TV-6 Intent To Seek Justice In International Courts

The Presidium of the Supreme Arbitrary Court of the Russian Federation has disaffirmed the resolution of the Federal Arbitrary Court of Moscow District as of December 29th, 2001, and confirmed the resolution to liquidate ZAO "Moscow Independent Broadcasting Corporation", which broadcasts on television channel TV-6. The television company is intending to seek reversal of the resolution of liquidation in international courts, Geraldina Lyubarskaya, the channel's lawyer, who formerly represented Media Most company and NTV channel's interests in the liquidation case, said after the Court session was over. "The LUKoil-Garant pension fund was far from being guided by its pecuniary interests when it filed the suit for the company's liquidation", the lawyer observed at the Court session. "If TV-6 is liquidated, its stockholder (LUKoil-Garant) will get for its shares a tenth of what it would if the company were sold, and that after all the company's debts are settled", she stressed. "At the present moment the company has positive net assets, which rules out any possibility of its liquidation on this basis", Ms. Lubarskaya said. What is more, the company applied to the Supreme Court of the Russian Federation with a complaint to declare the decrees of the Finance Ministry and Federal Commission for Securities Market of the Russian Federation regarding the calculation of the company's net assets invalid. "The television company's losses in 2002 will amount to $22m, and the company is planning to cover them by receiving a present in the form of securities worth $22m, which is in no way a commercial activity, but a clear sign of the depressed state", a representative of LUKoil-Garant said at the Court session.

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