Herndon-Based Telecom Lender, Rural Telephone Finance Cooperative (RTFC) and Key Directors Sued for $200 Million by Innovative Communication

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Innovative Communication Corporation reports it has recently filed a major lawsuit for more than $200 million against the Rural Telephone Finance Cooperative of Herndon, Va., and two of its officers and directors as individuals. The suit accuses them of maliciously using the courts for improper purposes with an agenda of destroying one of its borrowers in good standing and current on all loan payment obligations.

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Innovative Communication Corporation reports it has recently filed a major lawsuit for more than $200 million against the Rural Telephone Finance Cooperative of Herndon, Va., and two of its officers and directors as individuals. The suit accuses them of maliciously using the courts for improper purposes with an agenda of destroying one of its borrowers in good standing and current on all loan payment obligations. The law suit was filed at the District Court of the Virgin Islands, Division of St. Thomas and St. John (Docket number: Civil Action 2005/168.)

The Rural Telephone Finance Cooperative (RTFC) is a $21 Billion lender for telecommunications companies. RTFC finances telecommunications firms for infrastructure upgrades, equipment and acquisitions. (http://www.rtfc.net)

The lawsuit named Fairfax-County based RTFC’s directors, Steven Lilly, senior vice president and chief financial officer, and John J. List, senior vice president, in their personal and official capacities and accused them of personally supervising and approving the alleged malicious abuse of the court system.

“The RTFC has turned from being our major lender to a predator seeking to destroy us,” said Sen. Holland L. Redfield, II, Innovative’s vice president of corporate affairs. “The RTFC has loaned Innovative more than $650 million. Until they filed their baseless case against us and seized $61 million of our equity without justification, we always made every payment. We have been a member of the cooperative for more than 15 years and have consistently been one of its largest borrowers.”

Innovative Communication Corporation is a privately-held telecom and media company headquartered in St. Croix with management offices in West Palm Beach, Fla. and operations in the U.S. and British Virgin Islands, Sint Maarten, Saint-Martin, Guadeloupe, Martinique and France. http://www.iccvi.com/

FOR: INNOVATIVE COMMUNICATION CORP.

CONTACT: Lana Sansur, (703) 385-8178 x208

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Lana Sansur
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