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1
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JOINT PRETRIAL BRIEF OF PLAINTIFFS AND PETITIONERS IN CONSOLIDATED ACTION
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EXTRACTED KEY WORDS
DEL APPRAISALS PROSSER FIDUCIARY DUTY ACTION PRICE ECM SPECIAL COMMITTEE COURT GOODWIN PLAINTIFFS FIDUCIARY DUTY VALUATION SHAREHOLDERS SUPR MERGER SQUEEZE-OUT MINORITY SHAREHOLDERS PROJECTIONS TRANSACTION DEFENDANTS CORPORATE OPPORTUNITIES PETITIONERS LEGAL FRAMEWORK DISCOUNT RATE PROPOSED MERGER FINANCIAL ADVISOR DCF CAPITAL STRUCTURE CORPORATE OPPORTUNITY CLAIMS |
ORIGINAL ii?%?&/+
CONFIDENTIAL
FILED UNDER SEAL
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY /%&/
9h#-/
_______________-_--_____________________----------------- x /.Lf fv.Jq
IN RE EMERGING COMMUNICATIONS, : Consolidated
INC. SHAREHOLIDERS LITIGATION : Civil Action No. 16415 NC
_-----_--__-___------------------------------------------ x
JOINT PRETRIAL BRIEF OF PLAINTIFFS AND
PETITIONERS IN THE CONSOLIDATED ACTION
SKADDEN, ARPS, SLA'I'E,
MEAGHER & FLOM LLP
One Rodney Square
P.O. Box 636
Wilmington, Delaware 19899-0636
(302) 65 l-3000
Attorneys for Greenlight Capital Qualified L.P.,
Greenlight Capital L.P. and Greenlight Capital
Offshore. Ltd.
ROSENTHAL MONHAIT GROSS &
GODDESS, P.A.
Mellon Bank Center, Suite 1401
P.O. Box 1070
Wilmington, Delaware 19899
(302) 656-4433
Attorneys for Brickell Partners and the Class
DATED: September 17,2001
TABLE OF CONTENTS
1. Preliminary Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
II. The Legal Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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2
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EMERGING DEFENDANTS PRETRIAL BRIEF
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EXTRACTED KEY WORDS
MERGER PRESSER SPECIAL COMMITTEE TENDER PROSSER COURT DUFF PHELPS PROJECTIONS BUSINESSES PRIVATIZATION STOCK PROFESSOR ZMIJEWSKI CASH FLOW PRIOR VALUATION HURRICANE COMMUNICATIONS VIRGIN ISLANDS DISCOUNTED CASH FLOW RTFC ICC ATN STOCKHOLDERS DEFENDANTS COMPARABLES MULTIPLES TRANSACTION PLAINTIFFS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE EMERGING COMMUNICATIONS INC. ) Cons. C.A. No. 16115
SHAREHOLDERS LITIGATION 1
CONFIDENTIAL
FILED UNDER SEAL
OF COUNSEL: Thomas .4. Beck
Raymond J. DiCamillo
P. Kevin Caste1 Catherine G. Dearlove
Jonathan R~ Dorm&m Kelly C. Ashby
Cahill Gor-don & R&de1 Richards, Layton & Finger
Eighty Pine Street One Rodney Square,
New York, New York 10005 P.O. Box 551
(212) 701-:ooo Wilmington, Delaware 19399
(302) 65 l-7700
Attorneys f'or Defendants Emerging
Communications, Inc., Jeffrey J. Presser
Innovative Communication Co]-poration and
Innovative Communication Company, LLC
Dared. September 17, 2001
T.4BLE OF CONT~ENTS
TABLE OF AUTHORITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PRELIMINARY STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
STATEMENT OF FACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
A. TheParties........................,.................. 1
B. Emerging's History.
C. Emerging Trades as an Independent Company. 6
SNIPPETS:
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3
.
JOINT PRETRIAL BRIEF OF PLAINTIFFS AND PETITIONERS IN CONSOLIDATED ACTION
|
EXTRACTED KEY WORDS
SHAREHOLDERS VALUATION MERGER DEFENDANTS DUTY DEL PROSSER PRICE SPECIAL COMMITTEE GOODWIN COURT WORTH DISCLOSURE LITIGATION BAYSTON SQUEEZE-OUT GREENLIGHT MINORITY SHAREHOLDERS PROJECTIONS FINANCIAL ADVISOR TRANSACTION APPRAISALS CORPORATE OPPORTUNITIES DISCOUNT RATE PROPOSED MERGER MANAGEMENT DCF CORPORATE OPPORTUNITY CLAIMS CONTROLLING SHAREHOLDER |
CONFIDENTIAL
FILED UNDER SEAL
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE EMERGING COMMUNICATIONS, : Consolidated
INC. SHAREHOLDERS LITIGATION Civil Action No. 16415 NC
JOINT PRETRIAL BRIEF OF PLAINTIFFS AND ;~ ;`!
PETITIONERS IN THE CONSOLIDATED ACTION 2;
C\?
T'~.?
-.. CL,
SKADDEN, ARPS, SLA'fE,
MEAGHER & FLOM LLP
One Rodney Square
P.O. Box 636
Wilmington, Delaware 19899-0636
(302) 651-3000
Attorneys for Greenlight Capital Qualified L.P.,
Greenlight Capital L.P. and Greenlight Capital
Offshore, Ltd.
ROSENTHAL MONHAIT GROSS &
GODDESS, P.A.
Mellon Bank Center, Suite 140 1
P.O. Box 1070
Wilmington, Delaware 19899
(302) 656-4433
Attorneys for Brickell Partners and the Class
DATED: September 17,2001
TABLE OF CONTENTS
I. Preliminary Statement . . . . . . . . . . . . . . . . .1 . . . . . . . . . . . . .
SNIPPETS:
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4
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MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT OF MOTION IN LIMINE
|
EXTRACTED KEY WORDS
GREENLIGHT PLAINTIFFS EVIDENCE RECORDING TRANSCRIPT MUOIO EXCLUDE COURT DEFENDANTS DEPO PREJUDICE INADMISSIBLE HEARSAY AUDIO-TAPE AUTHENTICATE DELAWARE RULE RECORDING DEVICE DEPOSITION PURPORT MCBRIDE AFF TESTIMONY EINHORN COUNSEL OUT-OF-COURT STATEMENTS PARTY PURSUANT CONTEXT SALVATORE MUOIO ADMISSIBILITY SETHI DEPO PORTION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE EMERGING COMMUNICATIONS, INC. Cons. CA. No. 16415
SHAREHOLDERS LITIGATION
ii-{ z 1 .s?c.
=--;
2.
TX! ii%
i'r,Z, _
:xX-
MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT OF BOARD
DEFENDANTS' MOTION IN LIMINE TO EXCLUDE TAPE AND TRANSCRIPT
z-t,;: r ., c
<,Gc -.
YOUNG CONAWAY STARGATT & TAYL&&L~
<
David C. McBride
Bruce L. Silverstein
11 th Floor, Wilmington Trust Center
110 North Market Street
P.O. Box 391
Wilmington, Delaware 19899-0391
(302) 571-6600
Attorneys for the Board Defendants
OF COUNSEL:
PAUL,HASTINGS,JANOFSKY&WALKER LLP
Kevin C. Logue
Ryan K. Roth
75 East 55'h Street
New York, New York 10022
(212) 318-6000
THELAWOFFICESOFPAULJ.RUSKIN
Paul J. Ruskin
72-08 200 43rd Street
Douglaston, NY 11363
(718) 631-8834
WP3:667757.1 54327.1001
SNIPPETS:
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5
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OPENING BRIEF IN SUPPORT OF BOARD DEFENDANTS MOTION FOR JUDGMENT ON THE PLEADINGS OR FOR SUMMARY JUDGMENT
|
EXTRACTED KEY WORDS
TRANSACTION GREENLIGHT PLAINTIFFS STOCKHOLDERS BOARD DEFENDANTS SPECIAL COMMITTEE OPINION GOODWIN SHAREHOLDER LITIGATION DIRECTORS EC1 BRICKELL PLAINTIFFS HOULIHAN SUMMARY JUDGMENT FACTS DEL MINORITY STOCKHOLDERS DRAFT OPINION ICC MERGER AGREEMENT ECI FINANCIAL ADVISOR BRICKELL AMENDED COMPLAINT VIRGIN ISLANDS CONSUMMATION TELECOMMUNICATIONS PRELIMINARY STATEMENT LEXIS AMBASSADOR TODMAN NEGOTIATIONS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
________________________________________----------------------
IN RE EMERGING COMMUNICATIONS, Cons. C.A. No. 16415
INC. SHAREHOLDERS LITIGATION
________________________________________----------------------
OPENING BRIEF IN SUPPORT OF
BOARD DEFENDANTS' MOTION FOR JUDGMENT ON THE PLEADINGS:
OR, IN THE ALTERNATIVE, FOR SUMMARY JUDGMENT
YOUNG CONAWAY STARGATT & TAYLOR LLP
David C. McBride
Bruce L. Silverstein
1 I* Floor, Wilmington Trust Center
110 North Market Street
P.O. Box 391
Wilmington, Delaware 19899-0391
(302) 571-6600
Attorneys for the Board Defendants-
OF COUNSEL:
PAUL, HASTINGS, JANOFSKY & WALKER LLP
Kevin C. Logue
Ryan K. Roth
75 East 55th Street
New York, New York 10022
(212) 318-6000
THE LAW OFFICES OF PAUL J. RUSKIN
Paul J. Ruskin
72-08 200 43rd Street
Douglaston, NY 11363
(718) 631-8834
July 13,200l
NYW91307.1
WP3:657446.1
SNIPPETS:
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6
.
ANSWER TO AMENDED CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
PARAGRAPH DEFENDANTS DENY ALLEGATIONS EMERGING ADMIT SPECIAL-PURPOSE FIRST SENTENCE SPECIAL COMMITTEE PLAINTIFFS PROSSER PRIVATE TRANSACTION SECOND SENTENCE DIRECTORS AGREEMENT INCORPORATE COMMON STOCK TRUTH FALSITY SQUEEZE SHARES OUTSTANDING ATN COURT TERMS THEREOF ACQUISITION FINANCING MERGER ICC |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE 79
q$ -
IN AND FOR NEW CASTLE COUNTY r.b'; %
s>"-'
d+*;3-;
3.:::.
IN RE EMERGING COMMUNICATIONS, INC. ) Cons. CA. No. 16415 NC
SHAREHOLDERS LITIGATION >
Ajax
-SF
ANSWER TO AMENDED CLASS ACTION COMPLAINT :c *
- I - -
Jeffrey J. Prosser, Emerging Communications, Inc. ("Emerging"), Innovative Communication
Company, LLC ("ICC") and Innovative Communication Corporation ("Innovative") (collectively
"Defendants") hereby answer the amended class action complaint filed by PlaintiffBrickell Partners
(the "Complaint") as follows:
NATURE OF THE ACTION
1. Defendants are without knowledge or information sufficient to form a beliefas
truth or falsity of the allegations in paragraph 1, which allegations therefore are denied.
2. Defendants are without knowledge or information sufficient to form a belief as
truth or falsity of the allegations in paragraph 1, which allegations therefore are denied.
3. Admitted.
4. Admitted.
5. Admitted.
6. Admitted that Prosser owns 100% of ICC. The remaining allegations of paragraph
6 are denied.
7. Admitted that ICC owned approximately 52% of the outstanding shares of Ecmerging
common stock prior to the going private transaction, except Defendants deny the characterization
inherent in the term "Squeeze Out." The remaining allegations of paragraph 7 state a legal
SNIPPETS:
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7
.
ANSWER OF THE BOARD DEFENDANTS TO AMENDED CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
ALLEGATIONS BOARD DEFENDANTS TRUTH FALSITY DENY EMERGING ADMIT SPECIAL COMMITTEE SECOND SENTENCE SHARES COMMON STOCK AGREEMENT GOODWIN SQUEEZE-OUT OUTSTANDING DIRECTORS INFORMATION SUFFICIENT PRIVATE TRANSACTION VONDRAS CHARACTERIZATION INHERENT ATN TERMS THEREOF MERGER ICC PAUL HOULIHAN ALLEGED FINANCIAL PROJECTIONS VITELCOM LAW |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY 01
____________________-------------------------------------------
> ii'
I..
IN RE EMERGING COMMUNICATIONS,
INC. SHAREHOLDERS LITIGATION i) Cons. Civil Action No. 16415
________________________________________-------"-----------~--- >
ANSWER OF THE BOARD DEFENDANTS TO
AMENDED CLASS ACTION COMPLAINT
Defendants Richard N. Goodwin, Salvatore Muoio, Sir Shridath Ramphal, John R.
Raynor, Terrence A. Todman and John G. Vondras (collectively the "Board Defendants"), by
their undersigned counsel, hereby answer the amended class action complaint in this
consolidated action (the "Amended Complaint") as follows:
NATURE OF THE ACTION
1. The Board Defendants are without knowledge or information sufficient to
belief as to the truth or falsity of the allegations in paragraph 1, which allegations therefore are
denied. Moreover, the Board Defendants specifically deny the characterization inherent in the
term "Squeeze-Out".
THE PARTIES
2. The Board Defendants are without knowledge sufficient to form a belief as
truth or falsity of the allegations in paragraph 2, which allegations therefore are denied.
3. Admitted.
4. Admitted.
5. Denied, except it is admitted that prior to its December 3 1, 1998 merger
Atlantic Tele-Network Co, ("ATN Co."), Innovative Communication Corporation was a U.S.
Virgin Islands corporation with its principal place of business in St. Croix.
NYSW39837.1
07/03/01 28969.00002
SNIPPETS:
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8
.
AMENDED CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
PLAINTIFF PROSSER EMERGING SQUEEZE-OUT DEFENDANTS CLASS ACTION SECOND COMMITTEE CLASS ACTION COMPLAINT PRICE DELAWARE CLASS MEMBERS HOULIHAN MINORITY SHAREHOLDERS ICC CARIBBEAN CABLE COMPANIES COMMON STOCK ATN AMENDED CLASS ACTION RODNEY SQUARE WILMINGTON PROJECTIONS MATERIAL INFORMATION VIRGIN ISLANDS FIDUCIARY DUTIES PROPOSED MERGER TRANSACTION LITIGATION RICHARDS LAYTON FINANCIAL ADVISOR |
ORIGINAL
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE 2
:.,
I
IN AND FOR NEW CASTLE COUNTY
-
__________-______~_____________________--------------------- x
i
IN RE EMERGING COMMUNICATIONS, INC. 1 C O N S O L I D A T E D
SHAREHOLDERS LITIGATION : CIVIL ACTION NO. 16415-NC 13
_________________~_----------------------------- -_---------- _x
NOTICE OF FILING AMENDED CLASS ACTION COMPLAINT
TO: Thomas A. Beck, Esquire
Richards Layton & Finger
One Rodney Square
Wilmington, Delaware 19801
Bruce L. Silverstein, Esquire
Young Conaway Stargatt & Taylor
Suite 1100, Rodney Square North
Wilmington, Delaware 19899
PLEASE TAKE NOTICE that plaintiff herewith files the attached Amended Class
Action Complaint as of right pursuant to Rule 15(a).
In compliance with Rule 15(aa), plaintiff avers that the Amended Complaint is in
full substitutio'n for the Complaint heretofore filed on June 1, 1998.
ROSENTHAL, MONHAIT, GROSS & GODDESS,
Suite 140 1, Mellon Bank Center
9 19 North Market Street
P.O. Box 1070
Wilmington, Delaware 19899
(302) 656-4433
Attorneys for Plaintiff
June 18, 2001 Brickell Partners
SNIPPETS:
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9
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BRICKELL PARTNERS OPENING BRIEF IN SUPPORT OF MOTION FOR CALSS ACTION CERTIFICATION
|
EXTRACTED KEY WORDS
MEMBERS BRICKELL COURT PLAINTIFF DEL PARTNERS COUNSEL CHANCERY CERTIFICATION CIR ADEQUATELY PROTECT CERT TRANSFER BINDER FARUQI JOINDER DEFENDANTS SHAREHOLDERS DEUTSCHMAN MOTOR FREIQHT SVSTEM FIDUCIARY DUTY ECI REPRESENTATIVE PARTIES LITIGATION LLP ADVISORV COMRNITTEE NOTES EAST TEXAS EISENBERQ DENIED SUB NOM EMERALD PARTNERS |
ORIGINAL
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE EMERGING COMMUNICATIONS, INC. : CONSOLIDATED
SHAREHOLDERS LITIGATION : CIVIL ACTION NO.
_---------__------~------------------------------------------------- X
BRICKELL PARTNERS' OPENING BRIEF IN SUPPORT
OF ITS MOTION FOR CLASS ACTION CERTIFICATION
ROSENTHAL, MONHAIT, GROSS &
GODDESS, 1P.A.
Norman M. Monhait
Suite 1401, Mellon Bank Center
P.O. Box 1070
Wilmington, Delaware 19899-1070
(302) 656-4433
Attorneys for Plaintiff
Brickell Partners
OF COUNSEL:
FARUQI & FARUQI, LLP
320 East 3gth Street
New York, NY 10016
(212) 983-9330
May 17, 2001
TABLE OF CONTED m
TABLE OF CITATIONS ii
NATURE AND STAGE OF THE PROCEEDINGS 1
STATEMENT OF FACTS 3
SNIPPETS:
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10
.
ANSWER
|
EXTRACTED KEY WORDS
DEFENDANTS EMERGING PROSSER DENY FIRST SENTENCE ALLEGATIONS ADMIT SECOND SENTENCE PLAINTIFFS SPECIAL-PURPOSE TRANSACTION SPECIAL COMMITTEE AGREEMENT ATN DIRECTORS MERGER ICC COURT INNOVATIVE COMMUNICATION GOODWIN CHARACTERIZATION INHERENT SQUEEZE-OUT DELAWARE RAYNOR PRIOR MESSRS DEFENDANTS INCORPORATE TERMS THEREOF PRIVATE TRANSACTION |
~8 .' ] ;;
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
GREENLIGHT CAPITAL QUALIFIED, L.P.,
GREENLIGHT CAPITAL, L.P., and
GREENLIGHT CAPITAL OFFSHORE, LTD.,
Plaintiffs,
V.
JEFFREY J. PROSSER, EMERGING
COMMUNICATIONS, INC., a Delaware
corporation, INNOVATIVE COMMUNICATION
COMPANY, LLC., a Delaware limited liability
company, INNOVATIVE COMMUNICATION
CORPORATION, a U.S. Virgin Islands
corporation, RICHARD N. GOODWIN,
SALVATORE MUOIO, SIR SHRIDATH
RAMPHAL, JOHN P. RAYNOR, TERRENCE A.
TODMAN and JOHN G. VONDRAS,
Defendants.
_______I________________________________-----------------
IN RE EMERGING COMMUNICATIONS, >
) CONSOLIDATED C.A. No.
INC. SHAREHOLDERS LITIGATION >
ANSWER
Jeffrey J. Prosser, Emerging Communications, Inc. ("Emerging"), Innovative Communication
Company, LLC ("ICC") and Innovative Communication Corporation ("Innov,ative") (collectiveYy
"Defendants") hereby answer the complaint in C.A. No. 18816 (the "Complaint") as follows:
NATURE OF THE ACTIOJ
1. Defendants are without knowledge or information sufficient to form a belief as
truth or falsity of the allegations in paragraph 1, which allegations therefore are denied.
SNIPPETS:
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11
.
ANSWER OF THE BOARD DEFENDANTS
|
EXTRACTED KEY WORDS
PARAGRAPH BOARD DEFENDANTS ALLEGATIONS DENY EMERGING ADMIT INFORMATION SUFFICIENT FIRST SENTENCE PROSSER SECOND SENTENCE SPECIAL COMMITTEE FALSITY PRIVATE TRANSACTION TRUTH MERGER DIRECTORS AGREEMENT COURT RAYNOR ICC JOHN GOODWIN ATN SQUEEZE-OUT TERMS THEREOF COUNSEL SHARES CHARACTERIZATION INHERENT MESSRS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
GREENLIGHT CAPITAL QUALIFIED, L.P.; )
GREENLIGHT CAPITAL, L.P., and
GREENLIGHT CAPITAL OFFSHORE, LTD., ;
i
Plaintiffs,
t
V. ) CA. No.1 8816
i
JEFFREY J. PROSSER EMERGING
COMMUNICATIONS, INC., a Delaware i
corporation, INNOVATIVE COMMUNICATION )
COMPANY, LLC., a Delaware limited liability
company, INNOVATIVE COMMUNICATION i
CORPORATION, a U.S. Virgin Islands
corporation, RICHARD N. GOODWIN, t
SALVATORE MUOIO, SIR SHRIDATH >
RAMPHAL, JOHN P, RAYNOR, TERRENCE A. )
TODMAN and JOHN G. VONDRAS,
1
Defendants.
_______________,____----.-----------------------,.-------- I ------ i
IN RE EMERGING COMMUNICATIONS,
; ICONSOLIDATED C.A. No. 16415
INC. SHAREHOLDERS LITIGATION )
ANSWER OF THE BOARD DEFENDANTS
Defendants Richard N. Goodwin, Salvatore Muoio, Sir Shridahth Ramphal, John R. Raynor,
Terrence A. Todman and John G. Vondras (collectively the "Defendants"), by their undersigned
counsel, hereby answer the complaint in C.A. No. 188 16 (the "Complaint") as follows,
NATURE OF THE ACTION.
1. The Board Defendants are without knowledge or information sufficient to form a
belief as to the truth or falsity of the allegations in paragraph 1, which allegations therefore are
denied
SNIPPETS:
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12
.
STIPULATION AND AGREEMENT OF COMPROMISE AND SETTLEMENT
|
EXTRACTED KEY WORDS
STIPULATION COURT DEFENDANTS COUNSEL PLAINTIFF PARTIES EMC EXECUTION COMPLAINT ATTORNEYS FEES HERETO APPROVING CHANCERY INNOVATIVSE MEMBERS SHAREHOLDERS NEGOTIATIONS REPRESENTATIVES DISBURSEMENTS DELAWARE PROSSER DIRECTORS LITIGATION EXPENSES PROCEEDING JUDGEMENT SUCCESSORS EXHIBIT |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ERICKELL PARTNERS, on behalf of
itself and all others similarly
situated,
Plaintiff,
- aga.inst - C.A. No. 16415-NC
JEFFREY J. PROSSER, RICHARD
GOODWIN, SALVATORE HUOIO, SIR
SHRIDATH RAMPHAL, JOHN P.
RAYNOR, JOHN G. VONDRAS,
TERRENCE A. TODMAN and EMERGING
COMMUNICATIONS, INC.,
Defendants.
STIPULATION AND AGREEMENT
OF COMPROMISE AND SETTLEMENT
The parties to the above-captioned civil action (the
"Action"), by and through their undersigned attorneys, hereby
submit this Stipulation and Agreement of Compromise and Settle-
ment (the "Stipulation") for the Court's approval:
WHEREAS:
A. Emerging Communications, Inc. (IIEMC" or the
"Company") is a Delaware corporation with its principal
executive offices in St. Croix, United States Virgin Islands.
B. Defendant Jeffrey J. Prosser ("Prosserl') was the
Chairman of the Board of Directors and Chief Executive Officer
of the Company, and owned 52% of EMC's outstanding stock at all
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