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/raid1/www/Hosts/bankrupt/TCRLA_Public/130227.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 Wednesday, February 27, 2013, Vol. 14, No. 41 Headlines B E R M U D A AQUILA FSC-3 B767: Creditors' Proofs of Debt Due March 1 AQUILA FSC-3 B767: Member to Receive Wind-Up Report on March 22 AQUILA FSC-2 B777: Creditors' Proofs of Debt Due March 1 AQUILA FSC-2 B777: Member to Receive Wind-Up Report on March 21 B R A Z I L USIMINAS: To Boost Brazil Steel Prices Up to 12%, Santander Says C A Y M A N I S L A N D S APAC APEMM: Placed Under Voluntary Wind-Up CREP INVESTMENT J: Commences Liquidation Proceedings DRZ LTD: Members Receive Wind-Up Report FARROW MANAGEMENT: Members Receive Wind-Up Report FQ ALPHA: Commences Liquidation Proceedings FQ GLOBAL: Commences Liquidation Proceedings LATTEI INVESTMENT: Placed Under Voluntary Wind-Up MARITIME SECURITY: Commences Liquidation Proceedings MORGAN STANLEY COMMODITIES: Commences Liquidation Proceedings OPTIMAL ASIA: Shareholder Receives Wind-Up Report PINOT PACIFIC: Placed Under Voluntary Wind-Up PYRENEES GENERAL: Members Receive Wind-Up Report PYRENEES INVESTMENT: Members Receive Wind-Up Report RED COBRA: Placed Under Voluntary Wind-Up SAB FAMILY: Placed Under Voluntary Wind-Up SALIX INVESTMENTS: Members Receive Wind-Up Report SOLA SPV II: Placed Under Voluntary Wind-Up VICTORY MARINE: Shareholders Receive Wind-Up Report WW INVESTMENTS: Sole Member Receives Wind-Up Report J A M A I C A DYOLL GROUP: Joint Liquidators to Make Final Dividend Payment * JAMAICA: Construction Sector is Still in a Slump, BOJ Says M E X I C O GRUMA SAB: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable * Moody's Assigns (P)B3 Rating to Rio Cuarto's Treasury Notes P U E R T O R I C O CONSTRUCTORA DE HATO: Seeks Extension of Plan Filing Deadline - - - - - ============= B E R M U D A ============= AQUILA FSC-3 B767: Creditors' Proofs of Debt Due March 1 -------------------------------------------------------- The creditors of Aquila FSC-3 B767 Ltd. are required to file their proofs of debt by March 1, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 13, 2013. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda AQUILA FSC-3 B767: Member to Receive Wind-Up Report on March 22 --------------------------------------------------------------- The member of Aquila FSC-3 B767 Ltd. will receive on March 22, 2013, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company commenced wind-up proceedings on Feb. 13, 2013. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda AQUILA FSC-2 B777: Creditors' Proofs of Debt Due March 1 -------------------------------------------------------- The creditors of Aquila FSC-2 B777 Ltd. are required to file their proofs of debt by March 1, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 12, 2013. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda AQUILA FSC-2 B777: Member to Receive Wind-Up Report on March 21 --------------------------------------------------------------- The member of Aquila FSC-2 B777 Ltd. will receive on March 21, 2013, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company commenced wind-up proceedings on Feb. 12, 2013. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda =========== B R A Z I L =========== USIMINAS: To Boost Brazil Steel Prices Up to 12%, Santander Says ---------------------------------------------------------------- Juan Pablo at Bloomberg News reports that Banco Santander SA said Usinas Siderurgicas de Minas Gerais SA is boosting steel prices for distributors by as much as 12% next month. Usiminas is set to raise prices for some steel products by between 6% and 12%, Santander analysts Felipe Reis and Alex Sciacio said in a note to clients, according to Bloomberg News. The analysts, Bloomberg News relates, said that the increase may boost the company's earnings before interest, taxes, depreciation and amortization this year by about BRL85 million (US$42.9 million). Bloomberg News discloses that Usiminas posted on Feb. 18 a fourth- quarter net loss of BRL323.8 million, more than twice the loss estimated by analysts, as costs of products sold rose faster than sales. Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) is the largest integrated flat-steel manufacturer in Latin America, with production of 6.6 million tons of crude steel and consolidated net revenues of BRL11.7 billion (approximately USD 6.9 billion converted by the average exchange rate) in the twelve months ended March 31, 2012. Usiminas also owns iron ore mining activities, steel distribution and capital goods subsidiaries and operates downstream facilities in Brazil. * * * As reported in the Troubled Company Reporter-Latin America on May 29, 2012, Fitch Ratings has downgraded the long-term foreign and local currency Issuer Default Ratings (IDRs) of Usinas Sideruurgicas de Minas Gerais S.A. (Usiminas) to 'BB+' from 'BBB-' and national scale rating to 'AA(bra)' from 'AA+(bra)'. The Rating Outlook is Stable. ========================== C A Y M A N I S L A N D S ========================== APAC APEMM: Placed Under Voluntary Wind-Up ------------------------------------------ On Dec. 5, 2012, the sole shareholder of Apac APEMM Fund resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: John Ralph Wardlaw c/o Lewis Holdway 20 Queen Street Melbourne Victoria Australia Telephone: +6 (139) 629-9629 Facsimile: +6 (139) 629-9630 E-mail: office@lewisholdway.com.au CREP INVESTMENT J: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 29, 2012, the sole shareholder of CREP Investment J Cayman resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust SPV (Cayman) Limited 87 Mary Street George Town Grand Cayman, KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 DRZ LTD: Members Receive Wind-Up Report --------------------------------------- On Jan. 7, 2013, the members of DRZ Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Brad Kirby Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Cayman Islands Telephone: +1 (345) 814-3471 FARROW MANAGEMENT: Members Receive Wind-Up Report ------------------------------------------------- On Jan. 7, 2013, the members of Farrow Management Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands FQ ALPHA: Commences Liquidation Proceedings ------------------------------------------- On Dec. 6, 2012, the sole shareholder of FQ Alpha Prime Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 8, 2013, will be included in the company's dividend distribution. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Mourant Ozannes Reference: Christine Fletcher 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 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands FQ GLOBAL: Commences Liquidation Proceedings -------------------------------------------- On Dec. 6, 2012, the sole shareholder of FQ Global Opportunities Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 8, 2013, will be included in the company's dividend distribution. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Mourant Ozannes Reference: Christine Fletcher 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 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands LATTEI INVESTMENT: Placed Under Voluntary Wind-Up ------------------------------------------------- On Nov. 30, 2012, the sole shareholder of Lattei Investment Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 28, 2012, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands MARITIME SECURITY: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 30, 2012, the sole shareholder of The Maritime Security Association Limited resolved to voluntarily liquidate the company's business. Mr. Stuart Jessop is the company's liquidator. MORGAN STANLEY COMMODITIES: Commences Liquidation Proceedings ------------------------------------------------------------- On Dec. 7, 2012, the sole shareholder of Morgan Stanley Commodities Trading Cayman Holdings Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 17, 2013, will be included in the company's dividend distribution. The company's liquidator is: Rainer Hok Chung Lam c/o Jodi Jones Telephone: (345) 949-7000 Facsimile: (345) 945-4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands OPTIMAL ASIA: Shareholder Receives Wind-Up Report ------------------------------------------------- On Jan. 18, 2013, the sole shareholder of Optimal Asia Pacific Fund received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 PINOT PACIFIC: Placed Under Voluntary Wind-Up --------------------------------------------- On Dec. 4, 2012, the shareholders of Pinot Pacific SA resolved to voluntarily wind up the company's operations. The company's liquidator is: Trident Liquidators (Cayman) Ltd c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949-0880 Facsimile: (345) 949-0881 P.O. Box 847, George Town Grand Cayman KY1-1103 Cayman Islands PYRENEES GENERAL: Members Receive Wind-Up Report ------------------------------------------------ On Jan. 7, 2013, the members of Pyrenees General Partner received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. Grand Cayman KY1-1205 Cayman Islands PYRENEES INVESTMENT: Members Receive Wind-Up Report --------------------------------------------------- On Jan. 7, 2013, the members of Pyrenees Investment Management received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. Grand Cayman KY1-1205 Cayman Islands RED COBRA: Placed Under Voluntary Wind-Up ----------------------------------------- On Dec. 7, 2012, the sole shareholder of Red Cobra Fund (139516) resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 8, 2013, will be included in the company's dividend distribution. The company's liquidator is: Celina Lin Telephone: +8 (522) 845-0956 Facsimile: +8 (522) 845-0931 Bowen Asia Limited 1503 Jubilee Centre 18 Fenwick Street Wanchai Hong Kong SAB FAMILY: Placed Under Voluntary Wind-Up ------------------------------------------ On Dec. 7, 2012, the shareholders of SAB Family Office (PTC) Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 8, 2013, will be included in the company's dividend distribution. The company's liquidator is: Cees Jan Quirijns H&P Trust Group Poststrasse 6, 6300 Zug Switzerland Telephone: +4 (141) 729-6363 Facsimile: +4 (141) 729-6364 SALIX INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------- On Jan. 18, 2013, the shareholders of Salix Investments Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Raymond E. Whittaker Telephone: (345) 946-5125 Facsimile: (345) 946-5126 FCM LTD. P.O. Box 1982 Grand Cayman KY-1104 Cayman Islands SOLA SPV II: Placed Under Voluntary Wind-Up ------------------------------------------- On Dec. 5, 2012, the sole shareholder of Sola SPV II resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 7, 2013, will be included in the company's dividend distribution. 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 VICTORY MARINE: Shareholders Receive Wind-Up Report --------------------------------------------------- On Jan. 18, 2013, the shareholders of Victory Marine, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 WW INVESTMENTS: Sole Member Receives Wind-Up Report --------------------------------------------------- On Jan. 28, 2013, the sole member of WW Investments Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin McGhee c/o HSBC Guyerzeller Trust Company SA Route de Pre-Bois 6 PO Box 2019 1211 Geneva 1 Switzerland ============= J A M A I C A ============= DYOLL GROUP: Joint Liquidators to Make Final Dividend Payment ------------------------------------------------------------- Jamaica Gleaner reports that Jamaica Stock Exchange (JSE) said Ken Tomlinson and Paul Cole, the joint liquidators of Dyoll Group Limited, will be making a final dividend payment of 40 cents per share to current shareholders. JSE said that NCB Jamaica Nominees Limited will be handling the process of the final dividend payment on behalf of the liquidators, according to Jamaica Gleaner. Dyoll Group opted for voluntary liquidation in 2008 after its insurance business succumbed to mounting claims following the passage of Hurricane Ivan in 2004, the report recalls. Jamaica Gleaner notes that having paid out all its creditors, to the tune of about J$200 million according to Gleaner Business sources, the Group is remitting the remaining funds to shareholders. The report discloses that Dyoll Group operated both in Jamaica and the Cayman Islands, but the brunt of the effect from the hurricane was felt in the latter country. The Group was barred from trading on the JSE on several occasions and delisted in April 2008, the report relays. Dyoll Group Limited is a Jamaica-based company. The Company is principally engaged in providing management services to its subsidiaries and associated companies, as well as holding of investments. Dyoll Group Limited's subsidiaries are Dyoll Insurance Company Limited and Dyoll/Wataru Coffee Company Limited. * JAMAICA: Construction Sector is Still in a Slump, BOJ Says ------------------------------------------------------------ RJR News reports that new data from the Bank of Jamaica showed the local construction sector is still in a slump. It is estimated to have declined in the October to December quarter although at a slower pace than the average decline of 4% for the first three quarters of 2012, according to RJR News. The report relates that BoJ said the industry's performance partially reflected the contraction in residential construction activity. RJR News notes that this is based on preliminary data on housing starts from the National Housing Trust, relative to the corresponding period in 2011. However, the report discloses, the Central Bank said the decline was tempered by the continuation of infrastructure development programs such as the Kingston and St. Andrew Water Improvement Project, rehabilitation activities along the Palisadoes shoreline and rehabilitation work following the passage of Hurricane Sandy. =========== M E X I C O =========== GRUMA SAB: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on GRUMA S.A.B. de C.V. (GRUMA). At the same time, S&P affirmed its 'BB' rating on the company's senior unsecured perpetual bonds. The recovery rating on the bonds remains unchanged at '3'. The outlook remains stable. The ratings on GRUMA reflect its "aggressive" financial policy, its intensive working capital needs, and exposure to volatile raw materials prices, its relatively high debt, and "less-than- adequate" liquidity. The company's leading position as a corn flour and tortilla producer in Mexico (fundamental products in the national diet), its strong brand recognition, and its geographically diverse cash flow--mainly in countries with moderate country risk--partially mitigate the risk factors. S&P considers the company's business risk profile as "satisfactory" and its financial risk profile as "significant." S&P also assesses the company's management and governance as "fair," considering its risk tolerance. * Moody's Assigns (P)B3 Rating to Rio Cuarto's Treasury Notes ------------------------------------------------------------- Moody's de Mexico has assigned a national scale rating of Baa2.ar (local currency) to the 2013 Short-Term Treasury Note Program of the Municipality of Rio Cuarto. At the same time, Moody's Investors Service has assigned a global scale rating of (P)B3 (local currency) to this program. The ratings are in line with the municipality's long term local currency issuer ratings, which carry a negative outlook. Ratings Rationale: The Short-Term Treasury Note Program has been authorized by the municipal 2013 Budget Law 140/12. The treasury notes, which will be backed by the Contribution on Commerce, Industry, and Service Companies, and sold under a Dutch auction scheme, will mature within a period of 365 days. While the maximum authorized amount to be issued under the program is ARS30 million, the municipality will issue three initial offers (Series XIV to Series XVI) of AR$5 million each, with a maturity of 140, 170, and 200 days. The amount to be issued represents around 14.2% of the municipality's net direct and indirect debt as of December 2012 and 3.5% of total revenues. The assigned ratings reflect Moody's view that the willingness and capacity of the Municipality of Rio Cuarto to honor these short- term treasury notes is in line with the municipality's long-term credit quality as captured in the B3/Baa2.ar issuer ratings. Rio Cuarto's issuer ratings reflect the ongoing deterioration in Argentina's operating environment, including a decelerating economy and rising fiscal and foreign exchange pressures. Despite the intrinsic financial characteristics of the Municipality of Rio Cuarto, the lack of consistent and predictable policies at the national level affects the institutional framework under which the city operates and ultimately anchors its credit quality to that of the Sovereign. The Municipality of Rio Cuarto's intrinsic creditworthiness is characterized by a declining trend of debt-to-revenue ratios, strong management practices and a diversified economy that supports a relatively strong own-source revenue base. The ratings also reflect continuing spending pressures that have led to weak operating margins in recent years. The municipality has also experienced a deterioration in its liquidity position as reflected by the need to use short term borrowing to finance seasonal cash imbalances. What Could Change The Rating Up/Down Moody's does not expect upward pressures in the Municipality of Rio Cuarto's ratings in the near to medium term. Notwithstanding, a change of the sovereign outlook back to stable could lead to a change in the outlook back to stable. Conversely, the city could be downgraded if the negative outlook on the sovereign rating materializes into a rating downgrade. Furthermore, any action taken by the central government that would negatively impact the ability of the city to repay its financial obligations could lead to a further downgrade. Any such actions would be viewed by Moody's as further illustration of a deteriorating institutional framework and an unstable policy environment. The principal methodology used in this rating was Regional and Local Governments published in January 2013 and Mapping Moody's National Scale Ratings to Global Scale Ratings published in October 2012. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ar" for Argentina. The last rating action was on October 17, 2012 when issuer and debt ratings (local currency) were downgraded to B3/Baa2.ar from B3/A2.ar; Negative Outlook. ===================== P U E R T O R I C O ===================== CONSTRUCTORA DE HATO: Seeks Extension of Plan Filing Deadline ------------------------------------------------------------- Constructora De Hato asked the Bankruptcy Court to extend by 60 days or until March 29, 2013, the deadline to file a Chapter 11 plan and disclosure statement. The Debtor said it is imperative that asset sales be conducted prior to the filing of a Chapter 11 plan as the proceeds of the sales will be funding the plan. The Debtor has received an offer from Aramis Rivera, president of Dey Drilling Equipment, for the purchase of the Debtor's 2011 Volvo. The Debtor also received an offer from Drey for the purchase of the Debtor's 1998 Tesmec Model 110 for $50,000. The Debtors also expects to receive additional offers for the purchase of other equipment. About Constructora De Hato San Juan, Puerto Rico-based Constructora De Hato owns parcels of land in Puerto Rico with an aggregate value of $1.82 million. It filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-02876-11) in Old San Juan, Puerto Rico, on April 13, 2012. The petition was signed by Waldemar Carmona Gonzalez, president. The Debtor is represented by Charles Alfred Cuprill, Esq., at Charles A. Curpill, PSC Law Office, in San Juan. Luis R. Carrasquillo & Co., PSC, serves as financial consultant. In its schedules, as amended, the Debtor disclosed $10,701,724 in assets and $6,847,693 in liabilities. *********** 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., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2013. 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$775 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 Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *