The contempt is finally purged: this morning BTL held a board meeting with 4 directors from Jeffrey Prosser's ICC and four from Government and Michael Ashcroft's E-com. The meeting was called to order just after 9:00 am with 6 of the directors participating via conference call and two E-com directors in the boardroom at the Esquivel Telecom Center. What happened at the meeting and who chaired it? Well only the directors know and today we were unable to get comment from any of them. We do know that ICC claims that Jeffrey Prosser was and remains the non-executive Chairman.
Now the larger question is who will control the company and dictate its day to day decision and overall corporate strategy. No announcement came out of the meeting and best indications are that that fight, a long and difficult one, may have to wait for another day while both sides try to court the Communication Workers Union for some of the 37% to bolster their standing in the company's share structure.
And as a footnote, we stress that with this meeting government has purged itself of contempt of the Florida court that only means the contempt charge stops accruing as of today. That means the contempt charge of US$1.8 million for the 36 days prior is still payable to Florida Federal Court. Government's Miami attorneys have filed an appeal of that ruling.
