CHICAGO, United States—The Uzan family, owners of Turkish wireless carrier Telsim, warned the lawsuit recently filed against them by Motorola and Nokia could force them out of business.
The Uzans said if they have to deposit Telsim shares accounting for a 73.5-percent stake, as ordered by U.S. District Judge Jed Rakoff as part of temporary restraining orders last month, the company may collapse. According to Turkish law, Telsim may retain its wireless license only if 51 percent of the ownership of the company remains with Turkish citizens. “As a result, Telsim’s license could be revoked or at least suspended while the shares remain in the United States,” read the Uzans’ response. “Obviously, such a development would be catastrophic for Telsim and the defendants and likely would put Telsim out of business.”
The family instead offered to consent to a restraint that would prohibit them from transferring or disposing of the Telsim shares.
