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ATLANTIC TELE-NETWORK v. PROSSER

No. CIV. A. 99-236(SSB).

151 F.Supp.2d 633 (2000)

ATLANTIC TELE-NETWORK, Plaintiff, v. Jeffrey J. PROSSER, Defendant.

District Court, Virgin Islands, D. St. Thomas and St. John.

December 8, 2000.

Attorney(s) appearing for the Case

Karl A. Groskaufmanis, David B. Wiseman, Fried, Frank, Harris, Shriver & Jacobson, Washington, DC, Attorneys for Plaintiff.

George Wailand, James E. Rosenfeld, Cahill Gordon & Reindel, New York, NY, Attorneys for Defendant.

OPINION ON MOTION TO DISMISS AND MOTIONS FOR SUMMARY JUDGMENT

BROTMAN, District Judge.

I. INTRODUCTION

This case arises under § 16(b) of the Securities and Exchange of 1934, which prohibits "short-swing" securities transactions by corporate insiders and allows companies to recoup profits made on such transactions. Plaintiff Atlantic Tele Network ("ATN") seeks to disgorge profits made by defendant Jeffrey Prosser, a former...

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