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/raid1/www/Hosts/bankrupt/TCRLA_Public/120725.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, July 25, 2012, Vol. 13, No. 147 Headlines A R G E N T I N A ARYL SA: Creditors' Proofs of Debt Due Sept. 21 DONWIL SA: Creditors' Proofs of Debt Due Aug. 21 JAMPA SA: Creditors' Proofs of Debt Due Sept. 24 MONSERRAT PRODUCCIONES: Creditors' Proofs of Debt Due Oct. 3 NATURAL WOOD: Creditors' Proofs of Debt Due Aug. 28 SAYRO SA: Creditors' Proofs of Debt Due Aug. 23 B A H A M A S * BAHAMAS: Gets US$24 Million Loan Assistance From IDB B A R B A D O S * BARBADOS: Unemployment Rate is Almost 12% B E R M U D A WHITE & SONS: Winding-up Hearing Adjourned Until August C A Y M A N I S L A N D S GLOBAL TRADING: Creditors' Proofs of Debt Due Aug. 16 GLOBAL TRADING MANAGER: Creditors' Proofs of Debt Due Aug. 16 GREENLAKE VIETNAM: Creditors' Proofs of Debt Due Aug. 16 PRALOUP INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16 PUYDEDOME INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16 SAN LUCA: Creditors' Proofs of Debt Due Aug. 16 TOURMALET INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16 VENTOUX INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16 WESLEY CAPITAL: Creditors' Proofs of Debt Due Aug. 15 WESLEY CAPITAL-CL: Creditors' Proofs of Debt Due Aug. 15 P U E R T O R I C O MSJ LAS CROABAS: Case Summary & 20 Largest Unsecured Creditors PONCE DE LEON: To Present Plan for Confirmation on Sept. 25 - - - - - ================= A R G E N T I N A ================= ARYL SA: Creditors' Proofs of Debt Due Sept. 21 ----------------------------------------------- Berta Liliana Kravetz, the court-appointed trustee for Aryl SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Sept. 21, 2012. Ms. Kravetz will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 1, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Berta Liliana Kravetz Lavalle 1527 Argentina DONWIL SA: Creditors' Proofs of Debt Due Aug. 21 ------------------------------------------------ Estudio Enrique H. Kiperman y Asociados, the court-appointed trustee for Donwil SA's reorganization proceedings, will be verifying creditors' proofs of claim until Aug. 21, 2012. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on July 11, 2013. The Trustee can be reached at: Estudio Enrique H. Kiperman y Asociados Cerrito 836 Argentina JAMPA SA: Creditors' Proofs of Debt Due Sept. 24 ------------------------------------------------ Juan Carlos Treppo, the court-appointed trustee for Jampa SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Sept. 24, 2012. Mr. Treppo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 42, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Juan Carlos Treppo Sarmiento 1183 Argentina MONSERRAT PRODUCCIONES: Creditors' Proofs of Debt Due Oct. 3 ------------------------------------------------------------ Elsa Andrade, the court-appointed trustee for Monserrat Producciones SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Oct. 3, 2012. Ms. Andrade will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Elsa Andrade Av. Callao 449 Argentina NATURAL WOOD: Creditors' Proofs of Debt Due Aug. 28 --------------------------------------------------- Antonio Florencio Canada, the court-appointed trustee for Natural Wood SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 28, 2012. Mr. Canada will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 28, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Antonio Florencio Canada Luis Belaustegui 4531 Argentina SAYRO SA: Creditors' Proofs of Debt Due Aug. 23 ----------------------------------------------- Francisco Jose Vazquez, the court-appointed trustee for Sayro SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 23, 2012. Mr. Vazquez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 3, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Francisco Jose Vazquez Sarmiento 1474 Argentina ============= B A H A M A S ============= * BAHAMAS: Gets US$24 Million Loan Assistance From IDB ------------------------------------------------------ The Inter-American Development Bank (IDB) has approved two loans for a total of US$24 million to help The Bahamas promote foreign trade, improve customs operations, and fight poverty and improve students' health and educational achievements. A US$16.5 million credit will boost international trade by enhancing the ability of customs to collect revenue by strengthening management, modernizing operations, boosting borders monitoring, and developing the institutional trade platform. A second, US$7.5 million loan will help fight poverty through the consolidation of existing programs into a Conditional Cash Transfer (CCT) program focused on changing behavior to improve educational achievement and a healthier lifestyle, including obesity control programs, among children from poor households. Trade Sector Support "Although The Bahamas is a vibrant economy, the country is somewhat isolated from international trade circles," the project's team leader Mario Umana said. "As a result of the changes and the technical support to be implemented under the program, The Bahamas will have modern and agile customs operations, and the country will be in a better position to join the World Trade Organization," he added. The modernization and strengthening of customs' institutional and operational capacity should reduce the negative impact of revenue- related offenses such as misclassification, valuation and contraband; the average time to clear an import declaration from 24 to 7.2 hours; the cost to prepare an import-export declaration by use of electronic submission from US$20 to US$0; the clearance time of imports from the time of physical arrival to exit from customs facilities from 72 to 24 hours; and the revenue-collection costs by 15 percent. Cargo manifests submitted electronically and in advance are expected to increase from 25 percent to 80 percent; the number of customs declarations submitted electronically from 2 percent to 80 percent; as well as the number of duties and taxes paid electronically from 0 percent to 80 percent. Physical verifications should also be reduced substantially, based on risk analysis in order to speed up imports and exports processes. Overall, International Trade transactions will be facilitated with the implementation of an Electronic Single Window. Trade related institutions will be strengthened and better prepared to negotiate and implement trade agreements. Poverty Alleviation, educational achievement and a healthier lifestyle While all students in The Bahamas - a high-income island state with a population of about 350,000 - complete high school, only those with better performance levels obtain a graduation certificate from public high schools. With assistance from the IDB, the number of graduates is expected to rise substantially, while students performing below the required standard for graduation will be required to attend remedial lessons in order to receive the transfer. "Better education outcomes will be one of the main goals of the program," the project's team leader Luis Tejerina said. Under the program, the percentage of beneficiaries in the poorest segment of society is expected to increase from the current 28 percent to 42 percent. The funds will also support strategies aimed at boosting school enrolment and attendance. In addition, the program will tackle obesity, which is a severe problem in the country-in grade 10, nearly one in every four children is obese, and the problem increases with age, with two out of three Bahamians between 21-60 years of age now overweight or obese. Low-income females are among the most affected. The program is expected to help reduce children's body mass index through a series of prevention programs, including school curriculum that comprises healthy eating, physical activity and body image; improvements in nutritional quality of food supplied in schools; support to healthy cultural practices; and support for teachers, health providers, and families to implement health promotion strategies and activities, including a reduction of time spent by children before TV and computer screens. The program will also support breast feeding of infants between 0-6 months. Both loans are from the IDB's ordinary capital and will be for a 25-year term, with 5-1/2 years of grace, and at a variable interest rate based on LIBOR. =============== B A R B A D O S =============== * BARBADOS: Unemployment Rate is Almost 12% ------------------------------------------- RJR News reports that the rate of unemployment in Barbados is almost 12% The research unit in the Barbados Ministry of Finance and Economic Affairs reports that unemployment from January to March reached 11.8%, according to RJR News. The report notes that statistics derived from the Continuous Household Labor Force Survey indicated that the unemployment rate among males stood at 10.5% and 13.1% among females. The distributive sectors -- wholesale and retail trade -- accounted for the bulk of jobs in Barbados during the first quarter of 2012, with 19,900 jobs, followed by construction, mining and quarrying with 14,100 jobs, accommodation and food service with 12,000 jobs, while office jobs accounted for 8,700 people, RJR News notes. ============= B E R M U D A ============= WHITE & SONS: Winding-up Hearing Adjourned Until August ------------------------------------------------------- The Royal Gazette reports that the a Supreme Court hearing on a petition to wind up troubled White & Sons supermarket group has been adjourned. The adjournment until August was to allow for time for negotiations and due diligence on White's, according to The Royal Gazette. The report notes that the petition for the winding up of White's, which has been in the supermarket business here since 1924, was put forward by shipping and courier company IBC Ltd, which is owed money by the company. In addition, earlier this month wholesale companies Pitt & Company Ltd and BGA Ltd took out writs against White's "carrying on business as White & Sons Supermarket, Southside Supermarket and Haywards Supermarket", the report says. Attorney Deborah Correia of Wakefield Quin told The Royal Gazette in an interview that "The outcome of Friday's hearing was that by consent of the parties the hearing was adjourned until 9:30 a.m. on Aug. 10, 2012 in order to allow for negotiations and due diligence to be conducted on the company." =========================== C A Y M A N I S L A N D S =========================== GLOBAL TRADING: Creditors' Proofs of Debt Due Aug. 16 ----------------------------------------------------- The creditors of Global Trading Strategies (Master) SPC are required to file their proofs of debt by Aug. 16, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 27, 2012. 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 GLOBAL TRADING MANAGER: Creditors' Proofs of Debt Due Aug. 16 ------------------------------------------------------------- The creditors of Global Trading Strategies Manager Limited are required to file their proofs of debt by Aug. 16, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 28, 2012. 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 GREENLAKE VIETNAM: Creditors' Proofs of Debt Due Aug. 16 -------------------------------------------------------- The creditors of Greenlake Vietnam Real Estate Fund Ltd are required to file their proofs of debt by Aug. 16, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 21, 2012. 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 PRALOUP INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16 ---------------------------------------------------------- The creditors of Praloup Investments Limited are required to file their proofs of debt by Aug. 16, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 25, 2012. 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 PUYDEDOME INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16 ------------------------------------------------------------ The creditors of Puydedome Investments Limited are required to file their proofs of debt by Aug. 16, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 25, 2012. 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 SAN LUCA: Creditors' Proofs of Debt Due Aug. 16 ----------------------------------------------- The creditors of San Luca Investments Limited are required to file their proofs of debt by Aug. 16, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 25, 2012. 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 TOURMALET INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16 ------------------------------------------------------------ The creditors of Tourmalet Investments Limited are required to file their proofs of debt by Aug. 16, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 25, 2012. 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 VENTOUX INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16 ---------------------------------------------------------- The creditors of Ventoux Investments Limited are required to file their proofs of debt by Aug. 16, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 25, 2012. 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 WESLEY CAPITAL: Creditors' Proofs of Debt Due Aug. 15 ----------------------------------------------------- The creditors of Wesley Capital Institutional Master Fund, Ltd. are required to file their proofs of debt by Aug. 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 22, 2012. 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 WESLEY CAPITAL-CL: Creditors' Proofs of Debt Due Aug. 15 -------------------------------------------------------- The creditors of Wesley Capital-CL Master Fund, Ltd. are required to file their proofs of debt by Aug. 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 22, 2012. 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 ===================== P U E R T O R I C O ===================== MSJ LAS CROABAS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: MSJ Las Croabas Properties Inc. aka Ocean Club At Seven Seas Road 9987 KM 6.0 Las Croabas Bo. Las Croabas Fajardo, PR 00738 Bankruptcy Case No.: 12-05710 Chapter 11 Petition Date: July 19, 2012 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) About the Debtor: MSJ Las Croabas is a Puerto-Rico based land developer. Debtor's Counsel: Carmen D. Conde Torres, Esq. C. CONDE & ASSOC. 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: notices@condelaw.com Scheduled Assets: $609,845 Scheduled Liabilities: $43,174,292 The petition was signed by Michael Scarfia, president. Debtor's List of Its 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Gibraltar Construction Co., Inc. -- $10,908,742 Banco Popular Ctr. Bldg. #1132 Hato Rey, PR 00918 FDIC/Real Estate Capital Key Bank -- $8,635,807 11501 Outlook, Suite 300 Overland Park, KS 66211 TOA Landscape -- $800,000 7969 Calle Los Bravos HC2 Sabana Seca, PR 00952 Albanileria Mo -- $477,199 HC 01 Box 4878 Naguabo, PR 00718-9727 Orlando Vazquez Torres -- $250,000 #2221 Jacaranda Manor Calle D Apt 5 Ponce, PR 00731 A. Avanti Kitchens -- $243,303 Rolei Electrica -- $206,379 Benkar Construction -- $163,433 Coplin Enterprises, Inc. -- $94,369 Atlas Roofing -- $72,175 Rolei Electrica -- $66,057 Professional Power Services -- $59,436 Diaz Masso, Inc. -- $50,750 Antonio Rios Plumbing -- $50,562 I H Professional Tile, Inc. -- $49,002 Air Master Window & Door -- $46,015 Steel & Pipes, Inc. -- $41,633 Prasa -- $38,795 Constructora Benitez Corp. -- $36,660 Maderas 3C -- $32,933 PONCE DE LEON: To Present Plan for Confirmation on Sept. 25 ----------------------------------------------------------- U.S. Bankruptcy Judge Enrique S. Lamoutte Inclan will convene a hearing on Sept. 25, 2012 at 2:00 p.m. to consider confirmation of Ponce De Leon 1403 Inc.'s Chapter 11 Plan. The disclosure statement order signed June 25 provides that objections to the Plan are due 45 days prior to the confirmation hearing. The judge approved the Disclosure Statement following a hearing held June 19 despite objections by PRLP 2011 Holdings LLC. PRLP, a secured creditor, argued in June 8 filings that the Disclosure Statement should not be approved because the Plan was "patently unconfirmable as it would not be feasible". The creditor noted that the Debtor failed to explain how it proposes to finance the payment of 100% of claims to unsecured creditors when it is only able to derive cash from the sale of the apartment units and commercial spaces, all of which are PRLP's collateral in this case. The Debtor responded that the PRLP's argument regarding the alleged violation of the absolute priority rule is meritless and unfounded. The Debtor noted that as provided in the Disclosure Statement and Plan, payments to General Unsecured Creditors will commence ONLY after payment in full of the secured claim owed to PRLP. Specifically, the Debtor will commence payments to the General Unsecured Creditors of prepetition debt on the 36 months after the Effective Date of the Plan or will commence payments to this class the first month after it has paid its secured creditor if this date is earlier than 36 months after the Effective Date. The Debtor will pay all outstanding and allowed claims in this class at 100% of the allowed claim on a monthly basis within six years from the Effective Date. Therefore the Debtor will be making monthly installment payments to this Class of creditors for months 37 to 72 of the Plan or, if the Secured Creditor is paid prior to 36 months after the Effective Date, it will commence the monthly payments one month after it has paid its secured creditor. With respect to secured claims, PRLP's secured claims $12.20 million claim will be paid under one of these scenarios: (1) the Debtor will surrender a set of units to PRLP that is the indubitable equivalent of the Debtor's outstanding obligation on the Effective Date. (2) Pursuant to an agreement with PRLP and QB Construction, Inc., for the sale of the Debtors, the Debtor will continue administering and selling units for the benefit of PRLP and provide payment in full of the amounts owed to PRLP within a term of 35 months by apportioning a certain percentage of the proceeds from each sale to PRLP. Interest will accumulate at the same rate agreed to the original terms of the loan agreement. (3) Subject to availability of secured financing, the Debtor will arrange or request a third party to purchase the mortgage note from PRLP in an amount equal to 50% of the outstanding obligation. Payment of this amount will be made within 90 days from the signature of the asset agreement. PRLP and the general unsecured creditors are impaired under the Plan. Equity holders won't receive any dividend but they will retain their equity interests. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/Ponce_De_Leon_DS_041312.pdf Cash Collateral At the June 19 hearing, the bankruptcy judge also gave the Debtor authority to use cash collateral. After considering the range of value of the properties pending to be sold ($15 - $18 million), the amount of secured debt owed to PRLP ($11.5 to $11.7 million), the history of postpetition sales (13, that is, one per month), the statutory requirement that maintenance fees be paid, and the amount of critical expenses outlined in the budget submitted by the Debtor in its motion for use of cash collateral, the Court finds that payment to PRLP of 70% of the sale of individual units constitutes adequate protection. About Ponce De Leon San Juan, P.R.-based Ponce De Leon 1403, Inc., developed, constructed, and operates the Metro Plaza Tower condominium and commercial property project in Santurce, Puerto Rico. The Metro Plaza Tower project consists of two 15-story towers atop a base structure that serves as a parking garage, common area, and retail space. Each tower houses 87 residential units. The base structure provides approximately 567 parking spaces and has approximately 14,000 square feet of commercial space available for lease. The common areas of the project include a swimming pool, a gym, gardens and a gazebo. Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D. P.R. Case No. 11-07920) on Sept. 19, 2011. The Debtor estimated both assets and debts of between US$10 million and US$50 million. Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan, Puerto Rico, represents the Debtor as counsel. U.S. Bankruptcy Court for the District of Puerto Rico has granted Ponce De Leon 1403 Inc. permission to employ Doris Barroso Vicens as accountant, with compensation to be paid in such amounts as may be allowed by the Court. *********** 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 * * *