This excerpt taken from the TEO 6-K filed Dec 1, 2008.
(d) Annulment actions against the Annual Shareholders Meeting and the Board of Directors of Telecom Argentinas decisions
At the Annual Shareholders Meeting held on April 29, 2008, and the Board of Directors meeting held on the same date, the appointment of directors, members of the Supervisory Committee, external auditors and members of the Audit Committee was approved, who shall perform their duties during the 20th fiscal year. The December 31, 2007 financial statements were also approved, and the unappropriated retained deficit of $708 was carried forward to a new account.
At said Meeting, Telecom Argentinas shareholders decided, with the vote of the majority of Nortel that Mr. Gerardo Wertheins performance as Regular Director during fiscal year 2007 was not to be approved. Mr. Werthein brought a claim before the courts requesting the annulment of the abovementioned decision of the Meeting. On September 5, 2008, Telecom Argentina was notified of this claim and answered the complaint brought in due time and proper form requesting the same to be completely rejected.
On October 16, 2008, Telecom Argentina was notified of a pre-trial conference in the case Werthein, Gerardo c/Telecom Argentina S.A. s/Nulidad de Resoluciones de Directorio, that was set on calendar for October 22, 2008. By the right granted to Telecom Argentina by section 3 of Decree No. 91/98 ruling Law No. 24,573, Telecom Argentina appointed a different mediator other than those proposed by the plaintiff. The appointed mediator set a new date for the pre-trial conference, carried out November 3, 2008. At said pre-trial conference, it was determined that the purpose of the plaintiffs claim is the challenge of certain decisions adopted in Telecom Argentina Boards meetings held on August 5 and September 10, 2008. It was also decided a new audience to be set on calendar for November 19, 2008.