Litigation Recovery Trust represents the rights and claims of certain members, and includes the following entities: Committee to Restructure the International Satellite Organizations (“CRISO”) and BelCom Minority Shareholders and Claimants Committee (“BelCom Committee”).
Certain of the LRT members, commencing in 1993, became business partners with Comsat in the operation of a communications company (BelCom, Inc. (“BelCom”)) in the former Soviet Union. Beginning in late 1995, the LRT members became involved in a business dispute with Comsat over the operation of BelCom. Comsat seized the corporation in mid 1995, in direct violation of the company’s shareholders agreement, charter, by-laws, and Delaware law. Comsat continued to operate BelCom at a loss until December 2001, when its assets were sold by Lockheed.
In 1995, Comsat caused BelCom to bring legal action against one of the LRT members, and subsequently prevailed before the Delaware Chancery Court. In past pleadings by Comsat and Lockheed in the LRT Reconsideration and other proceedings, attorneys for these parties have included personal attacks against one or more LRT members. These attacks were based in part on the Delaware litigation.
On May 2, 2002, LRT obtained the necessary affidavit and associated agreements from a successor in interest to BelCom, which support findings that the entire litigation brought in the past by Comsat against LRT and its members was premised on fraud and misrepresentation. LRT will be proceeding immediately with the filing of necessary federal and state actions to rescind, revoke and/or annul all prior rulings secured by Comsat/Lockheed and to seek appropriate compensatory and punitive damages against the companies and their agents.
In view of the fact that Comsat/Lockheed has premised its attacks against LRT on the Delaware decision and associated orders, LRT has undertaken to keep the FCC staff informed concerning the supplementary actions undertaken to rescind, revoke and/or annul these earlier rulings..
Based on various grounds (some of which are referenced below), LRT will move for dismissal and revocation of the Chancery Court decision.
Additionally, LRT members in December 2000 filed suit against Comsat and Lockheed in the United States District Court for the Southern District of New York (WL Whitely, et al v. Comsat, et al, Case No. 00 CIV. 9401 ) for a series of causes of action including contract breach, coercion and violation of Constitutional rights.THis action was dismissed without prejudice. LRT wil move for admission of the complaint based on new evidence.
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