/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110929.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 29, 2011, Vol. 12, No. 193 Headlines A R G E N T I N A ALEPH SEGURIDAD: Creditors' Proofs of Debt Due Nov. 25 ALMENIR SRL: Creditors' Proofs of Debt Due Nov. 15 BARON BLUE: Creditors' Proofs of Debt Due Nov. 15 CONSTRUCTORA DEL NORTE: Creditors' Proofs of Debt Due Oct. 20 DATASYS SA: Creditors' Proofs of Debt Due Nov. 30 HYGOLET SA: Creditors' Proofs of Debt Due Nov. 17 PRODUCTOS OSA: Creditors' Proofs of Debt Due Nov. 25 PROVAGRO SA: Creditors' Proofs of Debt Due Dec. 12 B E R M U D A DIGICEL GROUP: Court Rejects LIME's Application to Block Merger C A Y M A N I S L A N D S AIS CONSUMER: Creditors' Proofs of Debt Due Oct. 12 AIS CONSUMER: Creditors' Proofs of Debt Due Oct. 12 APHEX CAPITAL: Creditors' Proofs of Debt Due Oct. 12 APHEX CAPITAL: Creditors' Proofs of Debt Due Oct. 12 AUDA OPPORTUNITY: Creditors' Proofs of Debt Due Oct. 3 BIOHEDGE CAPITAL: Creditors' Proofs of Debt Due Oct. 12 CHEYNE MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 12 FF GLOBAL: Creditors' Proofs of Debt Due Oct. 12 FOOTBRIDGE CAPITAL: Creditors' Proofs of Debt Due Oct. 12 HBM BIOMED: Creditors' Proofs of Debt Due Oct. 12 KF-I&G HOLDINGS: Creditors' Proofs of Debt Due Oct. 12 OAK HILL: Creditors' Proofs of Debt Due Oct. 12 PANAMA STREET: Creditors' Proofs of Debt Due Oct. 12 RIZERS INVESTMENTS: Creditors' Proofs of Debt Due Oct. 12 STELLATION CAPITAL: Creditors' Proofs of Debt Due Oct. 3 P U E R T O R I C O HOTEL AIRPORT: Court Approves Francisco Molina as Accountant HOTEL AIRPORT: Court Approves Edgard Munoz as Bankruptcy Counsel HOTEL AIRPORT: Lizarribar-Masini Okayed as P.R. Ports Counsel PICHI'S INC: Files Schedules of Assets and Liabilities T R I N I D A D & T O B A G O CL FIN'L: Lascelles deMercado Fights FSC in Court X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= ALEPH SEGURIDAD: Creditors' Proofs of Debt Due Nov. 25 ------------------------------------------------------ Hector Ricardo Martinez, the court-appointed trustee for Aleph Seguridad SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 25, 2011. Mr. Martinez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 28, 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: Ricardo Martinez Teniente General Juan Domingo Peron 1219 Argentina ALMENIR SRL: Creditors' Proofs of Debt Due Nov. 15 -------------------------------------------------- Marta Alicia Hernandez, the court-appointed trustee for Almenir SRL's reorganization proceedings, will be verifying creditors' proofs of claim until Nov. 15, 2011. Ms. Hernandez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 12, 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: Marta Alicia Hernandez Sanchez de Bustamante 68 Argentina BARON BLUE: Creditors' Proofs of Debt Due Nov. 15 ------------------------------------------------- Jorge Alberto Arias, the court-appointed trustee for Baron Blue SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 15, 2011. Mr. Arias will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 14, 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: Jorge Alberto Arias Avenida Corrientes 1312 Argentina CONSTRUCTORA DEL NORTE: Creditors' Proofs of Debt Due Oct. 20 ------------------------------------------------------------- Andrea Lemos, the court-appointed trustee for Constructora del Norte SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Oct. 20, 2011. Ms. Lemos will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34, 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: Andrea Lemos Libertad 293 Argentina DATASYS SA: Creditors' Proofs of Debt Due Nov. 30 ------------------------------------------------- Maria Susana Taboada, the court-appointed trustee for Datasys SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 30, 2011. Ms. Taboada will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 14, 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: Maria Susana Taboada Ezeiza 2641 Argentina HYGOLET SA: Creditors' Proofs of Debt Due Nov. 17 ------------------------------------------------- Maria Cristina Rodriguez, the court-appointed trustee for Hygolet SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 17, 2011. Ms. Rodriguez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 48, 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: Maria Cristina Rodriguez Avenida Corrientes 3169 Argentina PRODUCTOS OSA: Creditors' Proofs of Debt Due Nov. 25 ---------------------------------------------------- Rodolfo Torella, the court-appointed trustee for Productos Osa Sacifia's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 25, 2011. Mr. Torella 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. 17, 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: Rodolfo Torella Arcos 3726 Argentina PROVAGRO SA: Creditors' Proofs of Debt Due Dec. 12 -------------------------------------------------- Elsa Esther Andrade, the court-appointed trustee for Provagro SA's reorganization proceedings, will be verifying creditors' proofs of claim until Dec. 12, 2011. Ms. Andrade will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, 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. Creditors will vote to ratify the completed settlement plan during the assembly on Sept. 26, 2012. The Trustee can be reached at: Elsa Esther Andrade Av. Callao 449 Argentina ============= B E R M U D A ============= DIGICEL GROUP: Court Rejects LIME's Application to Block Merger --------------------------------------------------------------- Barbara Gayle at Jamaica Gleaner reports that the Supreme Court has rejected an application by LIME, which sought to block the acquisition of Claro Jamaica by Digicel Group by challenging the decision of the prime minister to approve what it suggested, was a harmful deal. LIME's lawyers indicated that they would be appealing the decision by Justice Brian Sykes throwing out the application, even as Digicel Group called its legal challenge a failed cynical ploy to derail the deal, according to Jamaica Gleaner. The Fair Trading Commission (FTC) and Prime Minister Bruce Golding were the defendants in the case. Jamaica Gleaner notes that Justice Sykes said Prime Minister Bruce Golding followed the law and committed no breach. Prime Minister Golding did all he was required to do, took the consumers' interest into consideration and followed the provisions of the Telecommunications Act, Justice Sykes added, the report relates. As reported in the Troubled Company Reporter-Latin America on Sept. 28, 2011, RJR News said that LIME is seeking to overturn Prime Minister Golding's approval of the merger between Digicel and Claro, according to RJR News. The report related that LIME is contending that the decision is unlawful and was affected by an improper exercise of the Prime Minister's power. The Gleaner recalled that the Jamaican government has approved Digicel Group's acquisition of Claro Jamaica. Prime Minister Bruce Golding, however, said that the approval is on the proviso that Digicel Group continues to operate two separate networks, in what is meant to be a check on the market leader's dominance, according to The Gleaner. The Gleaner noted that Digicel Group wanted to integrate the operations into a single network, but Prime Minister Golding rejected that plan. About Digicel Group Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda and now has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of September 27, 2011, the company continues to carry Moody's "Caa1" senior unsecured debt rating. =========================== C A Y M A N I S L A N D S =========================== AIS CONSUMER: Creditors' Proofs of Debt Due Oct. 12 --------------------------------------------------- The creditors of AIS Consumer Debt Fund, Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 29, 2011. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Reference: Marco Archer Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 Harbour Centre, 42 North Church Street P.O. Box 1348 George Town Grand Cayman KY1-1108 Cayman Islands AIS CONSUMER: Creditors' Proofs of Debt Due Oct. 12 --------------------------------------------------- The creditors of AIS Consumer Debt Fund II, Ltd are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 29, 2011. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Reference: Marco Archer Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 Harbour Centre, 42 North Church Street P.O. Box 1348 George Town Grand Cayman KY1-1108 Cayman Islands APHEX CAPITAL: Creditors' Proofs of Debt Due Oct. 12 ---------------------------------------------------- The creditors of Aphex Capital NSCR 2006-1, Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 25, 2011. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 APHEX CAPITAL: Creditors' Proofs of Debt Due Oct. 12 ---------------------------------------------------- The creditors of Aphex Capital NSCR 2007-6, Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 25, 2011. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 AUDA OPPORTUNITY: Creditors' Proofs of Debt Due Oct. 3 ------------------------------------------------------ The creditors of Auda Opportunity Ltd. are required to file their proofs of debt by Oct. 3, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 8, 2011. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands BIOHEDGE CAPITAL: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------------- The creditors of Biohedge Capital Limited are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 24, 2011. The company's liquidator is: Jonathan Nicholson Telephone: (345) 516-0210 P.O. Box 1976 Grand Cayman KY1-1104 Cayman Islands CHEYNE MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------------------ The creditors of Cheyne Multi-Strategy Leveraged General Partner Inc. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 24, 2011. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 FF GLOBAL: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------ The creditors of FF Global Opportunities Limited are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 23, 2011. The company's liquidator is: DMS Corporate Services Ltd. Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands FOOTBRIDGE CAPITAL: Creditors' Proofs of Debt Due Oct. 12 --------------------------------------------------------- The creditors of Footbridge Capital Fund Inc. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 2, 2011. The company's liquidator is: Jonathan Nicholson Telephone: (345) 516-0210 P.O. Box 1976 Grand Cayman KY1-1104 Cayman Islands HBM BIOMED: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------- The creditors of HBM Biomed China Partners Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 24, 2011. The company's liquidator is: Jonathan Nicholson Telephone: (345) 516-0210 P.O. Box 1976 Grand Cayman KY1-1104 Cayman Islands KF-I&G HOLDINGS: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------------ The creditors of KF-I&G Holdings, Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company's liquidators are: Ghanem S. Al-ghenaiman Imad Al-Naqib Investment Department Kuwait Fund for Arab Economic Development P.O. Box 2921 Safat 13030 Kuwait OAK HILL: Creditors' Proofs of Debt Due Oct. 12 ----------------------------------------------- The creditors of Oak Hill Credit Alpha Fund (Feeder SPV), Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 19, 2011. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 PANAMA STREET: Creditors' Proofs of Debt Due Oct. 12 ---------------------------------------------------- The creditors of Panama Street Finance, Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 22, 2011. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 RIZERS INVESTMENTS: Creditors' Proofs of Debt Due Oct. 12 --------------------------------------------------------- The creditors of Rizers Investments Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 24, 2011. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 STELLATION CAPITAL: Creditors' Proofs of Debt Due Oct. 3 -------------------------------------------------------- The creditors of Stellation Capital Fund Ltd. are required to file their proofs of debt by Oct. 3, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on February 20, 2009. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands ===================== P U E R T O R I C O ===================== HOTEL AIRPORT: Court Approves Francisco Molina as Accountant ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Puerto Rico authorized Hotel Airport Inc. 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 assured 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. The Debtor disclosed US$8,547,993 in assets and US$171,169,392 in liabilities as of the Chapter 11 filing. The petition was signed by David Tirri, its president. HOTEL AIRPORT: Court Approves Edgard Munoz as Bankruptcy Counsel ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico authorized Hotel Airport Inc. to employ Edgardo Munoz PSC as its counsel. Upon retention, the firm, will, among other things: a) advise the Debtor with respect to its duties, powers, and responsibilities in this case under the laws of the United States and Puerto Rico in which debtor-in-possession conducts its operations; b) advise the Debtor in connection with determination on whether reorganization is feasible and if not, helping the Debtor in the orderly liquidation of assets; and c) prepare on behalf of the Debtor the necessary complaints, answers, orders, reports, memoranda of law and any other legal paper or document required in the case. To the best of the Debtor's knowledge, Edgardo Munoz and his firm are disinterested persons within the meaning of 11 U.S.C. Sec. 101. The firm has received a US$10,000 retainer plus the additional sum of US$1,039 to cover filing fees, which sums were paid by the Debtor from funds generated from the operations of its business. An additional sum of US$10,000 has been agreed to and will be distributed upon proper notice and hearing, and after court authorization required, and will be held as additional retainer to be credited with the final application for compensation to be submitted under 11 U.S.C. Sec. 330. Professional services will be charged at the rate of US$280 per hour plus costs and expenses. 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. The Debtor disclosed US$8,547,993 in assets and US$171,169,392 in liabilities as of the Chapter 11 filing. The petition was signed by David Tirri, its president. HOTEL AIRPORT: Lizarribar-Masini Okayed as P.R. Ports Counsel ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico authorized Hotel Airport Inc. to employ the law firm Lizarribar- Masini Law Office as counsel to properly conduct the Debtor's affairs and comply with its duties and in relation to ongoing litigation with Puerto Rico Ports Authority. Upon retention, the firm will, among other things: a. represent debtor in all matters regarding the Puerto Rico Ports Authority; b. perform other legal services for the Debtor as may be required in this proceeding or in connection with the operation of the Debtor's business; c. employ other professional services, if necessary. The firm will charge the Debtor US$150 dollars per hour plus costs as per monthly invoices. The hourly rates are subject to change to account for ordinary increases of the rates, but subject to prior notice thereof. 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. The Debtor disclosed US$8,547,993 in assets and US$171,169,392 in liabilities as of the Chapter 11 filing. The petition was signed by David Tirri, its president. PICHI'S INC: Files Schedules of Assets and Liabilities ------------------------------------------------------ Pichi's Inc. filed with the U.S. Bankruptcy Court for the District of Puerto Rico its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property US$22,155,279 B. Personal Property $9,247,080 C. Property Claimed as Exempt D. Creditors Holding Secured Claims US$31,253,750 E. Creditors Holding Unsecured Priority Claims $868,092 F. Creditors Holding Unsecured Non-priority Claims $4,497,178 ----------- ----------- TOTAL US$31,402,359 US$36,619,020 About Pichi's Inc. Pichi's Inc. owns and operates the Best Western Pichi's Hotel in Guayanilla, Puerto Rico. Pichi's filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011. Judge Mildred Caban Flores initially presided over the case, which has recently been reassigned to the Hon. Edward A. Godoy. Charles Alfred Cuprill, PSC Law Offices, serves as the Debtor's bankruptcy counsel. CPA Luis R. Carrasquillo & Co., P.S.C., serves as financial consultants. The petition was signed by Luis A. Emmanuelli Gonzalez, president. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Lascelles deMercado Fights FSC in Court ------------------------------------------------- Jamaica Gleaner reports that Lascelles deMercado & Company Limited has turned to the courts to compel the Financial Services Commission to declare the amended hostile bid by St. Lucia-based Black Sand Acquisition Limited as being non-compliant with the regulator's takeover rules. Lascelles deMercado is a subsidiary of CL Financial Limited. The conglomerate's lawyers will argue that position before the Supreme Court starting October 10, a move that could potentially delay the Black Sand bid which is open to October 18, according to Jamaica Gleaner. The report notes that Lascelles deMercado wants the court to instruct the FSC that a revised proposal issued by Black Sand earlier this month is still non-compliant. This, in turn, would require the issuance of a third proposal and consequently delay the release of the Lascelles deMercado directors' official response to the offer, Jamaica Gleaner relates. "In the interest of time, we will take the FSC to court, but it was not our first choice," Lascelles deMercado company secretary Jane George told Wednesday Business in an interview, the report notes. Jamaica Gleaner discloses that Lascelles deMercado has been challenging the validity of the revised proposal made by Black Sand through an appeals tribunal at the FSC. The report relates that Lascelles deMercado contends that Black Sand still lacks proof of funding but the FSC viewed the revised proposal as compliant. Ms. George, the report relays, said that the tribunal wrapped up with both parties opting to hear arguments in court. A FSC notice said that the FSC previously set a September 21 deadline for the release of the directors' circular, Jamaica Gleaner notes. Jamaica Gleaner relates that Black Sand previously said it received equity commitments from a group of investors led by United States-based Octavian Special Master Fund LP and Kingston- based Pan-Jamaican Investment Trust. As reported in the Troubled Company Reporter-Latin America on Aug. 15, 2011, Trinidad & Tobago Newsday said that Lascelles deMercado has rejected a takeover bid by Black Sand Acquisition. Lascelles deMercado Secretary Jane George said that the Board of Directors viewed Black Sand's offer as an "unsolicited and unfunded . . . opportunistic attempt by former director William McConnell to persuade CL Financial's noteholders to foreclose on the [Lascelles deMercado] shares held by them as collateral and sell [the shares] to Black Sand for less than half the price paid for them by the CL Financial group," according to T&T Newsday. Ms. George said that Lascelles deMercado's skepticism about the offer lay partly on Black Sand's incompliance with the JSE rules and the Securities (Take-Overs and Mergers) Regulations, T&T Newsday noted. Trinidad Express said Black Sand plans to acquire 90% of Lascelles de Mercado's ordinary shares, all its 6% preference shares and its 15% preference shares. 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. __, 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 * * *