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World Down Syndrome Day

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TIMELINE

GeneralTIMELINE


April 14, 2004 ? ICC appoints new BTL board (7 of 8 directors) and makes John Vondras a director, which, in Ungaro?s interpretation, was contrary to BTL?s Articles of Association that prohibit non-Belizeans from taking that position.


April 26, 2004 ? ICC pays US$28.5 million towards August Note for GOB shares ? 30% of BTL. BT returns 567,666 ?C? shares, which GOB handed to unions; BT still owed US$2.676 million, according to GOB and Judge Ungaro.


April 30, 2004 ? Payment on Carlisle shares due but ICC agrees to assume TIBOM debt. GOB and ICC enter into Share Purchase Agreement and pledge the Carlisle shares to TIBOM as collateral for US$57 million debt. Payment Agreement between GOB and ICC done the same date.


August 31, 2004 ? Payment on Promissory Note for GOB shares originally due, but made April 26.


October 1, 2004 ? BTL?s secretary, Wilman Black, writes to minority shareholders on BT?s proposed buyout of BTL?s assets. ICC wanted to liquidate BTL. BT would return its BTL shares and leave enough money in BTL for BTL?s 1,200 minority shareholders to pay off themselves. The plan met with strong opposition and was abandoned.


November 1, 2004 ? Intelco goes into receivership. BTL takes over management of Intelco later on.


November 22, 2004 ? ICC defaults on Miami loan. GOB gives ICC extension until February 7, 2005. GOB rolls over debt.


November 24, 2004 ? TIBOM assigned the Carlisle shares (52.45% of BTL) to GOB. ICC prods Central Bank to get Belize Bank to release $30 million of BTL?s money, which BTL had lent the Belize Bank. Black writes Central Bank complaining that the transaction was contrary to the bank?s license.


December 31, 2004 ? BTL, under ICC, buys Intelco?s US$27 million debt; Belize Telecom pledges shares that it had bought from GOB as collateral. Prosser agrees that BTL will pay Intelco?s debt. BT was to pay the Note by June 30, 2005. Has the Note been paid off? We don?t know.


February 7, 2005 ? Prosser defaults on US$51 million payment to TIBOM.


February 9, 2005 ? GOB receives shares from TIBOM and takes control of BTL; removes Prosser?s directors and appoints 6 new ones for GOB. Prosser sues in Miami.


June 8 ? 23, 2005 ? Miami trial

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