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                 L A T I N   A M E R I C A

          Friday, February 17, 2023, Vol. 24, No. 36

                           Headlines



A R G E N T I N A

GAUCHO GROUP: Extends Notes Maturity to Feb. 28
IRSA: Fitch Hikes LongTerm Foreign Currency IDR to 'B-'


B A H A M A S

FTX GROUP: U.S. Judge Extends Founder's Bail Restrictions


B R A Z I L

STONE INSTITUICAO: S&P Affirms 'BB-' ICR, Outlook Stable


J A M A I C A

JAMAICA: Point-to-Point Inflation Falls to 8.1% for January


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Egg Prices Going Up
TRINIDAD & TOBAGO: Supermarkets Want Staggered Rate Hikes


V I R G I N   I S L A N D S

ORTHOGONAL TRADING: Taps Kroll Advisory & Kroll(HK) as Liquidators
VOYAGER DIGITAL: Seeks to Disallow Alameda's Claims

                           - - - - -


=================
A R G E N T I N A
=================

GAUCHO GROUP: Extends Notes Maturity to Feb. 28
-----------------------------------------------
Gaucho Group Holdings, Inc. and certain investors have entered into
a fifth letter agreement pursuant to which the parties agreed to
extend the Maturity Date of certain senior secured convertible
notes from Feb. 9 to Feb. 28, 2023, according to a Form 8-K filed
with the Securities and Exchange Commission.  

The Conversion Amount and all outstanding Amortization Amounts and
Amortization Redemption Amounts (as defined in the Notes) shall be
due and payable in full on the Maturity Date or such earlier date
as any such amount shall become due and payable pursuant to the
other terms of the Note and/or the Letter Agreement #5.

Gaucho Group and the investors entered into that Securities
Purchase Agreement, dated as of Nov. 3, 2021 pursuant to which the
Company issued to the investors certain senior secured convertible
notes.

                         About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019.  As of Sept. 30, 2022, the Company had $25.39
million in total assets, $6.86 million in total liabilities, and
$18.53 million in total stockholders' equity.


IRSA: Fitch Hikes LongTerm Foreign Currency IDR to 'B-'
-------------------------------------------------------
Fitch Ratings has upgraded IRSA Inversiones y Representaciones,
S.A.'s (IRSA) Long-Term Foreign Currency Issuer Default Rating
(IDR) to 'B-' from 'CCC-' and the Local Currency IDR to 'B' from
'CCC-'. Fitch has also upgraded the company's senior unsecured
rating to 'B'/'RR3' from 'CCC'/'RR3'. The Rating Outlook is
Stable.

The upgrades reflect decreased default risk following IRSA's
successful refinancing of its 2023 notes. The FC IDR of 'B-' is
constrained by Argentina's country ceiling. The Recovery Rating of
'RR3' reflects above average recovery expectation for creditors in
the event of default. It is supported by the historical precedent
of numerous distressed debt exchanges by Argentine corporates that
did not result in a reduction in principal.

KEY RATING DRIVERS

Improved Credit Profile: The successful refinancing of IRSA's
USD360 million note due in March 2023 has significantly improved
its credit profile. The company was able to decrease this
obligation during 2022 through an exchange offer that allowed it to
pay in cash a portion of its debt and extend maturities within
capital control requirements of the Banco Central de la Republica
Argentina (BCRA).

Following this exchange, IRSA was left with USD121 million
outstanding on the 2023 notes and a USD171 bond that amortizes
through 2028. On Feb. 8, 2023, the company made payment on the
outstanding balance of the 2023 notes using proceeds from a local
market issuance plus the authorization from the BCRA to access US
dollars for repayment.

Improving Operational Metrics: IRSA's EBITDA surpassed USD100
million in 2022, and Fitch expects it to remain near this level.
The recovery of mall activity post-pandemic was the main driver for
the improvement. Mall occupancy rates are now above 90%, and
revenues from tenant sales have also recovered. Office occupancy
rates remained slightly above 70% during fiscal 2022, and Fitch
believes it is unlikely that these will return to pre-pandemic
levels for the foreseeable future. Hotel revenues also nearly
tripled from 2021 pandemic levels, reaching around USD30 million
according to its estimates. This is more in line with 2020 levels.
The improvement of revenues and the refinancing of debt should
allow IRSA to generate positive FCF during the forecast period.

Operating Environment Risk Remains: Argentina's operating
environment continues to be one of the major risks for IRSA. The
company's assets and cashflow generation is almost entirely from
domestic sources. High inflation levels, capital controls, an
upcoming electoral process, and limited access to international
financial markets generate downside risks to IRSA's operational
performance.

Relevant Business Position: The company is an experienced and well
positioned operator. It maintained 67% of BA Malls' market share
and 10% of BA Office's market share as of June 2022, making it the
leading commercial real estate company in Argentina. The company
has maintained consistent occupancy levels of approximately 90% in
shopping malls, and the majority are in prime traffic locations.
IRSA's total rental portfolio encompasses approximately 500,000 sqm
of GLA, distributed in 335,000 sqm in 15 shopping malls, 84,000 sqm
in six office buildings, and 79,000 sqm in three hotels.

DERIVATION SUMMARY

IRSA's ratings are primarily driven by Argentina's weak operating
environment, which compares negatively to regional peers. The
ratings also reflect IRSA's status as an experienced and
well-positioned real estate operator. The company has adequate
portfolio granularity, limited tenant concentration, consistent
consolidated occupancy levels of 90%, and average lease duration
between two and three years.

KEY ASSUMPTIONS

- Assumes 90% occupancy rates in the mall business and a minimum of
70% in office;

- Capex at 2.5% of revenues;

- Dividends at current levels in USD;

- Tenant revenues grow with GDP growth;

- Stable hotel business;

- Refinancing of local bonds and debt.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- The Foreign Currency Long-Tern IDR is unlikely to be upgraded as
it is capped by Argentina's country ceiling;

- Debt to EBITDA of 2.5x or below;

- Improved liquidity profile.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Debt to EBITDA increases above 3.5x;

- Liquidity decreases below 1.0x cash to short-term debt ratio.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Post-Refinancing: As of 1Q 2023 IRSA had
approximately ARS23 billion pesos in cash and cash equivalents.
Fitch views the company's liquidity as adequate post-refinancing.
Fitch also expects cash flows from operations to reach over USD40
million annually, which, together with access to refinancing of
local maturities, should be sufficient for repayment of short-term
obligations.

ISSUER PROFILE

IRSA is a premier real estate operator in Argentina. The company is
primarily focused in the acquisition, development, and management
of shopping centers and it is the country's market leader in the
segment. The company also owns several office buildings and three
premium hotels.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
IRSA Inversiones
y Representaciones
S.A.                  LT IDR    B- Upgrade               CCC-

                      LC LT IDR B  Upgrade               CCC-

   senior
   unsecured          LT        B  Upgrade     RR3       CCC




=============
B A H A M A S
=============

FTX GROUP: U.S. Judge Extends Founder's Bail Restrictions
---------------------------------------------------------
Luc Cohen at Reuters reports that a U.S. judge extended a ban on
FTX cryptocurrency exchange founder Sam Bankman-Fried's ability to
contact employees of companies he once controlled and use encrypted
messaging technology while out on bail awaiting trial on fraud
charges.

U.S. District Judge Lewis Kaplan on Feb. 1 had temporarily barred
Bankman-Fried from contacting any current or former employees of
FTX or Alameda Research, his hedge fund, after prosecutors raised
concerns that the 30-year-old former billionaire may be trying to
tamper with witnesses, according to Reuters.

As a condition of his release on $250 million bond, the judge also
prevented Bankman-Fried from using messaging apps such as Signal
that let users auto-delete messages, the report notes.

After rejecting an agreement between defense lawyers and
prosecutors to loosen those conditions, Kaplan said the
restrictions would remain in place until Feb. 21 and instructed
both sides to explain by Feb. 13 how they could be sure
Bankman-Fried would not delete electronic messages, the report
relays.

"I am far less interested in the defendant's convenience" than in
preventing possible witness-tampering, Kaplan said at a hearing in
Manhattan federal court, the report notes.

"There is still snail-mail and there is still email and there are
all kinds of ways to communicate that don't present the same
risks," Kaplan added.

Defense lawyers have argued that Bankman-Fried's efforts to contact
an FTX general counsel and its new chief executive John Ray were
attempts to offer "assistance" and not interfere, the report
discloses.

Bankman-Fried, accused by prosecutors of cheating investors and
causing billions of dollars in losses, pleaded not guilty on Jan. 3
to eight criminal charges including wire fraud and money laundering
conspiracy. He faces up to 115 years in prison if convicted, though
any sentence would ultimately be determined by a judge based on a
range of factors, the report relays.

His agreement with prosecutors would have allowed him to use
communication tools such as Zoom and texting, as well as WhatsApp
if he installed monitoring technology on his phone, the report
notes.  It also would have exempted some people from the no-contact
order, without specifying who they were, the report relays.

A prosecutor, Danielle Sassoon, told the judge that the people were
connected with FTX but not central to the government case and not
expected to testify, the report discloses.

"We don't want to completely eliminate the defendant's ability to
communicate," Sassoon said.

Bankman-Fried had originally proposed being banned from contacting
only certain potential witnesses like former Alameda CEO Caroline
Ellison and former FTX Chief Technology Officer Zixiao "Gary" Wang,
who have pleaded guilty to fraud and are cooperating with
prosecutors, the report relays.  Bankman-Fried had also agreed to
withdraw his objection to a bail condition preventing him from
accessing FTX, Alameda or cryptocurrency assets, the report notes.

Bankman-Fried rode a boom in bitcoin and other digital assets to
build an estimated $26 billion fortune and become an influential
political donor, the report says.  FTX collapsed and filed for
bankruptcy in November. Bankman-Fried was extradited from the
Bahamas, where he had lived and where the exchange was based, to
face the criminal charges, the report adds.

                     About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from
the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker.  Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.  

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation.  Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




===========
B R A Z I L
===========

STONE INSTITUICAO: S&P Affirms 'BB-' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale and 'brAAA'
national scale ratings on Stone Instituicao de Pagamento.  S&P also
affirmed its 'BB-' issue-level rating on the senior unsecured notes
issued by Stone Co, which Stone Instituicao de Pagamento
guarantees.  The outlook is stable.

S&P bases its analysis on Stone's consolidated figures.  The group
includes the main operating company, Stone Instituicao de
Pagamento, which in turn has as a holding company, Stone Co, a
publicly traded company on the NASDAQ stock exchange and
incorporated in the Cayman Islands.

Stone's business risk profile incorporates the challenges of
operating in a highly competitive market that's led by larger
transaction payment service providers owned by large Brazilian
banks. On the other hand, S&P believes Stone benefits from its high
growth prospects, rising client base, and its wide range of payment
processing, software, and banking products. As of September 2022,
the company's active client base had expanded by 70.9% from the
year before and its merchant acquiring market share increased to
about 12.0% from 8.5% in 2019. Moreover, Stone's total revenue
jumped 70.7% in the same period due to strong growth in its
financial income, active payment clients, and total payment
volume.

Stone posted a net loss of R$605 million as of September 2022,
mostly due a market-to-market valuation loss of its investment in
Brazilian digital bank Banco Inter S.A. On the other hand, adjusted
net income excluding this effect was R$290.8 million, reflecting
strong growth in Stone's active payment client base and transaction
volumes. Moreover, the company improved the monetization of its
client base while increasing its overall take rate. Despite the
positive trend, S&P expects competition, high funding costs, and
high selling expenses to continue pressuring the company's margins
and posing a challenge to its profitability.

S&P said, "In our view, Stone has yet to prove its ability to
operate its lending unit after some setbacks in 2021. We don't
expect further losses in the company's legacy loan portfolio, given
that provisions were already made and coverage is high. However, we
think it's still uncertain how Stone will overhaul this unit and
generate revenues from it. Regardless, we expect the company to
tighten its credit underwriting and ramp up this product slowly.

"We expect Stone to post adjusted net debt to EBITDA of 3.0x-3.5x
and adjusted EBITDA interest coverage of about 3.0x in the next two
years. To calculate the net leverage ratio, we consider the
company's adjusted net debt, netting the gross debt with available
cash of R$3.0 billion, which we consider as the company's excess
level of cash to pay down debt. We also consider its net financial
income, excluding expenses related to its prepayment business. As
of September 2022, Stone's total debt decreased 30% to about R$6.0
billion, given the company's lower funding needs since it paused
loan originations, combined with higher volumes of off-balance
receivables securitized through third-party special purpose
vehicles. We expect Stone to increase its leverage back to
historical levels in the next two years following its strategy to
continue investing in its business, given its favorable growth
prospects.

"We consider Stone's liquidity to be strong, based on our
expectations that sources of liquidity will exceed uses by about
1.65x in the next 12 months, and that the sources-to-uses ratio
should remain positive even if EBITDA were to decline by 30% from
our forecast. Moreover, we believe Stone has solid relationships
with banks and has demonstrated prudent financial risk management
over the years."

Primary liquidity sources for the next 12 months include:

-- Available cash and liquid investments of about R$5.0 billion.

-- Net cash from operations of R$1.0 billion.

Primary liquidity uses include:

-- Capex between R$1.2 billion and R$1.8 billion.

-- Working capital needs between R$800 million and R$1.2 billion.

-- Debt amortization of R$1.27 billion related to FIDC AR III.

S&P said, "Stone doesn't pass our sovereign default stress test in
order for us to rate it above Brazil (BB-/Stable/B). The test
includes a 70% haircut to its liquidity sources. Moreover, Stone's
receivables are from Brazilian financial entities that, in our
view, would be under financial stress in the event of a sovereign
default.

"As a result, we rate the notes at the same level as our long-term
issuer credit rating on the operating company, because of credit
substitution under the unconditional and irrevocable guarantee.
Moreover, we consider subordination risk as limited, given that the
upstream guarantee overcomes any potential structural subordination
because it puts the claims of the parent company pari passu with
those of the operating subsidiary. The issuance contains regular
covenants such as limits on liens; sale and leaseback transactions;
consolidation, merger, or transfer of assets; and covenants on
reporting requirements."




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

JAMAICA: Point-to-Point Inflation Falls to 8.1% for January
-----------------------------------------------------------
RJR News reports that the point-to-point inflation rate for Jamaica
has declined to 8.1 per cent.

This is the lowest rate the point-to-point inflation has been since
at least September 2021, according to RJR News.

This was mainly influenced by the point-to-point inflation rate for
the divisions: 'Food and Non-Alcoholic Beverages', 'Restaurants and
Accommodations Services' and 'Personal Care Social protection and
Miscellaneous Goods and Services,' the report notes.

The Statistical Institute of Jamaica says inflation for the month
of January only decreased by 0.6 per cent, the report relays.

The inflation rate was, however, tempered by a 1.3 per cent rise in
the index for the division 'Restaurants and Accommodation Services'
and a 1.4 per cent rise in the 'Education' division, the report
discloses.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Egg Prices Going Up
--------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that eggs will
increase by $3 per dozen, due to the increase in the price of feed
for layer chickens.

This was revealed by the Association of Trinidad and Tobago Table
Egg Producers vice president, Dennis Ramsingh, as he said this move
by the egg producers became necessary as the cost of feed is due to
be increased by five per cent, according to Trinidad Express.

The hike in the price of feed comes from Mastermix Feeds Ltd, which
supplies the majority of the table eggs produced in T&T. Other
companies have also indicated a price review, the report notes.

Ramsingh told the Express, that the increase in the price of eggs
became necessary as a few months ago, egg producers had faced the
removal of a feed subsidy of almost five per cent, by the feed
company and now this feed hike has become unbearable to absorb, the
report relays.

He said this explains the 14 to 15 per cent increase.

"We do not like to appear selfish, however, the additional cost of
fuel, distribution expenses, and the packaging has made it
difficult for producers to continue to absorb these increases," he
stressed, the report relays.

Two farmers told the Express that wholesale eggs are currently
being sold to retailers at between $19 and $21 per dozen, the
report notes.  If the $3 per dozen price increase is implemented,
that would take the price of eggs from the producers to between $22
and $24 per dozen. That is an increase of 14.28 per cent and 15.78
per cent, the report says.

At several supermarkets, eggs are being sold at $25 to $26 per
dozen, the report discloses.

Ramsingh noted that the association's producers have continued to
be flexible, even in times of major shortages, the report relays.

"We continue to strive to provide food for the nation at our most
competitive prices, however, we do not control the supermarkets'
costs," he outlined, the report notes.

Ramsingh added that this increase has no connection or relation to
the soaring US prices of eggs, as the price adjustment was
specifically based on T&T's local feed increases another
distribution cost, the report discloses.

                      Bakeries: No Increase

One of the owners of Chee Mooke Bakery located in Port of Spain,
Stokely Phillips, said the $3 increase per dozen for eggs would not
have a major impact on its operations, as the bakery does not use
many products with eggs, the report relays.

"Changing prices is a traumatic thing and it's very time-consuming
to do, as it must be correct and fair to the customers.  So it
would not be worth our while right now, because we made a jump in
prices a couple of months ago and we are satisfied with the
results," Phillips highlighted, the report notes.

Also giving his views on the proposed increase in the price of eggs
was the owner of Puff n' Stuff located in San Fernando, Gregory
Laing, who said he did not foresee an increase on the horizon, the
report discloses.

"We are good with our price structure at this time and do not
forecast an increase within six months. We do not believe that the
prices of products would drastically increase. The bakery does not
anticipate flour, yeast, and other items going up again. We have a
positive outlook that our costs should stay where it is," Laing
added.


TRINIDAD & TOBAGO: Supermarkets Want Staggered Rate Hikes
---------------------------------------------------------
Kay-Marie Fletcher at Trinidad Express reports that the Supermarket
Association of Trinidad and Tobago (SATT) has recommended that the
electricity rate increase proposed by the Regulated Industries
Commission (RIC) be incremental and staggered across a period of
several years.

Kicking off public consultations with the groups for the price
review for the electricity transmission and distribution sector,
RIC met with the Supermarket Association of Trinidad and Tobago,
Farmers Association of Trinidad and Tobago, Fishermen and Friends
of the Sea (FFOS) and the Poultry Association of Trinidad and
Tobago at Hilton Trinidad, according to Trinidad Express .

According to SATT's president Rajiv Diptee, the association
expressed the same grievances as other persons shared during the
public consultations held last month, the report notes.

However, while it was not against a rate increase as many
residential customers were, it hoped that the public would be given
time to afford the increase, the report relays.

Speaking with the Express via phone, Diptee said, "We are saying
any increase should be incremental across a period of years so that
it can be absorbed in a more staggered fashion and in a way that
would allow the population to come to terms with rate increases as
we acknowledge that the cost of living across the board has
increased," the report notes.

"We said all the same things that people would have raised as
concerns in general. We talked to them about efficiency. We talked
to them about black-outs. We talked to them about everything that
you hear everybody talk about, we spoke about it," he added.

The public consultations open to all T&TEC customers previously
held at Centre of Excellence, Arima and in Tobago saw large crowds
and a lot of tension, the report discloses.

However, when asked if there was any tension, Diptee said no.

While there were "sincere and passionate" debates between SATT
members and the RIC's chair, Dawn Callender, and its executive
director, Glenn Khan, he said their concerns were well received and
they were given the assurance that the concerns of all stakeholders
would be addressed, the report relays.

However, things were off to a rocking start as the FFOS said it is
strongly against any rate increase at this time and was completely
disappointed in the RIC as none of their concerns were addressed,
the report relays.

Speaking to the Express via phone, secretary of FFOS Gary Aboud
said, "Over our dead bodies will we allow any Government to ride
roughshod over our poor.  Over our dead bodies will they be allowed
to do this without a proper and detailed analysis of the
procurement practices, staff padding and at the cost of goods and
services that they are paying for, the report discloses.  They must
analyse this first.  At the end of that they can consider a
reasonable rate increase," the report relays.

"But don't tell me that we the taxpayer, we the poor, with so many
people that are hungry and malnourished, with so many women who
have serious poverty, that we now have to come and pay for
Government inefficiencies.  And,that the RIC, even though they
themselves over and over in their own documents point to T&TEC's
inefficiencies, now they should just turn their eyes and say,
‘Even though they are inefficient, let's follow Dr Rowley's
advice and make the poor pay." No, no, no!" He added, the report
notes.

Aboud said he came prepared to express several grievances that the
public has with T&TEC and RIC, however, the RIC answered none of
his questions, the report relays.

Instead, he said he was told by RIC's Callender that he needed to
submit his questions to the commission in writing, the report
discloses.

Some of his concerns included how the rate increase would affect
the vulnerable population, whether the rate increase was in fact
justified and if the RIC examined the procurement procedures and
values of what T&TEC is paying for goods and services, the report
says.

However, he believed that RIC was unwilling to cooperate with
public interest questions, the report notes.

He also said he was very disappointed with the overall setting up
of the consultation because FFOS was under the impression that each
stakeholder would be having a one-on-one consultation with RIC as
was advertised, the report relays.

Additionally, FFOS said all public consultations should be open to
the public and not done in the closed-door fashion as is the format
for all the special interest group consultations scheduled in Feb,
the report adds.




===========================
V I R G I N   I S L A N D S
===========================

ORTHOGONAL TRADING: Taps Kroll Advisory & Kroll(HK) as Liquidators
------------------------------------------------------------------
Orthogonal Trading Limited, which was placed into liquidation,
appointed Elaine Hanrahan of Kroll Advisory (BVI) Limited and
Cosimo Borrelli of Kroll(HK) Limited as joint liquidator.

The joint liquidator can be reached at:

            Elaine Hanrahan
            Kroll Advisory (BVI) Limited
            3rd Floor Commerce House, PO Box 3339
            Road Town, Tortola,
            British Virgin Islands


VOYAGER DIGITAL: Seeks to Disallow Alameda's Claims
---------------------------------------------------
Bankrupt cryptocurrency platform Voyager Digital Holdings and its
unsecured creditors have told a New York bankruptcy judge that FTX
affiliate Alameda Research is not entitled to a $75 million loan
repayment, saying FTX's conduct has cost Voyager far more than
that.

Voyager Digital Ltd. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the Southern District of New York an objection
to the Proofs of Claim filed by Alameda Ventures Ltd. Designated
Nos. 11206, 11209, and 11213 on the Debtors' claims register, and
any other claims being pursued by Alameda or any of its affiliates
pursuant to Sections 502 and 510(c) of chapter 11 of title 11 of
the U.S. Code and Rule 3007 of the Federal Rules of Bankruptcy
Procedure.

On Oct. 3, 2022, AlamedaFTX filed the Alameda Proofs of Claim
against each of OpCo, HoldCo, and TopCo, claiming that each one was
obligated on the $75 million disbursed under the Alameda Loan
Agreement.  And more recently, Alameda has alleged in filed
pleadings that it has an administrative claim against Voyager of
approximately $445 million for crypto loans from OpCo to Alameda
that were repaid during Voyager's chapter 11 proceedings.

Voyager says it will be prepared to show after discovery during
confirmation that Alameda's (i) claim against OpCo should be
disallowed with prejudice, and (ii) remaining claims should be
subordinated to all other creditor claims at each of the Debtors.

"AlamedaFTX founder and former CEO Samuel Bankman-Fried, along with
several executives who have pled guilty to federal felonies,
orchestrated one of the largest financial frauds in history.  They
duped investors and lenders into funneling billions of dollars into
their crypto hedge fund, without appropriate controls, governance,
and risk-management procedures.  They deceived account holders into
believing their assets would be held in trust and not
rehypothecated, while they freely transferred assets across their
network of companies, and ultimately lost them.  And they treated
their customers' assets as their own personal piggy bank.  The
historic AlamedaFTX fraud has undermined the integrity of the
cryptocurrency industry and caused epic losses across the sector,"
Voyager's counsel, Joshua A. Sussberg, P.C., of KIRKLAND & ELLIS
LLP, said in court filings.

"Voyager was not spared.  As this Court has witnessed, from the
commencement of these chapter 11 cases, AlamedaFTX has engaged in
extensive inequitable conduct: from issuing defamatory press
releases, to circumventing the Court-approved bidding and marketing
process and low-balling bids for Voyager's business.  Ultimately,
in September 2022, AlamedaFTX won the Voyager auction under false
pretenses, only to renege two months later when its fraud was
uncovered and the AlamedaFTX enterprise collapsed.  AlamedaFTX's
inequitable conduct derailed these chapter 11 cases and has cost
the Debtors and their creditors over $100 million."

Yet, after causing massive, irreparable harm to these estates,
AlamedaFTX still wants to dilute creditors while continuing to
interfere with these chapter 11 cases.  In October 2022, Alameda
filed $75 million Proofs of Claim (Nos. 11206, 11209, and 11213)
against each of the three Debtors based on a prepetition loan of
U.S. Dollar Coin that it made to just one of them.  AlamedaFTX
somehow asserts that these unsecured Claims should receive equal,
pari passu treatment with the claims of the actual unsecured
creditors whom AlamedaFTX's rampant abuse in these chapter 11 cases
harmed.

"As a matter of fact, law, and equity, AlamedaFTX is entitled to,
and deserves, nothing. To begin, Alameda has no basis for its Proof
of Claim against Voyager Digital, LLC ("OpCo"). OpCo was not a
party to the prepetition Alameda Loan Agreement and did not
guarantee Voyager Digital Holdings, Inc. (TopCo)'s or HoldCo's
obligations thereunder.  Alameda's motives in filing this Proof of
Claim are transparent: OpCo holds essentially all of the Debtors'
assets, so Alameda is using litigation in an effort to improve the
(lack of) collateral package for its loan post hoc.  That claim is
clearly misplaced.  Alameda, as a sophisticated lender, knew that
its loan was deliberately structured to be junior to creditor
claims at OpCo.  In fact, the loan was structured as such so that
AlamedaFTX's CEO could appear to be "saving" the crypto industry--
whereas, although no one knew it at the time, AlamedFTX was merely
trying to save itself (the definition of a Ponzi scheme).  Based on
the Alameda Loan Agreement's plain, unambiguous terms, Alameda has
no claim at OpCo, and Proof of Claim No. 11213 must be denied and
expunged," Mr. Sussberg tells the Court.

"In any event, Voyager's Plan appropriately subordinates all three
of the Alameda Proofs of Claim behind all other creditor claims
under 11 U.S.C. Sec. 510(c).  Equitable subordination was designed
to address the circumstances here: when a creditor abuses the
chapter 11 bankruptcy process at the expense of other creditors,
this Court is empowered to, and should, subordinate the wrongdoer's
claim, to remediate harm to injured creditors. Subordination is the
least that can be done to begin to mitigate the damage done by
AlamedaFTX, and put Voyager's creditors closer to the recovery
positions they would have held had AlamedaFTX honored and fulfilled
its September 2022 winning bid, or if AlamedaFTX had not been
involved in the Debtors' chapter 11 cases at all, in which case the
Debtors would have accepted a different bid the first time around,
saving material amounts of time and cost in the process. Under no
circumstances should AlamedaFTX receive anything from these chapter
11 estates after all it has done to harm them."

                About Voyager Digital Holdings

Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through its
subsidiary Coinify ApS, Voyager provides crypto payment solutions
for both consumers and merchants around the globe.

Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.

Michael E. Wiles oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor. Stretto, Inc. is the
claims agent.

On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.
The committee also tapped the services of Harney Westwood &
Riegels, LP in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.

                           *    *    *

Following a auction process, the Debtors in September 2022 selected
the bid submitted by FTX US's West Realm Shires Inc. as the winning
bid for Voyager's assets.  But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.

After reopening bidding, Voyager Digital selected U.S. exchange BAM
Trading Services Inc. (doing business as "Binance.US") as the
highest and best bid for its assets.  Binance's bid is valued at
$1.022 billion.



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S U B S C R I P T I O N   I N F O R M A T I O N

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