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/raid1/www/Hosts/bankrupt/TCRLA_Public/120118.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, January 18, 2012, Vol. 13, No. 013 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner's Attorneys File New Motion to Delay Trial A R G E N T I N A EKI: In Talks to Sell Supermarkets to Yonghui Superstores B E R M U D A INTREPID MINING: Creditors' Proofs of Debt Due Jan. 25 INTREPID MINING: Members to Hear Wind-Up Report on Feb. 17 MARTIN CURRIE ABSOLUTE: Creditors' Proofs of Debt Due Jan. 27 MARTIN CURRIE ABSOLUTE: Members to Hear Wind-Up Report on Feb. 10 MARTIN CURRIE OMNIUM: Members to Hear Wind-Up Report on Jan. 20 PROSPERITY RESOURCES: Creditors' Proofs of Debt Due Jan. 25 PROSPERITY RESOURCES: Members to Hear Wind-Up Report on Feb. 17 C A Y M A N I S L A N D S AQUARI FUTURES: Shareholders Receive Wind-Up Report ARGONAUT SPC: Shareholders Receive Wind-Up Report ASTERION CAPITAL: Shareholder Receives Wind-Up Report BT SPECIAL: Shareholders Receive Wind-Up Report BTG PACTUAL TOP: Shareholder Receives Wind-Up Report BTG PACTUAL VALUE: Shareholder Receives Wind-Up Report CAELUS RE: Shareholder Receives Wind-Up Report CAVU CAPITAL: Shareholders Receive Wind-Up Report CLARO CAIMAN: Shareholders Receive Wind-Up Report DAN HOLDINGS: Shareholders Receive Wind-Up Report FLASH ELECTRONICS: Shareholder Receives Wind-Up Report LATINVEST MANAGEMENT: Shareholder Receives Wind-Up Report PEARL SEAS: Shareholder Receives Wind-Up Report SILVERSTONE CAPITAL: Shareholders Receive Wind-Up Report TCP ASIA: Shareholders Receive Wind-Up Report VERMONT FUND: Shareholders Receive Wind-Up Report J A M A I C A DIGICEL GROUP: Lashes Out at LIME Over Claro Merger Dispute T R I N I D A D & T O B A G O CL FIN'L: Government Pays Out TT$1.1-Bil. to 2,177 EFPA Investors - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner's Attorneys File New Motion to Delay Trial ---------------------------------------------------------------- Caribbean360.com reports that Robert Allen Stanford's court- appointed attorneys have filed a new motion to delay the January 23 start of trial after being ordered to remain on the job. Mr. Stanford is the owner of Stanford International Bank Limited. The attorneys have asked for a continuance on the basis that a non-attorney member of the defense team will not be available on that date, according to Caribbean360.com. The report notes that U.S. District Judge David Hittner said that request could be argued this week at a pretrial hearing. As reported in the Troubled Company Reporter-Latin America on Jan. 6, 201, Bloomberg News said that Mr. Stanford's defense experts were ordered to keep preparing for the former financier's trial by a U.S. appellate court that also agreed to pay their back wages. 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 ================= EKI: In Talks to Sell Supermarkets to Yonghui Superstores --------------------------------------------------------- Ken Parks and Shen Hong at Dow Jones' Newswires report that Argentine supermarket chain Eki is in talks to sell about 25 of its large format stores to China's Yonghui Superstores Co. Ltd. The stores in question have a combined 45,000 square meters of floor space, according to Dow Jones' Newswires. The report relates that an unnamed executive said that the firms have signed a preliminary agreement, though a final deal has yet to be reached, the executive said. Dow Jones' Newswires discloses that Eki's talks to offload its loss-making large stores are part of a broad restructuring of the company, which has been operating under the local equivalent of U.S. Chapter 11 bankruptcy protection since November. The executive, the report relays, said that it wants to focus on its traditional business of running smaller supermarkets of about 300 square meters. The executive said Eki hopes to reach an agreement with creditors by August or September to restructure about ARS200 million (US$46 million) in liabilities, the report adds. Headquartered in Santa Fe, Buenos Aires, Eki is a supermarket chain that operates 150 stores in the city of metropolitan area. ============= B E R M U D A ============= INTREPID MINING: Creditors' Proofs of Debt Due Jan. 25 ------------------------------------------------------ The creditors of Intrepid Mining Venture Ltd. are required to file their proofs of debt by Jan. 25, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 6, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda INTREPID MINING: Members to Hear Wind-Up Report on Feb. 17 ---------------------------------------------------------- The members of Intrepid Mining Venture Ltd. will hold their final meeting on Feb. 17, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda MARTIN CURRIE ABSOLUTE: Creditors' Proofs of Debt Due Jan. 27 ------------------------------------------------------------- The creditors of Martin Currie Absolute Return Funds Series II Limited are required to file their proofs of debt by Jan. 27, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 23, 2011. The company's liquidators are: Wanda Mello Ernst & Young Ltd. 3 Bermudiana Road, Hamilton HM 08 Bermuda; and Rob McMahon Ernst & Young Ltd. 62 Forum Lane, Camana Bay Grand Cayman Islands Cayman Islands MARTIN CURRIE ABSOLUTE: Members to Hear Wind-Up Report on Feb. 10 ----------------------------------------------------------------- The members of Martin Currie Absolute Return Funds Series II Limited will hold their final meeting on Feb. 10, 2012, 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: Wanda Mello Ernst & Young Ltd. 3 Bermudiana Road, Hamilton HM 08 Bermuda; and MARTIN CURRIE OMNIUM: Members to Hear Wind-Up Report on Jan. 20 --------------------------------------------------------------- The members of Martin Currie Omnium Fund Limited will hold their final meeting on Jan. 20, 2012, 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: Wanda Mello Ernst & Young Ltd. 3 Bermudiana Road, Hamilton HM 08 Bermuda; and PROSPERITY RESOURCES: Creditors' Proofs of Debt Due Jan. 25 ----------------------------------------------------------- The creditors of Prosperity Resources Ltd. are required to file their proofs of debt by Jan. 25, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 6, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda PROSPERITY RESOURCES: Members to Hear Wind-Up Report on Feb. 17 --------------------------------------------------------------- The members of Prosperity Resources Ltd. will hold their final meeting on Feb. 17, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 =========================== AQUARI FUTURES: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Aquari Futures Fund received on Jan. 6, 2012, 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 c/o Jennifer Chailler Telephone: (345) 814 6847 ARGONAUT SPC: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Argonaut SPC received on Dec. 29, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 ASTERION CAPITAL: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Asterion Capital Fund Ltd. received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street PO Box 1350 Grand Cayman KY1-1108 Cayman Islands BT SPECIAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of BT Special Opps Fund received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands BTG PACTUAL TOP: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of BTG Pactual Top Picks Offshore Fund Ltd. received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Name: Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 BTG PACTUAL VALUE: Shareholder Receives Wind-Up Report ------------------------------------------------------ The shareholder of BTG Pactual Value Investors Fund 1 SPC Ltd. received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Name: Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 CAELUS RE: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of Caelus Re Ltd. received on Jan. 9, 2012, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Kevin Poole Audrey Dixon Telephone: 914-2265/ 914-2256/ 949-5263 Facsimile: 949-6021 P.O. Box 10233 Grand Cayman Cayman Islands CAVU CAPITAL: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Cavu Capital Offshore Fund, Ltd. received on Dec. 29, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 CLARO CAIMAN: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Claro Caiman received on Dec. 29, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alejandro Cantu Jimenez Lago Zurich 245, Plazo Carso Edificio Telcel, Piso 16 Colonia Granada Ampliacion Mexico DAN HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Dan Holdings Inc. received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands FLASH ELECTRONICS: Shareholder Receives Wind-Up Report ------------------------------------------------------ The shareholder of Flash Electronics Holding received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o David Thacker Telephone: +1 345-815-2631/ +1 345-949-4800 Facsimile: +1 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands LATINVEST MANAGEMENT: Shareholder Receives Wind-Up Report --------------------------------------------------------- The shareholder of Latinvest Management Company LLC received on Dec. 29, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. 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 PEARL SEAS: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Pearl Seas Limited received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Kim Smith Telephone: (345) 949-9876 Facsimile: (345) 949-9877 SILVERSTONE CAPITAL: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Silverstone Capital Management Ltd. received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Name: Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 TCP ASIA: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of TCP Asia Master Fund SPC, Ltd. received on Dec. 30, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Delta Group Limited Name: J. Aljadir Telephone: (345) 743 6626 103 South Church St. Harbour Place, 2nd Floor P.O. Box 11820, George Town Grand Cayman, KY1-1009 Cayman Islands VERMONT FUND: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Vermont Fund SPC received on Jan. 9, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David P.M. Blair Custom House Fund Services (Ireland) Limited Telephone: +353 1 878 08907 Facsimile: +353 1 878 00827 25 Eden Quay, Dublin Ireland ============= J A M A I C A ============= DIGICEL GROUP: Lashes Out at LIME Over Claro Merger Dispute ----------------------------------------------------------- Jamaica Gleaner reports that Digicel Group and Landline, Internet, Mobile, Entertainment (LIME) have been engaging in a verbal tussle following revelations that former Jamaica Prime Minister Andrew Holness reversed a precondition of the Digicel Group-Claro Jamaica merger. "We believe that Mr. Holness' removal of this critical condition, without the passing of the emergency legislation to safeguard the industry, has grave implications for the future of Jamaica's telecommunications industry," LIME said in a statement obtained by the news agency. Jamaica Gleaner notes that Digicel Group went on the offensive saying LIME must stop its "outrageous public bashing of government officials and focus instead on fixing its own lacklustre business performance". "LIME should not be looking for the Government to fix its problems but would be better served spending its time focusing on fixing its internal problems rather than gnashing its teeth and complaining to all and sundry about the perceived injustices meted out to it," Jamaica Gleaner quoted Digicel Chief Executive Officer Mark Linehan as saying. As reported in the Troubled Company Reporter-Latin America on Jan. 16, 2012, The Gleaner said that the Office of Utilities Regulation is set to meet with Digicel Group after it was revealed that the previous administration had removed a key condition it had imposed in approving the company's merger with Claro Jamaica. When then Prime Minister Bruce Golding approved the merger in August, he insisted Digicel Group must continue operating two separate networks, according to Jamaica Gleaner. However, the report related that OUR revealed that just weeks into his tenure as prime minister, Andrew Holness withdrew the two-network requirement. Jamaica Gleaner noted that with the removal of that condition, Digicel Group said it would be shutting down Claro in March 1 to allow it to operate more efficiently. Meanwhile, RJR News reports that the Fair Trade Commission said it will not back down from legal action to try and reverse a government decision to allow Digicel Group to acquire Claro Jamaica. The FTC said it believes the deal is anti-competitive and is seeking to have it overturned and a large fine imposed on Digicel Group, according to RJR News. In a separate TCRLA report on Jan. 10, 2012, RJR News said that Digicel Group Limited has hit back at the contents of a lawsuit filed by the Fair Trading Commission. The FTC in the lawsuit said the deal will not benefit consumers and will slowdown technological advancements in the telecoms sector, according to RJR News. RJR News noted Digicel Group said that its acquisition of Claro will not hurt consumers rather it will do just the opposite. The report relayed that Digicel Group added that the merger will spur innovation and investments which will bring benefits to consumers. About Digicel Group Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda based in Jamaica. It has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of September 27, 2011, the company continues to carry Moody's "Caa1" senior unsecured debt rating. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Government Pays Out TT$1.1-Bil. to 2,177 EFPA Investors ----------------------------------------------------------------- Trinidad Express reports that Trinidad and Tobago government has to date paid TT$1.1 billion to Colonial Life Insurance Company (Trinidad) Limited (CLICO) CLICO and British American Insurance Company executive flexible premium annuity (EFPA) investors with contracts valued at TT$75,000 or more. This represents payments to 2,177 people, the Ministry of Finance said in a statement obtained by the news agency. Trinidad Express notes that Finance Minister Winston Dookeran told reporters that 93% of contract owners had been repaid. Some of the remaining 7% are living abroad and a few may have incomplete documentation or are being processed, the report notes. Trinidad Express discloses that Mr. Dookeran said he was advised the first bond offered to contract owners with over TT$75,000 in EFPAs was redeemed. The report relays that the bond was redeemed for about 80 cents on the dollar. Trinidad Express notes that banks and financial institutions have started offering customers options to redeem or invest their bonds. The Finance Ministry statement said funds were issued through payment of TT$75,000 to individuals with the remaining balance paid through the issuance of bonds, the report says. Trinidad Express discloses that bonds with maturities from one to ten years may be traded at registered financial institutions between now and March 31. Bonds with maturities from 11-20 years may be exchanged dollar for dollar in what Dookeran said was now called the CLICO Investment Trust, the report adds. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. 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 Peter Chapman at 240/629-3300. * * * End of Transmission * * *