Last week we reported that BTL owner Jeffrey Prosser had arrived at an US$85 million settlement agreement in the United States in which he committed to pay nearly US$25 million of BTL's money effectively saddling BTL with Prosser's debt. Well today Prosser's company Innovative issued a release which attempts to counter that claim. The release says, "there is absolutely no reason for any concern whatsoever." It goes on to quote ICC's lawyer Lanny Davis who says, "the settlement agreement...will not adversely affect BTL (or) impact BTL's operations..." It's seems an easy assurance to give, but those we spoke to with expertise in the area point out that it may be a bit too easy. Notably, the release does not say how the rather glib assurance squares with the explicit language of the settlement agreement's which says, "BTL will pay directly....US$500,000 per month for 25 months and a final monthly payment of US$250,000." That same sentence, minus the $250,000, is repeated in another clause, thereby committing BTL twice for the same amount. Now, barring some truly extraordinary explanation from Prosser's lawyers, we take this to mean just what it says: that BTL will have to US$24.5 million in just over two years, a figure which exceeds its current net profits.
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