Innovative Communication involuntarily placed in Chapter 11 bankruptcy

By Jennifer Lanning Drey

Portland, Ore., Sept. 25 - Innovative Communication Corp. (New ICC) was placed in Chapter 11 bankruptcy by a judge at the U.S. Bankruptcy Court for the District of Delaware, according to a National Rural Utilities Cooperative Finance Corp. news release.

New ICC's parent companies, Innovative Communication Corp. LLC and Emerging Communications Inc., along with New ICC's principal, Jeffrey Prosser, as an individual, have been involved in bankruptcy proceedings since July 31, 2006. New ICC had opposed creditor requests to submit to its own proceedings, according to the release.

The parent companies' Chapter 11 trustee, Stan Springel, has had control over New ICC's common stock for about two weeks, but New ICC creditors continued to seek bankruptcy court supervision for the company, citing its general failure to pay creditors, according to the release.

The Delaware bankruptcy judge also took under advisement conversion of Prosser's personal bankruptcy case to Chapter 7 liquidation from Chapter 11 reorganization, which would appoint a trustee to take charge of Prosser's assets.

Prosser's creditors, which include Rural Telephone Finance Cooperative, have complained that Prosser has refused to cooperate with creditors and accurately disclose his financial affairs.

New ICC is a telecommunications and media holding company based in Christiansted, St. Croix.

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