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/raid1/www/Hosts/bankrupt/TCRLA_Public/101007.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, October 7, 2010, Vol. 11, No. 198 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner Asks Judge to Dismiss Criminal Charges A R G E N T I N A DECORACIONES SIGLO: Creditors' Proofs of Debt Due on November 3 GUJI SA: Creditors' Proofs of Debt Due on November 26 LA CABANA: Asks for Opening of Preventive Contest B E R M U D A MGSIS CLASS: Creditors' Proofs of Debt Due on October 15 MGSIS CLASS: Members' Final Meeting Set for November 5 STRATEGIES POOLING: Creditors' Proofs of Debt Due on October 15 STRATEGIES POOLING: Members' Final Meeting Set for November 5 B R A Z I L MINERVA OVERSEAS: Completes Exchange Offer & Consent Solicitation C A Y M A N I S L A N D S A & B CREDIT: Creditors' Proofs of Debt Due on October 27 ADIC GLOBAL: Shareholder to Receive Wind-Up Report on October 19 BBVA & PARTNERS: Creditors' Proofs of Debt Due on September 30 C.B.G. FUND: Members' Final Meeting Set for November 4 CAPITAL SERVICE: Creditors' Proofs of Debt Due on October 27 CONTEXT/TQA: Shareholders' Final Meeting Set for October 29 FERRO ALLOYS: Commences Liquidation Proceedings FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due on October 27 HENDERSON MAC: Creditors' Proofs of Debt Due on October 27 JETS CO: Creditors' Proofs of Debt Due on October 27 MURCIE LAGO: Creditors' Proofs of Debt Due on October 27 NEMESIS PARTNERS: Shareholders' Final Meeting Set for October 29 OSPRAIE (CAYMAN): Creditors' Proofs of Debt Due on October 28 PROSERVE INSURANCE: Creditors' Proofs of Debt Due on October 27 QUANTITATIVE FUND: Creditors' Proofs of Debt Due on October 13 RUSSIAN GROWTH: Shareholders' Final Meeting Set for October 29 TANGARA JAPAN: Creditors' Proofs of Debt Due on October 27 TANGARA U.S.: Creditors' Proofs of Debt Due on October 27 TANGARA US: Creditors' Proofs of Debt Due on October 27 TANGARA US: Creditors' Proofs of Debt Due on October 27 J A M A I C A SUGAR COMPANY OF JAMAICA: Owes JM286 Million in NIS Contributions T R I N I D A D & T O B A G O CL FIN'L: State Bodies Object to Clico Bank's Wind-Up Application X X X X X X X X Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner Asks Judge to Dismiss Criminal Charges ------------------------------------------------------------ Robert Allen Stanford's lawyers asked U.S. District Judge David Hittner to dismiss all criminal charges filed against their client, arguing in a court filing that the Texas financier's constitutional rights have been violated, Reuters reports. According to the report, the 98-page filing in U.S. District Court also asked the court to suppress evidence uncovered by Ralph Janvey, the court-appointed receiver, in the U.S. Securities and Exchange Commission's civil fraud case filed in Dallas. "This motion addresses an extraordinary, if not unprecedented, example of a citizen's constitutional rights being profoundly violated by the government through its utilization of a civil process that at its essence constituted punishment without a trial, a violation of the Fourth and Fifth Amendments," Mr. Stanford's lawyer, Robert Bennett, said in the filing, the report notes. "Mr. Stanford was literally left with only the suit he was wearing at the time of the SEC take-over on February 17, 2009: the government even seized his underwear," the filing said, Reuters relates. Mr. Stanford, the report discloses, also asked Judge Hittner, who is overseeing the criminal case, for an evidentiary hearing into the matter. Meanwhile, in a separate filing, Mr. Bennett asked for a change of venue, arguing that a Houston jury would be prejudiced by the media coverage of Stanford's case and there are strong feeling of victimization in the community, the report says. "It would be virtually impossible for [Mr.] Stanford to receiver a fair trial in Houston, Texas," Bennett wrote, Reuters adds. 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 February 16, 2009, the United States 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 an US$8 billion Certificate of Deposit program. A criminal case was pursued against him 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 ================= DECORACIONES SIGLO: Creditors' Proofs of Debt Due on November 3 --------------------------------------------------------------- Horacio Jose Eugenio Camiri, the court-appointed trustee for Decoraciones Siglo XXI SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 3, 2010. Mr. Camiri 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. 47, 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: Horacio Jose Eugenio Camiri Lavalle 1206 Argentina GUJI SA: Creditors' Proofs of Debt Due on November 26 ----------------------------------------------------- Anibal Esteva, the court-appointed trustee for Guji SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 26, 2010. Mr. Esteva 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. 11, 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: Anibal Esteva Bulnes 779 Argentina LA CABANA: Asks for Opening of Preventive Contest ------------------------------------------------- La Cabana de Buenos Aires SA asked for the opening of preventive contest by cessation of payments. ============= B E R M U D A ============= MGSIS CLASS: Creditors' Proofs of Debt Due on October 15 -------------------------------------------------------- The creditors of MGSIS Class K1 IP 220 Trading Ltd are required to file their proofs of debt by October 15, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 24, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MGSIS CLASS: Members' Final Meeting Set for November 5 ------------------------------------------------------ The members of MGSIS Class K1 IP 220 Trading Ltd will hold their final meeting, on November 5, 2010, 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 September 24, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda STRATEGIES POOLING: Creditors' Proofs of Debt Due on October 15 --------------------------------------------------------------- The creditors of Strategies Pooling Limited are required to file their proofs of debt by October 15, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 29, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda STRATEGIES POOLING: Members' Final Meeting Set for November 5 ------------------------------------------------------------- The members of Strategies Pooling Limited will hold their final meeting, on November 5, 2010, 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 September 29, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda =========== B R A Z I L =========== MINERVA OVERSEAS: Completes Exchange Offer & Consent Solicitation ----------------------------------------------------------------- Minerva Overseas II Ltd., a wholly-owned subsidiary of Minerva S.A., has successfully completed its previously announced private exchange offer for any and all of the outstanding 9.50% Notes due 2017 issued by Minerva Overseas Ltd. for its newly issued 10.875% Notes due 2019 and the related solicitation of consents to certain previously announced proposed amendments to the indenture governing the old notes. Eligible holders of U.S.$125,517,000 in aggregate principal amount of old notes, representing 78.74% of the outstanding old notes, had validly tendered and not withdrawn their old notes and delivered the related consents at or prior to 11:59 p.m., New York City time, on October 1, 2010. Minerva II also announced that it has accepted for exchange all the old notes that were validly tendered at or prior to the expiration date. Minerva II previously announced that it had received the requisite consents to execute a supplemental indenture to the old notes indenture containing the super majority consent modifications, which eliminate certain provisions, including substantially all of the restrictive covenants and certain events of default, and provide for an issuer substitution provision under the old notes indenture as described in the confidential offering circular, dated September 2, 2010. Such supplemental indenture has been executed and is now effective. The exchange offer and consent solicitation was solicited only from holders of old notes who properly completed, executed and delivered to the information agent an eligibility letter, whereby such holder represented to Minerva II that it is one of the following (i) a "qualified institutional buyer", (ii) an institutional "accredited investors" or (iii) a non-"U.S. Person". Holders who satisfied this requirement are referred to as "eligible holders." The new notes have not been and will not be registered under the Securities Act, or any state securities laws, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements, and will therefore be subject to substantial restrictions on transfer. About Minerva Overseas Minerva Overseas II Ltd., a wholly-owned subsidiary of Minerva S.A. Minerva S.A. produces and sells beef, leather and live cattle in Brazil, and is one of the country's three largest exporters in the sector in terms of gross sales revenue, exporting to around 80 countries. * * * As reported in the Troubled Company Reporter-Latin America on January 21, 2010, Standard & Poor's Ratings Services said that it assigned its 'B-' rating to the forthcoming US$250 million senior unsecured notes due 2020 to be issued by Minerva Overseas II Ltd., a wholly owned subsidiary of Brazil-based beef company Minerva S.A. The notes will be unconditionally and irrevocably guaranteed by Minerva. ========================== C A Y M A N I S L A N D S ========================== A & B CREDIT: Creditors' Proofs of Debt Due on October 27 --------------------------------------------------------- The creditors of A & B Credit Limited are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company's liquidator is: Phil Mackey Babcock and Brown Sydney The Chifley Tower, Level 23 No. 2 Chifley Square Sydney Sydney NSW 2000 Australia ADIC GLOBAL: Shareholder to Receive Wind-Up Report on October 19 ---------------------------------------------------------------- The shareholder of Adic Global Equity Hedge Fund will receive, on October 19, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Robert Arthur Telephone: 345-815-2637 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 BBVA & PARTNERS: Creditors' Proofs of Debt Due on September 30 -------------------------------------------------------------- The creditors of Bbva & Partners Euro Equity Arbitrage Ltd. are required to file their proofs of debt by September 30, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 16, 2010. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands C.B.G. FUND: Members' Final Meeting Set for November 4 ------------------------------------------------------ The members of C.B.G. Fund will hold their final meeting, on November 4, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands CAPITAL SERVICE: Creditors' Proofs of Debt Due on October 27 ------------------------------------------------------------ The creditors of Capital Service Holding Limited are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 16, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CONTEXT/TQA: Shareholders' Final Meeting Set for October 29 ----------------------------------------------------------- The shareholders of Context/TQA Convertible Fund, Ltd. will hold their final meeting, on October 29, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands FERRO ALLOYS: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary general meeting held on August 24, 2010, the shareholder of Ferro Alloys Trading Inc. resolved to voluntarily wind up the company's operations. The company's liquidator is: Jose Alberto De Camargo Rua Frederic Chopin, 283-Apt. 12 Jardim Paulistano, Sao Paulo SP 01454-030 c/o Lisa Jones Telephone: 1 412 221 7008 e-mail: jones@referencemetals.com FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due on October 27 ---------------------------------------------------------------- The creditors of Frontpoint Offshore Eurasia Opportunity Fund, Ltd. are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 13, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands HENDERSON MAC: Creditors' Proofs of Debt Due on October 27 ---------------------------------------------------------- The creditors of Henderson Mac 87 Ltd are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 3, 2010. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands JETS CO: Creditors' Proofs of Debt Due on October 27 ---------------------------------------------------- The creditors of Jets Co. Limited are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 10, 2010. The company's liquidators are: David Preston Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands MURCIE LAGO: Creditors' Proofs of Debt Due on October 27 -------------------------------------------------------- The creditors of Murcie Lago International 2005-1 Limited are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 9, 2010. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NEMESIS PARTNERS: Shareholders' Final Meeting Set for October 29 ---------------------------------------------------------------- The shareholders of Nemesis Partners International Ltd. will hold their final meeting, on October 29, 2010, at 8:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands OSPRAIE (CAYMAN): Creditors' Proofs of Debt Due on October 28 ------------------------------------------------------------- The creditors of Ospraie (Cayman) GP III Ltd are required to file their proofs of debt by October 28, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 16, 2010. The company's liquidator is: David A.K. Walker c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands PROSERVE INSURANCE: Creditors' Proofs of Debt Due on October 27 --------------------------------------------------------------- The creditors of Proserve Insurance Ltd. are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 1, 2010. The company's liquidator is: Atlas Insurance Management (Cayman) Limited c/o Lesley Thompson Telephone: (345) 945 5556 Whitehall House, 3rd Floor 238 North Church Street George Town Grand Cayman KY1-1107 Cayman Islands QUANTITATIVE FUND: Creditors' Proofs of Debt Due on October 13 -------------------------------------------------------------- The creditors of Quantitative Fund, Ltd. are required to file their proofs of debt by October 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 7, 2010. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited c/o Christine Fletcher Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; - or - Mourant Ozannes Cayman c/o 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 RUSSIAN GROWTH: Shareholders' Final Meeting Set for October 29 -------------------------------------------------------------- The shareholders of Russian Growth Fund will hold their final meeting, on October 29, 2010, at 8:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands TANGARA JAPAN: Creditors' Proofs of Debt Due on October 27 ---------------------------------------------------------- The creditors of Tangara Japan Leasing Limited are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company's liquidator is: Phil Mackey Babcock and Brown Sydney The Chifley Tower, Level 23 No. 2 Chifley Square Sydney Sydney NSW 2000 Australia TANGARA U.S.: Creditors' Proofs of Debt Due on October 27 --------------------------------------------------------- The creditors of Tangara U.S. Leasing Limited are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company's liquidator is: Phil Mackey Babcock and Brown Sydney The Chifley Tower, Level 23 No. 2 Chifley Square Sydney Sydney NSW 2000 Australia TANGARA US: Creditors' Proofs of Debt Due on October 27 ------------------------------------------------------- The creditors of Tangara US 2 Leasing Limited are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company's liquidator is: Phil Mackey Babcock and Brown Sydney The Chifley Tower, Level 23 No. 2 Chifley Square Sydney Sydney NSW 2000 Australia TANGARA US: Creditors' Proofs of Debt Due on October 27 ------------------------------------------------------- The creditors of Tangara US 6 Leasing Limited are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company's liquidator is: Phil Mackey Babcock and Brown Sydney The Chifley Tower, Level 23 No. 2 Chifley Square Sydney Sydney NSW 2000 Australia ============= J A M A I C A ============= SUGAR COMPANY OF JAMAICA: Owes JM286 Million in NIS Contributions ----------------------------------------------------------------- Former workers of the Sugar Company of Jamaica Holdings Limited stand to lose out on National Insurance Scheme benefits if the company does not pay over millions of dollars in contributions to the Ministry of Labour and Social Security, RadioJamaica reports. The report relates that at October 5, 2010's sitting of Parliament's Public Accounts Committee, it was revealed that the SCJ owes $286 million in outstanding contributions. According to RadioJamaica, Alvin McIntosh, Permanent Secretary in the Ministry of Labour and Social Security, said that with the SCJ owing almost all of the JM$304 million that is owed to the NIS, the company is its biggest debtor. The report relates Mr. McIntosh said that the ministry has been in discussions with the SCJ since late last month, however; no agreement was reached for the monies to be paid. Another meeting has been set for today, October 7. Meanwhile, RadioJamaica notes, SCJ Chairman Aubyn Hill said that former sugar workers will receive their NIS benefits. The report relates Mr. Hill said that the SCJ has been in discussions with all other agencies it owes and arrangements have been made to pay over contributions. "The workers will not lose a penny of their money and anybody who raises that is not telling the truth. Arrangements have been made already with the National Housing Trust, the PAYE (Pay As You Earn), and so on and the NIS is one of the last meeting we have to have (but) in our last budget, everything is there," RadioJamaica quoted Mr. Hill as saying. Mr. Hill, the report discloses, is also disputing the JM$286 million which the Ministry of Labour and Social Security said the SCJ owes in NIS contributions. RadioJamaica relates that while admitting that SCJ Holdings Limited, the company responsible for the divestment and sale of Government's sugar assets to Eridania Suisse, does owe the NIS, Mr. Hill insisted that the figure is more in the region of JM$40 million. Mr. Hill suspects that liabilities from the previous company, SCJ Legacy Holdings, which have now been taken over by the Government and the Ministry of Finance, were mixed in with those of SCJ Holdings Limited, the report adds. About SCJ The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the three sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2009, the Jamaica Gleaner reported that Agriculture and Fisheries Minister Christopher Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: State Bodies Object to Clico Bank's Wind-Up Application ----------------------------------------------------------------- Trinidad and Tobago Guardian reports that even as the government tries to devise an amicable solution to deal with the Colonial Life Insurance Company (Trinidad) Limited (CLICO) insolvency and the losses to shareholders, lawyers representing the Clico Investment Bank (CIB) are moving full speed ahead with an application to wind up the company. CLICO and CIB are subsidiaries of CL Financial Limited. However, according to Trinidad and Tobago Guardian, before they can do so, state bodies National Gas Company and National Insurance Board have objected to the winding-up, which is likely to cost them a combined total of TT$1.8 million in investment losses. The report notes that Justice Ronnie Boodoosingh, who is hearing the winding-up application, told lawyers it was "premature" for him to rule on preliminary points made to the court. Trinidad and Tobago Guardian relates that lawyers for NGC -- Dr. Claude Denbow, SC, Dharmendra Punwassee and Donna Denbow -- had submitted that, among other things, CIB did not have the authority to make an application for the company to be wound up. Rather, the report notes, Mr. Denbow contended, it was a matter for the Central Bank, which had since assumed control of the cash-strapped financial institution over one year ago. Clico Investment Bank, Trinidad and Tobago Guardian reports, had applied to the High Court to be officially wounded up under Section 44(d) of the Central Bank Act. The report relates that Mr. Denbow submitted it was up to the Central Bank to petition to the court for the winding-up under the Financial Institutions Act. Trinidad and Tobago Guardian relates that depending on the classification of the funds put into CIB, if the application to have the company wound up is granted, NGC and NIB would find themselves on the lower end of the list of creditors. They would stand to lose a combined total of TT$1.8 million, the report discloses. Trinidad and Tobago Guardian notes that Attorney Neil Bisnath filed an application for a stay on behalf of the CIB on April 16. Judge Boodoosingh, the report discloses, said he would instead be considering the application for a stay to the proceedings brought by NGC. Trinidad and Tobago Guardian relates that Judge Boodoosingh ordered that submissions be made on November 8 for the application for the stay and ordered that submissions from both sides on the winding up petition be submitted by November 30. Responses were to these were ordered to be made by December 30, the report adds. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company by Cyril Duprey, it 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 TCRLA 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. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Chicago Consumer Bankruptcy Conference Standard Club, Chicago, Ill. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 15, 2010 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Hilton New Orleans Riverside, New Orleans, La. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 28, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Level Professional Development Program Weil, Gotshal & Manges LLP, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 29, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium The Savoy, London, England Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. __, 2010 AMERICAN BANKRUPTCY INSTITUTE Delaware Views from the Bench and Bankruptcy Bar Hotel du Pont, Wilmington, Del. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference Hyatt Regency Dearborn, Dearborn, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29, 2010 RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC. 17th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York City Contact: 1-903-595-3800; http://www.renaissanceamerican.com/ Dec. 9-11, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, a JW Marriott Resort & Spa, Scottsdale, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ January 26-28, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Distressed Investing Conference Aria Las Vegas Contact: http://www.turnaround.org/ Jan. 27-28, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 3-5, 2011 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Casuarina Resort & Spa, Grand Cayman Island Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 24-25, 2011 AMERICAN BANKRUPTCY INSTITUTE Valcon Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 4, 2011 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Hyatt Regency Century Plaza, Los Angeles, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 7-9, 2011 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition Duberstein U.S. Courthouse, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - Florida Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10-12, 2011 AMERICAN BANKRUPTCY INSTITUTE SUCL/ Alexander L. Paskay Seminar on Bankruptcy Law and Practice Marriott Tampa Waterside, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 17-19, 2011 AMERICAN BANKRUPTCY INSTITUTE Byrne Judicial Clerkship Institute Pepperdine University School of Law, Malibu, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ April 27-29, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott, Chicago, IL Contact: http://www.turnaround.org/ May 5, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - New York City Association of the Bar of the City of New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 6, 2011 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Hilton New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ 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/ 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/ *********** 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. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. 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 * * *