, Ltd. will hold their final
meeting, on October 20, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on September 9, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


MARCOR DEVELOPMENT: Creditors' Proofs of Debt Due on October 8
--------------------------------------------------------------
The creditors of Marcor Development Limited are required to file
their proofs of debt by October 8, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 13, 2010.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


MARCOR DEVELOPMENT: Members' Final Meeting Set for October 20
-------------------------------------------------------------
The members of Marcor Development Limited will hold their final
meeting, on October 20, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on September 13, 2010.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


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ELETROPAULO METROPOLITANA: Fitch Raises Issuer Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded Eletropaulo Metropolitana de
Eletricidade de Sao Paulo S.A.'s ratings.  The Outlook remains
Stable.  The full ratings list follows at the end of this release.

The upgrade of Eletropaulo's ratings reflects Fitch's view on the
strengthening of the Brazilian power sector fundamentals and the
company's ability to keep a conservative credit profile.  The
agency's opinion is based on a combination of sector resilience,
as shown during the recent global economic crisis, and the
perception of lower exposure to regulatory risk, after
approximately six years after implementating the current power
sector regulatory model.  Fitch understands that such rules have
been efficient in maintaining companies' economic-financial
balance, which allows greater analytical predictability, besides
representing a major incentive for new investments.

The ratings reflect Eletropaulo's conservative financial profile
based on its robust cash flow from operations, reduced financial
leverage and strong liquidity position.  The ratings also consider
limited cash flow volatility in diverse economical scenarios and
low risk of its regulated distribution business.  Since 2006, the
company's credit measures have remained strong and Fitch expects
these to remain in line with the current rating category.
Eletropaulo's ratings would be negatively affected by relevant
changes to the hydrological and regulatory risks, which could
significantly affect the industry fundamentals.  The rating
assigned to the 12th debenture issuance is one notch below the
company's National Scale corporate rating, for being its sole
subordinated debt.

Leverage Should Remain Conservative, Despite the Aggressive
Dividends Practice:

Eletropaulo presents a solid financial profile and its credit
measures are consistent with the assigned ratings.  On June 30,
2010, its BRL4.7 billion total debt was in line with previous
periods, while leverage, measured by total debt-to-EBITDA ratio,
was virtually constant in relation to previous years.  During the
last 12 months ended on June 30, 2010, Eletropaulo reported total
debt-to-EBITDA of 2.7 times, net debt-to-EBITDA of 1.7x and Funds
from Operations adjusted leverage of 2.3x.  Despite the practice
of distributing 100% of net income as dividends, further to
moderate investment growth, can put pressure on free cash flow,
Fitch does not expect the net debt-to-EBITDA ratio to exceed 2.5x
in the long-term.  FCF was a negative BRL168 million during the 12
month-period ended on June 30, 2010.

Robust Debt Coverage Ratios:

Eletropaulo's liquidity position is strong and has been
representing at least 1.5x short-term debt.  Fitch expects a
considerable reduction in Eletropaulo's liquidity position in the
coming years, partially pressured by the aggressive dividends
distribution practice.  Nevertheless, the agency believes
refinancing risk will remain low, based on the strength of its FFO
and cash flow from operations, and the expectation that
Eletropaulo will keep, at least, the minimum short-term debt
coverage presented historically.

The company reported BRL1.8 billion of cash and marketable
securities on June 30, 2010, which represents 9.2x the BRL194
million short-term debt.  In this period the ratios cash +
FFO/short-term debt was 18.7x; and cash + CFO/short-term debt was
16.8x.  The company presents a favorable and well distributed debt
maturity schedule, with a total BRL841 million coming due until
2012, including Fundacao Cesp, and substantial amount of total
debt with maturing from 2016 onward.  The two debenture issuances
held in 2010, with part of the resources used to the payment of
BRL474 million of the Eurobond issuance in Reais, have lengthened
the debt average tenor to 7.1 years and reduced the financial cost
to CDI + 0.74% per year.

Increased Energy Consumption Should Continue Supporting Revenue
Growth:

Eletropaulo's net revenue benefited from positive tariff
readjustments and from increased energy consumption in its
concession area.  Tariff readjustments were 8.01% and 14.88% in
July 2008 and July 2009, respectively, while energy consumption
grew 0.1% in 2009, despite the global economic crisis, and 6.8%
during the first semester of 2010 as compared to the same period
in the previous year.  The net revenue of BRL8 billion in 2009 was
6.9% above the previous year, while the net revenue of BRL8.6
billion recorded during the LTM ended on June 30, 2010 is 7.4%
above that of 2009 and should be further favored by the 8% tariff
readjustment of July 2010.

The operating cash generation, measured by EBITDA, was BRL1.7
billion during the LTM ended on June 30, 2010.  As a result,
EBITDA margin of 19.8% remained below that of other private power
distribution companies in Brazil, although such indicator presents
analytical limitations.  Should the amount of BRL166 million,
relative to expenses with Fundacao Cesp, be adjusted, EBITDA would
then be BRL1.9 billion, the margin 21.7%, while net debt-to-EBITDA
adjusted ratio would be 1.5x.  There was a strong recovery in CFO,
which reached BRL1.5 billion in the LTM ended on June 30, 2010.
Fitch expects Eletropaulo's CFO to be moderately pressured after
the next tariff review, scheduled for 2011.

Low Business Risk:

Eletropaulo's ratings incorporate the company's low business risk
profile, resulting from its exclusive concession to operate within
its service area; the monopolistic nature of the distribution
companies; and its favorable concession area.  Eletropaulo holds
the exclusive concession for energy distribution in the
metropolitan region of Greater Sao Paulo.  This favors its credit
profile, as this is one of the highest per capita income areas in
Brazil.

Change of Control, Hydrological Risks:

Eletropaulo's ratings are based on its current shareholder
structure, without considering the possibility for change of
control.  BNDESPar announced the intention to sell its
participation in Companhia Brasiliana de Energia which, on its
turn, indirectly controls Eletropaulo.  Currently, BNDESPar,
together with AES Corporation (Issuer Default Rating 'B+' by
Fitch), indirectly holds 35.3% of company's total capital.  One
clause in the Shareholders Agreement ensures AES Corporation the
first refusal right to buy the shares owned by BNDESPar in
Brasiliana.  In case AES does not exercise its right it will be
obligated to sell its participation in Brasiliana at the same time
as BNDESPar.  The risk of change of control to creditors is
mitigated by covenants which shall force the buyer or the company
to obtain a waiver from creditors or to refinance the debt, should
the company's control be taken by any agent other than BNDESPar
and AES Corporation.

Eletropaulo's ratings also incorporate the Brazilian power
sector's exposure to hydrological risk since the country's
generation matrix is highly dependent upon hydroelectric
generation plants.  Given that over 70% of the power generation
installed capacity in Brazil is derived from hydroelectric power
plants, severe droughts may expose distribution companies to
rationing, which reduces power consumption and, as a consequence,
creates negative impacts on their revenues.  Current reservoirs'
levels are favorable for this time of the year.

Key Rating Drivers:

The ratings could be negatively affected in case Eletropaulo
starts performing with higher leverage and reduced liquidity.
Fitch will also continue to monitor the outcome of legal issue
involving the company and a possible debt with Centrais Eletricas
Brasileiras S.A., which could lead to greater indebtedness.
Improvement of the ratings depends on maintenance of strong
operational cash flow generation and conservative credit metrics.

Fitch has upgraded these ratings:

Eletropaulo

  -- Long-Term Foreign Currency Issuer Default Rating to
     'BB+' from 'BB';

  -- Long-Term Local Currency IDR to 'BB+' from 'BB';

  -- Long-Term National Rating to 'AA-(bra)' from 'A+(bra)';

  -- Long-Term National Rating of the 9th issuance of debentures,
     in the amount of BRL250 million, maturing in 2018, to 'AA-
     (bra)' from 'A+(bra)';

  -- Long-Term National Rating of the 10th issuance of debentures,
     in the amount of BRL600 million, maturing in 2013, to 'AA-
     (bra)' from 'A+(bra)';

  -- Long-Term National Rating of the 11th issuance of debentures,
     in the amount of BRL200 million, maturing in 2018, to 'AA-
     (bra)' from 'A+(bra)';

  -- Long-Term National Rating of the issuance of the Bank Credit
     Certificate (Cedula de Credito Bancario-CCB), in the amount
     of BRL300 million, maturing in 2015, upgraded to 'AA-(bra)'
     from 'A+(bra)';

  -- Long-Term National Rating of the 12th issuance of
     subordinated debentures, in the amount of BRL400 million,
     maturing in 2014, to 'A+(bra)' from 'A(bra)'.

The Rating Outlook is Stable.


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AALL STAR: Shareholders' Final Meeting Set for October 14
---------------------------------------------------------
The shareholders of Aall Star Asset Management Ltd. will hold
their final meeting, on October 14, 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:

         Patrick Shaunessy
         The Crighton Building
         Suite 201 256 Crewe Road
         Grand Cayman KY1-1102
         Cayman Islands


ACORN CAPITAL: Shareholders' Final Meeting Set for October 14
-------------------------------------------------------------
The shareholders of Acorn Capital Group (Cayman) Limited will hold
their final meeting, on October 14, 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:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


AMS1 LIMITED: Shareholders' Final Meeting Set for October 15
------------------------------------------------------------
The shareholders of AMS1 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


BAYSWATER & BOND: Shareholders' Final Meeting Set for October 5
---------------------------------------------------------------
The shareholders of Bayswater & Bond Limited will hold their final
meeting, on October 5, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CORONETS LIMITED: Shareholders' Final Meeting Set for October 15
----------------------------------------------------------------
The shareholders of Coronets 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


CREDIPIA 2005: Shareholders' Final Meeting Set for October 20
-------------------------------------------------------------
The shareholders of Credipia 2005 Plus Two International Limited
will hold their final meeting, on October 20, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


GENEROUS CAPITAL: Shareholders' Final Meeting Set for October 21
----------------------------------------------------------------
The shareholders of Generous Capital Azabu Nagasaka will hold
their final meeting, on October 21, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


GREAT HARBOUR: Shareholders' Final Meeting Set for October 4
------------------------------------------------------------
The shareholders of Great Harbour Insurance (SPC) Limited will
hold their final meeting, on October 4, 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:

         K.D. Blake
         Robert Arthur
         Telephone: 345-815-2637
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


LORRAINE LIMITED: Shareholders' Final Meeting Set for October 20
----------------------------------------------------------------
The shareholders of Lorraine Limited will hold their final
meeting, on October 20, 2010, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall, Grand Cayman KY1-1102
         Cayman Islands


MACQUARIE HARBOURSIDE: Shareholders' Final Meeting Set for Oct. 20
------------------------------------------------------------------
The shareholders of Macquarie Harbourside Asset Management will
hold their final meeting, on October 20, 2010, at 9:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall, Grand Cayman KY1-1102
         Cayman Islands


MODULUS EUROPE: Shareholders' Final Meeting Set for October 7
-------------------------------------------------------------
The shareholders of Modulus Europe Limited will hold their final
meeting, on October 7, 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:

         David A.K. Walker
         c/o Prue Lawson
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


MODULUS EUROPE: Shareholders' Final Meeting Set for October 7
-------------------------------------------------------------
The shareholders of Modulus Europe (Master) Limited will hold
their final meeting, on October 7, 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:

         David A.K. Walker
         c/o Prue Lawson
         Telephone: (345) 914 8662
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


OFFSHORE DATA: Shareholders' Final Meeting Set for October 14
-------------------------------------------------------------
The shareholders of Offshore Data Systems Ltd. will hold their
final meeting, on October 14, 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:

         Patrick Shaunessy
         The Crighton Building
         Suite 201 256 Crewe Road
         Grand Cayman KY1-1102
         Cayman Islands


PROTECTED ABSOLUTE: Shareholders' Final Meeting Set for October 15
------------------------------------------------------------------
The shareholders of Protected Absolute Alpha Ltd. will hold their
final meeting, on October 15, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


ROMAN PTC: Shareholders' Final Meeting Set for October 8
--------------------------------------------------------
The shareholders of Roman PTC Ltd. will hold their final meeting,
on October 8, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


SAITAMA REVIVAL: Shareholders' Final Meeting Set for October 21
---------------------------------------------------------------
The shareholders of Saitama Revival Fund Limited will hold their
final meeting, on October 21, 2010, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


SPCP HUNGARIAN: Shareholders' Final Meeting Set for October 15
--------------------------------------------------------------
The shareholders of SPCP Hungarian Holdings Ltd. will hold their
final meeting, on October 15, 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:

         Ogier
         c/o Mark Santangeli
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9876


STEVEN LIMITED: Shareholders' Final Meeting Set for October 21
--------------------------------------------------------------
The shareholders of Steven Limited will hold their final meeting,
on October 21, 2010, at 10:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


WATERLOO & VICTORIA: Shareholders' Final Meeting Set for Oct. 5
---------------------------------------------------------------
The shareholders of Waterloo & Victoria Limited will hold their
final meeting, on October 5, 2010, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


YEUNG UK: Shareholders' Final Meeting Set for October 20
--------------------------------------------------------
The shareholders of Yeung UK No. 1 will hold their final meeting,
on October 20, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall, Grand Cayman KY1-1102
         Cayman Islands


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


NATIONAL COMMERCIAL BANK: Board Director Resigns
------------------------------------------------
National Commercial Bank Jamaica Limited has advised that Dr.
Nigel Clarke has resigned as a director of NCB and NCB Capital
Markets, RadioJamaica reports.  The resignation was effective on
September 17.

According to the report, no reason was given for the resignation.

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


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


COZUMEL CARIBE: Seeks to Delay Bid for U.S. Bankruptcy Relief
-------------------------------------------------------------
Cozumel Caribe SA is seeking to delay its bid to have its
bankruptcy case recognized in the U.S., in the wake of an
objection that called the move "premature," Dow Jones' DBR Small
Cap reports.

According to the report, the Company was set to move forward with
its request for Chapter 15 protection at a hearing on
September 22, 2010.  However, the report relates, in a letter
addressed to Judge Martin Glenn of the U.S. Bankruptcy Court in
Manhattan earlier this week, Cozumel Caribe attorney Jeffrey R.
Gleit sought to push back the company's request until a Mexican
court rules on the company's insolvency proceedings there.

Cozumel Caribe launched its Chapter 15 proceedings in Manhattan on
July 20, a few months after initiating its Mexican insolvency
proceedings, the report says.  However, the report relates, both
cases have yet to receive the blessing of the court.

                       About Cozumel Caribe

Cozumel Caribe SA de CV, a Mexican provider of tourism services at
a beachfront hotel in Cozumel, filed for Chapter 15 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 10-13913) on July 20, 2010.
Cozumel Caribe reported more than US$100 million in debts and
assets of more than US$10 million in its bankruptcy petition.


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


ALSTONS LTD: Shares Delisted From TTSE
--------------------------------------
The T&T Stock Exchange has decided to delist Alstons Ltd. from the
exchange effective yesterday, September 23, 2010, the Trinidad and
Tobago Guardian reports.

According to the report, the TTSE said the order was granted
pursuant to an application for delisting made by the TTSE, in
administering responsibility to the investing public.  The report
relates that the order was dated September 20, 2010.


CL FIN'L: CLICO Policyholders Want Government to Honor Promise
--------------------------------------------------------------
Asha Javeed at the Trinidad and Tobago Guardian reports that
Colonial Life Insurance Company (Trinidad) Limited (CLICO)
policyholders are demanding that the government honor promises
made to them by the previous administration.  CLICO is a unit of
CL Financial Limited.

According to the report, in a meeting held by the recently formed
Executive Flexible Premium Annuity Policyholders Group at the
Trinidad Hilton, policyholders slammed the government's plan for
Clico depositors.

The report notes that Finance Minister Winston Dookeran disclosed
that the government had decided to override the commitment given
by the former administration and proposed a TT$75,000 initial
payment to Clico depositors and 20 bond coupons (one for each
year) at 0%.

Clico agent Kerry Ramjag, the report notes, said that the
government's proposal poses a systemic risk to all financial
insitutions.  The report relates Mr. Ramjag explained that people
had used Clico policies in commercial banks as collateral for
assets such as mortgages and cars.  Mr. Ramjag questioned what
will happen to these assets when the value of the collateral was
depreciated, the report notes.  Above all, what is causing concern
in this group is the broken Government guarantee which undervalues
their investment, he added.  Investors want all their money back,
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.


                            ***********

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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