Wyser-Pratte Urges Additional Disclosure from France Telecom.Business Editors NEW YORK--(BUSINESS WIRE)--March 25, 2002 Wyser-Pratte Management Co. Inc (WPM wpm abbr. words per minute wpm words per minute Noun 1. wpm - the rate at which words are produced (as in speaking or typing) words per minute ) expressed concern today about what appears to be significant inconsistencies in the disclosures France Telecom has made about its off balance sheet financing obligations to MobilCom. "Over the past several months France Telecom has made what seem to us to be conflicting disclosures regarding its obligation to finance the build-out of German mobile phone group MobilCom's UMTS (Universal Mobile Telecommunications System) The GSM implementation of the 3G wireless phone system. Part of IMT-2000, UMTS provides service in the 2 GHz band and offers global roaming and personalized features. business," said WPM President, Guy Wyser-Pratte. As late as November of 2001, France Telecom announced in a filing with the SEC that it has a commitment to provide loans and/or loan guarantees to MobilCom to the extent of any financing shortfalls until the commencement of (MobilCom's) UMTSD operations. On February 18, 2002, France Telecom seemed to reverse course and indicated its obligations to Mobilcom were subject to agreement on a business plan for MobilCom between France Telecom and MobilCom founder Gerhard Schmid. France Telecom noted that any dispute between Schmid and France Telecom was subject to some sort of mediation process which permitted France Telecom to override any mediation impasse im·passe n. 1. A road or passage having no exit; a cul-de-sac. 2. A situation that is so difficult that no progress can be made; a deadlock or a stalemate: reached an impasse in the negotiations. . In contrast, also on February 18, MobliCom stated its belief that France Telecom has a contractual obligation to provide the needed financing and no business plan approval is required. Both MobilCom and France Telecom agree the terms of their agreement are set out in a binding cooperation framework agreement (CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. ). MobilCom has requested the confidential agreement be released to the public. "We are hoping the regulators in both the US and Europe will take a look at FT 's disclosures on this issue and seek clarification from FT. FT investors have the right to know the full extent of FT's off-balance sheet obligations, " concluded Wyser-Pratte. WPM is a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based investment manager and proponent One who offers or proposes. A proponent is a person who comes forward with an a item or an idea. A proponent supports an issue or advocates a cause, such as a proponent of a will. PROPONENT, eccl. law. of good corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. . |
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