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Trustee Moves to Sell All ICC Corporate Assets

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Jan. 6, 2008 — Stan Springel, the court-appointed trustee of what had been the corporate properties of Jeffrey Prosser, former owner of Innovative Telephone, has asked for court permission to sell all these assets at auction.
Springel?s motion to U.S. Bankruptcy Court Judge Judith K. Fitzgerald calls for these sales to be completed and subject to final court approval by the May 16 regular monthly omnibus hearing on this case. Prosser?s attorneys are expected to object to Springel?s motion.
The properties will be sold "as-is, where-is," according to Springel?s attorney, Daniel Stewart of the Dallas, Texas law firm Vinson & Elkins; further, the properties are to be sold "clear of all liens, claims, and encumbrances." Springel will decide, according to the filing, whether it is best for the creditors to sell the corporate properties as a single unit or to sell them separately.
Meanwhile, as previously reported, Prosser's executive jet and his stock in the Virgin Islands Community bank have already been sold. (See "Value of Prosser's Wine Now in Cellar." and "Sale of V.I. Community Bank for $3 Million in Works." )
Prosser?s real estate, jewels, automobiles, and fine art are also to be handled separately, according to the most recent Springel filing.
The Prosser corporate properties are divided into three parts: Group 1 consists of "Telecom and Non-French Cable Operations," notably Vitelco and the V.I. cable operations; Group 2 consists of "French Cable Operations" and Group 3 is the V.I. Daily News.
Group 1 consists of 13 different corporations, some of which own other firms, and all of which are owned by Innovative Communication Corporation, the "New ICC" in the court?s terminology; New ICC, in turn, was 100 percent owned by Prosser.
The list of Group 1 subsidiaries includes these U.S.V.I-based entities: Vitelco, the landline phone company; Vitelcom Cellular, a mobile phone operation; Innovative Long Distance Inc.; Innovative Business Systems, an equipment-leasing firm; V.I. PowerNet, which provides Internet access; the cable providers in St. Croix, and in St. Thomas and St. John, respectively; and ICC TV2, a cable television station.
Also in Group 1 are the exclusive cable providers in the British Virgin Islands and on the Dutch side of St. Martin, and two firms, one Dutch, the other French, that provide mobile phone services in both segments of St. Martin.
Group 2 firms are all owned by Minion Corporation N.V., a Netherlands Antilles corporation, a subsidiary of New ICC. These six firms, some of which own other subsidiaries, are monopoly cable providers in Martinique and Guadeloupe, both French islands, and in several municipalities in eastern France.
Springel?s motion puts no dollar values on any of these properties, but the Prosser interests last year put valued the assets in Martinique and Guadeloupe alone at $70 million.
All the sales are to be subject to "Court and applicable regulatory approvals," presumably a reference to, among other agencies, the Virgin Islands Public Service Commission.
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