Consent Solicitation at Europa Cruises Remains Undecided; Court Status Quo Order Keeps Current Board.Business Editors ROCKY RIVER Rocky River, city (1990 pop. 20,410), Cuyahoga co., NE Ohio, a suburb of Cleveland, on Lake Erie; settled 1815, inc. 1903. Chiefly residential, it is noted for its scenic atmosphere and quiet charm. , Ohio--(BUSINESS WIRE)--June 5, 2002 The Committee of Concerned Europa Stockholders (Committee) announced today that the Delaware Chancery Court The Chancery Court of York is an ecclesiastical court for the Province of York of the Church of England. The presiding officer, the Official Principal and Auditor, has been the same person as the Dean of the Arches since the nineteenth century . has issued an Order maintaining the current makeup of the four member Board of Directors of Europa Cruises Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : KRUZ) until the Court's determination of the proper composition of the Board. The Court's Order was entered in the recent lawsuit brought by the Committee concerning the Board's composition. The Court's Order effectively prevents an attempt by the Company's president, Deborah Vitale, to prematurely seat a new individual as a director before the written consents from one of the two pending consent solicitations Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with regarding the Company can be certified See certification. by the Court. The Court's Order has no affect, however, on the Committee's pending consent solicitation, which seeks to remove Vitale from the Board and replace her with seasoned casino executive James Rafferty and which continues to receive and accept consents from stockholders. In addition to ruling that the Board of Directors continue to consist of John R. Duber, James C. Illius, Gregory A. Harrison and Vitale, the Court restricted the company from engaging in any major contracts, expenditures, personnel changes and other actions outside of the ordinary course of business. In addition, the Court ordered Vitale to deliver to the Committee all consents in her possession concerning the Employee Stock Ownership Plan (ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). ). Committee review of the ESOP consents obtained through the Court Order has confirmed the Committee's belief that Vitale improperly voted over 3.4 million shares of the ESOP in her own favor over the objections of her co-trustee by unilaterally supporting the consent solicitation that she is a member of (and which seeks to allow her to maintain control over the Company). "The Williams group, which Ms. Vitale is a member of, clearly tried to deceive TO DECEIVE. To induce another either by words or actions, to take that for true which is not so. Wolff, Inst. Nat. Sec. 356. shareholders into believing the consent solicitation was decided. That is definitely not the case and the shareholders will still be heard," said Mr. Duber. Shareholders are urged to return the WHITE consent card immediately. Even if you have sent a gold consent card, you have every right to support the Committee's consent solicitation by signing, dating and mailing the WHITE consent card. If you have any questions on how to vote your shares, please call our proxy solicitor Proxy Solicitor A specialist (firm) hired to gather proxy votes. : Georgeson Shareholder at 1-866-318-0501. |
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