Dec. 15, 2006 — Heeding their attorney's advice, Public Services Commission members are preparing for the "eventuality" that the V.I. Telephone Co. (Vitelco) and other Innovative Communication Corp. companies will soon be purchased by either the V.I. government or a private entity.
During a board meeting Friday on St. Croix, the PSC voted to create a new docket entitled, "Vitelco Change of Control Proceedings," and elected the commission's legal counsel, attorney Jeffrey Moorhead, as the hearing examiner.
PSC consultant Greg Mann will also function as the commission's technical consultant on the matter.
"It is reasonable to assume that the PSC would soon be called on to conduct change-of-control proceedings for Innovative," said Alecia Wells, the commission's chairwoman. "So we're now setting up some administrative and investigative proceedings that need to be followed relative to this transaction."
More simply put, Moorhead and Mann will serve as the commission's "eyes and ears" on Innovative matters while a deal is being put together, said David Sharp, Vitelco president.
While some commission members questioned whether it would "be prudent" to create a new docket prior to receiving any information from Innovative about a potential acquisition, Moorhead recommended that the PSC prepare "for the future."
"We've been copied with pleadings in two separate bankruptcy proceedings and the documents pretty much make it clear that there will be some type of change of control," he said.
Sharp added that it "is probably wise that the PSC get ahead of the game."
"When we're talking about change of control, there's even a debate as to what that means under the V.I Code," he said. "The PSC may have to approve even the change of a single share of stock, so it's timely that this is issue is passed and the commission prepare for the eventuality that something significant is going to happen, whatever it is."
While Sharp had little information to share with commission members about the status of the acquisition, Innovative attorney Kevin Rames said he had recently been dealing with documents involving a private entity interested in purchasing the companies.
Voting in favor of setting up a new docket to deal with the issue, and electing Moorhead and Mann as the hearing examiner and technical consultant, was Wells, along with PSC board members Sirri Hamad, M. Thomas Jackson and Raymond L. Williams.
Members Joseph Boschulte and Donald "Ducks" Cole voted against the motion, while member Verne C. David was absent.
Back Talk
Share your reaction to this news with other Source readers. Please include headline, your name and city and state/country or island where you reside.
