/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/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. 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