a limitedeffect on Argentina's judicial system: suits filed by opposition congressmen willbe reviewed by Judge Casanello, who has not yet called anyone to testify.SourceProprietary Intelligence. 3G Capital 3G Capital chiefs Jorge Paulo Lemann, Marcel Tellesand Carlos Alberto Sicupira are quickly becoming the standard by which onemeasures corporate success.The trio isbehind the widely acclaimed corporate culture of AmBev, which they have sincebeen able to export to other acquisitions such as Anheuser-Busch InBev, BurgerKing and Heinz. If you don't believe us, ask Warren Buffett.SourceProprietary Intelligence. Lojas Americanas And then, there is Lojas Americanas (LAME3, LAME4:BZ), the convenience retailer controlled by the trio which is quickly becomingthe black sheep in the trio's lineup of companies as far as governance is concerned.Lojas made the headlines in the financial press last week but not for a goodreason.Tempo Capital,a low-profile and yet highly respected money manager in Rio, joined forces withother minorities to install a "fiscal council" at Lojas' April 30shareholders meeting (trivia: the fiscal council is the Brazilian version ofthe US's audit committee, but, contrary to the US, it is not an operatingcommittee of the board, but elected separately).To make a longstory short, Tempo and other minorities failed to elect their representativesto the largely supervisory board. Another group of shareholders, Lojasmanagement claimed, had garnered more votes. When Tempo's lawyer asked for abreakdown of the tally, the chair refused, saying only that the group ofshareholders that had prevailed was formed by "company employees andmembers of management team," who clearly own a lot of stock. The problemis, Brazilian securities rules state that "fiscal council" membersmust not be linked to the controlling shareholder in any way, and it stands toreason that company employees and members of management team are subordinatedto the controlling shareholders.Tempo made anofficial protest and is now weighing legal action. This is not the first time that Lojas Americanas'management showed poor judgement and governance. About a year ago, local fundmanagers complained about how Lojas drastically reduced financial disclosure inB2W Cia. Global de Varejo (BTOW3: BZ), the online retailer controlled by Lojas.In August2011, the company failed to cooperate with B2W minorities seeking to elect anindependent board member. B2W dragged its feet before eventually publishing anotice disclosing to investors that minorities had requested a type of votingprocedure that would favor them in the election. Minorities ultimately failedin their effort.The fiscalcouncil is a body designed to allow minorities to monitor the actions ofmanagement and offer an opinion on the company's accounts. It should betroubling that Lojas appears to be seeking to keep such a body under control.LatAm MorningFlash is a quick reaction report that combines a smart summary of key equityand special situations news with insight and commentary from our dedicated teamof Latin American reporters and local buyside sources.SourceProprietary Intelligence Investors question Petrominerales latest acquisition as maturities loom analysis Petrominerales (TSX:PMG; BVC:CPMG) newest acquisitionhas led to a massive sell-off, with investors questioning whether the asset islarge enough to solve some of the company's reserve and production problems.The oil juniorannounced its acquisition of an 87.5% interest in the Canaguaro Block in theLlanos Basin in Colombia late on 8 May for USD 15.95m,