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To: Frank Mathis who wrote (1642)	12/17/1997 11:40:00 AM
From: Ken Turetzky	Read Replies (1) \| Respond to of 5650

Chaterjee Sues PSINet For $25M Over European JV Federal Filings via Dow Jones FORM TYPE: 8-K ISSUER: PSINET INC. SYMBOL: PSIX REASON CODES: 5 NARRATIVE DESCRIPTION: WASHINGTON (FFBN) -- Chatterjee Management Co., a New York investment firm, initiated arbitration proceedings against PSINet Inc. with respect to the companies' joint venture agreement dated Sept. 19, 1996. The agreement concerned the building of an Internet network and service across Europe. An investment group led by Chatterjee was to invest $41 million in the project. Chatterjee is alleging repudiation of contract obligations and the breach of a clause not to compete. The proceedings are before the International Chamber of Commerce, Court of Arbitration, in London. Chatterjee requests that the court direct PSINet to perform its contractual obligations or award Chaterjee compensatory damges of not less than $25 million. PSINet stated the claims are without merit, Chatterjee has suffered no damages and the company intends to defend itself vigorously. Chatterjee is linked with the financier George Soros. /FEDERAL FILINGS CONTACTS: (202) 393-7856 FOR EDITORIAL, (800) 487-6162 FOR DOCUMENT SALES, (202) 628-8990 FOR NEWSWIRE SALES, (888) FED-FILE FOR TECHNICAL SUPPORT, & fedfil.com // (END) FEDERAL FILINGS-DOW JONES NEWS 12-17-97 11:16