December 27, 2007

Trustee Seeks to Sell Off Prosser Homes to Pay ICC Debts

The St. Thomas Source is reporting:

"Dec. 27, 2007 -- ICC Chapter 11 trustee Stan Springel filed a motion recently to sell off homes and other property belonging to Innovative Communications Corp. (ICC) and Vitelco owner Jeffrey Prosser to help pay ICC debts. Springel's filing in U.S. Bankruptcy Court asked Judge Judith Fitzgerald to deny personal residence exemptions claimed by Prosser and by his wife, Dawn Prosser, for three separate multi-million dollar houses, in Lake Placid, New York; Palm Beach, Fla.; and a condominium in Garden Beach on St. Croix in the U.S. Virgin Islands. Prosser is in involuntary Chapter 7 bankruptcy and ICC, the parent company of Vitelco, which he owns, is in Chapter 11 bankruptcy. According to Prosser's financial filings with the court, the Lake Placid home is worth $1.4 million, the Palm Beach home $8.7 million and the Virgin Islands condo; $450,000."

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