Yoram Cohen, CEO of the Liberia International Ship & Corporate Registry, has described as "completely unfounded, unsubstantiated and untrue" allegations made by International Registries Inc. on May 11, 2000, pursuant to the filing of a lawsuit against LISCR in the Supreme Court of New York. "The allegations," says Cohen, "will trigger a massive counter-suit by LISCR against IRI. "LISCR is a private company operated and fully owned from the United States by U.S. nationals, completely independent of the Liberian government," says Cohen. "It complies fully with all aspects of U.S. regulatory law. Since assuming control of the Liberian Registry on January 1, 2000, LISCR has made significant gains in both its ship registration and corporate registration activities.