And while INTELCO has its issues, the man in charge of BTL, Jeffrey Prosser has headaches all his own. On May 5th in the United States, Delaware's Court of Chancery, which presides over corporate matters, announced a decision that Prosser had underpaid the minority shareholders of Emerging Communications Incorporated when he bought the company in 1998.
The court called it the product of unfair dealing and the ruling orders that he now pay them a fair share value of US $19 per share which is almost double the US $10.25 which he had paid. It is estimated that the decision could cost Prosser more than US $100 million. Today when the news broke in Belize, Prosser's public relations staff in the Virgin Islands were busy sending out disclaimers, making it clear that Prosser will appeal a judgement which his company claims made a calculation of share value based on inaccurate information.
Of course, if such a course of action were to be pursued in Belize under the terms of the agreement that Prosser bought the company under, government indemnified him so they would have to pay any damages that might result.