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 * * *