TCRLA_Public/120106.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, January 6, 2012, Vol. 13, No. 005

                            Headlines




A N T I G U A  &  B A R B U D A

STANFORD INT'L: Defense Experts Paid, to Keep Preparing for Trial


A R G E N T I N A

YPF SA: Declines Gas Argentino Option After Creditor Talks Fail


B E R M U D A

CHEVRON INDUSTRIES: Creditors' Proofs of Debt Due Jan. 6
CHEVRON INDUSTRIES: Members' Final Meeting Set for Jan. 27
LAKESHORE INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 6
LAKESHORE INTERNATIONAL: Members' Final Meeting Set for Jan. 27
NEW POINT RE: Creditors' Proofs of Debt Due Jan. 13

NEW POINT RE: Members' Final Meeting Set for Jan. 30
NEW POINT: Creditors' Proofs of Debt Due Jan. 13
NEW POINT: Members' Final Meeting Set for Jan. 30
SEVENTH SENSE: Creditors' Proofs of Debt Due Jan. 6
SEVENTH SENSE: Members' Final Meeting Set for Jan. 25


C A Y M A N   I S L A N D S

ALTERNATIVEFOCUS COMMODITAS: Placed Under Voluntary Wind-Up
ALTERNATIVEFOCUS LIONGATE: Placed Under Voluntary Wind-Up
ALTERNATIVEFOCUS PARAGO: Placed Under Voluntary Wind-Up
ALTERNATIVEFOCUS PAULSON: Placed Under Voluntary Wind-Up
BEL-AIR INTERNATIONAL: Placed Under Voluntary Wind-Up

H3 CAPITAL: Commences Liquidation Proceedings
MELLON ALPHAEQUITY: Commences Liquidation Proceedings
NEUBERGER BERMAN: Placed Under Voluntary Wind-Up
NEWTON RE: Creditors' Proofs of Debt Due Jan. 9
OASIS ADVISORS: Placed Under Voluntary Wind-Up

OCEAN VIEW: Shareholders' Final Meeting Set for Feb. 6
RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due Jan. 9
RLS COMPANY: Placed Under Voluntary Wind-Up
SAPIC II: Commences Liquidation Proceedings
SAPIC II REFERENCE: Commences Liquidation Proceedings

SAPIC-98 REFERENCE: Commences Liquidation Proceedings
SST COMMUNICATIONS: Commences Liquidation Proceedings
TR PROPERTY: Commences Liquidation Proceedings
TRIDENT MICROSYSTEMS: Files for Bankruptcy in US & Cayman Islands
VALAIS RE: Creditors' Proofs of Debt Due Jan. 9

WILLOW RE: Creditors' Proofs of Debt Due Jan. 9


P U E R T O   R I C O

COUNTY SQUARE: Case Summary & 20 Largest Unsecured Creditors
GP WEST: Will Seek Plan Approval at Jan. 30 Confirmation Hearing
INSITE CORPORATION: Case Summary & 17 Largest Unsecured Creditors
TEC COLOR: Case Summary & 10 Largest Unsecured Creditors




                            - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================



STANFORD INT'L: Defense Experts Paid, to Keep Preparing for Trial
-----------------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports that Robert
Allen Stanford's defense experts were ordered to keep preparing
for the former financier's trial over an alleged US$7 billion
investment fraud by a U.S. appellate court that also agreed to
pay their back wages.

"It would be neither feasible nor economical to obtain a
replacement to perform the services Marcum was expected by
counsel to provide," Circuit Judge Edith Jones, the chief of the
U.S. Court of Appeals in New Orleans, said in a letter to Marcum
LLP, one of the expert contractors that resigned from Stanford's
defense team, according to Bloomberg News.  The service providers
were also "ordered to continue work on the case as previously
planned, including the provision of testifying experts, through
the end of trial, and, if required by counsel, through the
conclusion of the case in the district court," Judge Jones added,
Bloomberg relates.

Bloomberg discloses that Judge Jones issued similar orders and
agreements to pay overdue invoices to two other expert-services
contractors to keep them working on Mr. Stanford's defense.
Accumyn Consulting and the Worley Group had also resigned last
week over non-payment of bills dating back to September,
according to court filings.

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Caribarena Antigua News said that Robert Allen
Stanford has again asked for a postponement of his upcoming
trial, this time citing the withdrawal of his expert witnesses.
The experts reportedly quit after the U.S. Court of Appeals
decided to modify and limit the budget for experts, and withhold
payments until the trial is completed, according to Caribarena
Antigua News.  The report related that the Court has control over
Mr. Stanford's defense, since it is publicly funded.  Caribarena
Antigua News relayed that Mr. Fazel, citing court documents, said
that prosecutors would not oppose a one-week delay in the
deadline for filing expert reports.  The report recalled that U.S
Attorney Gregg Costa said that he would be willing to wait six to
eight weeks to give Mr. Stanford more time to review documents in
his case with his attorneys.

             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 a
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.).


=================
A R G E N T I N A
=================


YPF SA: Declines Gas Argentino Option After Creditor Talks Fail
---------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Argentina's largest oil and
gas producer, YPF SA, said Friday it won't exercise an option to
lift its stake in the parent company of natural gas distribution
firm Metrogas SA after failing to reach an agreement with
creditors.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of
Repsol YPF, S.A., a Spanish company engaged in oil exploration
and
refining, which holds 99.04% of its shares.  Its international
operations are conducted through its subsidiaries, YPF
International S.A. and YPF Holdings Inc.


=============
B E R M U D A
=============


CHEVRON INDUSTRIES: Creditors' Proofs of Debt Due Jan. 6
--------------------------------------------------------
The creditors of Chevron Industries Limited are required to file
their proofs of debt by Jan. 6, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 20, 2011.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


CHEVRON INDUSTRIES: Members' Final Meeting Set for Jan. 27
----------------------------------------------------------
The members of Chevron Industries Limited will hold their final
meeting on Jan. 27, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 20, 2011.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


LAKESHORE INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 6
-------------------------------------------------------------
The creditors of Lakeshore International, Ltd. are required to
file their proofs of debt by Jan. 6, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 20, 2011.

The company's liquidator is:

         Michael J. Frey
         601 Carlson Parkway, Suite 200
         Minnetonka
         Minnesota 55305


LAKESHORE INTERNATIONAL: Members' Final Meeting Set for Jan. 27
---------------------------------------------------------------
The members of Lakeshore International, Ltd. will hold their
final meeting on Jan. 27, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 20, 2011.

The company's liquidator is:

         Michael J. Frey
         601 Carlson Parkway, Suite 200
         Minnetonka
         Minnesota 55305


NEW POINT RE: Creditors' Proofs of Debt Due Jan. 13
---------------------------------------------------
The creditors of New Point Re Limited are required to file their
proofs of debt by Jan. 13, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 22, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


NEW POINT RE: Members' Final Meeting Set for Jan. 30
----------------------------------------------------
The members of New Point Re Limited will hold their final meeting
on Jan. 30, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company commenced wind-up proceedings on Dec. 22, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


NEW POINT: Creditors' Proofs of Debt Due Jan. 13
------------------------------------------------
The creditors of New Point Limited are required to file their
proofs of debt by Jan. 13, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 22, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


NEW POINT: Members' Final Meeting Set for Jan. 30
-------------------------------------------------
The members of New Point Limited will hold their final meeting on
Jan. 30, 2012, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 22, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SEVENTH SENSE: Creditors' Proofs of Debt Due Jan. 6
---------------------------------------------------
The creditors of The Seventh Sense Star Limited are required to
file their proofs of debt by Jan. 6, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 21, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SEVENTH SENSE: Members' Final Meeting Set for Jan. 25
-----------------------------------------------------
The members of The Seventh Sense Star Limited will hold their
final meeting on Jan. 25, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 21, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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


ALTERNATIVEFOCUS COMMODITAS: Placed Under Voluntary Wind-Up
-----------------------------------------------------------
On Nov. 22, 2011, the sole shareholder of Alternativefocus
Commoditas Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


ALTERNATIVEFOCUS LIONGATE: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On Nov. 22, 2011, the sole shareholder of Alternativefocus
Liongate Multi-Strategy Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


ALTERNATIVEFOCUS PARAGO: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On Nov. 22, 2011, the sole shareholder of Alternativefocus Parago
Futures Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


ALTERNATIVEFOCUS PAULSON: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On Nov. 22, 2011, the sole shareholder of Alternativefocus
Paulson Advantage Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


BEL-AIR INTERNATIONAL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Nov. 24, 2011, the sole shareholder of Bel-Air International
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 3, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Campbell Directors Limited
         Telephone:  1 345 949 2648
         Facsimile:  1 345 945 2877
         Scotia Centre, 4th Floor
         Albert Panton Street, George Town
         Grand Cayman
         Cayman Islands


H3 CAPITAL: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 24, 2011, the sole shareholder of H3 Capital resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Linburgh Martin
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


MELLON ALPHAEQUITY: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 21, 2011, the sole shareholder of Mellon Alphaequity UK
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.

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


NEUBERGER BERMAN: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 24, 2011, the sole member of Neuberger Berman G+
Commodities Fund Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


NEWTON RE: Creditors' Proofs of Debt Due Jan. 9
-----------------------------------------------
The creditors of Newton Re Ltd are required to file their proofs
of debt by Jan. 9, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 22, 2011.

The company's liquidators are:

         Kevin Poole
         Shane Delaney
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman
         Cayman Islands
         Telephone: 914-2254 / 949-5263
         Facsimile: 949-6021


OASIS ADVISORS: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 18, 2011, the shareholders of Oasis Advisors Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Simon Atkinson
         Telephone: 81- 03-5114-1296
         Facsimile: 81-03-5114-1150
         c/o Rockhampton Management
         Ark Mori Building, 22nd Floor
         PO Box 578 1-12-32 Akasaka Minato-Ku
         Tokyo 107-6022 Japan


OCEAN VIEW: Shareholders' Final Meeting Set for Feb. 6
------------------------------------------------------
The shareholders of Ocean View Holdings Limited will hold their
final meeting on Feb. 6, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Nov. 24, 2011.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile:  (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due Jan. 9
-------------------------------------------------------------
The creditors of Residential Reinsurance 2008 Limited are
required to file their proofs of debt by Jan. 9, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 22, 2011.

The company's liquidators are:

         Shaun Geils
         Kevin Poole
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman
         Cayman Islands
         Telephone: 914-2259
         Facsimile: 949-6021


RLS COMPANY: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 22, 2011, the shareholders of RLS Company Ltd resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


SAPIC II: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 17, 2011, the sole shareholder of Sapic II Reference Fund
(7) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.

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


SAPIC II REFERENCE: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 17, 2011, the sole shareholder of Sapic II Reference Fund
(16) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.

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


SAPIC-98 REFERENCE: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 22, 2011, the shareholders of Sapic-98 Reference Fund
(44) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.

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


SST COMMUNICATIONS: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 21, 2011, the shareholders of SST Communications, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.

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


TR PROPERTY: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 24, 2011, the sole shareholder of TR Property, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.

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


TRIDENT MICROSYSTEMS: Files for Bankruptcy in US & Cayman Islands
-----------------------------------------------------------------
Trident Microsystems, Inc. and its Cayman subsidiary, Trident
Microsystems (Far East) Ltd. filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 12-10069) on Jan. 4,
2011.

Trident says that after the Chapter 11 filing, it will shortly
file for protection in the Cayman Islands.

As part of the filing, Trident is seeking Court approval of bid
procedures for the sale of its set-top box (STB) system on a chip
(SoC) business to Entropic Communications, Inc.

The sale of the Set-Top-Box business to Entropic will be subject
to a bidding process and approval by the Bankruptcy Court and the
Cayman court, and the sale is expected to close in late February,
2012.

"Trident, like many of its competitors, has been undergoing rapid
changes which have hindered its ability to operate profitably,"
stated Dr. Bami Bastani, chief executive officer of Trident.

"A combination of increased pricing pressures in our industry,
lower demand in consumer electronics, and slower than anticipated
new product adoption has contributed to increased operating
losses, a deterioration in liquidity and an erosion in equity
values for Trident."

Trident recently announced that it was exploring a number of
strategic alternatives.  In September, the Company's board
approved a workforce reduction plan, designed to take the number
of employees down to 1,000, from 1,275.  But the Company
continues to suffer declining revenue and losses, prompting it to
file for Chapter 11.

FTI Consulting, Inc., is the financial advisor.  Kurtzman Carson
Consultants is the claims and notice agent.

                       ICs for Set-Top Boxes

Sunnyvale, California-based Trident currently designs, develops,
and markets integrated circuits and related software for
processing, displaying, and transmitting high quality audio,
graphics, and images in home consumer electronics applications
such as digital TVs, PC-TV, and analog TVs, and set-top boxes.

The Company has research and development facilities in Beijing
and Shanghai, China; Freiburg, Germany; Eindhoven and Nijmegen,
The Netherlands; Belfast, United Kingdom; Bangalore and
Hyderabad, India; Austin, Texas; and Sunnyvale, California. The
Company has sales offices in Seoul, South Korea; Tokyo, Japan;
Hong Kong and Shenzhen, China; Taipei, Taiwan; San Diego,
California; Mumbai, India; and Suresnes, France. The Company also
has operations facilities in Taipei and Kaoshiung, Taiwan; and
Hong Kong, China.

Trident estimated debts and assets of as much as $500 million
each in its Chapter 11 petition.

Trident does not currently have any secured debt or outstanding
bonds.  The Debtors do, however, have a significant amount of
unsecured debt.  As of the Petition Date, the Debtors estimate
they have outstanding unsecured obligations of $215,296,850.

Among the largest unsecured creditors listed in court papers was
Cisco Systems Inc., of San Jose, California, owed $4.34 million
in trade debt.

                         Business as Usual

Trident intends to continue to operate all of its business lines
in the ordinary course and has ample liquidity to do so, while it
completes the bankruptcy approval process regarding the sale of
its Set-Top-Box business to Entropic and explores strategic
alternatives for its remaining business units.

During the interim, Trident expects that Chapter 11 protection
will enable the Company to conduct its business operations in the
ordinary course.  To that end, the Company is seeking approval
from the court for a variety of First Day and other initial
motions, including requests to make wage and benefit payments to
employees and continuation of the Company's global cash
management system.

None of Trident's other operating subsidiaries are subject to the
Chapter 11 proceedings, and they will continue to operate in the
ordinary course of their businesses.

                $55-Mil. Offer for Set-Top Box Biz

David Teichmann, executive vice president and general counsel for
Trident, said in court papers that prior to the chapter 11
filing, the Debtors undertook a marketing effort to identify a
potential purchaser of their set-top box business line.

The Debtors have selected Entropic as "stalking horse" bidder to
purchase Trident's set-top box business.  The $55 million cash
offer by Entropic is subject to higher and better offers at a
bankruptcy court-sanctioned auction.

In making the bid, Entropic has relied on promises by the Debtors
to seek the Bankruptcy Court's approval of reimbursement of its
reasonable expenses, with such amount to be provided to all
bidders by no later than Feb. 8, 2012, and a break-up fee of
$1,650,000.

The Debtors say the break-up fee is a necessary inducement for
Entropic to establish a "floor" for the sale of the assets and
will encourage competitive bidding.

The Debtors will also consider and entertain bids for a larger
transaction, including a sale of substantially all of their
assets.

The Debtors believe that a rapid sale of the set-top box business
will allow them to immediately stop the drain on cash balances
and afford them an opportunity to determine which, if any, of the
Debtors' other business lines should be marketed for sale and
take such other steps necessary to reorganize their remaining
operations into a profitable and sustainable business.

"The acquisition of Trident Microsystems' set-top box business
provides an important strategic opportunity for Entropic by
enabling us to combine our best-in-class MoCA solutions,
including MoCA2, with Trident's system on a chip (SoC) business
to deliver a complete system solution to the world's premier
cable, telco and satellite service providers, while expanding our
total addressable market over the next several years," said
Patrick Henry, president and CEO, Entropic.

Entropic intends to invest in service and support for the
existing Trident STB customer base, as well as advance Trident's
STB product line by continuing to invest in its development --
leveraging mutual strengths of both companies' technologies to
provide customers with next generation, integrated Multimedia
over Coax (MoCA(R)) based chip-set solutions.

The assets to be acquired under the agreement include Trident's
specific STB products, patents and other intellectual property,
certain tangible assets and inventory.

Entropic would plan to hire approximately 385 Trident employees
located primarily in China, India, the United Kingdom, Taiwan,
Korea and the United States.  Entropic would also acquire
facilities in Austin, Texas, Belfast, Northern Ireland and
Hyderabad, India and would use portions of Trident's facilities
in China, Taiwan and Korea under a facilities use agreement while
Entropic assesses its facilities requirements.

Aside from cash payment, the buyer will assume specified
liabilities upon the closing of the transaction, subject to
adjustment for closing working capital balances and other
matters, as set forth in the asset purchase agreement.

The Debtors have filed the proposed asset purchase agreement with
Entropic with the Bankruptcy Court.

Entropic expects that hearings before those courts to approve
bidding procedures, break-up fees and expense reimbursement will
be held within the next two weeks, followed by an auction, with
hearings for approval of the ultimate sale to be held thereafter.

Consummation of the transaction, which is expected to occur in
the first quarter of 2012, remains subject to higher or otherwise
better offers, approval by the Bankruptcy Court and customary
closing conditions.

Entropic Communications, Inc. -- http://www.entropic.com/ -- is
a provider of silicon and software solutions to enable connected
home entertainment, by providing next-generation silicon and
software technologies to the world's leading cable, telco and
satellite service providers, OEMs and consumer electronics
manufacturers.

                   License Agreement With RDA

Trident also announced that it has entered into a license
agreement with RDA Technologies, Ltd., pursuant to which it
granted a non-exclusive license to its SX-5 SOC product for the
television market.  Under the license agreement, Trident has
received an upfront fee of US$7.5 million and expects to receive
an additional $8.5 million in the near term.  As a result of cost
cutting efforts, the RDA license agreement, and the receipt of
funds from the sale of its facility in China, the Company
believes its cash balance as of Dec. 31, 2011, provides adequate
liquidity to continue to meet customer and vendor requirements
while the marketing efforts for its key assets continues.


VALAIS RE: Creditors' Proofs of Debt Due Jan. 9
-----------------------------------------------
The creditors of Valais Re Ltd are required to file their proofs
of debt by Jan. 9, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 22, 2011.

The company's liquidators are:

         Owen Dinnall
         Dena Thompson
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman
         Cayman Islands
         Telephone: 914-2255 / 949-5263
         Facsimile: 949-6021 / 949-6021


WILLOW RE: Creditors' Proofs of Debt Due Jan. 9
-----------------------------------------------
The creditors of Willow Re Ltd are required to file their proofs
of debt by Jan. 9, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 22, 2011.

The company's liquidators are:

         Shaun Geils
         Dena Thompson
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman
         Cayman Islands
         Telephone:  914-2260 / 949-5263
         Facsimile:  949-6021 / 949-6021


=====================
P U E R T O   R I C O
=====================


COUNTY SQUARE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: County Square LLC
        aka Restaurante Pikayo
        P.O. Box 16619
        San Juan, PR 00908 6619

Bankruptcy Case No.: 11-11160

Chapter 11 Petition Date: December 30, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: William M. Vidal. Esq.
                  WILLIAM VIDAL-CARVAJAL LAW OFFICE, P.S.C.
                  MCS Plaza
                  255 Ponce De Leon Ave Suite 801
                  San Juan, PR 00917
                  Tel: (787) 764-6867 - 399-6415
                  Fax: (787) 764-6496
                  E-mail: william.m.vidal@gmail.com

Scheduled Assets: US$1,835,327

Scheduled Liabilities: US$1,611,522

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-11160.pdf

The petition was signed by William Benet Stella, president.


GP WEST: Will Seek Plan Approval at Jan. 30 Confirmation Hearing
----------------------------------------------------------------
On Dec. 5, 2011, Swiss Chalet, Inc., and G.P. West, Inc., filed a
Joint Disclosure Statement in support of the Debtors' Joint Plan.
The Plan is being filed with the U.S. Bankruptcy Court for the
District of Puerto Rico in each of the two cases of the Debtors,
and will be considered upon separate voting in each of the two
cases, with each of the Debtors required to comply in their
respective cases with the applicable Bankruptcy Code
requirements.

The Disclosure Statement, filed Dec. 5, 2011, corrected as to
certain pages submitted as exhibits to the hearing on Dec. 20,
2011, has been approved by the Bankruptcy court.  The hearing on
confirmation of the Plan will be held on Jan. 30, 2012, at 9:00
a.m.  Acceptances or rejections of the Plan will be filed not
later than 7 days prior to the confirmation hearing.

Under the Joint Plan, the Secured Claim of the Centro de
Recaudaciones de Ingresos Municipales, or "CRIM" (Class 1),
Allowed Priority Claims under Section 507(a)(7) of the Bankruptcy
Code (Class 3), interests in Debtor GPW (Class 5(a)), and
Interests in Debtor SCI (Class 5(b)), are unimpaired.  The shares
of the equity interest holders in GPW and SCI will remain
unaltered.

The Class 2(a) Claim of CPG/GS PR NPL, LLC, or "CPG", secured by
substantially all assets of Debtor GPW's assets ($9,065,950), the
Class 2(b) Claim of CPG secured by substantially all assets of
Debtor SCI's assets ($119,154,958, as may be reduced for the
payments made during the reorganization period), allowed general
unsecured claims in the GPW Case in Class 4(a), totaling
US$7,576,701 (including the deficiency claim of CPG/GS and the
Allowed Claims of Insiders and Affiliate), and Class 4(b) Allowed
Unsecured Claims in the SCI Case, totaling US$11,456,035
(exclusive of CPG US$29,000,000 deficiency claim), are all
impaired under the Plan.

Class 2(a)

Class 2(a) will be paid on the Effective Date by vesting in CPG
Island Properties II LLC, free and clear of all interests, liens
(except for any liens for amounts due to CRIM), leases, and
encumbrances, unless otherwise requested by CPG, all of Debtor
GPW's realty and all other property of GPW's securing CPG/GS'
claims.  Estimated Recovery is 71%.

Class 2(b)

Class 2(b) will be treated as follows:

A) With respect to the DoubleTree Hotel and Related Assets,
CPG/GS will restructure the debt secured by the DoubleTree Hotel,
Gallery Plaza 5th Floor Commercial, Gallery Plaza Ground Floor
Retail, and Gallery Plaza Parking not part of the residential
units  (collectively, the "Hotel Assets").  The restructured loan
secured by the Hotel Assets will be paid at the end of 42 months.

B) With respect to the Atlantis and Gallery Plaza Condominiums,
SCI will transfer or cause to be transferred to CPG Island
Properties II LLC, by writ on the Effective Date, all of the
residential units owned by SCI that serve as collateral for the
Atlantis Condominium Loan and Gallery Plaza Loans, together with
all benefits of contractors' warranties and performance bonds
that may apply, without waiver of construction contractors'
liabilities for warranties, free and clear of all liens, claims,
interests, liabilities, and encumbrances (other than any senior
liens by CRIM); and all the deposits received for the sale of
such units, but subject to all of seller's obligations in respect
of such deposits.

Class 4(a)

Holders of Class 4(a) Allowed General Unsecured Claims, including
those arising from rejected executory contracts or unexpired
leases, but excluding CPG/GS' Deficiency Claim and Claims from
Insiders and Affiliate, SCI, in full satisfaction of such claims
will be paid on the Effective Date pro-rata from the remaining
balance of the US$85,000 GPW Carve-Out after payment of
Administrative Expense Claims and Priority claims in the GPW
Case, estimated at US$6,500.

Holders of Allowed General Unsecured Claims considered Insiders,
basically consisting of GPW's Shareholders and Affiliate, SCI,
will condone their claims as of the Effective Date of the Plan,
but only if the Plan is confirmed.  These claimants will not
receive payments under the Plan but are entitled to vote. These
claims amount to US$4,932,967.65.

The deficiency claim of CPG's against GPW totaling US$2,653,000,
will be dealt with under this Class, will not receive any
dividends as part of this Class, but is entitled to vote to
accept or reject the Plan.

Estimated Recovery is 70%-90%.

Class 4(b)

Holders of Allowed General Unsecured Claims, including those
arising from rejected executory contracts, but excluding CPG/GS'
deficiency claim, those arising from deposits in escrow by
individuals for the purchase of units at Atlantis Condominium,
and those related to Insiders and Affiliates, if any, will be
paid in full satisfaction of such Claims on the Effective Date
pro-rata from the remaining balance of the SCI Carve-Out, after
the payment therefrom of the above listed Administrative Expense
Claims, including allowed professional fees and expenses, Allowed
Priority Tax Claims, and Priority Claims (Class 3 Claims allowed
in the Bankruptcy Case (SCI)).

Estimated Recovery is 6.6%

A copy of the Joint Disclosure Statement is available for free
at: http://bankrupt.com/misc/gpwest.doc92.pdf

                  About The Swiss Chalet Inc.

The Swiss Chalet Inc., developed the Gallery Plaza Condominium
and Atlantis Condominium in San Juan, Puerto Rico.  SCI also owns
the DoubleTree Hotel in Condado, San Juan, Puerto Rico, adjacent
to the Gallery Plaza.  SCI filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill,
P.S.C. Law Offices, in San Juan, P.R., serves as its bankruptcy
counsel.  CPA Luis R. Carrasquillo & Co., P.S.C., serves as its
financial consultants.  In its schedules, the Debtor disclosed
total assets of $115,580,977 and total debts of US$138,603,384.
The petition was signed by Arnold Benus, director.

                           About GP West

GP West, Inc., based in San Juan, Puerto Rico, is engaged in the
rental of residential and non-residential real properties under
the name of GP West, Inc..  GPW owns a non-residential parcel of
land located at the southwest corner of De Diego Avenue and
Wilson Street, San Juan, P.R., which is currently leased to
Supermercados Maximo, Inc.  GPW also owns 8 residential
apartments at Gallery Plaza Condominium, acquired in March 2011
for its affiliate SCI,
6 of which are currently leased to BPP Retail Management, LLC.
GPW filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-
04954) on June 9, 2011.  Eduardo J. Corretjer Reyes, Esq., at
Bufete Roberto Corretjer Piquer, in San Juan, P.R., represents
the Debtor in its restructuring effort.  CPA Luis R. Carrasquillo
& Co., P.S.C., serves as financial consultant.  In its schedules,
the Debtor disclosed $13,384,251 in assets and $132,825,590 in
debts.  The petition was signed by Jose Teixidor Mendez,
president.

No trustee or examiner has been appointed in this Chapter 11
case, and no official committee of creditors or otherwise has
been
appointed or designated.


INSITE CORPORATION: Case Summary & 17 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Insite Corporation
        650 Ave. Luis Munoz Rivera
        Suite 402
        San Juan, PR 00918

Bankruptcy Case No.: 11-11209

Chapter 11 Petition Date: December 30, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  LAW OFFICE OF CARLOS RODRIGUEZ QUES
                  P.O. Box 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867
                  E-mail: cerqlaw@coqui.net

Estimated Assets: US$1,000,001 toUS$10,000,000

Estimated Debts: US$1,000,001 to US10,000,000

A list of the Company's 17 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-11209.pdf

The petition was signed by Dennis O'Hanlan, president.

Affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
SunCom Contruction Group Inc           11-10900   12/22/11


TEC COLOR: Case Summary & 10 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: TEC Color Lab, Inc.
        7 Calle Guayama
        Urb. Perez Morris
        San Juan, PR 00918

Bankruptcy Case No.: 11-11214

Chapter 11 Petition Date: December 30, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carlos Rodriquez Quesada, Esq.
                  LAW OFFICE OF CARLOS RODRIGUEZ QUES
                  P.O. Box 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867
                  E-mail: cerqlaw@coqui.net

Estimated Assets: US$0 to US$50,000

Estimated Debts: US$1,000,001 to US$10,000,000

A list of the Company's 10 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-11214.pdf

The petition was signed by Arles Pages Valls, president.


                            ***********


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
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Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
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Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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