As we reported yesterday government and Michael Ashcroft passed a resolution at the BTL board level to dump Gaspar Aguilar and Karen Bevans as directors and replace them with attorney Phillip Zuniga and former CEO Ediberto Tesecum. But, Jeffrey Prosser today wrote to BTL's Company Secretary Wilman Black telling him that if he certifies that change, ICC will sue him personally.
Prosser's letter makes a compelling argument that while government seeks to remove Aguilar and Bevans as directors appointed under article 90(d-1), they are not appointed under that article. In fact, the two men appointed under that are Ashcroft's directors Phillip Osbourne and Dean Boyce. This status was confirmed at the only board meeting Ashcroft has called which was on May 5, 2005.
This latest dispute was taken to Miami Federal Court today where the contempt charge against government continues to mount. It is left to be seen how it will play out here where a board meeting that was supposed to have been held today has now been postponed to August 10th. The sccessive delays may have something to do with the fact that Michael Ashcroft, whose functionaries and affiliates have signed a share purchase agreement to take controlling interest in BTL, cannot register the transfer of shares without a board resolution. And with the board in sustained chaos and a court imposed deadlock, this appears impossible under the present configuration.