D & E Communications, Inc. Announces Arbitration Ruling on Elektrim.Business Editors/Hi-Tech Writers EPHRATA, Pa.--(BUSINESS WIRE)--May 24, 2001 D & E Communications, Inc. announces an arbitration panel arbitration panel A group of individuals charged with resolving a dispute between individuals and/or organizations. Arbitration panels to resolve investment disputes are sponsored by self-regulatory organizations such as NASD. ruled on May 9, 2001, that Elektrim S.A. breached its agreement with Pennecom B.V. regarding the sale of Pilicka Telefonia, Sp. zo. o., Pennecom's telecommunications subsidiary in Poland, and ordered Elektrim to pay approximately $30 million in damages, interest and costs to Pennecom. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the order, Pennecom retains ownership of Pilicka and the $10 million deposit paid by Elektrim in April 1999. The dispute arose in July 1999 when Elektrim refused to purchase the stock of Pilicka under the terms of a stock purchase agreement it had entered into with Pennecom. Elektrim had agreed to pay $140 million in cash and notes for all of the outstanding capital stock of Pilicka. In August 1999, Pennecom requested arbitration of the dispute by the International Court of Arbitration The International Court of Arbitration is an institution for the resolution of international commercial disputes. The International Court of Arbitration is part of the International Chamber of Commerce. at the International Chamber of Commerce. The arbitration panel appointed to adjudicate adjudicate (  jōō´dikāt´),v the dispute completed its hearings in January 2001. Pennecom is currently reviewing its legal options with respect to the arbitration panel's ruling. Pennecom is a wholly owned indirect subsidiary of EuroTel, L.L.C., a domestic limited liability company. D & E Communications, Inc. holds a one - third ownership interest in EuroTel. D & E Communications, Inc. is an integrated communications provider based in Lancaster County Lancaster County is the name of four counties in the United States:
A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , D&E Communications offers both local and long distance service, Internet access, wireless service, paging, voice, data and video communications equipment, and computer networking services. |
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