Terra Towers to Continue Legal Battle Following Arbitration Results
Terra Towers is asserting a strong commitment to their case before a new, fair tribunal after experiencing what they characterize as a flawed arbitration process.
Concluding a Controversial Arbitration Process
Recently, the arbitration tribunal concluded its proceedings, which were riddled with irregularities and controversies. Terra Towers, the majority shareholder of Continental Towers, along with TBS Management and DT Holdings, released a statement outlining their intentions moving forward.
On November 11, the tribunal issue its final award, which coincides with Terra's perspective that the process itself was not conducted properly. The tribunal declined to provide additional damages and ended the proceedings shortly after the chair made a disputed personal blog post that many felt undermined the integrity of the tribunal. Nevertheless, the award does allow the majority shareholders to pursue remaining claims before an independent tribunal.
Highlighting Irregularities in the Process
Despite misleading assertions from minority shareholders led by TPG Perpertree, Terra Towers stresses that the dispute is far from over. The majority shareholder remains dedicated to bringing all relevant facts to light and advancing their counterclaims. From Terra Towers' viewpoint, the arbitration was plagued by procedural irregularities, which included a May injunction issued without due notice and an October attempt to manipulate the case scheduling that was denied by the court.
Moreover, the arbitration panel reportedly made crucial findings without giving appropriate notice or opportunity for the responding parties to address these findings, raising significant concerns regarding the fairness of the process.
Concerns about the Arbitration Chair's Conduct
The majority shareholders further believe that the chair's personal blog activity and attempts to influence ongoing legal matters in Guatemala and El Salvador exceed the tribunal's mandate. Such actions are seen as inappropriate and a deviation from the expected standards of conduct in legal proceedings.
Next Steps for Terra Towers
Terra Towers is prepared to pursue all legal avenues available to them, focusing on revealing the facts of the situation now that arbitration has concluded. James Kimer, the media representative for Terra Towers, emphasizes their resolve to seek justice and clarity throughout this process.
About Terra Towers
Terra Towers is dedicated to advocating for the interests of its shareholders, ensuring fairness and integrity in its business dealings. Following the arbitration findings, the company is ready to engage with a new tribunal to achieve a just result.
Frequently Asked Questions
What led to the arbitration conclusion?
The arbitration concluded due to irregularities and controversies that Terra Towers believes compromised the process.
What are Terra Towers' next steps?
Terra Towers plans to pursue counterclaims in an independent tribunal to address the issues raised during the arbitration.
Who are the minority shareholders involved?
The minority shareholders are primarily represented by TPG Perpertree, who provided opposing views during the arbitration process.
What concerns were raised about the arbitration process?
Concerns included procedural irregularities and the arbitration chair's questionable conduct, which may have influenced the outcome.
How does Terra Towers plan to communicate its case?
Terra Towers intends to continue informing stakeholders about the developments and facts of the case as legal proceedings move forward.
