SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G
                                (RULE 13d - 102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(b), (c) AND (d)
                  AND AMENDMENTS THERETO FILED PURSUANT TO 13d

                               (Amendment No. 2)*

Mercator Partners Acquisition Corp.
- -----------------------------------
(Name of Issuer)

Class B Common Stock
- -----------------------------------
(Title of Class of Securities)

587586207
- -----------------------------------
(CUSIP Number)

September 19, 2006
- -----------------------------------
(Date of Event which Requires Filing of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

[ ]      Rule 13d-1(b)
[x]      Rule 13d-1(c)
[ ]      Rule 13d-1(d)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

                       (Continued on the Following Pages)



1.  NAMES OF REPORTING PERSONS
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Amaranth LLC

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

     (a) [ ]
     (b) [x]

3.  SEC USE ONLY

4.  CITIZENSHIP OR PLACE OF ORGANIZATION

     Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5.  SOLE VOTING POWER

     0

6.  SHARED VOTING POWER

     0

7.  SOLE DISPOSITIVE POWER

     0

8.  SHARED DISPOSITIVE POWER

     0

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     See 6 and 8 above.

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
    EXCLUDES CERTAIN SHARES* [  ]

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     0 %

12. TYPE OF REPORTING PERSON*

     CO



1.  NAMES OF REPORTING PERSONS
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Amaranth Advisors L.L.C.

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

     (a) [ ]
     (b) [x]

3.  SEC USE ONLY

4.  CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5.  SOLE VOTING POWER

     0

6.  SHARED VOTING POWER

     0

7.  SOLE DISPOSITIVE POWER

     0

8.  SHARED DISPOSITIVE POWER

     0

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     See 6 and 8 above.

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
    EXCLUDES CERTAIN SHARES* [  ]

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     0 %

12. TYPE OF REPORTING PERSON*

     IA



1.  NAMES OF REPORTING PERSONS
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Nicholas M. Maounis

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

     (a) [ ]
     (b) [x]

3.  SEC USE ONLY

4.  CITIZENSHIP OR PLACE OF ORGANIZATION

     United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.  SOLE VOTING POWER

     0

6.  SHARED VOTING POWER

     0

7.  SOLE DISPOSITIVE POWER

     0

8.  SHARED DISPOSITIVE POWER

     0

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     See 6 and 8 above.

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
    EXCLUDES CERTAIN SHARES* [  ]

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     0%

12. TYPE OF REPORTING PERSON*

     IN, HC



This  statement  is filed with  respect to the  shares of common  stock,  having
$.0001 par value (the "Common  Stock") of Mercator  Partners  Acquisition  Corp.
(the "Issuer")  beneficially  owned by Amaranth LLC, a Cayman  Islands  exempted
company,  Amaranth  Advisors L.L.C. and Nicholas M. Maounis  (collectively,  the
"Reporting  Persons")  as of  October 5, 2006 and  amends  and  supplements  the
Schedule 13G filed December 23, 2005, as previously amended, collectively,  (the
"Schedule 13G"). Except as set forth herein, the Schedule 13G is unmodified.

Item 4.   Ownership.

     Provide  the  following  information  regarding  the  aggregate  number and
percentage of the class of securities of the issuer identified in Item 1.

     (a)  Amaranth beneficially owns 0 shares of the issuers Common Stock.

          Amaranth  Advisors L.L.C may be deemed to beneficially  own the shares
          of Common  Stock  held by  Amaranth  as a result of being the  Trading
          Advisor of Amaranth.

          Mr.  Maounis  may be deemed to  beneficially  own the shares of Common
          Stock held by  Amaranth  as a result of being the  managing  member of
          Amaranth Advisors L.L.C.

     (b)  Amaranth's  beneficial  ownership of 0 shares of the  Issuer's Common
          Stock represents 0 % of the total common stock outstanding.

          Collectively,  the  Reporting  Persons  beneficially  own 0 shares  of
          Common Stock which represent 0% of the Common Stock outstanding.

     (c)  Number of shares as to which such person has:

          (i)   Sole power to vote or direct the vote

                0

          (ii)  Shared power to vote or to direct the vote

                See Item 4(a).

          (iii) Sole power to dispose or to direct the disposition of

                0

          (iv)  Shared power to dispose or to direct the disposition of

                See Item 4(a).



Item 5.   Ownership of Five Percent or Less of a Class.

     If this  statement  is being  filed to report  the fact that as of the date
hereof the Reporting Persons have ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [X].

Item 10.  Certification.

     By  signing  below  the  undersigned  certifies  that,  to the  best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing  or  influencing  the
control of the issuer of the  securities  and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.



                                   SIGNATURES

     After reasonable inquiry and to the best of its knowledge and belief,  each
of the undersigned  certifies that the information  with respect to it set forth
in this statement is true, complete, and correct.


Dated:   October 5, 2006

          AMARANTH LLC
                   by Amaranth Advisors L.L.C., as Trading Advisor

                   By:  /s/ Nicholas M. Maounis
                        -----------------------
                            Nicholas M. Maounis,
                            Managing Member


          AMARANTH ADVISORS L.L.C.

                   By:  /s/ Nicholas M. Maounis
                        ------------------------
                            Nicholas M. Maounis,
                            Managing Member


          NICHOLAS M. MAOUNIS


                   /s/ Nicholas M. Maounis
                   -----------------------
                       Nicholas M. Maounis