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/raid1/www/Hosts/bankrupt/TCRLA_Public/110901.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 Thursday, September 1, 2011, Vol. 12, No. 173 Headlines A R G E N T I N A AREA DIGITAL: Asks for Reorganization Proceedings INARGOL SA: Creditors' Proofs of Debt Due September 21 JWPR: Creditors' Proofs of Debt Due October 11 LUCEILUN SA: Creditors' Proofs of Debt Due September 14 SEATANK LOGISTIC: Applies for Bankruptcy Protection B E R M U D A MILLENNIUM GLOBAL: U.S. Court Recognizes Bermuda Case C A Y M A N I S L A N D S ALPINA ASSET: Commences Liquidation Proceedings AMERICAN PEGASUS: Commences Liquidation Proceedings AVANGARD RUSSIA: Creditors' Proofs of Debt Due September 14 CHIRIN ASIA: Creditors' Proofs of Debt Due September 14 FALLING WATER: Creditors' Proofs of Debt Due September 6 GENEVA HOLDINGS: Creditors' Proofs of Debt Due September 14 HESS BRASIL: Creditors' Proofs of Debt Due September 15 HESS PERU: Creditors' Proofs of Debt Due September 15 HESS (PHILIPPINES-SC 41): Creditors' Proofs of Debt Due Sept. 15 VALOR PRIVATE: Creditors' Proofs of Debt Due September 14 J A M A I C A * JAMAICA: Financial Sector Accumulates More Bad Debts P U E R T O R I C O HOTEL AIRPORT: Taps Francisco Molina as Accountant LA CORTEZ ENERGY: Reports US$982,300 Net Income in 2nd Quarter T R I N I D A D & T O B A G O CL FIN'L: Government Needs TT$20 Bil. to Set CLICO Affairs Right X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= AREA DIGITAL: Asks for Reorganization Proceedings ------------------------------------------------- Area Digital SA asked for reorganization proceedings. The company has defaulted on its payments last June 2010. INARGOL SA: Creditors' Proofs of Debt Due September 21 ------------------------------------------------------ Sergio Leandro Novick, the court-appointed trustee for Inargol SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until September 21, 2011. Mr. Novick will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 18, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Sergio Leandro Novick Libertad 359 Argentina JWPR: Creditors' Proofs of Debt Due October 11 ---------------------------------------------- Mirta Neomi Matayoshi, the court-appointed trustee for JWPR aka Jewelry & Watches Paul Richard SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until October 11, 2011. Ms. Matayoshi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 26, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Mirta Neomi Matayoshi Montevideo 771 Argentina LUCEILUN SA: Creditors' Proofs of Debt Due September 14 ------------------------------------------------------- Bernardino Alberto Margolis, the court-appointed trustee for Luceilun SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until September 14, 2011. Mr. Margolis will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 51, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Bernardino Alberto Margolis Parana 426 Argentina SEATANK LOGISTIC: Applies for Bankruptcy Protection --------------------------------------------------- Seatank Logistic SA applied for bankruptcy protection. The company has defaulted on its payments. ============= B E R M U D A ============= MILLENNIUM GLOBAL: U.S. Court Recognizes Bermuda Case ----------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that the Bermudian liquidators for Millennium Global Emerging Credit Master Fund Ltd. are entitled to use bankruptcy courts in the U.S., Bankruptcy Judge Allan Gropper ruled in a 36-page opinion on Aug. 26. According to the report, Judge Gropper ruled that the court in Bermuda should be the primary court in charge of the bankruptcy. BCP Securities LLC, which is being investigated by the liquidators and may be sued, objected to a finding that Bermuda was the companies' "center of main interests." Judge Gropper disagreed, ruling that Bermuda is entitled to recognition as the "foreign main bankruptcy." He therefore approved the Chapter 15 petition. The ruling means that the liquidators from Bermuda may use U.S. courts to perform an investigation and file suits. A separate objection by GlobeOp Financial Services, LLC, was withdrawn after an agreement between the parties was reached that if recognition were granted, the automatic stay would not prevent GlobeOp from pursuing any claims it may have against the Funds outside the United States. Meanwhile, Bermuda will distribute assets to creditors and determine the validity of claims, according to the report. Mr. Rochelle notes that Judge Gropper, a U.S. bankruptcy judge in New York, disagreed with two prior rulings from other courts and ruled that the location of the COMI, or center of main interests, should be based on facts existing when the first liquidation began in Bermuda. He disagreed with other courts believing that the plain meaning of Chapter 15 requires using facts when the Chapter 15 petition was filed. According to Mr. Rochelle, the funds' COMI was in Bermuda, Judge Gropper said, because two of the three directors were from Bermuda while a bank, the custodian, and the auditor were also in Bermuda. Judge Gropper said Bermuda was the "only reasonably ascertainable" COMI even though there were no creditors nor any investors in Bermuda and the funds' manager was in the U.K. To find the COMI anywhere else would be "pure speculation," Judge Gropper said. Judge Gropper also said there was "insufficient evidence" to find a COMI anywhere besides Bermuda. Judge Gropper, according to Mr. Rochelle's report, distinguished a Chapter 15 case involving two hedge funds created by Bear Stearns Cos. where U.S. Bankruptcy Judge Burton Lifland concluded that the Cayman Island wasn't the COMI because the business was run out of New York. Judge Gropper ended his opinion by ruling that the liquidators were entitled to a two-year extension on time limits for filing lawsuits under Section 108 of the Bankruptcy Code. Judge Gropper said in his opinion that some $9 million already was spent by the liquidators for lawyers in Bermuda and the U.S. Chapter 15 is not a full-blown bankruptcy. It's designed to assist a primary bankruptcy pending outside the U.S. A copy of Judge Gropper's Aug. 26, 2011 Memorandum of Decision is available at http://is.gd/vPYXvHfrom Leagle.com. Attorneys for BCP Securities, LLC, are: Marc D. Powers, Esq. Oren J. Warshavsky, Esq. Natacha Carbajal, Esq. BAKER & HOSTETLER LLP 45 Rockefeller Plaza, 11th Floor New York, NY 10111 Tel: 212-589-4216 Fax: 212-589-4201 E-mail: mpowers@bakerlaw.com owarshavsky@bakerlaw.com ncarbajal@bakerlaw.com Attorney for GlobeOp Financial Services, LLC, is: Jonathan D. Cogan, Esq. KOBRE & KIM LLP 800 Third Avenue New York, NY 10022 Tel: 212-488-1206 Fax: 212-488-1226 E-mail: Jonathan.Cogan@kobrekim.com About Millennium Global Funds Millennium Global Emerging Credit Fund Limited and Millennium Global Emerging Credit Master Fund Limited filed petitions under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 11-13171 and 11-13172) on June 30, 2011. The two Millennium entities were a pair of Bermuda-based funds created to invest in sovereign and corporate debt instruments. They were once affiliated with U.K. investment manager Millennium Global Investments Ltd. The two Funds were ill-equipped to survive the financial downturn of late 2008. They went into liquidation in Bermuda in October 2008 following default with their prime brokers. Michael W. Morrison, Charles Thresh, and Richard Heis at KPMG Advisory Ltd. have been appointed as liquidators and foreign representatives of the Millennium funds in proceedings pending before the Supreme Court of Bermuda, Commercial Court. Judge Allan L. Gropper presides over the Chapter 15 cases. Susheel Kirpalani, Esq., at Quinn Emanuel Urquhart & Sullivan LLP, serves as counsel to the Foreign Representatives. The Foreign Representatives estimated the assets of Millennium Global Emerging Credit Master Fund between US$10 million and US$50 million, and its debts between US$100 million and US$500 million. Millennium Global Emerging Credit Fund's assets and debts are estimated to be between US$10 million to US$50 million. =========================== C A Y M A N I S L A N D S =========================== ALPINA ASSET: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary meeting held on July 21, 2011, the members of Alpina Asset Management Ltd. resolved to voluntarily liquidate the company's business. The company's liquidator is: David Sargison c/o Maples and Calder, Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands AMERICAN PEGASUS: Commences Liquidation Proceedings --------------------------------------------------- On July 20, 2011, the Grand Court of the Cayman Islands placed American Pegasus SPC under the supervision of Stuart Sybersma and Michael Pearson, the company's official liquidators. The Liquidators can be reached at: Stuart Sybersma Michael Pearson c/o Rob Rintoul Deloitte & Touche P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 e-mail: rrintoul@deloitte.com AVANGARD RUSSIA: Creditors' Proofs of Debt Due September 14 ----------------------------------------------------------- The creditors of Avangard Russia Growth Fund are required to file their proofs of debt by September 14, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 28, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Jennifer Chailler Telephone: (345) 814-6847 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002/9005 Cayman Islands CHIRIN ASIA: Creditors' Proofs of Debt Due September 14 ------------------------------------------------------- The creditors of Chirin Asia Pacific Master Fund Limited are required to file their proofs of debt by September 14, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 26, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Jennifer Chailler Telephone: (345) 814-6847 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002/9005 Cayman Islands FALLING WATER: Creditors' Proofs of Debt Due September 6 -------------------------------------------------------- The creditors of Falling Water Ltd. are required to file their proofs of debt by September 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 16, 2011. The company's liquidator is: Pascal Dulau c/o Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P.O. Box 10147, Grand Cayman KY1-1002 Cayman Islands GENEVA HOLDINGS: Creditors' Proofs of Debt Due September 14 ----------------------------------------------------------- The creditors of Geneva Holdings Limited are required to file their proofs of debt by September 14, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 26, 2011. 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 HESS BRASIL: Creditors' Proofs of Debt Due September 15 ------------------------------------------------------- The creditors of Hess Brasil (BM-ES-30) Limited are required to file their proofs of debt by September 15, 2011, to be included in the company's dividend distribution. The company's liquidator is: George C. Barry 1185 Avenue of the Americas New York, N.Y. 10036 United States of America HESS PERU: Creditors' Proofs of Debt Due September 15 ----------------------------------------------------- The creditors of Hess Peru (Block 118) Limited are required to file their proofs of debt by September 15, 2011, to be included in the company's dividend distribution. The company's liquidator is: George C. Barry 1185 Avenue of the Americas New York, N.Y. 10036 United States of America HESS (PHILIPPINES-SC 41): Creditors' Proofs of Debt Due Sept. 15 ---------------------------------------------------------------- The creditors of Hess (Philippines-SC 41) Limited are required to file their proofs of debt by September 15, 2011, to be included in the company's dividend distribution. The company's liquidator is: George C. Barry 1185 Avenue of the Americas New York, N.Y. 10036 United States of America VALOR PRIVATE: Creditors' Proofs of Debt Due September 14 --------------------------------------------------------- The creditors of Valor Private Fund Ltd. are required to file their proofs of debt by September 14, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 29, 2011. The company's liquidator is: David Blair c/o Custom House Fund Services (Ireland) Limited 25 Eden Quay Dublin 1 Ireland ============= J A M A I C A ============= * JAMAICA: Financial Sector Accumulates More Bad Debts ------------------------------------------------------ RJR News reports that Bank of Jamaica's quarterly monetary policy report for April to June revealed that the local financial sector has seen a further increase in bad debts. The policy report showed that the quality of the private sector loan portfolio deteriorated significantly during the three months, according to RJR News. RJR News notes that the non-performing loans to total private sector loans increased to 9% at the end of June, from 7.8% at the end of March. The report relates that with respect to the overall loan portfolio, the ratio of non-performing loans to total loans was 7.9%. This was up from 6.9% in the January to March quarter, RJR News says. The report relays that manufacturing, construction and tourism were the sectors which largely accounted for the overall decline in loan quality. * * * As reported in the Troubled Company Reporter-Latin America on July 29, 2011, in its annual report on Jamaica's sovereign ratings, Moody's Investors Service said its Jamaica's B3 foreign- and local-currency government bond ratings and stable outlook reflect the country's low economic development, moderate institutional strength, weak government finances, and high susceptibility to shocks. ===================== P U E R T O R I C O ===================== HOTEL AIRPORT: Taps Francisco Molina as Accountant -------------------------------------------------- Hotel Airport Inc. asks the U.S. Bankruptcy Court for the District of Puerto Rico for permission to employ Francisco J. Garrido Molina CPA to provide accounting services, including, but not limited to, preparing tax returns, financial projections, auditing, and other tasks. Mr. Molina will charge a flat rate of US$2,050 (US$1,400 + US$650) per month, with a US$50 monthly increment for every five additional employees that the debtor adds to its payroll. Mr. Molina will bill US$125 per hour for additional services. The Debtor assures the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About Hotel Airport Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011. Judge Enrique S. Lamoutte Inclan oversees the case. Edgardo Munoz, PSC, serves as bankruptcy counsel. In its petition, the Debtor estimated US$10 million to $50 million in both assets and debts. The petition was signed by David Tirri, its president. LA CORTEZ ENERGY: Reports US$982,300 Net Income in 2nd Quarter -------------------------------------------------------------- La Cortez Energy, Inc., filed its quarterly report on Form 10-Q, reporting net income of US$982,347 on US$639,441 of oil revenues for the three months ended June 30, 2011, compared with a net loss of US$2.9 million on US$75,891 of oil revenues for the same period in 2010. During the three months ended June 30, 2011, the Company recognized an unrealized gain from the decrease in the fair value of derivative warrant instruments liability of approximately US$1.9 million compared to an unrealized loss of US$657,531 during the three month period ended June 30, 2010. The Company reported net income of US$3.2 million on US$1.0 million of oil revenues for the six months ended June 30, 2011, compared with a net loss of US$3.8 million on US$166,274 of oil revenues for the same period last year. During the six months ended June 30, 2011, the Company recognized an unrealized gain from the decrease in the fair value of derivative warrant instruments liability of roughly US$6.4 million compared to an unrealized loss of US$102,023 during the six months ended June 30, 2010. The Company's balance sheet as of June 30, 2011, showed US$27.7 million in total assets, US$3.3 million in total liabilities, and shareholders' equity of US$24.4 million. BDO USA, LLP, in Houston, Texas, expressed substantial doubt about La Cortez Energy's ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that the Company has limited operating history, no historical profitability, and has limited available funds. A copy of the Form 10-Q is available at http://is.gd/BsETbK Headquartered in Bogota, Colombia, La Cortez Energy, Inc. (OTC BB: LCTZ) -- http://www.lacortezenergy.com/-- is an international, early stage oil and gas exploration and production company focusing its business in South America. The Company has entered into two initial working interest agreements, with Petronorte and with Emerald, and has acquired a private company, Avante Colombia. The Company was initially incorporated in the State of Nevada on June 9, 2006, under the name La Cortez Enterprises, Inc., to pursue certain business opportunities in Mexico. During 2008, the Company's Board of Directors decided to redirect the Company's efforts towards identifying and pursuing business in the oil and gas sector in South America. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Government Needs TT$20 Bil. to Set CLICO Affairs Right ---------------------------------------------------------------- Clint Chan Tack at Trinidad and Tobago Newsday reports that Trinidad and Tobago Finance Minister Winston Dookeran said the government will spend an estimated TT$20 billion to 'straighten out' the affairs of Colonial Life Insurance Company (Trinidad) Limited (Clico) and its parent conglomerate, CL Financial Group Limited. Stating that the recent financial accounts of both Clico and CL Financial would be made public soon, Mr. Dookeran said government will have to use CL Financial's asset base "in the long term to get back its money," T&T Newsday relates. "By the time, we have finished, we would have spent at least TT$20 billion and this is not to include the Caricom requests," the report quoted Mr. Dookeran as saying. Stating that shares in Republic Bank and TT Methanol Holdings are the two major assets which Clico has outside of its traditional insurance assets, Mr. Dookeran said the returns from those assets "are now in Clico's payments," according to T&T Newsday. "They have not turned the corner but there have been improvements in the returns of those two assets at this point in time," T&T Newsday quoted Mr. Dookeran as saying. Explaining that once the "toxic assets" which caused Clico's collapse has been removed and the company placed on a solid financial footing again, Mr. Dookeran said government is currently working on the rate of discount for bonds which will be issued to Clico policyholders, the report notes. T&T Newsday relays that government Chief Whip Dr. Roodal Moonilal said legislation pertaining to the issuance of those bonds will be addressed during parliamentary sittings which are scheduled to take place before the end of the current fiscal year on Sept. 30. T&T Newsday notes the Finance Ministry said that as of Aug. 9, 7,150 persons with balances of less than TT$75,000 have accepted the offer government made to them in the last Budget. The approved cases represent a total dollar value of TT$227.7 million, the report adds. 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. =============== X X X X X X X X =============== * 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. * * * End of Transmission * * *