Innovative Bankruptcy Update
(March 18, 2010)                    (Click here for PDF Format)


1)    In a lengthy Brief, PSC consultants have recommended AGAINST the transfer of
control of Vitelco to National Rural Utilities Cooperative Finance Corporation (CFC). {See
PSC Brief}. The PSC has tried their best to keep this report secret but Demmansay has
obtained copies and have posted it for all to read. As expected, Dewolf has ordered the
PSC to have their consultants change the report and recommend the transfer.

2)    As a favor to his good friend Roosevelt "Touching Wives" David, and because he is
dependent on John DeWolf to keep his job,  Joseph Boschulte, the PSC Chairman,
continues to permit the Chapter 11 Trustee, Alvarez & Marsal and Vinson & Elkins to
charge Vitelco in excess of  $50 million in legal fees without PSC approval.  

3)    The Trustee's main witness, Arthur Stelzer, has been indicted in Florida for perjury,
theft and other crimes related to the Prosser bankruptcy proceedings which he committed
while in conspiracy with Vinson & Elkins and the Trustee. 68-years old Stelzer, who is
cooperating with federal authorities, has said he was paid by Vinson & Elkins, Fullbright &
Jaworsky and Alvares & Marsal to falsely testify that Jeffrey Prosser paid him to destroy
computer hard-drives in 2008.

4)    Upon learning of the bribery scheme, federal bankruptcy Judge Judith Fitzgerald
referred all of the bankruptcy cases to the United States Attorney for criminal
investigation. Federal authorities are looking into the roles played by Attorneys Jim Lee,
Daniel Steward, and Toby Gerber, the Trustee, and the law firms of Vinson & Elkins,
Fulbright & Jaworski and Alvarez & Marsal in paying for Arthur Stelzer's knowingly false
testimony against Jeff Prosser.

5)    Attorneys Jim Lee and Daniel Stewart of Vinson & Elkins hired criminal defense
lawyers to represent them after it was learned that they arranged to have Vitelco pay
$13,197.17 in legal fees on behalf of Arthur Stelzer to the Florida law firm of Genovese
Joblove & Battista.

6)    Chief Judge Curtis Gomez has ordered that the Bankruptcy Court to conduct an
evidentiary hearing regarding federal bribery by Vinson & Elkins and the Trustee.

7)    The Trustee and his law firm have billed Vitelco over $60 Million in legal fees without
PSC approval because the Trustee knows that Joseph Boschulte cannot disobey DeWolf
who has a personal stake in the transfer of control to CFC.

8)    2008 and 2009 Emails between Adam Christian and Trustee Stan Springel reveal
that DeWolf and Attorney George Dudley have a personal stake in the outcome of the
change of control of Vitelco to CFC and will earn millions of dollars in consulting fees
when the deal is completed.

9)    DeWolf, George H.T. Dudley, “Touching Wives”, Joseph Boschulte, PSC members,
Peanut, and Senator Louisa Patricia Hill are just a few of the people expected to be
subpoenaed to testify before the grand jury on the federal bribery scheme. Demmansay
has agreed to turn over all of its files to the federal authorities so they can get to the
bottom of this craziness.

10)    By the Way, PSC attorney George "Peanut" Phillips failed the February 2010 Virgin
Islands Bar Exam for a record seventh straight time!
ICC Bankruptcy Update_March 18,2010

582_PSC_Closing_Brief

582_PSC_Closing_Exhibit_B

582_PSC_Closing_Exhibit_C
Innovative Trustee Caught Witness Tampering
(March 19, 2010)