Press Release: The Committee of Concerned Europa Stockholders
June 6, 2002
ROCKY RIVER, OH -- The Committee of Concerned Europa Stockholders (Committee) announced yesterday that the Delaware
Chancery Court has issued an Order maintaining the current makeup of the four member Board of Directors of Europa
Cruises Corporation (OTCBB: KRUZ) until the Court's determination of the proper composition of the Board.
The Court's Order was entered in the recent lawsuit brought by the Committee concerning the Board's composition.
The Court's Order effectively prevents an attempt by the Company's president, Deborah Vitale, to prematurely seat
a new individual as a director before the written consents from one of the two pending consent solicitations regarding
the Company can be certified by the Court. The Court's Order has no affect, however, on the Committee's pending
consent solicitation, which seeks to remove Vitale from the Board and replace her with seasoned casino executive
James Rafferty and which continues to receive and accept consents from stockholders.
In addition to ruling that the Board of Directors continue to consist of John R. Duber, James C. Illius, Gregory
A. Harrison and Vitale, the Court restricted the company from engaging in any major contracts, expenditures, personnel
changes and other actions outside of the ordinary course of business.
In addition, the Court ordered Vitale to deliver to the Committee all consents in her possession concerning the
Employee Stock Ownership Plan (ESOP). Committee review of the ESOP consents obtained through the Court Order has
confirmed the Committee's belief that Vitale improperly voted over 3.4 million shares of the ESOP in her own favor
over the objections of her co-trustee by unilaterally supporting the consent solicitation that she is a member
of (and which seeks to allow her to maintain control over the Company).
"The Williams group, which Ms. Vitale is a member of, clearly tried to deceive shareholders into believing
the consent solicitation was decided. That is definitely not the case and the shareholders will still be heard,"
said Mr. Duber.
Shareholders are urged to return the WHITE consent card immediately. Even if you have sent a gold consent card,
you have every right to support the Committee's consent solicitation by signing, dating and mailing the WHITE consent
card. If you have any questions on how to vote your shares, please call our proxy solicitor: Georgeson Shareholder
at 1-866-318-0501.
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Contact:
Owen Blicksilver, 516/742-5950