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Here's what they had to say:

Eamon Courtenay - Attorney for Fortis
"There are purporting to issue preference shares to the Social Security Board to finance operations of the company. We've ask the court to intervene and to stop them from doing that because if FORTIS wins the case and gets back the company we would then have a set of shareholders who are preferential treated as compared to the ordinary shareholders like FORTIS and the court heard our arguments and have adjourned to give us a decision."

"I was very clear to the court that my clients are not attempting to stop the company from raising money to finance its operations. I made that clear on more than one operation. In fact I indicated to the court that we would not oppose very strongly the issue of the debentures which they have indicated that they are going to issue and as I understand it Social Security is going to take up."

"FORTIS readily accepts and re-stated for the record that Belize Electricity Limited must be able to finance its operations, must continue to provide power for the country and it is not the intention of FORTIS at all to interfere with that. What we are saying however is that preference shares is not the only way to raise debt and you can do it in another way. Preference shares have a lasting effect on the company or at least until they are redeemed if they are redeemable and we are asking the court for the next few months to issue an order that those types of shares not the issued."

Denys Barrow - Attorney for GOB
"The question really whether preference shares would be a good or a bad thing for the company and there's simply a resistance to it by the former owners but it is a resistance which is not based on anything except a dislike for the idea and I guess because they are not the ones doing it."

"The application that FORTIS made was extremely wide ranging when it was filed and now it has come down to a single thing. FORTIS has even back off asking the court to prevent the issue of debentures - they have accepted in essence that the debentures are properly to issue, so all they are arguing about now is that if preference shares are issued then the ordinary regular shares would diminished in value and my argument to the court - the argument of BEL, board and the government is that that might actually enhance the value of the present shares because it would more greatly capitalize the company and make it a more valuable company. You are putting money into the company."

Eamon Courtenay - Attorney for Fortis
"What we have here is a scenario where the board that is in charge on Belize Electricity Limited in our respectful view is there unlawfully. The court has not yet pronounced on that but that is our position."

"FORTIS is not intending to damage Belize Electricity Limited. That is not the intention of the client at all. The intention of the client is to as best as possible to minimize any lasting effect that it may had on it in the event that we succeed in the case. So, it is for temporary relief that we seek."

And while that application was the main issue at the Court of Appeal, the British Caribbean Bank and Dean Boyce and the Employees Trust also had applications for injunctions against the GOB-controlled Board at Belize Telemedia Limited to restrain them from issuing dividends until the company's ownership is determined by the court.

Viewers may remember that the Caribbean Court of Justice already issued an order blocking the board from issuing any dividends until December 15.

But BCB and Dean Boyce are taking no chances and they want to pre-empt any attempt to issue shares on or after December 15, if in fact the ownership has still not been determined at that time.

Admitting exhaustion, The Court of Appeal decided today that they will hear this application after the October sitting, but Government attorney Denys Barrow also made an application to get Dean Boyce cross-examined in open court.

We asked Barrow why he made that application, and he told us that Boyce gave written evidence in which he commented on the country's financial situation, which could affect the outcome of the trial.

Here's why he wants Boyce to back up those claims:

Denys Barrow - Attorney for GOB
"The applications by the three appellants - each application is for an injunction and the basis of it is that if they win and an award of damages is granted against the government of Belize - the government of Belize would not be able to pay the damages and this is because the government they say has defaulted on paying its external debts and they say this means that the government's finances are in dire straits. We file an affidavit from the financial secretary Mr. Joseph Waight indicating that government is fully able to pay its debts, to pay any damages which are awarded and that the debt re-structuring would be completed by the end of the year."

"Mr. Boyce had filed a responding affidavit seeking to contradict what Mr. Joseph Waight the financial secretary has stated and he is seeking to put to this court his view as authoritative as to what is the state of governments' finances. I want Mr. Boyce to come to this court and justify the statements that he makes and to establish himself as a greater authority of speaking more informedly than the financial secretary. Let Mr. Boyce come."

The Court of Appeal will hear that application next week on whether or not they will allow Dean Boyce to be cross-examined. The decision on the BEL injunction application will be handed down at a later date.