Former Vitelco and ICC CEO Jeffrey Prosser Bankruptcy Saga Continues in the USVI

Jeffrey Prosser, former CEO of Vitelco and Parent Innovative Communications Corporation, was fired in October, 2007, for failing to make payments into the company pension funds.

Hundreds of employees at Vitelco and Innovative pension funds were at risk, due to non payments. Employee pension funds are insured by the federal Pension Benefit Guarantee Corporation (PBGC). It was reported that Prosser was using these funds for his personal luxury life.

In March, 2007, Federal Bankruptcy Court Judge Judy Fitzgerald, stated that a trustee had to be appointed to oversee the ICC Corporation. Vitelco and ICC are PSC regulated utility companies in the Virgin Islands.

The Office of US Trustees appointed, Stan Springel to oversee the corporation. A Trustee is a disinterested arbiter, who stands to gain nothing and works with all to achieve a common goal. This is when it was realized that the employee pension fund was at risk and Jeffrey Prosser was fired as CEO of the company in October, 2007. Former Virgin Islands Senator Holland Redfield, a Vice President of ICC was also terminated.

Trustee Stan Springel met with the PSC Commissioners yesterday to bring them up to date on the status of the companies. ICC assests include; Vitelco, Innovative Cablevision, the Virgin Islands Daily Newspaper and TV Channel 2.