TCRLA_Public/110823.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

            Tuesday, August 23, 2011, Vol. 12, No. 166

                            Headlines



A R G E N T I N A

CRESUD SA: Fitch Rates US$60MM Senior Unsecured Notes at B/RR4
* TARJENTA NARANJA: Fitch Puts Issuer Default Rating at 'B'


C A Y M A N   I S L A N D S

AG CAPITAL FUND: Shareholders' Final Meeting Set for September 2
ALPHATRAN MASTER: Shareholders' Final Meeting Set for September 2
AM DIVERSIFIED RELATIVE: Shareholders' Meeting Set for September 2
AM INVESTMENT 8: Shareholders' Final Meeting Set for September 2
CAR FINANCE: Members' Final Meeting Set for September 2

CONOCOPHILLIPS MIDDLE EAST: Shareholders' Meeting Set for Sept. 1
HIGH QUALITY: Shareholders' Final Meeting Set for August 26
HIGH QUALITY: Shareholders' Final Meeting Set for August 26
HIGH QUALITY: Shareholders' Final Meeting Set for August 26
HIGH QUALITY: Shareholders' Final Meeting Set for August 26

JIAOZUO (G.P.): Members' Final Meeting Set for August 29
MKP OFFSHORE: Shareholders' Final Meeting Set for September 2
MSGI CHINA X: Shareholders' Final Meeting Set for August 29
SANDRIDGE LIMITED: Shareholders' Final Meeting Set for Sept. 12
SEER CAPITAL: Shareholders' Final Meeting Set for September 2


J A M A I C A

CARIBBEAN CEMENT: To Benefit From Parent's Expansion in Haiti


M E X I C O

CORPORACION INTERAMERICANA: S&P Puts 'CCC' Global Scale CCR


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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A R G E N T I N A
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CRESUD SA: Fitch Rates US$60MM Senior Unsecured Notes at B/RR4
--------------------------------------------------------------
Fitch Ratings has assigned the following international ratings to
Cresud S.A.:

  -- Foreign Currency Issuer Default Rating (IDR) at 'B'
  -- Local Currency Issuer Default Rating (IDR) at 'B'
  -- USD60 million senior unsecured bullet notes due in 2014 at
     'B/RR4'.

Concurrently with these rating actions, Fitch has upgraded
Cresud's National Scale ratings to 'AA-(arg)' from 'A(arg) ' and
affirmed its national scale Equity Rating at Category 1.

The Rating Outlook is Stable.

Cresud's ratings are supported by its position as a leading
company in the agribusiness and real estate sectors in Argentina.
The ratings also reflect moderate consolidated leverage, as well
as manageable liquidity as a result of unencumbered assets and
land that could be sold.  Ratings are constrained by the above-
average risks associated with operating in the real estate segment
in Argentina, the volatility of the agribusiness activity, and the
somewhat high leverage on a standalone basis at Cresud.

Cresud is an agriculture company dedicated to acquisition of farms
with appreciation potential.  Through the application of
technology, Cresud seeks to increase yields and derive a benefit
from an appreciation of the land's value.  This is recognized in
Cresud's EBITDA when the farms are sold.  The company is also
involved in farming and livestock production and has dairy
operations.  Cash flows from this segment are volatile, subject to
weather conditions and commodity prices.  Cresud owned 24 farms
with an aggregate surface of approximately 470,098 hectares and
has the right to exploit 132,000 additional hectares.  In
addition, the company has presence in Bolivia (12,166 hectares),
Paraguay (41,930 hectares), and in Brasil (174,480 hectares)
through its 35.75% stake in BrasilAgro.

Cresud also owns 57.5% of IRSA (LC IDR of 'BB-' by Fitch), a
leading real estate company in Argentina, dedicated to real estate
development, office rentals and shopping mall operations through
its subsidiary Alto Palermo - APSA-. IRSA represents approximately
85% of Cresud's consolidated EBITDA and 77% of consolidated
assets.

Fitch links the ratings of Cresud and IRSA through the principals
outlined in its criteria 'Parent and Subsidiary Rating Linkage.'
Although there are no significant legal ties, the companies share
management and there are important operational ties between them
both.  Cresud's rating is notched down from IRSA's rating because
of the structural subordination of its debt to IRSA's cash flow
and its weaker standalone financial profile.  The dividend flow to
Cresud from IRSA is expected to be relatively stable.  In November
2010 Cresud received dividends of USD17 million from IRSA, which
is also the amount that it later paid to its shareholders. In June
2011 the company received additional dividends of USD14.1 million.

On a consolidated basis, Cresud maintains adequate leverage and
interest coverage ratios.  The company had USD446 million of sales
and generated USD216 million of EBITDA during the last 12 months
(LTM) ended March 31, 2011.  These figures compare with USD774
million of consolidated debt, resulting in a net debt-to-EBITDA
ratio of 3.1 times (x) and an EBITDA-to-interest expense ratio of
3.5x.  Consolidated EBITDA consists of USD138 million from the
shopping mall segment developed by APSA, USD46 million from IRSA
(including office rentals) and USD33 million from the agribusiness
segment.  Long-term debt accounts for 66% of total debt, and
includes USD420 million of APSA and IRSA senior notes maturing
between 2017 and 2020.

The ratings consider the somewhat high leverage on a standalone
basis when compared to the agribusiness cash generation
(unconsolidated net debt-to-EBITDA at 4.9x as of March 2011).
Cresud's standalone debt rose to USD167 million as of March 31,
2011, from USD114 million on June 30, 2010, mainly due to the
acquisition of an additional 16.4% in BrasilAgro.  As of March 31,
2011, short-term debt represented 50% of Cresud's standalone total
debt.  Cresud's debt is supported by its asset portfolio; its main
assets include the participations in IRSA and BrasilAgro, its
portfolio of farms, and its inventory of crops and livestock.  A
significant portion of its assets could be sold in traded markets,
providing Cresud with additional liquidity to support its short-
term debt obligations.  The company plans to extend the average
life of its debt through this issuance of USD60 million of notes.

For the real estate industry, the emphasis of Fitch's methodology
is on portfolio quality and diversity, and size of the asset base.
Cresud's consolidated portfolio of assets is strong with USD1.2
billion of undepreciated book capital as of March 31, 2011.  These
assets are mostly unencumbered, which provides Cresud with
additional financial flexibility.  The company's leverage measured
by total consolidated debt as a percentage of undepreciated book
capital was 64% at the end of March 2011.  This percentage would
be even lower at market values.

Potential Rating and Outlook Drivers:
The Stable Outlook reflects Fitch's expectations that Cresud will
manage its balance sheet to a consolidated ratio of total debt-to-
EBITDA of around 4x.  Any significant increase in Cresud's
leverage ratio would weaken credit quality and could result in a
negative rating action.  Cresud's ratings could be affected by an
upgrade or downgrade of IRSA's ratings


* TARJENTA NARANJA: Fitch Puts Issuer Default Rating at 'B'
-----------------------------------------------------------
Fitch expects to assign a long-term foreign currency rating of
'B', Recovery Rating of 'RR4' and national long-term rating of
'AA(arg)' to Argentina's Tarjeta Naranja S.A.'s (TN) upcoming
USD100 million notes to be issued under class XIII unsubordinated
fixed-rate notes, in addition to the outstanding amount of US$200
million.  Therefore, class XIII notes would be for a total amount
of USD300 million.

Fitch currently rates TN as follows:

  -- Long-term foreign and local currency Issuer Default Rating
     (IDR) 'B';
  -- Short-term foreign and local currency IDR 'B';
  -- National long-term rating 'AA(arg)';
  -- National short-term rating 'A1+(arg)';
  -- Individual rating 'D';
  -- Support rating '5';
  -- Unsubordinated fixed-rate notes totaling USD300 million long-
     term local currency rating 'B/RR4' and national long-term
     rating 'AA(arg)';
  -- Unsubordinated fixed-rate notes totaling USD50 million and
     ARS50 million national long-term rating 'AA(arg)';
  -- Short-term notes totaling ARS80 million national short-term
     rating 'A1+(arg)'.

The Rating Outlook is Stable.

TN's ratings reflect its strong growth, sound historical
profitability, liquidity and asset quality, and satisfactory
capital base.  They also take into account the potentially
volatile operating environment in Argentina.  Despite TN's stand-
alone strength, the country's low sovereign rating puts
significant pressure on the ratings of most Argentine issuers.

TN was established in 1985 in the Province of Cordoba.  Since 1996
it has expanded significantly and now operates in most of the
country.  At June 30, 2011, TN had about 4.8 million credit cards
and 173 branches and commercial offices.

TN is 80% owned by Banco de Galicia y Buenos Aires, the third
largest private sector bank in Argentina by deposits.


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


AG CAPITAL FUND: Shareholders' Final Meeting Set for September 2
----------------------------------------------------------------
The shareholders of AG Capital Fund SPC will hold their final
meeting on September 2, 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


ALPHATRAN MASTER: Shareholders' Final Meeting Set for September 2
-----------------------------------------------------------------
The shareholders of Alphatran Master Fund will hold their final
meeting on September 2, 2011, at 8:45 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


AM DIVERSIFIED RELATIVE: Shareholders' Meeting Set for September 2
------------------------------------------------------------------
The shareholders of AM Diversified Relative Value Master Fund,
Ltd. will hold their final meeting on September 2, 2011, at
11:45 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


AM INVESTMENT 8: Shareholders' Final Meeting Set for September 2
----------------------------------------------------------------
The shareholders of AM Investment 8 V Fund, Ltd. will hold their
final meeting on September 2, 2011, at 11:15 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


CAR FINANCE: Members' Final Meeting Set for September 2
-------------------------------------------------------
The members of Car Finance Corp. will hold their final meeting on
September 2, 2011, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mr. Helmut Kohler
         Av. Luis Pasteur 5842, Ofic. 301
         Vitacura
         Santiago, Chile


CONOCOPHILLIPS MIDDLE EAST: Shareholders' Meeting Set for Sept. 1
-----------------------------------------------------------------
The shareholders of Conocophillips Middle East E&P Ltd. will hold
their final meeting on September 1, 2011, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847 George Town
         Grand Cayman KY1-1103
         Cayman Islands


HIGH QUALITY: Shareholders' Final Meeting Set for August 26
-----------------------------------------------------------
The shareholders of High Quality ABS Opportunities (Master) Fund
II, Ltd. will hold their final meeting on August 26, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


HIGH QUALITY: Shareholders' Final Meeting Set for August 26
-----------------------------------------------------------
The shareholders of High Quality ABS Opportunities (Master) Fund,
Ltd. will hold their final meeting on August 26, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


HIGH QUALITY: Shareholders' Final Meeting Set for August 26
-----------------------------------------------------------
The shareholders of High Quality ABS Opportunities (Cayman) Fund
II, Ltd. will hold their final meeting on August 26, 2011, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


HIGH QUALITY: Shareholders' Final Meeting Set for August 26
-----------------------------------------------------------
The shareholders of High Quality ABS Opportunities (Cayman) Fund,
Ltd. will hold their final meeting on August 26, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


JIAOZUO (G.P.): Members' Final Meeting Set for August 29
--------------------------------------------------------
The members of Jiaozuo (G.P.) Corporation will hold their final
meeting on August 29, 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


MKP OFFSHORE: Shareholders' Final Meeting Set for September 2
-------------------------------------------------------------
The shareholders of MKP Offshore Partners, Ltd. will hold their
final meeting on September 2, 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:

         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


MSGI CHINA X: Shareholders' Final Meeting Set for August 29
-----------------------------------------------------------
The shareholders of MSGI China X Limited will hold their final
meeting on August 29, 2011, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949-4544
         Facsimile: 949-7073
         e-mail: Rebecca.hume@card.com.ky


SANDRIDGE LIMITED: Shareholders' Final Meeting Set for Sept. 12
---------------------------------------------------------------
The shareholders of Sandridge Limited will hold their final
meeting on September 12, 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:

         M. Erik Monsen
         The Crighton Building, Suite 201
         256 Crewe Road
         P.O. Box 1166 Grand Cayman KY1-1102
         Cayman Islands


SEER CAPITAL: Shareholders' Final Meeting Set for September 2
-------------------------------------------------------------
The shareholders of Seer Capital Master Credit Fund Ltd. will hold
their final meeting on September 2, 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


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J A M A I C A
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CARIBBEAN CEMENT: To Benefit From Parent's Expansion in Haiti
-------------------------------------------------------------
RJR News reports that Caribbean Cement Company Limited is likely
to see some benefits from a long term agreement entered into by
its parent company, Trinidad Cement Limited (TCL), for the
establishment and operation of a cement terminal in Haiti.

The deal is with the Win Group based in Haiti, according to the
report.  The report relates that the terminal will be located on
five acres of land at Terminal Varreux in Port-au-Prince.

RJR News notes that Phase 1 of the project will see the
establishment of a cement warehouse facility within six months,
for the supply of bagged cement from Caribbean Cement.

This will be done while an evaluation is carried out into the
possibility of a cement bagging terminal, the report says.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


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M E X I C O
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CORPORACION INTERAMERICANA: S&P Puts 'CCC' Global Scale CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC' global scale
corporate credit and senior unsecured notes ratings on Mexican
entertainment promoter Corporacion Interamericana de
Entretenimiento S.A.B. de C.V. (CIE) on CreditWatch with positive
implications.

On Aug. 16, 2011, CIE announced an agreement to sell an additional
35.8% stake in CIE Las Americas, one of CIE's main subsidiaries,
to its strategic partner Codere (not rated). Following this
transaction, Codere will own almost 85% of CIE Las Americas'
shares and assume debt of about MXN1.2 billion. CIE estimates to
receive about MXN2.7 billion in cash for the sale, which would
significantly strengthen its liquidity position to cover its debt
amortization needs during the next 12-18 months.

"The positive CreditWatch listing reflects our expectations that
following the sale, which we expect to be in the first half of
2012 due to the regulatory approvals, CIE will use the proceeds,
as stipulated in its debt agreements, to cover debt amortization
payments. The company would be able to amortize all debt due in
2012 -- about MXN1.1 billion -- and the bulk of its debt
amortizations due in 2013. After such payments and the assumption
of debt by Codere, CIE's debt would decrease to about MXN1.9
billion from MXN6.1 billion as of the second half of 2011. Some
refinancing risk would remain in 2013 as the transaction proceeds
will only cover about 80% of the debt due that year. Moreover, the
company's debt amortization payments in 2014 will be about
MXN1.4 billion. The remaining debt would be the notes due June
2015, whose outstanding amount was $13.7 million as of June 30,
2011," S&P related.

"We will resolve the CreditWatch listing once the transaction is
closed and the company secures the funds to make its debt
amortization payments in 2012 and 2013. We will also analyze the
implications that CIE Las Americas' divestment will have on the
company's business and financial profile in the future," S&P said.


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X X X X X X X X
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* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            ***********


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, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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