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/raid1/www/Hosts/bankrupt/TCRLA_Public/110701.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 Friday, July 1, 2011, Vol. 12, No. 129 Headlines A N T I G U A & B A R B U D A STANFORD INTERNATIONAL: Political Committees Must Return Donations C A Y M A N I S L A N D S BEAR STEARNS: Shareholders' Final Meeting Set for July 22 BEAR STEARNS: Shareholders' Final Meeting Set for July 22 BRION TECHNOLOGIES: Shareholders' Final Meeting Set for July 22 CQS DISTRESSED: Members' Final Meeting Set for July 18 CUMULUS FAHRENHEIT: Shareholders' Final Meeting Set for July 22 FIRST DECISION: Member Receives Wind-Up Report GEMINI LONG/SHORT: Shareholders Receive Wind-Up Report JADE IAM: Shareholders' Final Meeting Set for September 8 MARVIN HOLDINGS: Shareholders' Final Meeting Set for July 22 PERENNIAL MASTER: Shareholders' Final Meeting Set for July 22 PINPOINT CAPITAL: Shareholder to Hear Wind-Up Report on July 25 SOTER 2007-CRN2: Shareholders' Final Meeting Set for July 22 SOTER 2007-CRN3: Shareholders' Final Meeting Set for July 22 SOTER 2007-GSC: Shareholders' Final Meeting Set for July 22 TRANSMETA WORLD: Shareholders' Final Meeting Set for July 21 M E X I C O GRUPO PETROTEMEX: S&P Puts 'BB' Global Scale Rating on Watch Neg P U E R T O R I C O HOSPITAL DAMAS: Court Approves Enrique Peral as Special Counsel HOSPITAL DAMAS: Court OKs FPV&G to Assist in Medicare Cost Report HOSPITAL DAMAS: To Employ Silva CPA Group as Financial Advisor T R I N I D A D & T O B A G O CL FINANCIAL: Former Owner Ordered to Give Oral Evidence in Court - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INTERNATIONAL: Political Committees Must Return Donations ------------------------------------------------------------------ Laurel Brubaker Calkins and Andrew Harris at Bloomberg News report that United States District Judge David Godbey ruled that five Democratic and Republican national political committees must return more than US$1.7 million in contributions received from Robert Allen Stanford to court-appointed receiver, Ralph Janvey. Bloomberg relates that Judge Godbey ordered: -- the Democratic Senatorial Campaign Committee Inc. to return US$1,037,347; -- the Democratic Congressional Campaign Committee Inc., to return US$218,273; -- the National Republican Congressional Committee to return $260,291; -- the National Republican Senatorial Committee to return $90,960; and -- the Republican National Committee to return $140,241. The sums represent the donations the groups got from Stanford plus prejudgment interest, according to Judge Godbey's order, Bloomberg notes. Bloomberg discloses that Mr. Janvey will be filing appropriate papers with the court to recover the hundreds of thousands of dollars in attorney's fees and expenses he was forced to incur in this case. 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 Feb. 16, 2009, the U.S. 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 also pursued against Mr. Stanford 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.). =========================== C A Y M A N I S L A N D S =========================== BEAR STEARNS: Shareholders' Final Meeting Set for July 22 --------------------------------------------------------- The shareholders of Bear Stearns Offshore Fund of Hedge Funds Ltd. will hold their final meeting on July 22, 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 BEAR STEARNS: Shareholders' Final Meeting Set for July 22 --------------------------------------------------------- The shareholders of Bear Stearns Offshore Leveraged Fund of Hedge Funds Ltd. will hold their final meeting on July 22, 2011, at 9:30 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 BRION TECHNOLOGIES: Shareholders' Final Meeting Set for July 22 --------------------------------------------------------------- The shareholders of Brion Technologies International will hold their final meeting on July 22, 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: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands CQS DISTRESSED: Members' Final Meeting Set for July 18 ------------------------------------------------------ The members of CQS Distressed ABS Fund Limited will hold their final meeting on July 18, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands CUMULUS FAHRENHEIT: Shareholders' Final Meeting Set for July 22 --------------------------------------------------------------- The shareholders of Cumulus Fahrenheit Master Fund will hold their final meeting on July 22, 2011, at 9:15 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 FIRST DECISION: Member Receives Wind-Up Report ---------------------------------------------- The sole member of First Decision Limited received on May 14, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bernard McGrath c/o Caledonian House 69 Dr. Roy's Drive P.O. Box 1043, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-0050 Facsimile: 814-4863 GEMINI LONG/SHORT: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Gemini Long/Short Gold Master Fund Ltd. received on June 3, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gemini Futures, LLC c/o Daniel L. Ascani Telephone: 1-561-578-6675 c/o Gemini Futures, LLC 11780 US Highway One, Suite 202 North Palm Beach FL 33408 USA JADE IAM: Shareholders' Final Meeting Set for September 8 --------------------------------------------------------- The shareholders of Jade Iam Limited will hold their final meeting on September 8, 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: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands MARVIN HOLDINGS: Shareholders' Final Meeting Set for July 22 ------------------------------------------------------------ The shareholders of Marvin Holdings GP Limited will hold their final meeting on July 22, 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: Walkers Corporate Services Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands PERENNIAL MASTER: Shareholders' Final Meeting Set for July 22 ------------------------------------------------------------- The shareholders of The Perennial Master Fund Limited will hold their final meeting on July 22, 2011, at 11:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands PINPOINT CAPITAL: Shareholder to Hear Wind-Up Report on July 25 --------------------------------------------------------------- The sole shareholder of Pinpoint Capital Management Limited will receive on July 25, 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: Wang Qiang Two International Finance Centre, Level 33 8 Finance Street Central, Hong Kong Telephone: +852 25235990 Facsimile: +852 25235993 SOTER 2007-CRN2: Shareholders' Final Meeting Set for July 22 ------------------------------------------------------------ The shareholders of Soter 2007-CRN2, Ltd. will hold their final meeting on July 22, 2011, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands SOTER 2007-CRN3: Shareholders' Final Meeting Set for July 22 ------------------------------------------------------------ The shareholders of Soter 2007-CRN3, Ltd. will hold their final meeting on July 22, 2011, at 10:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands SOTER 2007-GSC: Shareholders' Final Meeting Set for July 22 ----------------------------------------------------------- The shareholders of Soter 2007-GSC, Ltd. will hold their final meeting on July 22, 2011, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands TRANSMETA WORLD: Shareholders' Final Meeting Set for July 21 ------------------------------------------------------------ The shareholders of Transmeta World Inc. will hold their final meeting on July 21, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Couch c/o Maples and Calder, Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands =========== M E X I C O =========== GRUPO PETROTEMEX: S&P Puts 'BB' Global Scale Rating on Watch Neg ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings on Mexican petrochemical company Grupo Petrotemex S.A. de C.V., including the 'BB' global scale and 'mxA' national scale corporate credit ratings, on CreditWatch with negative implications. "We could either lower or affirm the ratings following our review," S&P said. "The CreditWatch placement follows the announcement that Petrotemex parent company Alfa S.A.B. de C.V. reached an agreement through Petrotemex subsidiary DAK Americas LLC to acquire Wellman Inc.(all not rated), a polyethylene therephthalate (PET) producer in the U.S. The acquisition involves the purchase of 100% of Wellman's shares for approximately $185 million," S&P related. Wellman's only asset is a PET plant located in Bay St. Louis, Miss., with an installed capacity of 430,000 tons per year. The transaction is subject to regulatory approvals in the U.S., and Petrotemex expects to close it before year-end. The issuer has not disclosed its financing plan for this acquisition. "We will resolve the CreditWatch listing once we complete our review of Petrotemex's financial and business risk profiles," said Standard & Poor's credit analyst Bernardo Gonzalez. "In our opinion, the impact would be mostly neutral, given that the company's operations are already fairly concentrated in the NAFTA PET market," Mr. Gonzalez added. "However, we believe that if this transaction is mostly debt financed, Petrotemex's key financial ratios will likely be below our current expectations by year-end, leading to a one-notch downgrade." Standard & Poor's would affirm the ratings if the financial plan the issuer follows to fund the acquisition allows it to meet the rating agency's current expectations. ===================== P U E R T O R I C O ===================== HOSPITAL DAMAS: Court Approves Enrique Peral as Special Counsel --------------------------------------------------------------- Hospital Damas, Inc., obtained approval from the U.S. Bankruptcy Court of the Central District of Puerto Rico to appoint Enrique Peral Law Offices, P.S.C., as special counsel for determining if the project for the expansion of Debtor's obstetrics and gynecology room and the acquisition of a multi slide CT system to be financed by doctors and companies having a relationship with Debtor comply with the Federal Regulations known as Stark I, II, III and the anti-kickback statutes. Peral Law Offices, its partners and associates, do not represent nor hold any interest adverse to Debtor or the estate in respect to the matters on which it is to be employed. The firm's hourly rates are: Personnel Rates --------- ----- Enrique Peralta, Esq. US$175 per hour Maria Teresa Figueroa, Esq. $135 per hour Ernesto Blanes, Esq. $125 per hour Guillermo Hernandez, Esq. $125 per hour Paralegals $80 per hour Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on Sept. 24, 2010. Charles A. Cuprill-Hernandez, Esq., at Charles A. Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy counsel. In October 2010, the United States Trustee appointed five creditors to serve on the Official Committee of Unsecured Creditors of the Debtor. Todd C. Meyers, Esq., and Colin M. Bernardino, Esq., at Kilpatrick Stockton LLP, represents the Committee as legal counsel, and Edgardo Munoz, Esq., at Edgardo Munoz, PSC, serves the Committee as local counsel. In its schedules, the Debtor disclosed US$24,017,166 in total assets and US$21,267,263 in total liabilities as of the Petition Date. HOSPITAL DAMAS: Court OKs FPV&G to Assist in Medicare Cost Report ----------------------------------------------------------------- Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the Central District of Puerto Rico granted Hospital Damas Inc. authority to employ FPV & Galindez PSC to process and prepare statistical data required for the preparation of the Medicare cost report. FPV&G had acted as the Debtor's external audit firm since the year ended Dec. 31, 2007, and had audited the Debtor's financial statements. The Debtor says FPV&G, its partners, and associates do not represent nor hold any interest adverse to the Debtor or the estate. The firm and its members are disinterested persons as defined in 11 U.S.C. Sec. 101(14). The firm's hourly rates are: Consulting director US$165 Consulting staff US$70 The firm's costs will be capped at US$10,800. Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on Sept. 24, 2010. Charles A. Cuprill-Hernandez, Esq., at Charles A. Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy counsel. In October 2010, the United States Trustee appointed five creditors to serve on the Official Committee of Unsecured Creditors of the Debtor. Todd C. Meyers, Esq., and Colin M. Bernardino, Esq., at Kilpatrick Stockton LLP, represents the Committee as legal counsel, and Edgardo Munoz, Esq., at Edgardo Munoz, PSC, serves the Committee as local counsel. In its schedules, the Debtor disclosed US$24,017,166 in total assets and US$21,267,263 in total liabilities as of the Petition Date. HOSPITAL DAMAS: To Employ Silva CPA Group as Financial Advisor -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has approved Hospital Damas Inc.'s application to employ Silva CPA Group as its financial advisor. The Debtor needs a financial advisor to assist its management in the preparation of a study to oppose a request by the Menonita Health System to the Department of Health Puerto Rico directed to establishing a general hospital in the Municipality of Aibonito. The firm can be reached at: Jose A. Silva, Esq. SILVA CPA GROUP Coto Laurel P.R. 00780-1292 Tel: (787) 284-2884 Fax: (888) 270-1159 The firm will charge a $2,000 fee as to the aforesaid matter plus $100 per hour required visits to the Department of Health upon application(s) and the approval of the Court. These rates are considered reasonable and fair, in line with services comparable to those performed in behalf of clients. About Hospital Damas Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on Sept. 24, 2010. Charles A. Cuprill-Hernandez, Esq., at Charles A. Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy counsel. In October 2010, the United States Trustee appointed five creditors to serve on the Official Committee of Unsecured Creditors of the Debtor. Todd C. Meyers, Esq., and Colin M. Bernardino, Esq., at Kilpatrick Stockton LLP, represents the Committee as legal counsel, and Edgardo Munoz, Esq., at Edgardo Munoz, PSC, serves the Committee as local counsel. In its schedules, the Debtor disclosed US$24,017,166 in total assets and US$21,267,263 in total liabilities as of the Petition Date. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Former Owner Ordered to Give Oral Evidence in Court ----------------------------------------------------------------- Andre Bagoo at Trinidad and Tobago Newsday reports that Colonial Life Insurance Company (Trinidad) Limited (Clico) Commission of Inquiry Chairman Sir Anthony Coleman refused an application by former CL Financial Limited Chairman Lawrence Duprey's lawyers to remain silent at the proceedings. The report relates that Mr. Duprey will face penalties if he refuses to comply with orders to give oral evidence. Lead attorney for Mr. Duprey, Andrew Mitchell QC applied for Mr. Coleman to allow Mr. Duprey to remain a party to the proceedings without being called on to give evidence, given simultaneous civil court proceedings revolving around Clico, according to T&T Newsday. The report notes that attorneys representing the Clico Policyholders's Group (CPG), the Central Bank, the Ministry of Finance and PricewaterhouseCoopers, also objected to Mr. Duprey's request. T&T Newsday notes that Mr. Mitchell argued that Mr. Duprey's rights were possibly infringed by the prospect of simultaneous civil and criminal proceedings. Attorney for CPG, Terrence Bharath, argued that the application was premature, the report relates. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. 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 * * *