/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101110.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 Wednesday, November 10, 2010, Vol. 11, No. 222 Headlines A R G E N T I N A EMGASUD SA: Moody's Assigns 'B3/Baa1' Rating to US$160 Mil. Notes B E R M U D A AMERICAN STANDARD: Creditors' Proofs of Debt Due November 16 AMERICAN STANDARD: Members' Final Meeting Set for December 3 CLAREVILLE CAPITAL: Creditors' Proofs of Debt Due November 12 CLAREVILLE CAPITAL: Members' Final Meeting Set for December 3 LSF IV: Creditors' Proofs of Debt Due November 12 LSF IV: Members' Final Meeting Set for December 3 LSF LUX: Creditors' Proofs of Debt Due November 12 LSF LUX: Members' Final Meeting Set for December 3 MAINGEAR FINANCE: Creditors' Proofs of Debt Due November 12 MAINGEAR FINANCE: Members' Final Meeting Set for December 3 PALATINE RIDGE: Creditors' Proofs of Debt Due November 12 PALATINE RIDGE: Members' Final Meeting Set for December 3 B R A Z I L BANCO ABC: Fitch Affirms 'BB+' Issuer Default Rating BANCO DO NORDESTE: Fitch Assigns 'D' Individual Rating J MALUCELLI: S&P Puts Rating on CreditWatch Positive INDEPENDENCIA SA: Creditors Meeting Postponed for Lack of Quorum C A Y M A N I S L A N D S AGAM SPV: Shareholders Receive Wind-Up Report AWY LIMITED: Shareholders' Final Meeting Set for November 24 CONTIGA ABSOLUTE: Members' Final Meeting Set for November 15 CONTIGA ABSOLUTE: Members' Final Meeting Set for November 15 CREP INVESTMENT: Shareholders' Final Meeting Set for November 26 HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29 HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29 HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29 LOOMIS SAYLES: Shareholders' Final Meeting Set for November 26 LOOMIS SAYLES: Shareholders' Final Meeting Set for November 26 MINTAKA CAYMAN: Shareholders' Final Meeting Set for November 26 MISSION GLOBAL: Members' Final Meeting Set for December 1 MISSION GLOBAL: Members' Final Meeting Set for December 1 NEWLANDS LEASING: Members' Final Meeting Set for November 26 NS INFO: Shareholder Receives Wind-Up Report PMC GLOBAL: Shareholders' Final Meeting Set for November 26 QUANTITATIVE FUND: Shareholders' Final Meeting Set for November 24 SALUS EQUITY: Shareholder to Receive Wind-Up Report on December 7 SAVONA PARTNERS: Shareholders' Final Meeting Set for November 17 TRAFALGAR MERCHANT: Shareholders' Final Meeting Set for Nov. 26 E C U A D O R * Fitch Upgrades Ecuador's Issuer Default Rating to 'B-' J A M A I C A * JAMAICA: To Receive US$15 Million Loan From IDB M E X I C O MEXICANA AIRLINE: Wins Legal Shield to Aid Bankruptcy US ANTIMONY: Reports Delay of Mexican Antimony Mill P U E R T O R I C O PALMAS COUNTRY: Plan Confirmation Hearing Set for Dec. 14 V I R G I N I S L A N D K1 GROUP: Founder May be Charged This Week X X X X X X X X * Moody's: Global Default Rate Falls to 3.7% in October - - - - - ================= A R G E N T I N A ================= EMGASUD SA: Moody's Assigns 'B3/Baa1' Rating to US$160 Mil. Notes ----------------------------------------------------------------- Moody's Latin America assigned a B3/Baa1.ar rating to Emgasud's US$160 million proposed notes. The rating outlook for Emgasud is stable. The B3/Baa1.ar ratings take into consideration Emgasud's recent poor performance due to delays in the full implementation of its ED ("Energ｛ Distribuida") project, the challenges of a relatively new and untested regulatory framework and the concentration of its operations in only the Argentinean market that has been highly unpredictable in recent years. Ratings Rationale The ratings also consider the outstanding prospects for wind generation in Argentina. Although challenging for a company that has no previous experience with this technology, the successful implementation of the Rawson wind project will provide Emgasud with diversification in terms of fuel as well as an additional degree of cash flow predictability. To develop the wind farm, Emgasud relies on a appropriate location to produce wind energy, a long term contract to sell the energy, and a proven technology from its equipment supplier, who will also be the project operator for the life of the bonds. The B3/Baa1.ar ratings considers the various payment mechanisms and structural features that are available for debt repayment, which Moody's collectively view as favorable to the assigned ratings. Most of Emgasud's outstanding and new debt is payable from direct transfers to a trustee arising from collections under the Res. 220 ED contracts. In spite of initial delays in this project, construction delays and costs overruns, ED is now almost fully operational, providing Emgasud with a reasonable level of future cash flow predictability under different generation and dispatch scenarios. In addition, assuming project completion of the Rawson wind project, debt repayment will also be secured by payments under the off-take contract with Cammesa, that will have a fixed price per MWh for a 15 year period. Also, Cammesa will transfer an additional 5% of its monthly payment to EMGASUD to fund a reserve account. Further, the notes will be partially guaranteed by a pledge of certain Emgasud's turbines and by a guarantee from the national government. Moody's observes that the "ED" contracts have an average maturity of three years (which Moody's believe are likely to be renewed for a similar period) and that the wind project contracts have a fifteen term, which together should provide some cash flow predictability. However, Moody's also observe that in both cases, the off-taker is Cammesa, an agency that administers the wholesale electricity market in Argentina. Cammesa's administration of the wholesale electricity market includes the operation of the system as well as being responsible for collections and payments. As the electric price paid by consumers is not sufficient to cover its production costs and subsequent payments to producers, Cammesa faces an ongoing operating deficit that is currently financed with government resources. As such, Moody's believe that rating on EMGASUD should be closely aligned with the rating assigned to the Argentine government (B3, Stable). Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ar" for Argentina. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." Proceeds from the notes will be used to prepay outstanding notes and to complete the financing of a new wind farm project in Rawson, in the Province of Chubut, Argentina. The notes will be issued in two tranches: Class 2 up to US$81.9 million and Class 3 up to US$84.6 million which jointly will aggregate up to a maximum amount of US$160 million. Class 2 cash proceeds will be applied to refinance Class 1 notes outstanding (as of September 30th, US$80 million) while Class 3 cash proceeds will be used to finance the Rawson wind project. During the construction period and to mitigate the risks of potential delays in the construction or the commencement of the wind project's commercial operations, EMGASUD's collections from its previous "Energ｛ Distribuida" project will be available for debt repayment. After the project is completed and commercial operation begin, collections from the wind project will also be dedicated to repay the notes. Collections will be assigned to a guaranty trust, managed by Deutsche Bank S.A. (rated TQ1.ar) acting as a trustee for the benefit of bondholders. Deutsche will apply the collections under the off-take contracts to make payments under the notes. The stable outlook incorporates Emgasud's predictable cash flows after "ED" full completion under different generation scenarios as well as its expected improved financial performance over its recent historical results. The ratings could be downgraded if payments under "ED" from Cammesa experience a significant delay or if Emgasud incurs unexpected delays or costs overruns in the construction of its new wind project. Also, if Emgasud's expansion program or financial policy become more aggressive than expected such that Debt to EBITDA exceeds 5.0x or retained cash flow to Debt is lower than 15%, the ratings could come under downward pressure. Given the challenges and the inherent execution risks posed by Emgasud's new wind development as well as the company's recent poor performance, an upgrade is not likely in the near term. However over the medium term, assuming that ED continues to generate stable cash flow and when operational, should the wind project produce energy in line with Moody's current expectations the ratings could experience some upward pressure. Emgasud S.A., headquartered in the province of Buenos Aires, Argentina, initiated operations in 1991, in the gas distribution business. It also operates in gas transportation but since 2008 power generation is its main business, representing more than 80% of total revenues. As of June 2010, Emgasud reported total revenues of ARS 221 million (approximately US$55 million). ============= B E R M U D A ============= AMERICAN STANDARD: Creditors' Proofs of Debt Due November 16 ------------------------------------------------------------ The creditors of American Standard Foreign Trading Limited are required to file their proofs of debt by November 16, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 26, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda AMERICAN STANDARD: Members' Final Meeting Set for December 3 ------------------------------------------------------------ The members of American Standard Foreign Trading Limited will hold their final general meeting on December 3, 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 October 26, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda CLAREVILLE CAPITAL: Creditors' Proofs of Debt Due November 12 ------------------------------------------------------------- The creditors of Clareville Capital Shackleton Master Fund Limited are required to file their proofs of debt by November 12, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 25, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda CLAREVILLE CAPITAL: Members' Final Meeting Set for December 3 ------------------------------------------------------------- The members of Clareville Capital Shackleton Master Fund Limited will hold their final general meeting on December 3, 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 October 25, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LSF IV: Creditors' Proofs of Debt Due November 12 ------------------------------------------------- The creditors of LSF IV Golf Recovery, Ltd. are required to file their proofs of debt by November 12, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 26, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LSF IV: Members' Final Meeting Set for December 3 ------------------------------------------------- The members of LSF IV Golf Recovery, Ltd. will hold their final general meeting on December 3, 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 October 26, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LSF LUX: Creditors' Proofs of Debt Due November 12 -------------------------------------------------- The creditors of LSF Lux Holdings X, Ltd. are required to file their proofs of debt by November 12, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 27, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LSF LUX: Members' Final Meeting Set for December 3 -------------------------------------------------- The members of LSF Lux Holdings X, Ltd. will hold their final general meeting on December 3, 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 October 27, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda MAINGEAR FINANCE: Creditors' Proofs of Debt Due November 12 ----------------------------------------------------------- The creditors of Maingear Finance, Ltd. are required to file their proofs of debt by November 12, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 27, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda MAINGEAR FINANCE: Members' Final Meeting Set for December 3 ----------------------------------------------------------- The members of Maingear Finance, Ltd. will hold their final general meeting on December 3, 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 October 27, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda PALATINE RIDGE: Creditors' Proofs of Debt Due November 12 --------------------------------------------------------- The creditors of Palatine Ridge Insurance Company Limited are required to file their proofs of debt by November 12, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 26, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda PALATINE RIDGE: Members' Final Meeting Set for December 3 --------------------------------------------------------- The members of Palatine Ridge Insurance Company Limited will hold their final general meeting on December 3, 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 October 26, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda =========== B R A Z I L =========== BANCO ABC: Fitch Affirms 'BB+' Issuer Default Rating ---------------------------------------------------- Fitch Ratings-Sao Paulo/New York-05 November 2010: Fitch Ratings has affirmed the ratings of Banco ABC Brasil S.A.: -- Long-term foreign currency and local currency Issuer Default Rating at 'BB+'; Outlook Stable; -- Short-term FC and LC IDR at 'B'; -- Individual rating at 'C/D'; -- Support rating at '3'; -- Long-term national rating at 'AA-(bra)'; Outlook Stable; -- Short-term national rating at 'F1+(bra)'; Outlook Stable. The FC and LC IDRs, national ratings and the Individual rating of ABCBr are based on the bank's good credit controls, strong asset quality, experienced management, all in the context of its strategy which is focused on the extension of credit and services to large and medium-sized companies with strong credit profiles. The ratings also consider ABCBr's modest size and limited revenue diversification resulting from its relative concentration of funding sources. In addition, the Support rating reflects the moderate probability of support from its major shareholding parent, Arab Banking Corporation (ABC; rated with an IDR of 'BBB+' with a Stable Outlook; Individual rating of 'D' by Fitch), as recently demonstrated in fourth quarter 2008 (4Q'08) and first half 2009 (1H'09) by the liquidity assistance provided by the parent's lines of credit. During the last 15 months the bank has used its strong liquidity and additional sources of funding to continue growing its overall loan portfolio and its presence in the middle market. The favorable economic environment and the bank's conservative credit standards resulted in a high quality credit portfolio (impaired loan ratio of only 2.4% at 3Q'10), which led to good profitability. Both of these trends are expected to continue, subject to a satisfactory seasoning of its loan portfolio. The bank's increased focus on the middle market is expected to further diversify its loan portfolio and enable greater spreads than those obtained from the larger corporates; however, this could put pressure on asset quality. The importance that the bank puts on its credit culture along with its existing credit controls mitigates these risks. ABCBr improved its long-term funding with a US$300 million, 10- year subordinated debt issue further strengthening its total capital ratios and offsetting recent pressure from the expanded risk-weighted assets. However, the recent asset expansion without an accompanying Tier I increase resulted in a decrease in the quality of the bank's capital as the Tier I ratio declined to the still acceptable 12.2% at end-September 2010 (14.6% at end- December 2009 and 17.9% at end-2008). In addition, the bank paid dividends of 36% of its earnings by June 2010 (68% in 2009), which put further pressure on its capitalization. Fitch's eligible capital ratio at Sept. 30, 2010 was 15.6%, with a Core capital ratio of 12.1%. While the parent has demonstrated its support through the extension of credit lines during the crisis, Fitch believes that the probability of future parent support, if needed, can only be viewed as moderate, as the Brazilian operation is currently not considered as a key part of its parent's long-term strategy which continues to be focused on the Middle East and North Africa region. ABCBr's Individual rating remains constrained by the balance sheet and the revenue concentrations inherent in its business model, typical of banks in its niche. A significant deterioration in the bank's asset quality measures as the new loan portfolio seasons, or significant pressure on capital ratios from significant credit portfolio expansion that is not offset by a growth in capital, could negatively impact the ratings. ABCBr was established in 1989 and is currently 56.4% controlled by ABC through Marsau Uruguay Holdings. Of the remaining shares, 32.7% are owned by the market and 10.9% by the bank's management and employees. BANCO DO NORDESTE: Fitch Assigns 'D' Individual Rating ------------------------------------------------------ Fitch Ratings has assigned these ratings to Banco do Nordeste do Brasil S.A.: -- Foreign Currency and Local Currency Long-term Issuer Default Ratings 'BBB-'; Outlook Positive; -- Foreign and Local Currency short-term IDRs 'F3'; -- Individual rating 'D'; -- Support rating '2'; -- Support rating floor 'BBB-'; -- National long-term rating 'AA+(bra)'; Outlook Stable; -- National short-term rating 'F1+(bra)'. BNB's FC long-term IDR, equal to the sovereign rating, is derived from the support of its main shareholder, the National Treasury, an organ controlled by the Federal Republic of Brazil (rated with a FC long-term IDR of 'BBB-', with a Positive Outlook by Fitch). This support also reflects the importance of BNB for the development of Brazil's Northeast Region. The Individual Rating considers its great dependency on the Constitutional Fund for Financing the Northeast in the origination of revenue, funding, and capacity to generate loans, as well as its healthy liquidity, good business diversification and an asset quality superior to that of its peers. The rating also considers the fact that management experiences political influence, as do the other government-owned banks. BNB supports its operations through the FNE, which, as established by its creation, provided in the Federal Constitution of 1988, receives part of the Industrialized Products and Federal Income Taxes collected, transferring these resources to the bank to finance the northeast region productive sectors and sharing 50% of the risk of such loans with the bank. With assets of BRL29 billion at fiscal year end 2009, the FNE is administered by the bank, which receives management and 'del-credere' fees from the fund, with alterations to the Federal Constitution required for the bank to lose control of the fund. BNB's loan portfolio of BRL9.9 billion at FYE09, which does not include over BRL7.9 billion in loans entirely allocated to the FNE but for which the bank is responsible, has presented a growing delinquency rate since 2008, but one still below that of its peer average. Impaired loans allocated only to the bank grew from 7.6% of the total in 2008 to 8.7% in first-half 2010. BNB presents adequate leveraging, but it could limit its strategic planning in the long term. Although the bank relies on the FNE to acquire its subordinate issuances (BRL1 billion issued in 2009 and 2010), restoring its capitalization, Fitch notes that such issuances have been diminishing the bank's capital quality by increasing the portion of Level 2 capital. The long-term ratings would be altered in the event of changes in the sovereign IDRs. Thus, given that Brazil's sovereign IDRs' Outlook was revised to Positive from Stable on June 28, 2010, BNB's FC and LC IDRs were assigned a Positive Outlook as well. The Individual rating could benefit from lesser dependency on the FNE in terms of revenue, funding and the capacity to originate loans. On the other hand, it would be negatively affected in case of a deterioration in its loan portfolio quality (individual or shared), or by potential legal and political situations adverse to the bank's interests. BNB's activities are focused on rural producers (family and industrial), mini, small, medium and large companies, and individuals in Brazil's Northeast Region. Its reach covers all states of the Northeast, as well as part of Minas Gerais and Espirito Santo. J MALUCELLI: S&P Puts Rating on CreditWatch Positive ---------------------------------------------------- Standard & Poor's Ratings Services said that it placed its 'brA-' Brazilian national scale rating on J. Malucelli Seguradora S.A. on CreditWatch with positive implications and affirmed its ratings on Parana Banco S.A. (global scale: BB-/Stable/B; national scale: brA-/Stable/--). The action followed the announcement by Parana Banco that it had agreed to sell a portion of its common stock ownership of J. Malucelli Participacoes em Seguros e Resseguros S.A. (holding company of J. Malucelli Seguradora; not rated) to The Travelers Companies Inc. (A-/Positive/A-2). "S&P believes the partnership with the Traveler's Group will improve J. Malucelli Seguradora's financial flexibility and its business profile, with higher premium retention capacity because of the capital increase and the potential to expand its participation in the surety insurance business in Brazil," said Standard & Poor's credit analyst Ricardo Brito. The Brazilian insurance group will also benefit from the joint use of Traveler's globally recognized brand name and access to Traveler's expertise in the surety bonds, reinsurance, and property and casualty insurance businesses. Although Parana Banco will reduce its participation in the insurance arm of the group, it will continue profiting from this business and benefit from its growth after the partnership forms. Paran? Banco will maintain its core business in payroll discount lending. Once S&P fully understands all the implications of the joint venture, and upon the local regulatory authorities' approval of the transaction, S&P will likely raise its rating on J. Malucelli Seguradora. INDEPENDENCIA SA: Creditors Meeting Postponed for Lack of Quorum ---------------------------------------------------------------- Joao Oliveira at Bloomberg News reports that creditors of Independencia SA canceled a meeting in Sao Paulo on November 8, 2010, because of lack of participation. According to Bloomberg, the meeting was rescheduled for November 22, Theo Boscoli, the lawyer of a cattle producer that is a creditor of Independencia, said after the meeting was postponed. Bloomberg notes that Independencia SA, whose creditors include Citibank Inc. and JPMorgan Chase & Co., said Oct. 13 it halted production and cut senior management jobs after failing to generate enough cash to cover costs. The company filed for bankruptcy protection in February 2009. In September, the report notes, the company missed a US$12 million interest payment on US$165 million of its 15 percent bonds due in 2015. About Independencia SA Independencia SA -- http://www.independencia.com.br/-- is Brazil's fourth largest meat exporter. It filed for bankruptcy protection earlier this year after the global economic crisis caused exports to slump. Independencia S.A. filed its Chapter 15 petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903). Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the Debtor's counsel. * * * As reported in the Troubled Company Reporter-Latin America on October 4, 2010, Fitch Ratings downgraded Independencia S.A's local and foreign currency issuer default rating to 'D' from 'C'; and National scale rating to 'D(bra)' from 'C(bra)'. ========================== C A Y M A N I S L A N D S ========================== AGAM SPV: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of Agam SPV Four Limited (Cayman) received on October 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Christopher P. Meyering Sciens Investment Management LLC 667 Madison Avenue New York NY 10065 USA AWY LIMITED: Shareholders' Final Meeting Set for November 24 ------------------------------------------------------------ The shareholders of AWY Limited will hold their final meeting on November 24, 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: Stuart Sybersma c/o Rob Rintoul Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 814-2238 Facsimile: (345) 949-8258 CONTIGA ABSOLUTE: Members' Final Meeting Set for November 15 ------------------------------------------------------------ The members of Contiga Absolute Return Fund Limited will hold their final meeting on November 15, 2010, to receive 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 CONTIGA ABSOLUTE: Members' Final Meeting Set for November 15 ------------------------------------------------------------ The members of Contiga Absolute Return Master Fund Limited will hold their final meeting on November 15, 2010, to receive 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 CREP INVESTMENT: Shareholders' Final Meeting Set for November 26 ---------------------------------------------------------------- The shareholders of Crep Investment L Cayman will hold their final meeting on November 26, 2010, at 12:45 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29 ---------------------------------------------------------------- The shareholder of HSBC Alpha Funding (UK) Limited will receive on November 29, 2010, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Beverly Bernard c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29 ---------------------------------------------------------------- The shareholder of HSBC Alpha Plus (UK) Limited will receive on November 29, 2010, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Beverly Bernard c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29 ---------------------------------------------------------------- The shareholder of HSBC Alpha Investments (UK) Limited will receive on November 29, 2010, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Beverly Bernard c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 LOOMIS SAYLES: Shareholders' Final Meeting Set for November 26 -------------------------------------------------------------- The shareholders of Loomis Sayles Consumer Discretionary Hedge Fund I, Ltd. will hold their final meeting on November 26, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands LOOMIS SAYLES: Shareholders' Final Meeting Set for November 26 -------------------------------------------------------------- The shareholders of Loomis Sayles Consumer Discretionary Hedge Fund II, Ltd. will hold their final meeting on November 26, 2010, at 12:15 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands MINTAKA CAYMAN: Shareholders' Final Meeting Set for November 26 --------------------------------------------------------------- The shareholders of Mintaka Cayman Limited will hold their final meeting on November 26, 2010, at 1:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman, KY1-9002 Cayman Islands MISSION GLOBAL: Members' Final Meeting Set for December 1 --------------------------------------------------------- The members of Mission Global Asset Fund, Ltd will hold their final meeting on December 1, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands MISSION GLOBAL: Members' Final Meeting Set for December 1 --------------------------------------------------------- The members of Mission Global Asset Master Fund, Ltd will hold their final meeting on December 1, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands NEWLANDS LEASING: Members' Final Meeting Set for November 26 ------------------------------------------------------------ The members of Newlands Leasing Limited will hold their final meeting on November 26, 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: Bernard McGrath 69 Dr. Roy's Drive, PO Box 1043 George Town Grand Cayman KY1-1102 Cayman Islands NS INFO: Shareholder Receives Wind-Up Report -------------------------------------------- The shareholder of NS Info Ltd. received on September 21, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694, Grand Cayman PMC GLOBAL: Shareholders' Final Meeting Set for November 26 ----------------------------------------------------------- The shareholders of PMC Global Equity Hedge Fund Inc will hold their final meeting on November 26, 2010, at 11:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands QUANTITATIVE FUND: Shareholders' Final Meeting Set for November 24 ------------------------------------------------------------------ The shareholders of Quantitative Fund, Ltd. will hold their final meeting on November 24, 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: Mourant Ozannes Cayman Liquidators Limited Harbour Centre, Third Floor 42 North Church Street, George Town P.O. Box 1348, Grand Cayman KY1-1108 Cayman Islands SALUS EQUITY: Shareholder to Receive Wind-Up Report on December 7 ----------------------------------------------------------------- The shareholder of Salus Equity Market Neutral Offshore Fund Ltd. will receive on December 7, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694, Grand Cayman SAVONA PARTNERS: Shareholders' Final Meeting Set for November 17 ---------------------------------------------------------------- The shareholders of Savona Partners Limited will hold their final meeting on November 17, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands TRAFALGAR MERCHANT: Shareholders' Final Meeting Set for Nov. 26 --------------------------------------------------------------- The shareholders of Trafalgar Merchant Fund will hold their final meeting on November 26, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands ============= E C U A D O R ============= * Fitch Upgrades Ecuador's Issuer Default Rating to 'B-' -------------------------------------------------------- Fitch Ratings has upgraded Ecuador's ratings: -- Foreign Currency Issuer Default Rating to 'B-' from 'CCC'; Outlook Stable; -- Short-term foreign currency IDR to 'B' from 'C'; -- Global 2015 uncollateralized foreign currency bonds to 'B-' from 'CCC'; Fitch also affirmed the country ceiling at 'B-' and the collateralized foreign currency Par and Discount Brady bonds at 'B-'. The upgrade to 'B-' reflects the easing of near-term liquidity and financing constraints for Ecuador due to the recovery in international oil prices and increased bilateral lending. Loan agreements with China worth US$2.6 billion (4.4% of GDP) and continued financing from the public social security agency have provided Ecuador with resources for budgetary support and infrastructure spending. Ecuador's creditworthiness balances moderate levels of public and external debt and the country's relatively high income and human development levels against demonstrated weak willingness to service debt as well as the sovereign's fragile payment capacity. Ecuador's ratings are also constrained by limited transparency and disclosure of public finances information. Ecuador's external financing needs (current account balance plus external debt amortizations) have come down in tandem with the decline of the current account deficit. The CAD finished 2009 at 0.6% of GDP and is likely to remain modest at 0.8% of GDP in 2010. Hence, in the absence of a terms-of-trade shock, external financing needs could remain relatively manageable at 49% and 65% of international reserves in 2010 and 2011, respectively. While external liquidity has recovered (126% in 2010) due to the improved fiscal performance and bilateral financing, it remains low in comparison to the 'B' median of 197%. Given Ecuador's limited external financing sources as well as high commodity dependence, Fitch considers that higher liquidity is necessary to assuage concerns about the sustainability of dollarization. 'Ecuador's limited sources of recurrent and reliable financing as well as the high dependence of external and fiscal accounts on oil prices will continue to weigh on the sovereign's capacity to service its outstanding debt commitments,' said Erich Arispe, Director in Fitch's Sovereign Group. Moreover, the sovereign's demonstrated weak willingness constitutes a key weakness in Ecuador's credit profile. Fitch considers that growth prospects remain low for regional standards and in comparison to rating peers due to structural weaknesses related to low private investment, weak institutional framework and declining oil production. The Ecuadorean economy could expand by 2.7% and 2.9% in 2010 and 2011, respectively, in comparison to the 5.5% and 5% 'B' median performance. Evidence of enhanced willingness or strengthened capacity to service outstanding debt according to original terms could benefit Ecuador's creditworthiness. On the other hand, downward pressure on Ecuador's ratings could arise from greater-than-expected deterioration in fiscal and external accounts and from signs of further erosion in willingness to service its outstanding debt. ============= J A M A I C A ============= * JAMAICA: To Receive US$15 Million Loan From IDB ------------------------------------------------- Jamaica will improve the competitiveness of its agricultural sector with measures to improve the quality of food production, foster the development of agricultural and agro-processing value chains, and increase farmer's access to national and international markets with a US$15 million loan from the Inter-American Development Bank. The project seeks to boost income of beneficiaries by as much as 17 percent; cut by half the number of outbreaks and food borne illnesses; and reduce the percentage of fresh and processed food exports that is rejected because of failure to meet quality standards. The loan will back training for farmers related to market requirements demanded by local and international markets; help farmers tailor their production to meet the needs from the local hotel industry; support marketing of their products in the US, UK, and Canadian markets; as well as support capacity building on certification, traceability, grades, and standards. The loan is for a 25-year period, with 5-year grace and maturity periods and an interest rate based on the Libor. * * * According to the Troubled Company Reporter-Latin America on January 18, 2010, Fitch Ratings downgraded Jamaica's long-term local currency rating to 'C' from 'CCC'. In addition, Fitch has affirmed Jamaica's long-term and short-term foreign currency ratings at 'CCC' and 'C' respectively, and affirmed the Country Ceiling at 'B-'. Jamaica's sovereign ratings Outlook remains Negative. =========== M E X I C O =========== MEXICANA AIRLINE: Wins Legal Shield to Aid Bankruptcy ----------------------------------------------------- Compania Mexicana de Aviacion SA won its request for bankruptcy protection from U.S. creditors, after disputes were resolved with a bank and a group of airports, Bloomberg News reports. According to Bloomberg, U.S. Bankruptcy Judge Martin Glenn in Manhattan court approved Mexicana's request for protection under Chapter 15 of the U.S. bankruptcy code. The report relates that the ruling will help the 87-year-old company reorganize in its main bankruptcy in Mexico by giving it a legal shield from U.S. creditors. "All objections have been resolved," allowing the company to use cash collateral of its bank lender, and resolving amounts the airline owes to U.S. airports, Mexicana lawyer William Heuer told Judge Glenn, Bloomberg notes. Airport Action Bloomberg discloses that international airports in Denver, Dallas, Miami and Sacramento, California, sought court permission in August to take legal action against Mexicana if they didn't get "timely" payment of passenger facility charges. The report notes that Judge Glenn had refused their request and ordered a resolution of the dispute. Judge Glenn, the report relates, also overruled objections raised in court by lawyers who said they represented union members who work for the airline. They sought to object to Mexicana's motion to designate the Mexican bankruptcy a main bankruptcy proceeding, saying that filings in the U.S. contradicted or omitted information filed in the Mexican proceeding, Bloomberg notes. "All creditors are not served in the petition for recognition," Bloomberg quoted Judge Glenn as saying, noting that his court only has jurisdiction over assets in the U.S. The lawyers had failed to file objections in a timely manner, he added, the report notes. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/-- is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on August 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines Bankruptcy News. The newsletter tracks the chapter 11 proceedings and the ancillary proceedings undertaken by Compania Mexicana de Aviacion and its units. (http://bankrupt.com/newsstand/or 215/945-7000). US ANTIMONY: Reports Delay of Mexican Antimony Mill --------------------------------------------------- United States Antimony Corporation announced a delay in the start- up of its newly constructed antimony mill in Queretaro, Mexico, due to the selection of the area as a UNESCO "World Heritage Site". The Governor of Queretaro has offered his full support in relocating the mill to a site closer to both the Soyatal and Los Juarez antimony properties. John Lawrence, CEO of USAC, commented, "Despite the delay, the new site's lower transportation costs will expand USAC's gross margins significantly." He also said, "USAC's unaudited Q3 revenue for both the Antimony and BRZ Zeolite Divisions set all-time record highs. BRZ sold 2,138 tons of zeolite to the West Valley Demonstration Project near Buffalo, New York under the direction of the Department of Energy for the remediation of radioactive strontium 90 in the groundwater. Antimony prices continue to set all-time record highs as the market contends with potential restrictions on Chinese supplies. Thompson Falls, Mont.-based United States Antimony Corporation produces and sells antimony and zeolite products. The Company's balance sheet at June 30, 2010, showed US$4.72 million in total assets, US$1.32 million in total liabilities, and a US$3.92 million stockholders' equity. DeCoria, Maichel & Teague, P.S., in Spokane, Wash., expressed substantial doubt about the Company's ability to continue as a going concern, following the Company's 2009 results. The independent auditors noted that of the Company's negative working capital and accumulated deficit. ==================== P U E R T O R I C O ==================== PALMAS COUNTRY: Plan Confirmation Hearing Set for Dec. 14 --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico approved on October 28, 2010, the disclosure statement referring to Palmas Country Club, Inc.'s Chapter 11 plan of reorganization. As a result, the Debtor and parties in interest may now solicit acceptances or rejections of the Debtor's Plan of Reorganization pursuant to 11 U.S.C. Sec. 1125. Objections to confirmation of the Plan are due 21 days prior to the date of the hearing on confirmation of the Plan, which the Court has set for December 14, 2010, at 2:00 p.m. at the U.S. Post Office and Courthouse Building, Courtroom 2, 300 Recinto Sur Street, Old San Juan, Puerto Rico. As reported in the Troubled Company Reporter on October 11, 2010, under Palmas Country Club's plan, certain assets identified as the "Club Facilities" will be sold to Tourism Development Fund ("TDF") in payment of substantially all amounts outstanding under the parties' Financing Agreements. Upon closing of the Sale, TDF intends to sell the Club Facilities to Palmas Athletic Club, Inc. ("PAC"), a non-profit entity created by certain Palmas del Mar residents specifically to operate and preserve the Club Facilities. If the Sale is finally approved, the Debtor's secured creditors will be deemed to have been paid in full, except for amounts owed pursuant to the TDF Loan Agreement that will be paid only to the extent there is cash available after paying post- petition maintenance expenses. Additionally, the real property taxes owed to secured creditor Municipal Revenue Collection Center in the amount of US$133,800, will be paid in full by TDF as a condition of the Sale. Any resulting deficiency claim of TDF will be deemed an unsecured claim in Class 6. TDF has voluntarily elected to forgo any dividend for the TDF Deficiency Claim. The Plan also provides for the payment of approximately 6% of allowed unsecured claims, except for the TDF Deficiency Claim, in one lump sum payment to be made on or before 30 days after the Effective Date if the Plan is funded with the Parent Company Contribution. If the Plan is funded with TDF Contingent Contribution, then this class will receive approximately __% of their claims. All equity interests in Debtor will be canceled and equity holders will receive no distribution. The Plan will be funded by US$198,000 from Palmas del Mar Properties, Inc., the Debtor's parent company if the releases herein requested are granted. Of this amount, US$98,000 will be used to pay CRIM for personal property taxes and US$100,000 for distribution to general unsecured creditors and holders of unliquidated and contingent claims. If the releases are not granted, then the Plan will be funded by a US$150,000 contribution from TDF. A full-text copy of the Disclosure Statement is available for free at http://bankrupt.com/misc/PALMASCOUNTRY_DS.pdf About Palmas Country Club, Inc. Humacao, Puerto Rico-based Palmas Country Club, Inc., owns certain real estate facilities located in Palmas del Mar, Humacao, Puerto Rico, consisting of an 18 hole championship golf course known as the Flamboyan Course, an 18 hole golf course known as Palm Course, a 22,200 square feet golf clubhouse, a 5,600 square feet beach club house, a tennis club, and other related facilities. Palmas filed for Chapter 11 bankruptcy protection on August 4, 2010 (Bankr. D. P.R. Case No. 10-07072). Alexis Fuentes- Hernandez, Esq., at Fuentes Law Offices, assists the Debtor in its restructuring effort. The Debtor disclosed US$23,973,011 in assets and US$58,546,398 in liabilities as of the Petition Date. ======================== V I R G I N I S L A N D ======================== K1 GROUP: Founder May be Charged This Week ------------------------------------------ K1 Group hedge fund founder Helmut Kiener may be charged this week over what prosecutors say was a scheme that led to hundreds of millions in losses at Barclays Plc, JPMorgan Chase & Co. and BNP Paribas SA, Bloomberg News reports. According to Bloomberg, charges may be filed this week or next after the formal investigation is completed, said Dietrich Geuder, a spokesman for prosecutors in Wuerzburg, Germany. Bloomberg relates that Mr. Kiener and other suspects have been investigated for fraud and breach of trust. Mr. Kiener, the report notes, has denied the allegations. As reported in the Troubled Company Reporter-Latin America on July 7, 2010, Bloomberg News said that Dieter Frerichs, a suspect in an investigation K1 Group, committed suicide to escape apprehension from authorities. Mr. Frerichs was a managing director of two British Virgin Island-based K1 investment funds. According to the report, K1 Group is at the center of an international criminal probe after saddling banks including Barclays Plc, JPMorgan Chase & Co. and BNP Paribas SA with losses. The report relates that the Wuerzburg prosecutors said they expect the total damage incurred by an alleged deception scheme to be more than EUR300 million (US$376 million). Meanwhile, Bloomberg notes, prosecutors have also been probing David Zuendorf, who worked with the K1 funds' Swiss administrator Treukapital Treuhandverwaltung AG and was arrested in April. K1 Global and K1 Invest have both filed for liquidation. K1 Group is a German hedge fund firm. =============== X X X X X X X X =============== * Moody's: Global Default Rate Falls to 3.7% in October ------------------------------------------------------- The trailing 12-month global speculative-grade default rate dropped to 3.7% in October 2010, down from a level of 4.0% in September, said Moody's Investors Service in a new report. A year ago, the global default rate was much higher at 13.4%. The ratings agency's default rate forecasting model now predicts that the global speculative-grade default rate will fall to 2.8% by the end of this year before declining to 1.9% by October 2011. "Defaults continue to come in near, but generally below, our expectations," said Albert Metz, Moody's Director of Credit Policy Research. "Issuers are able to find the liquidity they need when they need it." In the U.S., the speculative-grade default rate fell to 3.6% in October from 4.0% in September, while in Europe, the default rate declined to 2.8% in October from 3.5% in October. The U.S. and European default rate stood at 14.6% and 10.6% respectively, at this time last year. Among U.S. speculative-grade issuers, Moody's forecasting model foresees the default falling to 2.9% by December 2010 and then declining to 2.2% a year from now. In Europe, the forecasting model projects the speculative-grade default rate will end the year at 2.1% before dropping to 1.2% by October 2011. A total of five Moody's-rated corporate debt issuers defaulted in October, which sends the year-to-date default count to 45. This is below Moody's January projection that 63 defaults would have been recorded through the first ten months of the year. In comparison, a total of 247 defaults were recorded in the comparable time period last year. Across regions, all of October's defaults were by North American issuers except for Hipotecaria Su Casita, S.A. de C.V., which is based in Latin America. Across industries over the coming year, default rates are expected to be highest in the Hotel, Gaming, & Leisure sector in the U.S. and the Durable Consumer Goods sector in Europe. Measured on a dollar volume basis, the global speculative-grade bond default rate edged lower to 1.4% in October, down from 2.0% in September. Last year, the global dollar-weighted default rate was noticeably higher at 19.3%. In the U.S., the dollar-weighted speculative-grade bond default rate ended at 1.1% in October, down from the level of 1.8% in September. The comparable rate was 20.1% in October 2009. In Europe, the dollar-weighted speculative-grade bond default rate edged lower to 2.4% in October from 2.6% in September. At this time last year, the European speculative-grade bond default rate was 12.0%. Moody's speculative-grade corporate distress index -- which measures the percentage of rated issuers that have debt trading at distressed levels -- came in at 14.1% in October, down from the level of 15.0% in September. A year ago, the index was much higher at 27.2%. In the leveraged loan market, no Moody's-rated loan defaulters defaulted in October. Therefore the year-to-date loan default count remained unchanged at 19. The trailing 12-month U.S. leveraged loan default rate fell from 4.1% in September to 3.6% in October. A year ago, the loan default rate was 11.5%. *********** 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. Agravante, 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. * * * End of Transmission * * *