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SCHEDULE 14A
(RULE 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant / /
Filed by a Party other than the Registrant /X/
Check the appropriate box:
/ / Preliminary Proxy Statement
/ / Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
/ / Definitive Proxy Statement
/X/ Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a-12
EUROPA CRUISES CORPORATION
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
JAMES C. ILLIUS
PAUL J. DeMATTIA
JOHN R. DUBER
ROGER A. SMITH
(NAME OF PERSON(S) FILING PROXY STATEMENT, IF OTHER THAN THE REGISTRANT)
Payment of filing fee (Check the appropriate box):
/X/ No fee required.
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1)Title of each class of securities to which transaction applies:
(2)Aggregate number of securities to which transaction applies:
(3)Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined):
(4)Proposed maximum aggregate value
of transaction:
(5)Total fee paid:
/ / Fee paid previously with preliminary materials.
/ / Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.
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AN OPEN LETTER TO EUROPA STOCKHOLDERS
COMMITTEE OF CONCERNED EUROPA STOCKHOLDERS
KICKS OFF CAMPAIGN TO REORGANIZE EUROPA MANAGEMENT
AND REVIVE AILING COMPANY
When Europa Cruises Corporation bought the 404-acre parcel along
Interstate 10 in 1993, the Gulf Coast of Mississippi gaming market was full
of hope and promise. Since that year, nine casinos have been planned,
financed, permitted, and licensed throughout the State of Mississippi,
several in the Gulf Coast region. Europa's property, however, still sits
undeveloped.
Now, ten years later, the company, without any operating revenue and
with a bitterly divided Board of Directors, searches for answers.
THE TIME HAS COME FOR ACTION
The Committee of Concerned Europa Stockholders, led by Jim Illius
(Europa Board member and largest common shareholder), John Duber (Vice
President and Board Member), Paul J. DeMattia (ex-Board Member), and Roger
Smith (Shareholder), filed on April 17, 2002, with the United States
Securities and Exchange Commission to conduct a consent solicitation to you,
the Europa Stockholders. This process is intended to remove the current
Chairman of the Board, Deborah Vitale (who is also Europa's CEO, President,
Treasurer and Secretary) and replace her with the Committee's nominee for
director, Jim Rafferty, a successful veteran casino executive. On May 1,
2002, the SEC cleared the Committee's solicitation statement for filing in
definitive form.
The Committee's campaign to change management, reorganize the Board and
start the process to build the casino began in earnest immediately after
completing the SEC review process. A shareholder/public meeting was held in
Diamondhead, Mississippi, at the Ramada right across the highway from the
site. A group of 45 shareholders, community members, and press attended the
meeting. Jim Illius stood before the group and explained why he thought the
consent was necessary at this time. "The time has come to put experienced
casino management in charge of this company. We need management that knows
how to get the job done. It's all about experience and know how! Who better
than a man who has already completed several successful projects? Jim
Rafferty is the right man, at the right time, to get this project moving."
THE FUTURE IS WITH RAFFERTY
Jim Rafferty is a 24-year veteran of the casino industry. He has held
executive positions at Harvey's Casino Resorts, Harrah's, Showboat and Summa
Corporations - significant casino companies, each with a long history of
success. He has master planned sites and developed marketing and strategic
plans for several profitable and successful casinos. He led Harvey's through
a program to develop a new convention-hotel in the environmentally sensitive
Lake Tahoe basin. That work included creating a specific Environmental Impact
Study and obtaining required permits at several levels of
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governmental review. The project has been recognized nationally as a model
of creating win-win situations for both the environmental and business
concerns of that community.
HARD WORK AND SMART MANAGEMENT
Jim Rafferty outlined four strategic elements that will be necessary to
promote stockholder value with the new casino at the Diamondhead meeting.
"First, we need to master plan the site. Within three months, if elected to
the Board, I will present to the Board and the Shareholders a master plan for
a deluxe casino entertainment complex that will be fun for the customers,
profitable for the shareholders and good for the community and the
environment. Second, we will build a great team of seasoned managers. Third,
I will meet with environmentalists and work to find a common ground. Upon
completion of these vital first milestones, we will get the project
financed."
The message was clear: Europa shareholders must realize the sense of
urgency to make this change immediately. Cash reserves are limited and slowly
being depleted. The Committee truly believes that this positive change will
afford us a beautiful casino resort development and increased shareholder
value for all.
Jim Illius and Jim Rafferty did more than speak during their kick off
campaign to develop Europa cruises property. They also listened to the
concerns of the shareholders and citizens. Questions were raised on the
timing of the project - when could the shovels be put in the ground? Illius
and Rafferty responded that they were prepared to move very quickly, but
noted there was a lot of work to do. With hard work and smart management we
will all look forward to the anticipated ground breaking of this development.
The Committee expressed concerns, however, about the possible effects
of a Mississippi Gaming tax increase. Jim Rafferty said "Any shift in
Mississippi's tax equation would put the economic viability of the project
for the property at risk. We would urge the state Legislators to put the
priorities of job creation and development ahead of this revenue proposal.
A different tax structure for the casino industry could endanger new
development in the state." The Committee also urges the current Europa
management to recognize and speak out on this important topic.
MAKE YOUR VOICE HEARD
Shareholders will be receiving proxy information during the next few
weeks to read and review. The Committee asks the shareholders after reviewing
the materials to immediately vote the WHITE consent cards to support their
effort. Copies of the Committee's filings and questions about the consent
process can be addressed by calling Georgeson Shareholders Services at
1-866-318-0501 or by visiting www.proxymaterials.com/kruz/.
For more information please contact:
John Duber: 414-331-0194 (office)
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Forward-looking statements. The information contained herein includes
forward-looking statements, which are indicated by words or phrases such as
"anticipates," "estimates," "projects," "believes," "intends," "expects," and
similar words or phrases. Such statements and estimates, by their nature,
involve risks, uncertainties and assumptions. Actual measurements and future
developments may and should be expected to differ materially from those
expressed or implied by estimates and forward-looking statements.