TCRLA_Public/110105.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, January 5, 2011, Vol. 12, No. 3

                            Headlines



A R G E N T I N A

AP ENHANCED: Placed Under Voluntary Wind-Up
AP ENHANCED: Members' Final Meeting Set for January 21
AP STRATEGIC: Placed Under Voluntary Wind-Up
AP STRATEGIC: Members' Final Meeting Set for January 21
CONTINENTAL OFFSHORE: Members' Final Meeting Set for January 28

GB TERMINALS: Placed Under Voluntary Wind-Up
GB TERMINALS: Members to Hear Wind-Up Report on January 27
GLENWOOD MULTI-STRATEGY: Placed Under Voluntary Wind-Up
GLENWOOD MULTI-STRATEGY: Members to Hear Wind-Up Report on Jan. 21
HUNTER CORPORATION: Creditors' Proofs of Debt Due January 5

HUNTER CORPORATION: Members to Hear Wind-Up Report on January 27
MGS OPPORTUNITIES: Placed Under Voluntary Wind-Up
MGS OPPORTUNITIES: Members to Receive Wind-Up Report on January 21
OVERSEAS CALLANDER: Placed Under Voluntary Wind-Up
OVERSEAS CALLANDER: Member to Receive Wind-Up Report on January 17


B R A Z I L

BANCO DAYCOVAL: S&P Affirms 'BB/B' Counterparty Credit Ratings
FIBRIA CELULOSE: Moody's Affirms 'Ba1' Corporate Family Ratings


C A Y M A N  I S L A N D S

ACERO TMT: Shareholder Receives Wind-Up Report
AP.SB.AR CAYMAN: Shareholders' Final Meeting Set for January 7
ASPECT DIVERSIFIED: Members Receive Wind-Up Report
ATSLAHA CAPITAL: Shareholders Receive Wind-Up Report
BIO ET: Member Receives Wind-Up Report

BLACKROCK CAYMAN: Shareholders' Final Meeting Set for January 6
BLUEBAY EMERGING: Shareholders' Final Meeting Set for January 21
BLUEBAY (MASTER): Shareholders' Final Meeting Set for January 21
CMF SANDRIDGE: Shareholders Receive Wind-Up Report
DB PYRUS: Shareholder to Hear Wind-Up Report on January 7

DIGILOG MAC: Members Receive Wind-Up Report
ECP CAYMAN: Shareholders' Final Meeting Set for January 7
FOXHILL MAC: Members Receive Wind-Up Report
GOLD ARROW: Shareholder Receives Wind-Up Report
GOLD ARROW: Shareholder Receives Wind-Up Report

GYLDMARK LIQUID: Shareholders' Final Meeting Set for January 7
MAKO CAYMAN: Shareholder Receives Wind-Up Report
OPSIS ENERGY: Shareholders' Final Meeting Set for January 7
P-CAP FUND: Shareholders Receive Wind-Up Report
POSCO AUSTRALIA: Shareholders' Final Meeting Set for January 7

RENEWABLE ENERGY: Shareholder to Hear Wind-Up Report on Jan. 5
RIPPLEWOOD NIPPON: Shareholders' Final Meeting Set for January 7
SANDLER CAPITAL: Shareholder Receives Wind-Up Report
SANDLER CAPITAL: Shareholder Receives Wind-Up Report
SCIVEST NET: Shareholders' Final Meeting Set for January 7

SL IBIS: Shareholders' Final Meeting Set for January 7
SPRINT VIII: Member Receives Wind-Up Report
TE HAYGROUND: Shareholders' Final Meeting Set for January 7
TE HAYGROUND: Shareholders' Final Meeting Set for January 7
TRYPHON MAC: Members Receive Wind-Up Report


C U B A

* CUBA: Government Begins Layoff of 10% Workforce


J A M A I C A

OLINT CORP: Former Owner's Hearing Postponed


M E X I C O

HIPOTECARIA SU: S&P Downgrades Ratings on Three Securities
VITRO SAB: Wants Involuntary Cases Moved to New York




                            - - - - -


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


AP ENHANCED: Placed Under Voluntary Wind-Up
-------------------------------------------
Members of AP Enhanced Leverage Series 4 Ltd resolved to
voluntarily wind up the company's operations on December 9, 2010.

Only creditors who were able to file their proofs of debt by
December 24, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


AP ENHANCED: Members' Final Meeting Set for January 21
------------------------------------------------------
The members of AP Enhanced Leverage Series 4 Ltd will hold their
final meeting on January 21, 2011, 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 December 9, 2010.

The company's liquidator is:

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


AP STRATEGIC: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 9, 2010, the member of AP Strategic Dollar Trading Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 24, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


AP STRATEGIC: Members' Final Meeting Set for January 21
-------------------------------------------------------
The members of AP Strategic Dollar Trading Ltd will hold their
final meeting on January 21, 2011, 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 December 9, 2010.

The company's liquidator is:

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


CONTINENTAL OFFSHORE: Members' Final Meeting Set for January 28
---------------------------------------------------------------
The members of Continental Offshore Fund, Ltd. will hold their
final meeting on January 28, 2011, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Nicholas Hoskins is the company's liquidator.


GB TERMINALS: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 8, 2010, the members of GB Terminals (Tianjin) Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
January 4, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road
         Hamilton
         Bermuda


GB TERMINALS: Members to Hear Wind-Up Report on January 27
----------------------------------------------------------
The members of GB Terminals (Tianjin) Limited will receive on
January 27, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on December 8, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road
         Hamilton
         Bermuda


GLENWOOD MULTI-STRATEGY: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On December 9, 2010, the members of Glenwood Multi-Strategy Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 24, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GLENWOOD MULTI-STRATEGY: Members to Hear Wind-Up Report on Jan. 21
------------------------------------------------------------------
The members of Glenwood Multi-Strategy Ltd will receive on
January 21, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


HUNTER CORPORATION: Creditors' Proofs of Debt Due January 5
-----------------------------------------------------------
The creditors of Hunter Corporation Ltd. are required to file
their proofs of debt by January 5, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 8, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         3rd Floor, Par La Ville Place
         14 Par La Ville Road, Hamilton
         Bermuda


HUNTER CORPORATION: Members to Hear Wind-Up Report on January 27
----------------------------------------------------------------
The members of Hunter Corporation Ltd. will receive on January 27,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced wind-up proceedings on December 8, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         3rd Floor, Par La Ville Place
         14 Par La Ville Road, Hamilton
         Bermuda


MGS OPPORTUNITIES: Placed Under Voluntary Wind-Up
-------------------------------------------------
On December 8, 2010, the member of MGS Opportunities NF Strategies
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 24, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MGS OPPORTUNITIES: Members to Receive Wind-Up Report on January 21
------------------------------------------------------------------
The members of MGS Opportunities NF Strategies Limited will
receive on January 21, 2011, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 8, 2010.

The company's liquidator is:

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


OVERSEAS CALLANDER: Placed Under Voluntary Wind-Up
--------------------------------------------------
On December 7, 2010, the member of Overseas Callander Fund, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 24, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robert J. Simon
         360 Hamilton Avenue, Suite #425
         White Plains, NY 10601
         USA


OVERSEAS CALLANDER: Member to Receive Wind-Up Report on January 17
------------------------------------------------------------------
The member of Overseas Callander Fund, Ltd. will receive on
January 17, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 7, 2010.

The company's liquidator is:

         Robert J. Simon
         360 Hamilton Avenue, Suite #425
         White Plains, NY 10601
         USA


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


BANCO DAYCOVAL: S&P Affirms 'BB/B' Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
global scale to 'BB/B' and national scale 'brAA-/brA-1'
counterparty credit ratings on Banco Daycoval S.A.  S&P also
revised the outlook on the ratings to positive from stable.

"The ratings on Daycoval reflect the risks inherent of operating
in the highly competitive small and midsize enterprise niche in
Brazil and the concentration on institutional investor funding,"
said Standard & Poor's credit analyst Suzane Iamamoto.  The bank's
financial profile, which includes a strong capitalization, high
liquidity, and good asset quality coupled with a low risk
appetite, partly offsets these weaknesses.

With total assets of Brazilian reals (BRL)9.2 billion as of
September 2010, Daycoval ranks among the top 30 largest banks in
the country.  Despite the small market share, S&P believes
Daycoval is recognized as a traditional and highly competitive
middle-market bank and will continue benefiting from the favorable
economic environment in Brazil.

The bank's funding profile is concentrated in institutional
investors, a structural vulnerability of midsize banks operating
in Brazil.  As of Sept. 30, 2010, customer deposits represented
63.4% of the funding base where the top 20 largest depositors
accounted for 44.1% of total deposits.  S&P believes this type of
funding tends to be more volatile than retail funding.  However,
the bank's positive liquidity gap--evidenced by its high position
in cash and money market instruments covering 93.2% of total
deposits as of September 2010--mitigates this risk.

S&P views the bank's capitalization as strong, with a regulatory
ratio of 21.2% as of September 2010.  According to S&P's
methodology, the adjusted total equity-to-adjusted assets ratio
was a relatively high 18.6% at the end of September 2010, allowing
the bank to continue expanding its business volumes and maintain
its credit fundamentals.

Daycoval remained comfortably profitable in 2010.  The bank posted
a high 3.6% return on average assets as of September 2010,
benefiting from an improved net interest margin, a focus on cost
efficiencies, and lower provisioning.  The bank's profitability
and efficiency has been high and above that of its peers.

S&P expects that the entity will continue posting strong results
as a result of the loan portfolio growth and limited risk
appetite.

S&P views Daycoval's strategy over the past several years as being
both consistent and conservative.  In particular, the primary
focus as a result of the financial crisis has been to manage its
growth, liquidity, asset mix, and funding profile.  Combined with
a strong collateral selection and management, and conservative
credit practices, these developments helped Daycoval to rapidly
recover its asset quality in 2010, which S&P believes is one of
its strengths, along with a good track record in the middle-market
segment.

The positive outlook reflects Daycoval's stronger-than-expected
financial performance throughout September 2010, and S&P's view
that the bank is likely to maintain such sound profitability on a
risk-adjusted basis.  S&P expects the bank's internally generated
capital to sustain its capitalization level, despite its robust
credit expansion, aggressive dividend policy, and inherent credit
risks of the Brazilian SME segment.

S&P could raise the ratings on Daycoval if the bank is able to
continue growing its presence in the SME market and further
develop its competitiveness in the retail segment, maintaining
strong capitalization and profitability.  On the other hand, an
unexpected sharp deterioration in credit quality, profitability,
or a reduced ability to access funding markets would put pressure
on the ratings of the bank.


FIBRIA CELULOSE: Moody's Affirms 'Ba1' Corporate Family Ratings
---------------------------------------------------------------
Moody's affirmed Fibria Celulose S.A.'s corporate family ratings
of Ba1 on the global scale and Aa2.br on the Brazilian national
scale rating, as well as the Ba1 foreign currency ratings of
Fibria Overseas Finance Ltd senior unsecured guaranteed notes.
The outlook for all ratings was changed to positive.  The
affirmation follows the announcement that Fibria has entered into
an agreement with Suzano Papel e Celulose S.A. (rated Baa3,
outlook stable) to sell its 50% interest in Consorcio Paulista de
Papel e Celulose - Conpacel and 100% of KSR Distribuidora (paper
distribution subsidiary) for BRL 1.5 billion in cash.

Ratings affirmed:

Issuer: Fibria Celulose S.A.

  - Corporate Family Rating: Ba1 (global scale); Aa2.br (Brazilian
    national scale)

Issuer: Fibria Overseas Finance Ltd (Cayman Islands)

  - US$1.87 billion senior unsecured guaranteed notes due 2020:
    Ba1 (foreign currency)

  - US$63 million senior unsecured guaranteed notes due 2019: Ba1
    (foreign currency)

The outlook for all ratings is positive.

                         Ratings Rationale

The proposed sale of its 50% stake in Conpacel (the remaining 50%
are already owned by Suzano) and of KSR is aligned with the
company's publicly stated long term strategy.  Fibria still owns
specialty paper operations which Moody's believe will also be sold
in the near term.  The deal with Suzano is expected to be
concluded during January and February of 2011, and is not subject
to anti-trust authorities approval.  The proceeds will help
strengthen Fibria's cash position in advance of substantial
financial obligations due in 2011, which include some BRL 1.5
billion related to the acquisition of Aracruz Celulose in 2009.

The positive outlook reflects Moody's expectation that Fibria will
accelerate leverage reduction with the proceeds from the announced
assets sale and will continue to report strong margins and cash
generation in the near term supported by favorable market
conditions for BEKP and despite the strengthened Real.  Moody's
expect that Fibria will prudently manage its large capex program
in the near term while maintaining healthy liquidity.

Fibria's Ba1 rating reflects its leading position as the largest
producer of market pulp in the world, its extremely competitive
production costs which are among the lowest worldwide based on a
long-term sustainable business model depicted by structural cost
advantages when compared with most international peers, including
self-sufficiency in wood fiber and electricity and efficient
logistics.  Fibria's low product diversity and its relative small
size when compared with global peers as measured by net revenues
are constraining factors for its rating.  Operational diversity is
good with pulp production spread over five plants, although 83% of
capacity is concentrated in three site locations.

Revenues are largely generated under long-term supply contracts
that support stable sales volume with good geographic
diversification.  Additionally, the Ba1 rating incorporates the
benefit from the ownership by and expected support from Votorantim
Participacoes S.A. (Baa3, outlook stable) due to existing cross
default provisions in part of Votorantim's outstanding debt.
Also, Moody's view of Fibria's strong ownership considers the fact
that the Brazilian Development Bank BNDES (A3, outlook stable) is
currently its largest individual shareholder through its
subsidiary BNDES Participacoes S.A. (A3, outlook stable) with
30.4% of Fibria's voting and total capital as of November 30,
2010, and a major lender to the company.

As anticipated, during 2010 Fibria has reduced its leverage as
measured by Net Adjusted Debt to EBITDA of 3.5x as of September
30, 2010 LTM (6.1x as of December 31, 2009) thanks to its improved
operational performance reflecting higher pulp prices and also
synergies captured from the merger with Aracruz, that more than
off-set the negative impacts of the strong Real.  EBITDA margin
(as defined by Moody's) in the first nine months of 2010 averaged
45% (30.7% in FY2009), comparing very favorably with most
international peers.  Although lower demand in China combined with
new capacity in Asia (April in China and Kerenci in Indonesia) led
to reduced pulp prices in 4Q2010 and further decline is likely to
occur during the first half of 2011, Moody's believe that the lack
of significant additional new capacity before 2013 and continuous
global demand growth will support prices at fairly high levels
over the next couple of years.

Moody's expects Fibria will be free cash flow positive in 2010 and
2011 and will continue to have ample access to pre-export
financing in support of the maintenance of adequate liquidity.
Also, Moody's believe that the Brazilian Development Bank -- BNDES
will continue to finance a substantial portion of Fibria's capital
spending at arms'-length terms and conditions.

Fibria has ambitious expansion projects in the period 2012 -- 2018
that include the expansion of the Tres Lagoas and Veracel (50%-50%
joint venture with Stora Enso) mills at an estimated total cost of
about BRL 8 billion.  Moody's expect the company will prudently
manage the timing of its capex program in order to maintain
adequate leverage and liquidity during the execution period.

The ratings could be upgraded if Fibria manages to reduce leverage
as measured by Total Adjusted Net Debt to EBITDA approaching 3x
together with Retained Cash Flow (defined as Funds From Operations
less Dividends) less Capex (net of pre-funded Capex) to Total
Adjusted Net Debt above 12% on a consistent basis.

The ratings outlook could be stabilized in case Fibria is unable
to continue to delever, or in case of deterioration in liquidity.
Also, a deterioration of VPAR's credit quality could negatively
impact Fibria's ratings.  A substantial increase in secured debt
could negatively affect the senior unsecured notes rating.

Our last rating action on Fibria was on April 22, 2010 when
Moody's assigned a Ba1 foreign currency rating to the senior
unsecured notes due 2020 issued by Fibria Overseas Finance Ltd.
and guaranteed by Fibria Celulose S.A.

Fibria Celulose S.A. is the largest producer of market pulp in the
world, and also produces specialty paper, such as coated, thermal,
and carbonless paper.  In the last twelve months ended September
30, 2010, Fibria reported consolidated net revenues of BRL 6.9
billion (US$3.9 billion converted by the average foreign exchange
rate for the period).


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


ACERO TMT: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Acero TMT Offshore Fund, Ltd. received on
December 29, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Phil Hughes
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


AP.SB.AR CAYMAN: Shareholders' Final Meeting Set for January 7
--------------------------------------------------------------
The shareholders of AP.SB.AR Cayman Ltd. will hold their final
meeting on January 7, 2011, at 9:45 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


ASPECT DIVERSIFIED: Members Receive Wind-Up Report
--------------------------------------------------
The members of Aspect Diversified Mac 8 Ltd received on
December 29, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


ATSLAHA CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Atslaha Capital Limited received on
December 28, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


BIO ET: Member Receives Wind-Up Report
--------------------------------------
The member of Bio Et Bio Finance Ltd. received on December 29,
2010, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Robert N. Forster
         John L. Herod
         Telephone: (345) 949-7055
         Facsimile: (345) 949-7004
         Butterfield House, Fort Street, George Town
         Grand Cayman KY1-1107
         Cayman Islands


BLACKROCK CAYMAN: Shareholders' Final Meeting Set for January 6
---------------------------------------------------------------
The shareholders of Blackrock Cayman Company will hold their final
meeting on January 6, 2011, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stephen Hart
         40 East 52nd Street
         New York, NY 10022
         United States of America
         Telephone: +1 212-810-5300
         e-mail: stephen.hart@blackrock.com


BLUEBAY EMERGING: Shareholders' Final Meeting Set for January 21
----------------------------------------------------------------
The shareholders of The Bluebay Emerging Market Total Return Fund
Limited will hold their final meeting on January 21, 2011, 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:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102
         Cayman Islands


BLUEBAY (MASTER): Shareholders' Final Meeting Set for January 21
----------------------------------------------------------------
The shareholders of The Bluebay (Master) Fund II Limited will hold
their final meeting on January 21, 2011, 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:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102
         Cayman Islands


CMF SANDRIDGE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of CMF Sandridge Feeder (Cayman) Ltd. received on
December 30, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Jennifer Magro
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


DB PYRUS: Shareholder to Hear Wind-Up Report on January 7
---------------------------------------------------------
The shareholder of DB Pyrus (Cayman) Limited will receive on
January 7, 2011, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Jeremy Spratt
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile:  +44 (0) 20 7694 3533
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


DIGILOG MAC: Members Receive Wind-Up Report
-------------------------------------------
The members of Digilog Mac 12 Ltd received on December 29, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


ECP CAYMAN: Shareholders' Final Meeting Set for January 7
---------------------------------------------------------
The shareholders of ECP Cayman GP Limited will hold their final
meeting on January 7, 2011, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FOXHILL MAC: Members Receive Wind-Up Report
-------------------------------------------
The members of Foxhill Mac Limited received on December 29, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


GOLD ARROW: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Gold Arrow Capital Management (Cayman), Ltd.
received on December 29, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone:  345-949-4800
         Facsimile:   345-949-7164


GOLD ARROW: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Gold Arrow Global Mining (Offshore) Fund, Ltd.
received on December 29, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone:  345-949-4800
         Facsimile:   345-949-7164


GYLDMARK LIQUID: Shareholders' Final Meeting Set for January 7
--------------------------------------------------------------
The shareholders of Gyldmark Liquid Macro Master Fund Limited will
hold their final meeting on January 7, 2011, 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 Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands


MAKO CAYMAN: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Mako Cayman Limited received on December 29,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone:  345-949-4800
         Facsimile:   345-949-7164


OPSIS ENERGY: Shareholders' Final Meeting Set for January 7
-----------------------------------------------------------
The shareholders of Opsis Energy Fund Ltd. will hold their final
meeting on January 7, 2011, at 12:30 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


P-CAP FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of P-Cap Fund SPC received on December 28, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


POSCO AUSTRALIA: Shareholders' Final Meeting Set for January 7
--------------------------------------------------------------
The shareholders of Posco Australia (Cayman) GP Limited will hold
their final meeting on January 7, 2011, 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


RENEWABLE ENERGY: Shareholder to Hear Wind-Up Report on Jan. 5
--------------------------------------------------------------
The shareholder of Renewable Energy and Environment Fund will
receive on January 5, 2011, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Tan Beng Ling
         Suite E-13A-14, Block E,
         Plaza Mont' Kiara
         2 Jalan Kiara, Mont' Kiara
         50480 Kuala Lumpur
         Malaysia
         Telephone: +603 6203 3888
         Facsimile: +603 6201 2118


RIPPLEWOOD NIPPON: Shareholders' Final Meeting Set for January 7
----------------------------------------------------------------
The shareholders of Ripplewood Nippon Columbia Holdings Ltd. will
hold their final meeting on January 7, 2011, 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


SANDLER CAPITAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Sandler Capital Structure Opportunities Master
Fund, Ltd. received on December 29, 2010, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


SANDLER CAPITAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Sandler Capital Structure Opportunities Fund,
Ltd. received on December 29, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


SCIVEST NET: Shareholders' Final Meeting Set for January 7
----------------------------------------------------------
The shareholders of Scivest Net Short Master Fund will hold their
final meeting on January 7, 2011, at 1:15 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


SL IBIS: Shareholders' Final Meeting Set for January 7
------------------------------------------------------
The shareholders of SL Ibis Limited will hold their final meeting
on January 7, 2011, 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 Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands


SPRINT VIII: Member Receives Wind-Up Report
-------------------------------------------
The member of Sprint VIII Limited received on December 29, 2010,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Robert N. Forster
         John L. Herod
         Telephone: (345) 949-7055
         Facsimile: (345) 949-7004
         Butterfield House, Fort Street, George Town
         Grand Cayman KY1-1107
         Cayman Islands


TE HAYGROUND: Shareholders' Final Meeting Set for January 7
-----------------------------------------------------------
The shareholders of Te Hayground Cove Investors, Ltd. will hold
their final meeting on January 7, 2011, at 2:30 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


TE HAYGROUND: Shareholders' Final Meeting Set for January 7
-----------------------------------------------------------
The shareholders of Te Hayground Cove Portfolio, Ltd. will hold
their final meeting on January 7, 2011, at 2:15 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


TRYPHON MAC: Members Receive Wind-Up Report
-------------------------------------------
The members of Tryphon Mac Limited received on December 29, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


=======
C U B A
=======


* CUBA: Government Begins Layoff of 10% Workforce
-------------------------------------------------
The Associated Press reports that the head of the Cuban Workers
Confederation said that the first layoffs have begun in the
communist government's program to cut the jobs of 500,000 state
workers.

Cuban state-run media quotes Salvador Valdes as saying the initial
layoffs are occurring in the sugar, agriculture, tourism, health
and construction sectors, according to The Associated Press.

The Associated Press notes that the layoffs are to affect 10% of
Cuba's government work force and are supposed to finish by March.
The job cuts are part of an economic overhaul aimed at slashing
government expenditures, the report relates.

                          *     *     *

As of January 5, 2010, the country continues to carry Moody's
"Caa2" country ceiling long-term foreign bank deposit rating and
"Caa1" country ceiling long-term foreign bank debt rating.  The
country also continues to carry Moody's "Caa1" issuer and
long-term rating.


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

OLINT CORP: Former Owner's Hearing Postponed
--------------------------------------------
RadioJamaica reports that the trial of former head of the failed
Olint Corporation Limited David Smith, did not begin on January 3,
2010, as scheduled.  The report relates that an unnamed source to
the case told RJR News that the hearing has been put off to a date
to be announced.

As reported in the Troubled Company Reporter-Latin America on
December 21, 2010, RadioJamaica said that defense lawyers for Mr.
Smith have requested that his trial be put back from the January
date that was previously agreed.  A Carib World News report said
that the businessman's attorney, Oliver Smith, filed a motion in
the U.S. District Court in Florida earlier this week, for an April
trial instead of a January 3, 2010 trial, according to
RadioJamaica.  Oliver Smith, RadioJamaica noted, claims he needs
more time to look over the 46,000 pages of documents his side must
go through for the trial.  The report related that Mr. Smith also
cited the complexity of the case and the need for investigation
and the possibility of retaining experts as well as conflicting
dates in asking for the trial to be postponed further into 2011.

                            About Olint Corp

Olint Corporation Limited was an investment club owned by David
Smith.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2010, RadioJamaica said United States authorities seek
to extradite Mr. Smith from Turks and Caicos Islands for his
involvement in financial fraud cases.  The Jamaica Gleaner said
that Mr. Smith was indicted on 23 charges in the United States.
The report related that the indictment handed down in the U.S.
District Court for the Middle District of Florida, Orlando
Division, charged Mr. Smith with four counts of wire fraud, one
count of conspiracy to commit money laundering and 18 counts of
money laundering to conceal specified unlawful activity.


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


HIPOTECARIA SU: S&P Downgrades Ratings on Three Securities
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
series from three asset-backed securities transactions backed by
Mexican construction loans issued and serviced by Hipotecaria Su
Casita S.A. de C.V. SOFOM E.N.R.  S&P also removed the ratings
from CreditWatch, where they were placed with negative
implications on Oct. 8, 2010.  At the same time, S&P affirmed its
ratings on the subordinated series HSCCB 06-2 and HSCCB 08-2 from
Hipotecaria Su Casita-Bursatilizationes de Creditos Puente II.

The downgrades reflect the deterioration of credit enhancement
within the transactions this year due to rising delinquencies and
defaults.  Considering the deals' collateralization,
subordination, reserve accounts, and excess spread, the credit
enhancement levels no longer support the previous ratings based on
both actual and projected performance.  Despite the transactions'
high default ratios, a portion of the borrowers with loans
classified as defaulted (after missing their contractual final
maturity date) have been able to continue making interest and even
principal payments, generating additional cash flow into the
trusts.  The list below details S&P's additional foreclosure
frequency assumptions for these transactions:

         Foreclosure Frequency Assumptions By Transaction

    Tranche           Rating            Foreclosure frequency (%)
    -------           ------            -------------------------
   HSCCB 06          B (sf)/mxBB+ (sf)                     26.57
   HSCCB 08          mxBBB (sf)                            28.03
   Mez notes 2005-1  B (sf)/mxBB+ (sf)                     25.54

S&P expects the performance to continue weakening over the next 12
months as a result of the continued stress in the Mexican
construction sector.  Standard & Poor's will continue monitoring
the performance of the underlying portfolios and take additional
rating actions if there is further deterioration.

       Ratings Lowered And Removed From Creditwatch Negative

  Hipotecaria Su Casita Bursatilizaciones de Creditos Puente II

          Series                                Outstanding amount
Tranche  Type   Rtg To     Rtg From             (MXN mil.)
-------  ------ ------     --------             ----------------

HSCCB 06 Senior B (sf)     BB+ (sf)/Watch Neg   1,267.57
HSCCB 06 SPUR   B (sf)     BB+ (sf)/Watch Neg   1,267.57
HSCCB 06 Senior mxBB+ (sf) mxA+ (sf)/Watch Neg  1,267.57
HSCCB 08 Senior mxBBB (sf) mxA+ (sf)/Watch Neg  1,128.20

     Hipotecaria Su Casita Construction Loan Trust (VFN & Mez)

                                                       Outstanding
                  Series                               amount
Tranche           Type   Rtg To     Rtg From           (MXN mil.)
-------           ------ ------     --------           -----------
Mez notes 2005-1  Sub    B (sf)     BB (sf)/Watch Neg    92.12
Mez notes 2005-1  Sub    mxBB+ (sf) mxA (sf)/Watch Neg   92.12

                         Ratings Affirmed

  Hipotecaria Su Casita Bursatilizaciones de Creditos Puente II

                   Series      Current      Outstanding amount
     Tranche       Type        Rating       (MXN mil.)
     -------       ------      -------      ------------------
     HSCCB 06-2    Sub         mxD (sf)     250.00
     HSCCB 08-2    Sub         mxCCC (sf)   197.43


VITRO SAB: Wants Involuntary Cases Moved to New York
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB filed a motion on Dec. 29 seeking to move
the involuntary bankruptcies against its U.S. subsidiaries to New
York where the Company filed its own Chapter 15 petition.  The
issue will be decided at a Jan. 6 hearing in the U.S. Bankruptcy
Court in Fort Worth, Texas, where the involuntary Chapter 11
petitions filed by several bondholders are pending.

According to the report, Vitro accused the dissident bondholders
of "forum shopping" and "gamesmanship" by filing the involuntary
cases in Texas and then seeking to move the later-filed Chapter 15
case to Texas.  In the Chapter 15 case, Vitro would ask the U.S.
court to enforce a reorganization plan ultimately approved by the
court in Mexico.  Vitro contends that the cases shouldn't be in
Texas because it believes the involuntary petitions will be
dismissed eventually.  Vitro argues that the bondholders' claims
are disputed, thus precluding them from filing the involuntary
petitions.  Vitro also argues that the subsidiaries are generally
paying their debts as they come due, despite the default for about
two years on their guarantees on the parent's US$1.2 billion in
bonds.

Vitro points to provisions in the U.S. Bankruptcy Code mandating
the Chapter 15 filing in New York because that's where other
bondholders filed suits in state court to collect on the defaulted
bonds.  Once the involuntary petitions in Texas are dismissed,
Vitro postulates that New York will be the only proper venue.  The
bankruptcy court in Texas scheduled a Feb. 10 trial on whether the
U.S. subsidiaries should be thrown into Chapter 11 involuntarily.

The bankruptcy judge in Fort Worth, Texas, signed a formal order
in December allowing Vitro SAB to seek limited relief from the New
York judge in the Chapter 15 case.  The Texas judge is only
allowing the New York judge to rule on whether to halt lawsuits
aimed at collecting on US$1.2 billion in notes in default for
about two years.  For the time being, at least, the New York court
can't rule on whether Vitro is entitled to invoke Chapter 15, Mr.
Rochelle said.

                           Feb. 10 Trial

Bill Rochelle earlier reported that under a schedule laid down
last week by the bankruptcy judge in Fort Worth, trial on whether
the U.S. subsidiaries should go into Chapter 11 involuntary will
begin Feb. 10.  The schedule calls for producing documents by
Jan. 12, followed by depositions to be completed by Jan. 19.
Experts are to file their reports by Jan. 21 and can be examined
under oath through Feb. 1.  Pretrial briefs on Feb. 8 will precede
the trial.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of
MXN23,991 million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case
No. 10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No.
10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No.
10-47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No.
10-47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case
No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No.
10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No.
10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No.
10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No.
10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481);
VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Secs. 1515 and 1517.


                            ***********


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 T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  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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