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/raid1/www/Hosts/bankrupt/TCRLA_Public/120622.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, June 22, 2012, Vol. 13, No. 123 Headlines A R G E N T I N A METROGAS SA: Creditors Approve New Debt Terms B E R M U D A EUROL INTERNATIONAL: Creditors' Proofs of Debt Due July 4 EUROL INTERNATIONAL: Members' Final Meeting Set for July 30 MUTUAL INDEMNITY: Supreme Court Enters Wind-Up Order ZURICH GLOBAL: Creditors' Proofs of Debt Due July 4 ZURICH GLOBAL: Member to Receive Wind-Up Report on July 24 B R A Z I L BANCO VOTORANTIM: S&P Cuts Stand-alone Credit Profile to 'bb+' C A Y M A N I S L A N D S ATWATER CAPITAL: Shareholder to Receive Wind-Up Report on July 3 ATWATER CAPITAL FUND: Shareholder to Hear Report on July 3 BLACKROCK ASIAN: Shareholders' Final Meeting Set for July 23 CHATER ASIA-PACIFIC: Shareholders' Final Meeting Set for July 6 CINQUEDITA LTD: Shareholder to Hear Wind-Up Report on July 3 CURA FIXED: Shareholders' Final Meeting Set for July 5 GRAMERCY COMMUNICATIONS: Shareholders' Meeting Set for July 6 GS PEP: Shareholders' Final Meeting Set for July 6 LIM AIS: Shareholders' Final Meeting Set for July 6 MIDAS FUND: Shareholder to Receive Wind-Up Report on June 26 STRATEGIC VALUE: Shareholders' Final Meeting Set for July 5 STRATEGIC VALUE: Shareholders' Final Meeting Set for July 5 TL III OFFSHORE: Shareholders' Final Meeting Set for July 4 TOURMALET PARTNERS: Shareholder to Hear Wind-Up Report on July 6 C H I L E EMPRESAS LA POLAR: Sues PricewaterhouseCoopers for US$63 Million J A M A I C A LIME JAMAICA: Contemplates Joining OUR in Legal Action M E X I C O UNION PROGRESO: Moody's Confirms 'E+' BFSR; Outlook Negative - - - - - ================= A R G E N T I N A ================= METROGAS SA: Creditors Approve New Debt Terms --------------------------------------------- Eduardo Thomson at Bloomberg News reports that holders of the Metrogas SA's bonds approved a debt restructuring for the bankrupt gas distributor. Investors holding about US$139 million of debt unanimously approved the terms of the restructuring, the company said in statements to the Buenos Aires exchange obtained by Bloomberg News. The accord includes swapping bonds for new debt to mature in 2018, and will comprise haircuts of 53% for holders of class A bonds and 47% for holders of class B bonds, according to documents posted in February on the company's website, according to Bloomberg News. "This solves one of Metrogas's main problems," Marcelo Olguin, chief economist at Grupo SBS, told Bloomberg News in a phone interview. Investors may also be betting that the company is in a good position to renegotiate tariffs that the government has frozen since 1999 to curb inflation, he added, Bloomberg News says. Metrogas has total outstanding debt of ARS$1.13 billion, according to data compiled by Bloomberg. About Metrogas SA Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution company, was incorporated on Nov. 24, 1992, and began operations on Dec. 29, 1992, when the privatization of Gas del Estado S.E. ("GdE") (an Argentine Government-owned enterprise) was completed. Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the Argentine Government granted MetroGAS an exclusive license to provide the public service of natural gas distribution in the area of the Federal Capital and southern and eastern Greater Buenos Aires, by operating the assets allocated to the Company by GdE for a 35-year period from the Takeover Date (Dec. 28, 1992). This period can be extended for an additional 10 year period under certain conditions. MetroGAS' controlling shareholder is Gas Argentino S.A., who holds 70% of the Common Stock of the Company. The 20%, which was originally owned by the National Government, was offered in public offering and the remaining 10% is under the Employee Stock Ownership Plan ("Programa de Propiedad Participada" or "PPP"). The suspension of the original regime for tariff adjustments and the inability to generate sufficient cash flows to pay its financial debt obligations led the Company to file a petition for a voluntary reorganization proceeding (concurso preventivo) in an Argentine court on June 17, 2010. On July 12, 2011, the Company presented a Reorganization Proposal to all unsecured creditors with proved and admissible claims. The offer consists of the payment of the unsecured claims, either proved or admissible, by means of the delivery, in exchange for and payment of such credits, of negotiable obligations payable in 14 years, in American Dollars, for 45%, measured in American Dollars, of the unsecured claims verified or declared admissible -- Negotiable Obligations. The Negotiable Obligations will be amortized 1% per year from year 3 to, and including, year 13, and the remaining balance (89%) will be amortized at the maturity of the Negotiable Obligations, in year 14. The Negotiable Obligations will accrue interest at an annual fixed rate of 4% and will be issued in two series under substantially the same terms and conditions. Both will be offered in public bids. One of the series will be offered in exchange to those creditors with unsecured claims who hold existing negotiable obligations with public offer, and the other series will be offered to the other unsecured creditors who are not bondholders. On Oct. 3, 2011, commercial creditor consents to MetroGAS' offer were presented before the reorganization procedure court, in such a number that represents the absolute majority of the verified creditors. ============= B E R M U D A ============= EUROL INTERNATIONAL: Creditors' Proofs of Debt Due July 4 --------------------------------------------------------- The creditors of Eurol International (Bermuda) Ltd. are required to file their proofs of debt by July 4, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 15, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda EUROL INTERNATIONAL: Members' Final Meeting Set for July 30 ----------------------------------------------------------- The members of Eurol International (Bermuda) Ltd. will hold their final meeting on July 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's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda MUTUAL INDEMNITY: Supreme Court Enters Wind-Up Order ---------------------------------------------------- On June 15, 2012, the Supreme Court of Bermuda entered an order to wind up the operations of Mutual Indemnity (US) Ltd. Mike Morrison and Charles Thresh of KPMG Advisory Limited were appointed as joint provisional liquidators. ZURICH GLOBAL: Creditors' Proofs of Debt Due July 4 --------------------------------------------------- The creditors of Zurich Global Energy Limited are required to file their proofs of debt by July 4, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 14, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda ZURICH GLOBAL: Member to Receive Wind-Up Report on July 24 ---------------------------------------------------------- The member of Zurich Global Energy Limited will receive on July 24, 2012, at 9:30 a.m., 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 =========== B R A Z I L =========== BANCO VOTORANTIM: S&P Cuts Stand-alone Credit Profile to 'bb+' -------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Banco Votorantim S.A. (BV) to negative from stable. "In addition, we affirmed our 'BBB-/A-3' global scale and 'brAAA/brA-1' national scale counterparty credit ratings," S&P said. "We have revised our risk position score on BV to "moderate" from 'adequate' (as our criteria define these terms) on its auto loan portfolio's deterioration. As a result, we lowered the SACP to 'bb+' from 'bbb-'. The outlook revision reflects our expectation that the bank may lose market share in its most important business lines to its competitors in the next 12-18 months. Due to BV's status as a 'moderately strategic' subsidiary of Votorantim Participacoes group and strong likelihood that it will receive financial support from the group, if necessary, the lower SACP does not affect the issuer credit rating because the credit rating now receives a one notch of parental uplift above the SACP. This was not the case when SACP was 'bbb-', as according to our group methodology criteria, a rating on the 'moderately strategic' subsidiary is subject to a one-notch cap below the GCP level of the group, which in this case is 'bbb'," S&P said. "We currently assess BV's business position as "adequate," which reflects the bank's large market share and customer base in its core markets. According to the Brazilian central bank, BV is the country's seventh-largest bank in terms of total assets (excluding the Brazilian Development Bank), with Brazilian reais (R$) 113 billion as of March 2012. BV's market share of about 20% in the auto finance segment places it among the three largest players in that segment. Recent changes in legislation, unfavorable market conditions, and higher delinquency ratios prompted management to review its strategies and models for some of its business lines, primarily auto loans. In our opinion, management initiatives - such as review of the auto finance origination model, consumer finance policies, process and credit models, collection processes, and the consolidation of organizational structures--are necessary but might initially result in a lower market share and revenues. Management is challenged to balance the potential loss of its share while implementing its agenda of initiatives," S&P said. =========================== C A Y M A N I S L A N D S =========================== ATWATER CAPITAL: Shareholder to Receive Wind-Up Report on July 3 ---------------------------------------------------------------- The shareholder of Atwater Capital Offshore Ltd. will receive on July 3, 2012, at 11:10 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815-1802 Facsimile: (345) 949-9877 ATWATER CAPITAL FUND: Shareholder to Hear Report on July 3 ---------------------------------------------------------- The shareholder of Atwater Capital Fund Ltd. will receive on July 3, 2012, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815-1802 Facsimile: (345) 949-9877 BLACKROCK ASIAN: Shareholders' Final Meeting Set for July 23 ------------------------------------------------------------ The shareholders of Blackrock Asian Credit Hedge Fund (Offshore), Ltd will hold their final meeting on July 23, 2012, 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: John Sutlic Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands CHATER ASIA-PACIFIC: Shareholders' Final Meeting Set for July 6 --------------------------------------------------------------- The shareholders of Chater Asia-Pacific Event-Driven Fund Ltd. will hold their final meeting on July 6, 2012, 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 c/o Jennifer Chailler Telephone: (345) 814 6847 CINQUEDITA LTD: Shareholder to Hear Wind-Up Report on July 3 ------------------------------------------------------------ The shareholder of Cinquedita Ltd. will receive on July 3, 2012, at 12:00 noon, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands CURA FIXED: Shareholders' Final Meeting Set for July 5 ------------------------------------------------------ The shareholders of Cura Fixed Income Arbitrage Fund, Ltd will hold their final meeting on July 5, 2012, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands GRAMERCY COMMUNICATIONS: Shareholders' Meeting Set for July 6 ------------------------------------------------------------- The shareholders of Gramercy Communications Partners MGP (Cayman), LDC will hold their final meeting on July 6, 2012, at 10:30 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 c/o Jennifer Chailler Telephone: (345) 814 6847 GS PEP: Shareholders' Final Meeting Set for July 6 -------------------------------------------------- The shareholders of GS Pep W&C Offshore Advisors, Inc. will hold their final meeting on July 6, 2012, 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 c/o Jennifer Chailler Telephone: (345) 814 6847 LIM AIS: Shareholders' Final Meeting Set for July 6 --------------------------------------------------- The shareholders of Lim AIS DMA Program Fund SPC will hold their final meeting on July 6, 2012, at 10:45 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 c/o Jennifer Chailler Telephone: (345) 814 6847 MIDAS FUND: Shareholder to Receive Wind-Up Report on June 26 ------------------------------------------------------------ The shareholder of Midas Fund Ltd. will receive on June 26, 2012, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard E. L. Fogerty c/o Neil Coley Zolfo Cooper P.O. Box 1102 Cayman Financial Centre 4th Floor, Building 3 Dr. Roy's Drive Grand Cayman, KY1-1102 Cayman Islands Telephone: (345) 814-4015 Facsimile: (345) 946-0082 STRATEGIC VALUE: Shareholders' Final Meeting Set for July 5 ----------------------------------------------------------- The shareholders of Strategic Value Credit Opportunities Fund, Ltd. will hold their final meeting on July 5, 2012, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands STRATEGIC VALUE: Shareholders' Final Meeting Set for July 5 ----------------------------------------------------------- The shareholders of Strategic Value Credit Opportunities Leveraged Fund, Ltd will hold their final meeting on July 5, 2012, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands TL III OFFSHORE: Shareholders' Final Meeting Set for July 4 ----------------------------------------------------------- The shareholders of TL III Offshore Investors Corp. will hold their final meeting on July 4, 2012, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Trident Liquidators (Cayman) Limited c/o Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847 George Town Grand Cayman KY1-1103 Cayman Islands TOURMALET PARTNERS: Shareholder to Hear Wind-Up Report on July 6 ---------------------------------------------------------------- The shareholder of Tourmalet Partners Offshore Fund, Ltd. will receive on July 6, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 ========= C H I L E ========= EMPRESAS LA POLAR: Sues PricewaterhouseCoopers for US$63 Million ---------------------------------------------------------------- Eduardo Thomson at Bloomberg News reports that Empresas La Polar SA sued its former auditor for failing to detect accounting irregularities that forced it to seek bankruptcy protection last year. La Polar filed in Santiago a civil suit against the local unit of PricewaterhouseCoopers LLP in which it seeks ARS$31 billion (US$63 million) in damages as it failed to discover that the company's previous management was unilaterally renegotiating debt with customers, as a way to reduce provisions and increase profits, according to Bloomberg News. "A diligent analysis would have been enough" to detect the fraud, La Polar said in an e-mailed statement obtained by the news agency. Bloomberg News notes that PricewaterhouseCoopers responded that it didn't receive all of the information required to detect irregularities. "The company, through its executives, designed a system to deceive the market and its external auditors," the auditing firm said in an e-mailed in response to the lawsuit, Bloomberg News notes. Bloomberg News says that La Polar shareholders approved on June 11 selling as much as 750 million new shares to raise about 120 billion pesos to fund operations and pay compensation to clients affected by the renegotiations. As reported in the Troubled Company Reporter-Latin America on Aug. 2, 2011, Bloomberg News said that LAPOLAR, the Chilean retailer that set aside US$900 million for consumer-lending losses, will seek a court agreement with creditors to renegotiate repayments and avoid bankruptcy. The board agreed to file a so-called preventative judicial agreement that requires support from creditors representing more than half the outstanding debt to be processed, La Polar said in an e-mailed statement obtained by the news agency. Empresas La Polar SA (LAPOLAR) is a retailer based in Chile. ============= J A M A I C A ============= LIME JAMAICA: Contemplates Joining OUR in Legal Action ------------------------------------------------------ RJR News reports that LIME Jamaica Limited (formerly Cable & Wireless Jamaica Limited) is not ruling out the possibility of joining with the Office of Utilities Regulation, OUR, in the event that the agency has to mount a defense to the suit brought by Digicel Group Limited. LIME Managing Director Gary Sinclair is of the view that the company can join the case as an affected party, according to RJR News. RJR News notes that Digicel Group has asked the Supreme Court to grant it leave to apply for an order preventing the OUR from enforcing the new termination rate which it says is neither necessary nor justified. The telecommunications company adds that with the new rate it will suffer substantial revenue loss and significant damage to its reputation, RJR News says. As reported in the Troubled Company Reporter-Latin America on Feb. 22, 2012, RJR News said Bustamante Industrial Trade Union, LIME Jamaica union representing the firm's workers is urging Phillip Paulwell, Jamaica Minister responsible for telecommunications, to speed up legislation to address imbalances in regulations governing the sector. The University and Allied Workers Union and the Jamaica Telephone Company (JTC) Executive and Allied Staff Association made a similar call, according to RJR News. The report noted that the unions said the proposed legislation will bring benefits for the workers at LIME and, by extension, consumers. The report related that LIME, which has been losing billions of dollars, stated that while an agreement has not yet been reached among the players in the industry. About LIME Jamaica Headquartered in Kingston, Jamaica, LIME Jamaica Limited (formerly Cable & Wireless Jamaica Limited) is a subsidiary of Cable & Wireless plc. The company is involved in providing domestic and international telecommunications services to both individual and businesses enterprise customers. * * * As reported in the Troubled Company Reporter on Feb. 6, 2012, the Board of Directors of LIME released the unaudited consolidated results of the company, Jamaica Digiport International Limited (101), and other subsidiaries, for the quarter ended Sept. 30, 2009. The report related that revenue for the quarter declined 10% to JM$5,104 million from JMS5,567 million for the same period in 2008. Jamaica Gleaner noted that LIME's accumulated deficit has climbed to more than JM$17 billion. Concurrently, its equity base has diminished to JM$2 billion on its December 2011 unaudited balance sheet, reflecting book value of two cents per share, the report added. =========== M E X I C O =========== UNION PROGRESO: Moody's Confirms 'E+' BFSR; Outlook Negative ------------------------------------------------------------ Moody's Investors Service confirmed Union Progreso, S.A. de C.V.'s bank financial strength rating (BFSR) of E+, which maps to a standalone credit assessment of b3. Moody's also confirmed Union Progreso's long term global local currency (GLC) deposit rating of B3, and assigned a negative outlook to the rating. At the same time, Moody's de Mexico confirmed Union Progreso's Mexican National Scale long and short term ratings of Ba2.mx/MX-4, with a negative outlook. This action concludes the review for downgrade initiated on March 26, 2012. Ratings Rationale In confirming the ratings at B3, Moody's noted the recent regulatory ruling that will allow Union Progreso to substantially reduce provisioning requirements on sizable amount of repossessed assets in its balance sheet, and therefore, to maintain its financial flexibility. The regulators have essentially approved the reclassification of such assets as fixed assets, thus reducing the need for provisioning that would otherwise have hit Union Porgreso's capital base hard. Moody's nevertheless expects Union Progreso to continue the cleanup of these non-yielding assets through asset sales. The ratings also incorporate Union Progreso's track record of opacity and poor disclosure of financial information, as well as the implications of Grupo Progreso's complex corporate structure and lack of transparency with regards to intercompany transactions. Union Progreso's low ratings also reflect Moody's concerns about the credit union's heightened execution risks in light of the many corporate initiatives management has underway. These include aggressive loan growth plans, business expansion into areas and products out of Union Progreso's core footprint, and transformation into a regional bank by the combination with an affiliated entity (Akala Sofipo). On the latter initiative, Union Progreso's management has indicated that if the pursued banking license is obtained, Union Progeso's current operations would be gradually wind-down by transfers of business and activities to the new entity ("good bank"), as such, Union Progreso would be left with the purpose of managing the group's bad assets (e.g. "bad bank") and marginal new operations. Such gradual decline of Union Progreso's business relevance supports Moody's negative outlook on its ratings. Further, the standalone credit strength also remains constrained by Union Progreso's very small size and market presence in absolute terms as well as by its limited scope of operations with focus primarily in one state of northwestern Mexico (Chihuahua). Progreso's narrow business scope weights negatively on its ratings, more so when compared to more diversified financial peers. Union Progreso's standalone credit strength is underpinned by its good track record of recurrent core earnings as well as by its stable funding structure, which includes access to a number of bank facilities from commercial and Mexican development banks. Union Progreso is headquartered in Delicias, Chihuahua; Mexico. As of the end of May 2012, the entity reported Mx$2.1 billion in assets. *********** 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 * * *