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The following press releases have been issued by the Litigation Recovery Trust.
LRT PRESS RELEASE
LITIGATION RECOVERY TRUST
515 MADISON AVENUE NEW YORK, NY 10022-5403
Tel 212-752-5566 Fax 212-754-2110 email: litigationrecovtrust@email.com
Web: litigationrecoverytrust.8k.com
PRESS RELEASE FOR IMMEDIATE RELEASE
Litigation Recovery Trust to Bring Action to Overturn Prior Court Rulings Secured by Comsat Corporation
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Claims Trust Secures Support of Newly Formed BelCom Inc. to Void Court Rulings Based on Misrepresentation
Litigation Recovery Trust, a New York based claims organization, has announced plans to proceed with court actions to vacate and annul prior court rulings secured by Comsat Corporation against it and its members. The legal moves will be supported by BelCom, Inc. which has succeeded to the litigation rights of an earlier company owned by Comsat.
BelCom, Inc. has been established as a Virginia corporation to market telecommunications services and state of the art communications equipment in Russia and other republics of the Commonwealth of Independent States. The company has been formed as a successor to a company of the same name, which in 1991 became the first western based, start-up company to commence telecom operations in the former Soviet Union. Comsat took control of the prior company in September 1995. It ceased operations late last year. Eugene Louppov, a founder of the 1991 firm, is the founder, president and CEO of BelCom, Inc.
BelCom has entered a series of agreements to speed its return to the Russian market. The operating assets and licenses of the original company were purchased by Oakral, an Irish company, in January. Oakral and BelCom have entered an agreement to facilitate the re-entry of the new US company in the Russian market. Through this agreement, BelCom has become the direct successor to the original company.
BelCom has also reached agreement with LRT and its members, including a number of the founders and operating executives of the original company. Mr. Louppov commented, “We are most fortunate to have secured the cooperation of various individuals and organizations to support our plans to re-introduce BelCom services in Russia and other CIS markets.”
LRT will use the litigation rights secured from BelCom to reopen court rulings in New York and Delaware, which were based on false representations by the original company as controlled by Comsat. BelCom has provided affidavit evidence supporting findings that Comsat orchestrated actions based on false information to secure favorable rulings. Such actions can be found to constitute a fraud on the courts.
LRT and its members have been engaged in legal actions against Comsat since 1995. Over that time, based on actions brought by LRT, the group has established, among other things, that Comsat was involved in the operation of an in-hotel satellite movie service, which distributed pornographic films to upwards of one million rooms in violation of federal law. This matter, which dates to December 1995, is still before the Federal Communications Commission.
Additionally, in August 2000, LRT discovered that Comsat had failed to disclose to the FCC the criminal plea of its Florida subsidiary for defrauding the Department of Defense and US Navy and obstructing justice. The plea was entered some 10 days prior to Comsat securing a ruling by the FCC, allowing the company to merge with Lockheed Martin Corporation, the country’s largest defense contractor. The LRT action, which seeks reversal of the merger order, remains before the FCC.
Speaking for LRT, Trustee William L. Whitely noted,” We are most anxious to move ahead immediately with our actions to revoke and annul the court decisions previously secured by Comsat. These rulings were based upon false information presented to the courts. We now have evidence supplied by legal successor in interest to Comsat’s former company proving that we have been victims of a concerted action by Comsat and its agents to victimize our members. This is corporate duplicity and intimidation at its worst.”
Based on the new evidence, it can be established that Comsat presented false information to court’s designed to defame and attack LRT members as part of a concerted effort to seize property and stock and seize control of the original BelCom company. The evidence provided by the successor BelCom can provide the basis for a series of additional actions against the executives, attorneys and accountants involved.
In reflecting on these additional actions, Mr. Whitely observed, “In this day of post Enron corporate morality, it is critical that the unprincipled and illegal actions of Comsat- a government sponsored corporation- and its agents be brought to light and sanctioned. As with the thousands of innocent Enron shareholders, we were victims of a might makes right corporate culture. The courts and SEC will now be called upon to enforce a new standard under which corporate officers are made to respect and protect individual rights.”
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