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Wednesday, 14 July 1999

Armenian Court Orders Share Seizure in Tax Dispute Involving Developer

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July 15, 1999



LOS ANGELES – The Government of Armenia said it obtained a court order against Hellenic Telecommunications Organization (OTE), the Greek telephone company, to seize the shares held by OTE in ArmenTel, the Armenian telephone company.

The court order results from a lawsuit filed by the Armenian government to collect back profit taxes owed as a result of the sale in March 1998 of the majority interest in ArmenTel to OTE by the Government and Trans-World Telecom, Ltd. Trans-World Telecom is an entity controlled by Orange County, Calif., real estate developer Barry Hon, according to a law firm involved in the dispute.

The Armenian Government filed a complaint in court on June 25, 1999 to collect the back taxes. A hearing on that complaint was to be held yesterday. However, OTE appeared in Court and asked for an extension of time to respond to the Government's claims, which the court granted until July 26, 1999.

Trans-World Telecom and its sister company, Trans-World Telecom Holdings Ltd., both defendants, offered written evidence in defense but the evidence was rejected by the Court at this time because the material was in English and not in Armenian. Both Trans-World Telecom and Trans-World Telecom Holdings are entities controlled by Barry Hon, according to the law firm of Manatt, Phelps & Phillips which represents the Government of Armenia in the dispute.
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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