/raid1/www/Hosts/bankrupt/TCRLA_Public/180717.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

               Tuesday, July 17, 2018, Vol. 19, No. 140


                            Headlines



A R G E N T I N A

ARGENTINA: Learns to Live With its Inflation Dragon


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: SW to Get US$140MM Agro-Forestry Projects
PETROCARIBE: Pact Reached 22% of Bilateral Financing


G U Y A N A

GUYANA: Economic Growth Slowed in 2017, IMF Says


H A I T I

HAITI: In Turmoil, Ex-President's Family Flees to DR


J A M A I C A

PAN CARIBBEAN SUGAR COMPANY: To End Operations at Monymusk


M E X I C O

MEXICO: Pompeo Meets Next President, Says Trump Wants Better Ties
MEXICO: Pena Nieto Urges US to Reunite Separated Migrant Families


P U E R T O    R I C O

INTRADE LOGISTICS: Case Summary & 11 Unsecured Creditors


U R U G U A Y

URUGUAY: Retired Locals Demand Larger Pension Increase


                            - - - - -



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A R G E N T I N A
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ARGENTINA: Learns to Live With its Inflation Dragon
---------------------------------------------------
Benedict Mander at The Financial Times reports a recent run on the
peso is pushing inflation ever higher.  Prices could rise by as
much as 30 per cent this year -- or about triple the rate that
President Mauricio Macri was hoping for in 2018, according to The
Financial Times.  But for most Argentines, this is business as
usual, the report notes.

With the exception of a currency board experiment in the 1990s
that ended with a disastrous financial crash in 2001, Argentines
have lived with punishingly high inflation for longer than most
can remember, according to The Financial Times.  Many have
developed an unusually high tolerance for an economic phenomenon
that consumers elsewhere are often scarcely aware of, the report
relays.

"Consumers here are well trained in the art of coping with
inflation," said Marcos Novaro, a sociologist at the University of
Buenos Aires, who said that economic prosperity and employment
were greater concerns than inflation, the report notes.

Whether it is identifying the best moment to buy a given product
because it is relatively cheap, purchasing goods in as many
installments as possible since they get cheaper over time, or
simply saving in dollars given inflation's destructive impact on
the value of the peso, such practices are second nature to
Argentines, the report says.

The report notes that businesses have learnt to live with
inflation too -- and even profit from it. "Companies can always
just pass higher costs on to consumers.  There's no doubt that
some take advantage of volatile economic situations and bump up
prices more than they need to.  And that's assuming they even need
to at all," said one executive, the report relays.

The report discloses that trade unions too can thrive in
inflationary environments as members come to depend on their
ability to negotiate higher pay during annual rounds of wage
bargaining -- a practice which persists in few places outside
Argentina.

Given the deeply ingrained culture surrounding inflation in the
country, Mr. Macri is calculating that he has breathing room to
concentrate on reviving economic growth while putting the battle
against inflation on the back burner, given that economists expect
a technical recession in the second and third quarters of 2018,
the report says.

Not only is the economy being hit by the contractionary effects of
the devaluation, but the farming powerhouse has also suffered the
worst drought in decades this year, the report notes.
Furthermore, the extra cuts to the fiscal deficit that the
government pledged in order to secure a $50 billion loan from the
International Monetary Fund last month are likely to stunt growth,
the report discloses

"The government is focusing on surviving electorally and at the
same time salvaging what it can of its economic normalization
program, leaving the problem of inflation to one side for now,"
argued Mr. Novaro, the report relays.  Most expected Mr. Macri to
easily win presidential elections next year until the rout on the
peso that began in late April began to dent his popularity, the
report notes

His credibility as a competent economic manager has also been
damaged, and he has been accused of trying to solve too many
economic problems at once, the report says.

"Why should [tackling inflation] be difficult? No, no, no,
inflation is just proof of your inability to govern," Mr. Macri
told a journalist on the campaign trail three years ago,
dismissing the suggestion that it might be a challenge, the report
says.  "In my presidency, inflation is not going to be an issue,"
he added.

Things turned out differently, the report notes.  Although Mr.
Macri made some progress in bringing down inflation from 40 per
cent in 2016 to 25 per cent in 2017, most economists expect it to
tick back up again this year, the report says.

"It's disappointing," admitted Eugenia Campos, a shop assistant
who voted for Mr. Macri and will do so again next year, the report
notes.  "It's no use going back to what we had before -- after
all, that lot [the administration of Cristina Fernandez de
Kirchner] is responsible for this mess," he added.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2018, S&P Global Ratings affirmed on June 4, 2018, its
'B+' long-term sovereign credit ratings on the Republic of
Argentina. The outlook on the long-term ratings remains stable.
S&P also affirmed its short-term sovereign credit ratings on
Argentina at 'B', its 'raAA' national-scale ratings, and its
transfer and convertibility assessment of 'BB-'.

S&P said the stable outlook incorporates its expectation that
the Macri Administration will implement additional austerity-based
economic measures in the coming six months to contain and soon
reverse the deterioration in inflation dynamics, reduce the fiscal
deficit, and stabilize the economy. S&P expects the government's
decision to enter into an agreement with the International
Monetary Fund (IMF) will help sustain investor confidence and
maintain its access to capital market funding for its large fiscal
deficits. S&P expects that effective implementation of corrective
economic policies, including revised budgetary targets for this
year and next, will set the stage for better policy predictability
and continuity over the next several years.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: SW to Get US$140MM Agro-Forestry Projects
-------------------------------------------------------------
Dominican Today reports that President Danilo Medina said the
province will be included in the Government's several agro-
forestry projects that cost RD$7.0 billion (US$140.0 million),
which he affirms will benefit farmers and the population.

"I am in an extensive reforestation program, which includes fruit
trees, coffee, avocado and lumber trees.  They are projects
financed by the State.  We are working on approximately 40,000
hectaresand an investment of 7 billion pesos; What I am going to
propose to the team that is here, to the IAD, to the FEDA, to
Agriculture, is to include Pedernales in that project," President
Medina said during his surprise visit to the southwestern
province, according to Dominican Today.  "What I want is for the
leaders to come, and they agree so as to take the entire land that
has to be replanted and produce."

As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.


PETROCARIBE: Pact Reached 22% of Bilateral Financing
----------------------------------------------------
Dominican Today reports that the Petrocaribe oil deal came to an
end as an instrument of support to Dominican Republic's budget,
which climbed supply peaks as high as 22% of bilateral financing.

In the last three proposals for the Budget, including 2018, the
mention of the financing formula has gone from numerical to
literary, according to Dominican Today.

Though short on specific figures, paragraphs explain that that's
the reasons why no tax revenues were estimated based on that pact,
the report notes.

In the 2014 Budget, when the Government defined the financing
policy that would sustain it, it allocated RD$26.6 billion that
would be contributed by Petrocaribe, the report relays.  This
figure is 17% of the estimated external financing for that period,
the report discloses.

2014 was the next-to-last year in which the pact, promoted by
Venezuela's Government, served as the main source of bilateral
financing for the Dominican Republic, the report notes.  It
contributed around US$600.0 million, or 1% of GDP of that time,
the report adds.


============
G U Y A N A
============


GUYANA: Economic Growth Slowed in 2017, IMF Says
------------------------------------------------
On June 15, 2018, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Guyana and considered and endorsed the staff appraisal without a
meeting.

Economic growth slowed in 2017, but became more broad-based.  The
economy grew by 2.1 percent, down from 3.4 percent in 2016, on the
account of lower than expected mining output and weak performance
in the sugar sector. Nonetheless, non-mining growth rebounded to
4.1 percent following a contraction in 2016. Inflation remained
stable at 1.5 percent at end-2017, largely driven by food items,
while core inflation was close to zero. The external balance
turned negative due to weaker than expected export growth and
higher oil prices. In 2017, the current account recorded a deficit
of 6.7 percent of GDP from a surplus of 0.4 percent in 2016. The
financial account improved due to FDI, particularly in the oil and
gas sector, and higher loan disbursements to the public sector.
Gross reserve cover stood at 3.2 months of imports at end-2017.
The central government's deficit remained stable at around 4.5
percent of GDP in 2017. Improvements in tax administration
contributed to a 1.2 percentage point increase in the tax revenue
to GDP ratio, which was partly offset by a 0.4 percentage point
decline in the ratio for non-tax revenue. Public debt stood at
52.2 percent of GDP at end-2017. Credit to the private sector grew
2.1 percent in 2017 due to a combination of weak demand and banks
continuing to strengthen their balance sheets. Guyana's banking
system remains relatively stable. Although banks remain profitable
and have adequate capital buffers, non-performing loans (NPLs)
remain high at 12.2 percent of total loans at end-2017, down from
12.9 percent at end-2016.

Guyana's medium-term prospects are very favorable. Oil production
is expected to commence in 2020, and additional oil discoveries
have significantly improved the medium- and long-term outlook.
Economic growth is projected to be 3.4 percent in 2018, driven by
continued strength in the construction and rice sectors, and a
recovery in gold mining. The current account deficit is projected
to narrow to 6.1 and 4.3 percent of GDP in 2018 and 2019,
respectively. The deficit will be financed largely by FDI inflows
and donor-supported investment. The central government deficit is
projected to widen to 5.4 and 5.1 percent of GDP in 2018 and 2019
due to the cost of restructuring the sugar sector and an increase
in infrastructure-related capital expenditure. Public debt is
projected to rise in the short-term, before declining with the
onset of oil production.

                 Executive Board Assessment

In concluding the 2018 Article IV Consultation with Guyana,
Executive Directors endorsed staff's appraisal as follows:

Guyana's macroeconomic outlook remains favorable. While growth
slowed down in 2017, it became more broad-based, and is expected
to accelerate in the run-up to the start of oil production in
2020. The extractive industries and public investment will be key
drivers of economic growth over the medium-term. Reducing the
costs of doing business, strengthening private sector confidence,
and advancing productivity-enhancing reforms are essential for
sustaining growth in the short-term, and for reaping the full
benefits of the oil windfall once it materializes.

Short-term financing needs should be carefully managed. The
authorities' prudence and restraint towards borrowing in
anticipation of future oil revenue is commendable. They should
rely as much as possible on Multilateral Development Banks,
including their non-concessional financing operations. Developing
the domestic capital markets would provide a more stable source of
financing and help meet the needs of domestic long-term
institutional investors. Private external borrowing should
continue to be avoided, and central bank financing should not be
used at all. Staff welcomed the authorities' intention to close
the overdraft balances at the central bank in the near-term.
Saving the one-off gains from the tax amnesty would reduce
financing needs, and also help preserve external buffers.

The quality and efficiency of government expenditure should
continue to be improved. It is important to address the
shortcomings identified by the PIMA before public investment is
significantly scaled-up with oil revenues. For similar reasons, it
would be useful to review current expenditures to ensure they
achieve the maximum welfare and inclusion benefits.

The rules-based fiscal framework for managing oil wealth should be
transparent and consistent with the resource fund
deposit/withdrawal rules. It should provide the basis for
determining the allocation of annual oil revenue for stabilization
and domestic capital expenditure, as well as intergenerational
savings. The consistency between the fund deposit/withdrawal rules
and a fiscal rule could be reinforced by a fiscal responsibility
legislation.

Monetary policy should gradually revert towards a neutral stance
as the economic recovery gains pace, and inflationary pressures
arise.

The exchange rate should play a more active role in cushioning
external shocks going forward. Guyana remains vulnerable to
external shocks given the concentration of its exports in a few
commodities and its reliance on imported oil in the short-term.
Over the long-term, building an adequate buffer stock of savings
from the oil revenues would also help cope with external shocks.

Significant progress has been made in implementing the 2016 FSAP
recommendations, but further progress is needed in some areas.
Ensuring the internal consistency of supervisory function from
routine supervision to intervention and resolution remains a
priority. Other important areas where work still needs to be
finalized include: eliminating reduced provisioning requirements
for "well-secured" portions of NPLs; refining the definition of
"related parties" with the international standards; reducing the
reliance on overdraft lending; clarifying the upstream and
downstream ownership of institutions; and raising minimum capital
adequacy requirement to 12 percent; and reducing the banks' large
exposure limits.

Enhancing competitiveness and supporting inclusive growth should
remain a high priority. Greater efforts are needed to lower the
cost of doing business by addressing infrastructure-related
bottlenecks, reducing energy costs, and cutting red tape.
Increasing female labor force participation and bridging the gaps
with the Hinterland can boost growth and help spread its benefits
more widely.

Oil exploration and production should be included in the national
accounts when they are rebased, and also in the BOP statistics.
Strengthening external sector statistics and compiling an
international investment position should be a priority.


=========
H A I T I
=========


HAITI: In Turmoil, Ex-President's Family Flees to DR
----------------------------------------------------
Dominican Today reports that the family of former Haiti President
Michelle Martelly arrived in the Dominican Republic via Maria
Montez International Airport in Barahona (southwest), fleeing the
violent protests in their country.

Mr. Martelly's family arrived on a helicopter from the Haiti
capital Port-au-Prince, said a source quoted by Listin Diario,
according to Dominican Today.

The source said Matelly's wife, Angela Pierre Jean-Baptiste, and
the ex-president's children, Michel Yani, Bianka Christy J.,
Michael Alexandre, Michael Olivier, Olivia Michael, Kahlil Michel-
Olivier, and Melaika Martelly, arrived on the aircraft, the report
notes.

It emerged that airport authorities, civil and military security,
as well as Customs have been placed on high alert, as the arrival
of other prominent Haitian families is also expected, as well as
officials of president Jovenel Moise's government, the report
relays.


=============
J A M A I C A
=============


PAN CARIBBEAN SUGAR COMPANY: To End Operations at Monymusk
----------------------------------------------------------
RJR News reports that Audley Shaw, Minister of Industry, Commerce,
Agriculture and Fisheries, has disclosed that Pan Caribbean Sugar
Company Limited has given notice that it will not operate Monymusk
sugar factory next year.

President Shaw made the disclosure while closing the Sectoral
Debate in the House of Representatives, according to RJR News.

He pointed out that since the establishment of the Cane Expansion
Fund Unit in December 2014, approximately J$519 million has been
approved for on-lending to farmers in the Monymusk factory area,
the report notes.

Of this amount, $493 million has been disbursed to 93 farmers for
cultivation of 404.96 hectares, the report adds.


===========
M E X I C O
===========


MEXICO: Pompeo Meets Next President, Says Trump Wants Better Ties
-----------------------------------------------------------------
Reuters reports that U.S. President Donald Trump wants to
strengthen and improve ties with Mexico after "bumps in the road,"
Secretary of State Mike Pompeo told Mexico's next leader,
following the leftist's landslide victory this month.

President-elect Andres Manuel Lopez Obrador, in turn, handed
Pompeo a letter addressed to Trump with his plans to reset the
relationship, focusing on trade, immigration, development and
security, said Marcelo Ebrard, an aide to the incoming president,
according to Reuters.

Mr. Ebrard called the encounter "frank, respectful, and cordial,"
the report notes.

The report relays that the visit by Mr. Pompeo and other top U.S.
officials was, Mr. Pompeo said, intended to signal the "deep
importance" Trump gives to what has been an increasingly strained
bilateral relationship.

Trump has irked Mexico with demands that it pay for a border wall
and his comments that it does nothing to slow illegal immigration.
He has also pushed to revamp the North American Free Trade
Agreement (NAFTA) to favor the United States, the report relays.

"We know there have been bumps in the road between our two
countries but President Trump is determined to make the
relationship between our peoples better and stronger," Mr. Pompeo
said at the start of the 50-minute meeting with Lopez Obrador, who
will take office on Dec. 1, the report notes.

Senior officials including Jared Kushner, Trump's adviser and son-
in-law, were in the delegation led by Pompeo, which earlier met
outgoing Mexican President Enrique Pena Nieto and Foreign Minister
Luis Videgaray, the report relays.

Since Trump's election, Videgaray in particular has sought to
avoid the collapse of the trillion-dollar NAFTA trade deal,
cultivating close contact with the White House through Kushner and
supporting closer diplomatic and security ties, U.S. and Mexican
officials said, the report notes.

Previous attempts by officials to pour oil on the waters of an
increasingly turbulent bilateral relationship have been undone by
intemperate tweets from the U.S. president himself, the report
discloses.

Lopez Obrador has said that he wants good relations with the
United States. Despite ideological differences with Trump, the two
men share nationalist and populist leanings, the report relays.

But the president-elect's plans to shake up Mexico's war on drug
cartels, including by reducing security cooperation with the
United States, could put him on a collision course with Trump, the
report notes.

                        Border Security

Speaking to the media after the meeting with Lopez Obrador, Pompeo
said he had "respectfully reinforced" the importance of border
security, the report notes.

"Americans must be able to see improvements that better protect
our national sovereignty," he said, adding that it was important
to have "strong, fair and reciprocal" trade ties, the report
relays.

Mr.  Ebrard said the border wall was not mentioned in the talks,
adding that he was "reasonably optimistic" that ties could improve
between the two neighbors in coming years, the report notes.

Lopez Obrador's plan includes pressing the United States to reduce
the flow of migration northwards by helping to create better
living standards in Mexico and Central America, his team has said,
the report says.

Foreign minister Videgaray said the outgoing and incoming
governments would present a "common front" toward the United
States, the report notes.

The report discloses that after Pena Nieto met the delegation, he
issued a statement calling for the quick reunification of
immigrant children separated from their parents under Trump's
"zero tolerance" border policy.

Outside the house in Mexico City's scruffy but hip Roma
neighborhood where the meeting with Lopez Obrador was held, a
small group of protesters, including immigrants deported from the
United States, shouted slogans, the report adds.


MEXICO: Pena Nieto Urges US to Reunite Separated Migrant Families
-----------------------------------------------------------------
Reuters reports that Mexico's President Enrique Pena Nieto asked a
high-level U.S. delegation to quickly reunite separated migrant
families and warned of "hatred and racism" after an attack on a
92-year old Mexican man in California.

Pena Nieto said in a statement that the U.S. delegation, which is
being led by Secretary of State Mike Pompeo, agreed to
constructively move forward the talks to revamp the North American
Free Trade Agreement, according to Reuters.


======================
P U E R T O    R I C O
======================


INTRADE LOGISTICS: Case Summary & 11 Unsecured Creditors
--------------------------------------------------------
Debtor: Intrade Logistics Corp.
        State Road 865 Km. 5.4 Lot A-2
        Candelaria Arenas Ward
        Toa Baja, PR 00950

Business Description: Headquartered in Toa Baja, Puerto Rico,
                      Intrade Logistics Corp. is in the wine and
                      distilled beverages business.

Chapter 11 Petition Date: July 5, 2018

Case No.: 18-03828

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Charles A. Cuprill Hernandez, Esq.
                  CHARLES A CURPILL, PSC LAW OFFICES
                  356 Calle Fortaleza
                  Second Floor
                  San Juan, PR 00901
                  Tel: 787 977-0515
                  E-mail: ccuprill@cuprill.com

Total Assets as of July 5, 2018: $1.13 million

Total Liabilities as of July 5, 2018: $1.88 million

The petition was signed by Rolando Fernandez, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 11 unsecured creditors is available for free
at:

             http://bankrupt.com/misc/prb18-03828.pdf


=============
U R U G U A Y
=============


URUGUAY: Retired Locals Demand Larger Pension Increase
------------------------------------------------------
The Latin American Herald reports that hundreds of retirees
demonstrated in front of Uruguay's Congress to demand an increase
in their pensions larger than the additional UYU288 ($9) a month
proposed by the government.

The secretary general of Uruguay's National Association of Retiree
and Pensioner Associations (ONAJPU), Daniel Baldassari, expressed
his dissatisfaction with the government proposal, which was
submitted to lawmakers on June 30, according to The Latin American
Herald.

"We have received a proposal from the executive branch for an
increase of UYU288, but given the way it would be applied brings
it down to around UYU188 ($6), and therefore we demand an
adjustment of the minimum pension as well as other concessions,"
he said, the report notes.

The group's other demands include larger pensions for people over
70 and expanded health-care benefits, according to ONAJPU
President Brenda Mora, the report relays.

"Several million dollars to cover the needs of retirees who
receive UYU11,000 ($350) a month will not change any aspect of the
macroeconomy," Mr. Baldassari said, the report relays.


                            ***********


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.

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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., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2018.  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$775 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 A. Chapman at 215-945-7000.
.


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