Millennium International Ltd. has negotiated a settlement with a US company that had defaulted on the final $2 million payment for its US operation Attitude Network.

Millennium has subsequently announced it had increased a previously announced second payout of assets to shareholders by $2.84 million or $2 a share to $4.50 a share.

In total the company will have paid out $9.50 a share representing a distribution of $13.49 million. The company went public at $8 a share in 1994.

The shares subsequently fell to about $4 a share. At that time executives felt it was better to sell the assets and received shareholder approval.

Millennium sold its principal asset, internet company Logic Communications, for $8 million to the Bermuda Telephone Company Ltd. The company also sold its Bahamas-based subsidiaries in a merger agreement with KPMG Bahamas for about $3.1 million. Millennium had owned Digital Systems (Bahamas) Ltd. and Internet (Bahamas) Ltd.

The $2.84 million additional payout represents the $2 million owed by US-based Maricopa Investment, interest payments on the sum, and other sums that had not been released in case the company had to go to court in the US.

David Mobley of Maricopa had defaulted last year on $2 million of a $4 million the company owed for the purchase of Attitude Network. Millennium had proceeded in court looking for a summary judgment against Maricopa in a suit filed in Atlanta, Georgia.

After negotiations, Mr. Mobley agreed to settle, Millennium president Peter Durhager said Friday. The company expects payment shortly and holds all the shares of Attitude Network as security.

Mr. Durhager said some money is still be held by Millennium in relation to agreements the company has with BTC over Logic Communications and there might be a last initial distribution next year. Mr. Durhager remains the president of Logic Communications under the agreement.

Peter Durhager