He may have slipped from the headlines in Belize, but Jeff Prosser continues to make news abroad as he lost a pair of costly legal battles in a Delaware court last week. One judgement orders Innovative to pay shareholders in a company called Greenlight $56 million and the other orders him to pay those shareholders an additional $26 million. Both those awards attract 6% interest dating back to 1998 when Prosser's ICC bought over emerging communications and vastly underpaid minority shareholders.
Plus interest, this judgement totals to about US$150 million. It's of note, because in a prior settlement for US$85 million in the same Delaware Court, he had committed to pay US$24 million from BTL's cash flow. He was run out of town before he could make that happen.
But while he's out of the scene, Prosser is still a player of some consequence. He has invoked one of the defaults in the secret deal he signed with government and taken the BTL case to arbitration in Canada. That process has just begun, but the bills are already coming in. According to government sources, the Canadian law firm of Stikeman Elliott has sent the government of Belize a bill for US$70,000 for their work on that arbitration case.
