TCRLA_Public/110117.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

             Monday, January 17, 2011, Vol. 12, No. 11

                            Headlines


A N T I G U A   &   B A R B U D A

STANFORD INT'L: Owner's Psychiatric Test Should be at Prison


B E R M U D A

68 BERMUDA: Creditors' Proofs of Debt Due January 21
68 BERMUDA: Members' Final Meeting Set for February 11


B R A Z I L

AGROPECUARIA NOSSA: Moody's Rates Proposed US$250 Mil. Notes at B3
ENERGISA SA: Moody's Puts Rating on US$200 Million Notes at Ba2
ENERGISA SA: Fitch Rates Proposed US$200MM Perpetual Notes at BB-


C A Y M A N   I S L A N D S

AM DIVERSIFIED: Placed Under Voluntary Liquidation
CDROMULUS CORPORATION: Creditors' Proofs of Debt Due January 20
COMPANIA MEXICANA: Commences Liquidation Proceedings
DEVELOPMENT CREDIT: Creditors' Proofs of Debt Due January 19
ECF SPECIAL: Creditors' Proofs of Debt Due January 19

ECF SPECIAL: Creditors' Proofs of Debt Due January 19
EUROPEAN ENERGY: Commences Liquidation Proceedings
GERMEX LTD: Commences Liquidation Proceedings
GLOBAL MARITIME: Creditors' Proofs of Debt Due January 19
GMFF ARES: Creditors' Proofs of Debt Due January 19

GYLDMARK LIQUID: Creditors' Proofs of Debt Due January 19
HB COMMODITY: Creditors' Proofs of Debt Due January 19
HIGHBRIDGE CONVERTIBLE: Creditors' Proofs of Debt Due January 19
ISLAND SEA: Placed Under Voluntary Wind-Up
IVY EQUITY: Creditors' Proofs of Debt Due January 19

IVY FIXED: Creditors' Proofs of Debt Due January 19
NEW ELLINGTON: Creditors' Proofs of Debt Due January 19
ORGANON HOLDINGS: Creditors' Proofs of Debt Due January 19
P.G.P. COMPANY: Placed Under Voluntary Wind-Up
PALANTIR OFFSHORE: Creditors' Proofs of Debt Due January 19

PBL MH: Creditors' Proofs of Debt Due January 19
PBL MH2: Creditors' Proofs of Debt Due January 19
RRE INVESTORS: Creditors' Proofs of Debt Due January 19
RUSSIAN ENTERTAINMENT: Creditors' Proofs of Debt Due January 19
SHELTER COVE: Creditors' Proofs of Debt Due January 20

SHUAA FUND: Commences Liquidation Proceedings
SL NISHINAKASU: Creditors' Proofs of Debt Due January 19
UTSTARCOM INC: To Change Place of Incorporation to Cayman Islands
TURKEY ADVANTAGE: Commences Liquidation Proceedings
WCOP LTD: Creditors' Proofs of Debt Due January 19

WDB CAPITAL: Creditors' Proofs of Debt Due January 19
WOODPECKER CO: Creditors' Proofs of Debt Due January 20


J A M A I C A

CASH PLUS: Bailiffs Return Assets Taken From Liquidator's Office


M E X I C O

GMAC FINANCIERA: Moody's Cuts Rating on 06U Class A Cert. to Caa3


X X X X X X X X

* BOND PRICING: For the Week January 10 to January 14, 2011




                            - - - - -


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


STANFORD INT'L: Owner's Psychiatric Test Should be at Prison
------------------------------------------------------------
Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg News
report federal prosecutors said that Stanford International Bank
owner, Robert Allen Stanford, should be sent to a U.S. Bureau of
Prisons medical facility for psychiatric evaluation.

The report relates that in a proposed order submitted to U.S.
District Judge David Hittner in Houston, government attorneys said
Mr. Stanford should be confined to such a facility for as long as
30 days, during which he would also be examined for residual
effects of a head injury suffered in a jailhouse fight and be
treated for a prescription drug dependency.  "Such an evaluation
will allow for the reduction in [Mr.] Stanford's medications at an
appropriate psychiatric Bureau of Prisons facility with medical
supervision," Bloomberg quoted the U.S. prosecutors as saying.

As reported in the Troubled Company Reporter-Latin America on
January 11, 2011, Houston Chronicle said U.S. District Judge
David Hittner ruled that Mr. Stanford cannot be tried until he
undergoes detoxification from addictions to medications he's
received in jail.  The report related that Mr. Stanford's trial,
which was scheduled on January 24, 2011, is delayed indefinitely.

According to Bloomberg, Judge Hittner told each side at the time
to submit a proposed order addressing where the financier should
receive medical treatment.

Bloomberg notes that while prosecutors asked for an order keeping
Stanford in the federal lock-up nearest the court, defense
attorneys rejected that concept in their filing.

Mr. Stanford's attorneys argued that the drug wasn't medically
necessary and that the present facility lacks a full-time medical
staff, Bloomberg notes.  The defense said that they have asked the
judge to consider home confinement with electronic monitoring or
hospitalization at a Houston hospital formerly known as the
Institute for Rehabilitation and Research, now called TIRR
Memorial Hermann, part of the Texas Medical Center, Bloomberg
relates.

Meanwhile, Bloomberg says that prosecutors oppose Mr. Stanford's
removal from the federal prison system, maintaining that he is a
flight risk.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi- billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009, before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


68 BERMUDA: Creditors' Proofs of Debt Due January 21
----------------------------------------------------
The creditors of 68 Bermuda Limited are required to file their
proofs of debt by January 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 5, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


68 BERMUDA: Members' Final Meeting Set for February 11
------------------------------------------------------
The members of 68 Bermuda Limited will hold their final meeting on
February 11, 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 January 5, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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


AGROPECUARIA NOSSA: Moody's Rates Proposed US$250 Mil. Notes at B3
------------------------------------------------------------------
Moody's Investors Service has assigned first-time B3 corporate
family rating to Agropecuaria Nossa Senhora do Carmo S.A. and B3
to its proposed US$250 million 7-year senior unsecured notes
issued by its Cayman Island based offshore subsidiary, Virgolino
de Oliveira Finance Limited, with an unconditional guarantee from
Agropecuaria Nossa Senhora do Carmo S.A., and its subsidiaries
Virgolino de Oliveira S.A. A‡ucar e Alcool, A‡ucareira Virgolino
de Oliveira S.A., and Agropecuaria Terras Novas S.A.  The outlook
for both ratings is stable. The B3 rating reflects Virgolino's
enhanced operating performance boosted by the partnership with
Copersucar, as well as the lengthened debt profile after the
proposed issuance that would be more in line with company's
operating cash generation. This is the first time Moody's has
rated Virgolino.

"Despite the volatile nature of the sugar and ethanol industry and
the susceptibility of its earnings to currency fluctuations, the
profitability and cash flow of Virgolino's operations improved in
the fiscal year end 2009/2010 (April/2010) as a result of
significant operating efficiencies after the startup of two newest
sugar and ethanol plants Jose Bonifacio, initiated in 2006 and
Moncoes in 2008, still high international sugar prices and the
absence of non-recurring events, including the cost of a new
energy generator in the previous year," says Ricardo Kovacs, a
Moody's Vice President and lead analyst for Virgolino.

The positive trend with respect to sugar prices was evidenced in
Virgolino's 2Q11 increased revenues.  The company also benefited
from the flexible product mix between sugar and ethanol segments
that allows management to shift mix of its 12 million tons of
crushing capacity between 40% and 60% depending on the prevailing
market conditions.  Moody's expects Virgolino's sugar and ethanol
businesses to deliver more stable earnings once all four
production units anticipate elevated capacity utilization given
expectations that demand for sugar and ethanol would remain higher
than supply over the next 12 months, with lower global inventory
levels and international prices trending above historical
averages.

"The completion of the US$250 million issuance is key to align
Virgolino's debt maturity schedule to current cash flow generation
level", says Ricardo, adding that "Moody's expects further efforts
from the management to deleverage its balance sheet over the next
18 months and on cost reduction efforts in order to better manage
the segment's volatility without damaging future cash inflows".

The company currently has only four operating mills: The
concentration of operations in these four plants increases
exposure to event risks like accidents and labor strikes, which
could cause business interruptions and impact cash flow
unexpectedly.

With 12 million tons of crushing capacity and approximately US$600
million of net revenues, Virgolino is significantly smaller
in terms of net revenues than its international rated peers
Suedzucker (Baa2, US$8.1 billion), Tate&Lyle (Baa3, US$5.5
billion) and Tereos (Ba3, US$4.3 billion), as well as its
Brazilian peer Cosan (rated Ba2, US$8.8 billion), which has
crushing capacity of 62 million tons through 23 sugar-cane mills.

Virgolino's smaller size, however, is partially mitigated by its
ability to report higher operating margins than most of its peers.
Its EBITDA margin of 28.4% in FY 4/10(according to Moody's
standard adjustments) is somewhat higher than its international
peers' and compares favorably against its Brazilian peer, Cosan.
The company benefits from the significant cost advantages of
operating in one of the highest yielding sugar cane regions of the
world.  Virgolino further benefits from its Copersucar exclusivity
partnership agreement which assures full acquisition of production
and more stable cash flow while allowing relatively lower
transportation costs.  Virgolino's tight control over cost of
production, and the fact that 50% of its sugarcane is from its own
or leased land from its shareholders and third parties, and the
remaining 50% coming from third-parties with no concentration are
also credit positives.

A Corporate Family Rating is an opinion on the expected loss
associated with the debt obligations of a group of companies
assuming that it had one single class of debt and is a single
consolidated legal entity.  Specific debt instruments for the same
corporate family may be rated differently, depending on their
seniority and guarantors, as compared to other debt instruments
issued by the group.

The B3 rating assigned to the senior unsecured notes is at the
same level of Virgolino's corporate family rating given the
limited amount of secured debt in the capital structure.  The
company plans to use the proceeds to prepay short term secured
indebtedness as described in the offering memorandum.  Moody's
has reviewed preliminary draft legal documentation for the
transaction.  The rating assumes there will be no material
variation from the drafts reviewed and that all legal agreements
are legally valid, binding and enforceable.

The stable outlook reflects Moody's expectation that Virgolino's
management will remain focused on improving its debt maturity
profile, reduce leverage and improve cash flow metrics.  In
addition, Moody's expects earnings to grow double digits in the
2011 fiscal year due to the recent historical pickup in sugar
prices, keeping in mind the inherent volatility of commodity
prices, and that excess cash generation will be used to pay-down
maturing debt.  Moody's expect Virgolino to remain free cash flow
positive and maintain conservative financial policies.

Positive pressure could develop if debt to EBITDA fell below 4.0x,
RCF to net debt was above 20% and EBITA to interest expense went
above 1.5x, on a sustained basis.

Negative pressure could develop on the rating if FCF went
negative, EBITA to interest expense fell below 1.0x and EBITDA
margin was reduced to below 20% on a sustainable basis.  Although
unlikely in our view, if Virgolino were to leave Copersucar for
any reason, it would also pressure the rating.

The principal methodology used in this rating was Global Food -
Protein and Agriculture Industry published in September 2009.

Founded in the 1930's and based in Sao Paulo state, Brazil,
Virgolino is a family owned business still headed by the founding
Oliveira family.  It operates in the sugar and ethanol production
through 4 production plants, all located in Sao Paulo state, and
posted BRL1.0 billion revenues for the fiscal year ending April
2010.


ENERGISA SA: Moody's Puts Rating on US$200 Million Notes at Ba2
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 foreign currency rating
to the US$200 million senior unsecured perpetual notes to be
issued by Energisa S.A.  The outlook is stable.  The net proceeds
of the issuance will be used for general purposes.

The Ba2 foreign currency rating assigned to the perpetual issuance
reflects the Ba2 global local currency corporate family rating of
Energisa as well as the senior unsecured nature of this
obligation.  Energisa's Ba2 corporate family rating reflects solid
credit metrics for the rating category, sound liquidity position,
experienced management, and the inherently stable and predictable
cash-flow nature of the electricity distribution business.

Energisa's fairly sizeable capital expenditures program, intended
to increase Energisa's participation in the unregulated
electricity generation business, is a constraint on the ratings.
Energisa plans to invest around BRL1.3 billion over the next three
years mainly to expand the generation business, meet performance
targets set by the regulator, and reduce energy losses.  Of this
amount, around BRL900 million will go to construct two wind power
farms with an installed capacity of 236 MW scheduled to come on
stream in 2013.  Energisa is negotiating the borrowing of long-
term funding for the construction of these generation projects
with two major federal-owned investment banks, BNDES and Banco do
Nordeste do Brasil BNB.  Once the generation projects are
completed, Moody's believes that the distribution business will
still represent more than 75% of the consolidated cash flow.

Additional constraints on Energisa's ratings are the evolving
Brazilian regulatory framework and Energisa's recent profit
volatility resulting from a somewhat aggressive hedging policy.
Moody's observes that Energisa has made revisions to its hedging
and financial policies which we believe reduces the likelihood of
such reoccurring volatility.

Energisa's stable rating outlook reflects Moody's expectation that
the company will continue to produce solid credit metrics for the
rating category, which the mix of business will continue to remain
largely focused around distribution activities, that the new
hedging strategy will reduce cash flow and earnings volatility and
that the company will secure financing to fund its generation
projects.

In light of the November 2010 upgrade of Energisa's corporate
family rating and the large capital investment program anticipated
over the next three years, near-term prospects of rating upgrade
appear limited.  The rating could be downgraded if the company is
not able to secure financing at reasonable terms for its
generation projects, if the construction activity results in
material delays that negatively impacts cash flow and costs, or if
the company's chooses to finance its growth strategy with higher
than anticipated leverage.  Quantitatively, a downgrade could
result should the ratio of retained cash flow to debt drops below
10% or its cash flow interest coverage falls below 2.5x for an
extended period.

Moody's observes the securities being offered has specific hybrid-
like features, including cumulatively deferred interest and under
certain circumstances, a dividend stopper.  However, such features
do not alter our view of the rating for this unsecured debt
obligation.  Moody's assumes that there is no material variation
from the draft documents reviewed for the notes being issued and
that all legal agreements are legally valid, binding and
enforceable.

The last rating action on Energisa was on November 19, 2010, when
Moody's upgraded Energisa's corporate family rating to Ba2 from
Ba3 on the global scale.  At the same time, Moody's changed the
outlook of all ratings to stable from positive.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009 coupled with
"Revisions to Moody's Hybrid Tool Kit".

Energisa, based in Cataguases, Minas Gerais, is a holding company
that controls five electricity distribution utilities in four
Brazilian states, serving approximately 2.3 million consumers.  In
the first nine months of 2010, Energisa distributed 5,704 GWh,
which is equivalent to around 2% of the country's electricity
consumption.  In the twelve month period ended September 30, 2010,
Energisa posted net sales of BRL1.9 billion and net profit of
BRL174 million.  Energisa is listed on the Brazilian stock market
and is controlled by the Botelho family.


ENERGISA SA: Fitch Rates Proposed US$200MM Perpetual Notes at BB-
-----------------------------------------------------------------
Fitch Ratings affirmed Energisa S.A.'s 'BB-' ratings and upgraded
its subsidiaries' ratings to 'BB' from 'BB-'.  Concurrently, Fitch
assigned a 'BB-' rating to Energisa's proposed US$200 million
senior perpetual notes.  The proceeds will be used to general
corporate purpose.  The Rating Outlook for all corporate ratings
is Stable.

The rating actions reflect the strengthening of the Brazilian
electric power sector as well as its resilience during the recent
global economic crisis.  The Brazilian electricity regulatory
framework is now considered mature and stable, which lowers
participants' exposure to regulatory risk.  The current regulatory
framework, which has been in place for seven years, has proven to
be balanced and efficient in attracting much needed investment to
increase generation capacity and strengthen transmission and
distribution infrastructure.

Energisa's ratings reflect the company's adequate consolidated
financial profile, characterized by moderate leverage, robust
liquidity, and lengthened debt maturity profile.  The company also
benefits from a resilient and predictable operating cash flow from
its subsidiaries that operate essentially in the energy
distribution segment as regulated natural monopolies and have
benefited from a diversified and growing client base.  Energisa's
credit profile is bolstered by its low business risk profile due
to the diversified power distribution concessions, with further
improvements once the investments in power generation mature and
become more representative.  The ratings incorporate the group's
exposure to foreign exchange movements and hydrological risk.

The one notch difference between Energisa's ratings and those
of its subsidiaries is based on the increased relevance and
structural subordination of the holding company's debt compared to
that of the operational companies.  Considering the new senior
perpetual notes issuance, the holding company debt will represent
more than 30% of consolidated debt, compared to 24% as of Sept.
30, 2010.

Energisa's cash flow has been benefited by the increased energy
consumption in the group's concession areas and, to a lesser
extent, the gradual reduction of the group's energy losses.  These
factors have offset the negative impact of the tariff review
process, concluded in 2009.  For the last 12 months ended
Sept. 30, 2010, consolidated EBITDA reached BRL508 million,
according to Fitch criteria, representing a 26.7% EBITDA margin,
which compares positively with its peers.  Fitch believes that for
2011 and 2012, Energisa should continue to gradually improve its
operational indicators, including energy losses, which, combined
with the start-up of some generation projects could partly offset
the effects of the next tariff review process, scheduled to start
in 2012.

Negative Free Cash Flow for the Coming Two Years:

Energisa's free cash flow (FCF) is expected to stay negative in
the coming two years as a result of high capital expenditures and
dividends distribution.  Fitch believes that the generation
segment, after commencing operations, will improve Energisa's
business profile and provide more stability to its operational
cash flow.  Cash flow from operations increased by approximately
18% to BRL464 million for the LTM ended Sept. 30, 2010.  Cash
generation was used to fund ongoing capital expenditures program
and the dividend distribution, resulting
in a negative FCF of BRL77 million.

Energisa presents comfortable liquidity levels on a consolidated
basis.  As of Sept. 30, 2010, the group reported BRL553 million of
cash and marketable securities on short-term, which covered 2.3
times (x) its short-term debt.  For the same period, cash + FFO-
to-short-term debt ratio was solid at 4.0x, evidencing its
adequate debt repayment schedule.  Debt is concentrated in the
long term, with maturities well distributed over time, with some
concentration in 2013 and average maturity profile of 4.9 years as
of Sept. 30, 2010.

The proposed perpetual notes are unsecured and unsubordinated.
The perpetual notes have not received any equity credit despite
having cumulative and deferrable coupon payments at issuer's
discretion, which are at discretionary.  If coupon payments are
deferred, the company should make all efforts, in accordance with
the law, to not pay dividends.  In accordance with its 'Equity
Credit for Hybrids & Other Capital Securities' and 'Rating Hybrid
Securities' methodologies as well as the weakest-link approach,
Fitch will allocate the total amount of hybrid perpetual notes as
debt when analysing Energisa's consolidated financial leverage.
Key factor supporting this decision is the senior unsecured nature
of the issuance and the conditional deferability.

Energisa's consolidated net leverage is considered moderate for
the rating.  Net debt-to-EBITDA ratio was 2.6x for the period of
LTM ended in Sept. 30, 2010, slightly higher than the 2.5x
recorded in 2009.  Fitch expects that net leverage will slightly
decreased to around 2.4x in 2011 and 2012, in spite of the
maintenance of strong investments in energy generation.  For the
coming two years, as the group obtains efficiency gains, reduces
losses and starts reaping the benefits of the generation projects,
leverage should start a decreasing trend.

The ratings could be negatively impacted by a significant drop in
energy consumption within its concession area, an energy rationing
scenario, and/or higher than anticipated leverage ratios.
Additional new investments beyond those envisioned and that may
demand significant amount of capital could pressure credit
quality.  A rating upgrade may be driven by greater cash flow from
operations and more conservative leverage and credit protection
measures.

Energisa

-- Foreign currency Issuer Default Rating (IDR) affirmed at
    'BB-';

-- Local Currency IDR affirmed at 'BB-'

-- Long-term national scale rating affirmed at 'A(bra)';

-- Long-term national rating of the 3rd debentures issuance, in
    the amount of BRL150 million, due in 2014, affirmed at
    'A(bra)';

-- Long-term international rating of the senior perpetual notes
    assigned at 'BB-'.

Energisa Paraiba

-- Foreign currency IDR upgraded to 'BB' from 'BB-';

-- Local Currency IDR upgraded to 'BB' from 'BB-';

-- Long-term national scale rating upgraded to 'A+(bra)' from
    'A(bra)';

-- Long-term international rating of the notes units, in the
    amount of US$83 million, due in 2013, upgraded to 'BB' from
    'BB-';

-- Long-term national rating of the 1st debentures issuance, in
    the amount of BRL80 million, due in 2014, upgraded to 'A+
    (bra)' from 'A(bra)'.

Energisa Sergipe

-- Foreign currency IDR upgraded to 'BB' from 'BB-';

-- Local currency IDR upgraded to 'BB' from 'BB-';

-- Long-term national scale rating upgraded to 'A+(bra)' from
    'A(bra)';

-- Long-term international rating of the notes units, in the
    amount of US$167 million, due in 2013, upgraded to 'BB' from
    'BB-';

-- Long-term national rating of the 1st debentures issuance, in
    the amount of US$42 million, due in 2015, affirmed at
    'A(bra)';

-- Long-term national rating of the 2nd debentures issuance, in
    the amount of BRL60 million, due in 2014, upgraded to 'A+
    (bra)' from 'A(bra)'.

Energisa Minas Gerais

-- Foreign currency IDR upgraded to 'BB' from 'BB-';

-- Local currency IDR upgraded to 'BB' from 'BB-';

-- Long-term national scale rating upgraded to 'A+(bra)' from
    'A(bra)';

-- Long-term national rating of the 2nd debentures issuance, in
    the amount of BRL60 million, due in 2014, upgraded to 'A+
    (bra)' from 'A(bra)'.


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


AM DIVERSIFIED: Placed Under Voluntary Liquidation
--------------------------------------------------
On December 3, 2010, the sole shareholder of AM Diversified
Relative Value Offshore Fund, Ltd. resolved to voluntarily wind up
the company's operations

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


CDROMULUS CORPORATION: Creditors' Proofs of Debt Due January 20
---------------------------------------------------------------
The creditors of Cdromulus Corporation are required to file their
proofs of debt by January 20, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 10, 2010.

The company's liquidator is:

         Linburgh Martin
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102
         Cayman Islands


COMPANIA MEXICANA: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on December 7, 2010, the
shareholder of Compania Mexicana de Leasing Internacional resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

         Societe Generale S.A.
         29, boulevard Haussmann, 75009
         Paris, France


DEVELOPMENT CREDIT: Creditors' Proofs of Debt Due January 19
------------------------------------------------------------
The creditors of Development Credit Limited are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


ECF SPECIAL: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------
The creditors of ECF Special Securities II, Ltd. are required to
file their proofs of debt by January 19, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


ECF SPECIAL: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------
The creditors of ECF Special Securities, Ltd. are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


EUROPEAN ENERGY: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on December 6, 2010, the
sole shareholder of European Energy Fund resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Kurt Frohlicher
         Sihlstrasse 24
         8001
         Zurich


GERMEX LTD: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on October 29, 2010, the
shareholders of Germex Ltd resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Albert Pirotte
         c/o Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


GLOBAL MARITIME: Creditors' Proofs of Debt Due January 19
---------------------------------------------------------
The creditors of Global Maritime Futures Fund Limited are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


GMFF ARES: Creditors' Proofs of Debt Due January 19
---------------------------------------------------
The creditors of GMFF Ares Fund are required to file their proofs
of debt by January 19, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on December 3, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


GYLDMARK LIQUID: Creditors' Proofs of Debt Due January 19
---------------------------------------------------------
The creditors of Gyldmark Liquid Macro Fund Limited are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on December 3, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


HB COMMODITY: Creditors' Proofs of Debt Due January 19
------------------------------------------------------
The creditors of HB Commodity Strategies Fund, Ltd are required to
file their proofs of debt by January 19, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 6, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


HIGHBRIDGE CONVERTIBLE: Creditors' Proofs of Debt Due January 19
----------------------------------------------------------------
The creditors of Highbridge Convertible Opportunities Fund, Ltd
are required to file their proofs of debt by January 19, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on December 6, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


ISLAND SEA: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on December 8, 2010, the
shareholder of Island Sea Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626
         Cayman Islands


IVY EQUITY: Creditors' Proofs of Debt Due January 19
----------------------------------------------------
The creditors of Ivy Equity Alpha Transport Fund, Ltd. are
required to file their proofs of debt by January 19, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


IVY FIXED: Creditors' Proofs of Debt Due January 19
---------------------------------------------------
The creditors of IVY Fixed Income Alpha Transport Fund, Ltd. are
required to file their proofs of debt by January 19, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


NEW ELLINGTON: Creditors' Proofs of Debt Due January 19
-------------------------------------------------------
The creditors of New Ellington Credit Overseas, Ltd. are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


ORGANON HOLDINGS: Creditors' Proofs of Debt Due January 19
----------------------------------------------------------
The creditors of Organon Holdings are required to file their
proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


P.G.P. COMPANY: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on December 8, 2010, the
shareholder of P.G.P. Company Ltd. resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626
         Cayman Islands


PALANTIR OFFSHORE: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------------
The creditors of Palantir Offshore Ltd. are required to file their
proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2010.

The company's liquidator is:

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


PBL MH: Creditors' Proofs of Debt Due January 19
------------------------------------------------
The creditors of PBL MH Investments No. 1 (CI) Limited are
required to file their proofs of debt by January 19, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


PBL MH2: Creditors' Proofs of Debt Due January 19
-------------------------------------------------
The creditors of PBL MH2 Holdings No.1 (CI) Limited are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


RRE INVESTORS: Creditors' Proofs of Debt Due January 19
-------------------------------------------------------
The creditors of RRE Investors Fund, LDC are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 1, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


RUSSIAN ENTERTAINMENT: Creditors' Proofs of Debt Due January 19
---------------------------------------------------------------
The creditors of Russian Entertainment Fund are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 6, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


SHELTER COVE: Creditors' Proofs of Debt Due January 20
------------------------------------------------------
The creditors of Shelter Cove Capital Management are required to
file their proofs of debt by January 20, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 6, 2010.

The company's liquidator is:

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


SHUAA FUND: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on December 6, 2010, the
sole shareholder of Shuaa Fund Management Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ghassan Hitti
         c/o Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


SL NISHINAKASU: Creditors' Proofs of Debt Due January 19
--------------------------------------------------------
The creditors of SL Nishinakasu Holdings Inc. are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


UTSTARCOM INC: To Change Place of Incorporation to Cayman Islands
-----------------------------------------------------------------
UTStarcom, Inc., announced a proposed reorganization to change its
place of incorporation from Delaware to the Cayman Islands.

The reorganization is expected to involve the Company's merger
with a newly formed subsidiary, as a result of which the Company
will become a wholly owned subsidiary of a Cayman Islands holding
company.  It is expected that each outstanding share of common
stock of the Company will be converted into the right to receive
one ordinary share of UTStarcom Cayman, which will be issued by
UTStarcom Cayman in connection with the merger pursuant to a
registered offering.  Following the merger, UTStarcom Cayman,
together with its subsidiaries, is expected to own and continue to
conduct UTStarcom's business in substantially the same manner as
is currently being conducted by UTStarcom and its subsidiaries.
While UTStarcom Cayman will be taxed as a United States
corporation, it is expected to qualify as a foreign private issuer
for purposes of its reporting obligations with the SEC, which the
Company expects will reduce its compliance operating costs.  The
shares of UTStarcom Cayman are expected to be listed on the NASDAQ
Stock Market.

The merger requires the affirmative vote of a majority of the
Company's outstanding common stock.  Notice of the special meeting
and a proxy statement/prospectus describing the reorganization
will be mailed to UTStarcom's stockholders of record on the record
date selected by the Board of Directors.  The record date and
special meeting are expected to occur during the first half of
2011.

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

The Company's balance sheet at Sept. 30, 2010, showed US$810.98
million in total assets, US$557.68 million in total liabilities,
and stockholders' equity of US$253.31 million.

                           *     *     *

In its Form 10-K, the Company noted that it has recorded operating
losses in 19 of the 20 consecutive quarters in the period ended
December 31, 2009.  At December 31, 2009, the Company had an
accumulated deficit of US$1.067 billion.  While operating results
are expected to improve in 2010 compared with prior years,
management expects the Company to continue to incur losses in
2010.


TURKEY ADVANTAGE: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on December 6, 2010, the
sole shareholder of Turkey Advantage Fund Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ghassan Hitti
         c/o Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


WCOP LTD: Creditors' Proofs of Debt Due January 19
--------------------------------------------------
The creditors of WCOP, Ltd. are required to file their proofs of
debt by January 19, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


WDB CAPITAL: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------
The creditors of WDB Capital UK Equity Fund Limited are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on December 7, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


WOODPECKER CO: Creditors' Proofs of Debt Due January 20
-------------------------------------------------------
The creditors of Woodpecker Co, Ltd are required to file their
proofs of debt by January 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 2, 2010.

The company's liquidator is:

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


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


CASH PLUS: Bailiffs Return Assets Taken From Liquidator's Office
----------------------------------------------------------------
RadioJamaica reports that the equipment and furniture that were
removed from the office of Hugh Wildman, the liquidator for Cash
Plus Limited, are being returned after he formally lodged a
complaint with the Half Way Tree Police Station about bailiffs who
removed the items illegally from his office.  The report relates
that Mr. Wildman was told to provide a list itemizing what was
taken.

Bailiffs, under the instruction of attorney Minett Lawrence,
turned up at the Mr. Wildman's office to execute a seize-and-sale
order from the Supreme Court, according to RadioJamaica.  The
report notes that the order specified that assets for Cash Plus
should be seized to pay off almost JM$9 million in debt owing to a
company named Catalyst Limited.

However, RadioJamica discloses, despite protests that assets for
Cash Plus were not at the liquidator's office, the items were
still removed leading Mr. Wildman to file a complaint against the
men who took them.

Meanwhile, the report says, Mr. Wildman is in discussions with
representatives of the company, with a view to securing money to
repay investors who lost funds.  However, RadioJamaica relates,
when Mr. Wildman was asked to give an update on the progress of
the talks, he declined to comment because he said it could
compromise the talks and cause the Cash Plus representatives to
pull out of the negotiations.

Despite the talks, Mr. Wildman said he is still in the process of
trying to liquidate assets Cash Plus owned, in an effort to repay
some of the money that was lost when the entity collapsed,
RadioJamaica adds.

                        About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It collapsed
in 2007 after the Financial Services Commission moved to regulate
its operations.  The company is a financial arm of the Cash Plus
Group of Companies, a business conglomerate established in 2002 by
mortgage banker Carlos Hill.  The company offers its participants
the opportunity to participate in the group's ventures which
include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling JM$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


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


GMAC FINANCIERA: Moody's Cuts Rating on 06U Class A Cert. to Caa3
-----------------------------------------------------------------
Moody's de Mexico has downgraded four certificates from Mexican
RMBS issued by GMAC Financiera S.A. de C.V., Sociedad Financiera
de Objeto Multiple, Entidad No Regulada.  The underlying
collateral consists of first-lien, fixed-rate mortgage loans
denominated in UDIS and granted primarily to low-income borrowers
in Mexico.  This concludes the review for possible downgrade for
MXMACCB 06U Class A, MXMACFW 07U Class A, and MXMACFW 07-3U Class
A that was initiated on April 30, 2009, and for MXMACFW 06U Class
A that was initiated on September 21, 2010.

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

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

-- MXMACFW 06U Class A, ratings downgraded to Caa3.mx (sf) from
    Caa1.mx (sf) (Mexican National Scale) and to Caa3 (sf) from
    Caa1 (sf) (Global Scale, Local Currency).

-- MXMACFW 07U Class A, ratings downgraded to Ba2.mx (sf) from
    A3.mx (sf) (Mexican National Scale) and to B2 (sf) from Ba3
    (sf) (Global Scale, Local Currency).

-- MXMACFW 07-3U Class A, ratings downgraded to B1.mx (sf) from
    Ba2.mx (sf) (Mexican National Scale) and to B3 (sf) from B2
    (sf) (Global Scale, Local Currency); underlying rating
    downgraded to Caa1 (sf) from B2 (sf) (Global Scale, Local
    Currency).

Issuer: Banco J.P. Morgan, S.A. Institucion de Banca Multiple,
J.P. Morgan Grupo Financiero, Division Fiduciaria, acting solely
as trustee.

-- MXMACCB 06U Class A, ratings downgraded to A2.mx (sf) from
    Aa3.mx (sf) (Mexican National Scale) and to Ba2 (sf) from Baa3
    (sf) (Global Scale, Local Currency).

The downgrades were based on the continuing deterioration of the
collateral's performance and Moody's updated projection of
lifetime cumulative gross defaults and expected losses on the
pools.  These projections consider an additional stress factor to
account for possible further deterioration related to servicing
quality and the potential for disruptions following servicing
transfers.  The affected loan pools have varying percentages that
are either i) serviced by Hipotecaria Su Casita, which is
currently restructuring its operations, or ii) serviced by
Patrimonio S.A. de C.V. as of November 1, 2010 following a
servicing transfer away from Hipotecaria Credito y Casa (a
servicer that is liquidating its operations).

In addition, the MXMACFW 07-3U Class A certificates benefit from a
financial guaranty provided by MBIA Insurance Corporation which
covers timely payment of interest and ultimate payment of
principal on the certificates.  The MXMACFW 07-3U Class A
certificates' B3 (sf) rating is in-line with MBIA Insurance
Corporation's B3 insurance financial strength rating. The
certificates' current ratings are consistent with Moody's practice
of rating structured finance securities wrapped by financial
guarantors at the higher of (1) the guarantor's insurance
financial strength rating and (2) the underlying rating.

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

-- MXMACCB 06U: 20.2% after 57 months since closing, versus 14.5%
    as of 12 months ago

-- MXMACFW 06U: 38.7% after 50 months since closing, versus 29.8%
    as of 12 months ago

-- MXMACFW 07U: 24.4% after 45 months since closing, versus 17.5%
    as of 12 months ago

-- MXMACFW 07-3U: 29.0% after 41 months since closing, versus
    19.6% as of 12 months ago

Further, the transactions have relatively high outstanding pool
balances ranging between 64% and 80% of the original balances.
Given the transactions' weak performance trends to date and their
high pool factors, Moody's expects significantly higher lifetime
cumulative gross defaults as a percent of the original pools as
compared to the level of defaults observed to date.

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

-- MXMACCB 06U: 31% of original balance, or 49% of current
    balance

-- MXMACFW 06U: 50% of original balance, or 70% of current
    balance

-- MXMACFW 07U: 41% of original balance, or 52% of current
    balance

-- MXMACFW 07-3U: 47% of original balance, or 59% of current
    balance

After estimating projected lifetime gross default rates as a
percent of the current pool balances including REOs, Moody's
determined the pool expected losses by applying a severity of loss
assumption on the projected defaulted loan balance.  Moody's
updated expected net loss projections are as follows:

-- MXMACCB 06U: 22% of current balance
-- MXMACFW 06U: 43% of current balance
-- MXMACFW 07U: 36% of current balance
-- MXMACFW 07-3U: 40% of current balance

Moody's then compared these net loss projections with the
estimated lifetime available credit enhancement by certificate,
which is as follows:

-- MXMACCB 06U Class A: 26% of current balance
-- MXMACFW 06U Class A: 20% of current balance
-- MXMACFW 07U Class A: 35% of current balance
-- MXMACFW 07-3U Class A: 31% of current balance

Regarding the variability of the MXMACFW 07-3U Class A
certificates' B3 (sf) rating, if Moody's were to downgrade MBIA
Insurance Corporation's insurance financial strength rating by one
notch to Caa1 from B3, the MXMACFW 07-3U Class A certificates'
would also likely experience a one-notch downgrade to Caa1 (sf).

Regarding the variability of the MXMACCB 06U Class A, MXMACFW 06U
Class A, and MXMACFW 07U Class A ratings, if Moody's were to
instead assume the following cumulative gross defaults as a
percent of the current pool balance, the certificates' would also
likely experience a one-notch downgrade:

-- MXMACCB 06U Class A, 51% (instead of 49%)
-- MXMACFW 06U Class A, 90% (instead of 70%)
-- MXMACFW 07U Class A, 55% (instead of 52%)

The primary sources of assumption uncertainty are related to the
macroeconomic environment, the timing of recovery of the Mexican
economy and labor market, the severity of loss assumption given
the limited market data related to historical recoveries for REOs,
and Su Casita's ultimate strategic direction and solvency and the
extent of any potential servicing disruptions resulting from
servicing transfers away from Su Casita and Patrimonio.

The principal methodology used in these ratings was "Moody's
Approach to Monitoring Residential Mortgage-Backed Securitizations
in Mexico" published August, 2009.

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

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


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


* BOND PRICING: For the Week January 10 to January 14, 2011
-----------------------------------------------------------

Issuer              Coupon   Maturity   Currency          Price
------              ------   --------   --------          -----


ARGENTINA
---------

ARGENT- DIS         5.83    12/31/2033     ARS              187.5
ARGENT-PAR          1.18    12/31/2038     ARS                 71
ARGENT-DIS          4.33    12/31/2033     JPY                 42
ARGENT- PAR&GDP     0.45    12/31/2038     JPY                  8
BANCO MACRO SA      10.75   6/7/2012       USD           71.85852
BODEN 2014          2       9/30/2014      ARS                152
BOGAR 2018          2       2/4/2018       ARS                164

CAYMAN ISLAND
-------------

BANCO BPI (CI)           4.15   11/14/2035     EUR         48.873
BANIF FIN LTD            3      12/31/2019     EUR         65.625
BCP FINANCE BANK         5.01   3/31/2024      EUR         52.752
BCP FINANCE BANK         5.31   12/10/2023     EUR         55.337
BCP FINANCE CO           4.239                 EUR         49.5352
BCP FINANCE CO           5.543                 EUR         50.6797
BES FINANCE LTD          5.58                  EUR         50.0477
BES FINANCE LTD          4.5                   EUR         55.268
DUBAI HLDNG COMM         6       2/1/2017      GBP         73.0407
EFG ORA FUNDING          1.7    10/29/2014     EUR         63.590
ESFG INTERNATION         5.75                  EUR         53.6
IMCOPA INTL CAYM        10.37   12/16/2014     USD         38
PUBMASTER FIN            6.96   6/30/2028      GBP         47.533
PUBMASTER FIN            8.44   6/30/2025      GBP         55.052
PUBMASTER FIN            5.943  12/30/2024     GBP         75.08
PUNCH TAVERNS            4.767   6/30/2033     GBP         77.45

CHILE
-----

AGUAS NUEVAS              3.4   5/15/2012      CLP          0.5465
CGE DISTRIBUCION          3.25  12/1/2012      CLP         38.739
ESVAL S.A.                3.8    7/15/2012     CLP         50.271
MASISA                    4.25   10/15/2012    CLP         38.831

PUERTO RICO
-----------

PUERTO RICO CONS          6.2   5/1/2017       USD              47
PUERTO RICO CONS          6.5   4/1/2016       USD              50

VENEZUELA
---------

PETROLEOS DE VEN          5.5    4/12/2037     USD          45.848
PETROLEOS DE VEN          5.37   4/12/2027     USD          46.903
PETROLEOS DE VEN          5.12  10/28/2016     USD          53.250
PETROLEOS DE VEN          5.25   4/12/2017     USD          56.369
PETROLEOS DE VEN          5     10/28/2015     USD          56.301
PETROLEOS DE VEN          4.9   10/28/2014     USD          61.806
PETROLEOS DE VEN          8.5   11/2/2017      USD          66.838
VENEZUELA                 7      3/31/2038     USD          56.313
VENEZUELA                 7      3/31/2038     USD          58
VENEZUELA                 6      12/9/2020     USD          59
VENEZUELA                 7.65   4/21/2025     USD          62.5
VENEZUELA                 8.25   10/13/2024    USD          65.5
VENEZUELA                 7      12/1/2018     USD          67.5
VENEZUELA                 7.75   10/13/2019    USD          69
VENEZUELA                 9.25    5/7/2028     USD          69
VENEZUELA                 9       5/7/2023     USD          69.5
VENEZUELA                 5.75    2/26/2016    USD          72
VENEZUELA                 9.25    9/15/2027    USD          70.851
VENEZUELA                 9.25    9/15/2027    USD          75
VENZOD - 189000           9.375   1/13/2034    USD          70


                            ***********


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.



                   * * * End of Transmission * * *