Today, one of the versions of BTL's Board of Directors was supposed to hold a meeting. It was supposed to have been attended by Michael Ashcroft's 3 E-com directors and government's three directors. But, best reports to 7NEWS are that the meeting could not be called to order because government's three directors did not show up. What's the strategy? Well government seems to trying to avoid inflaming the already significantly peeved Florida Federal Judge Ursula Ungaro Benages. On Monday, she ruled that the contempt charges against government continue to mount until Friday when what she considers a properly constituted board meeting is held. By Friday, those charges levied at US$50,000 a day will amount to US$1.8 million. Just before newstime, government's attorneys in Miami Hunton and Williams informed us that they have filed an appeal of Judge Benages's ruling in the 11th Circuit U.S. Court of Appeals.
In the meantime talks continue on one side between Michael Ashcroft and the Communication Workers Union, and on the other side between Prosser and the same union. Both investors are courting the unions to buy over a portion of the 37% that government has more or less earmarked for them. We say more or less because government has made it clear that it must sell the shares by June and if the unions can't come up with the money by then, it will take the next best offer.
And speaking of offers, 7NEWS has received credible reports which say that Ashcroft is offering the unions a financing deal, where he would get 12.5% of the earmarked 37%, 5% would be offered for sale to the public, and the unions would get the remaining 20% stake. Of course, under this plan, Ashcroft would control a total of 37%, which would give him the right to appoint four of the company's eight directors. That offer was put on the table to the unions, but it has not been accepted.
