Vermont Chamber of Commerce Endorses
Verizon/FairPoint Communication Transaction
The Montpelier, VT The Vermont
Chamber of Commerce announced February 11, 2008, its endorsement of the FairPoint/Verizon
transaction. The Vermont Chamber of Commerce supports the agreement
recently reached between the two companies, and looks forward to the Vermont
Public Service Board (PSB) approval in the near future.
The Vermont Chamber of Commerce
has been monitoring the proposed Verizon sale of its land line assets to
FairPoint since the deal was initially announce. Addressing the financial
aspects to ensure that FairPoint has the necessary capital and the ability
to guarantee superior service in Vermont has been a central requirement.
To address concerns about their
financial stability, FairPoint restructured its proposal to counter concerns
that it can and will deliver on its promises of widespread broadband deployment
throughout Vermont. Rick Milliken, Chairman of the Board of Directors,
stated, The regulators are currently doing their due diligence in reviewing
this application and are moving forward. They have structured sufficient
performance measures and penalties into contract that will protect the
interest of Vermonters.
The deal is contingent upon approval
from all three states. The Federal Communications Commission has approved
the transaction. Maine regulators have approved the sale and New
Hampshire appears to be close to final approval. With the Public Service
Board hearing testimony last week, the Vermont Chamber of Commerce hopes
the FairPoint purchase of Verizons land line assets is almost a reality.
The principles of private enterprise
require the free exchange of private assets, between two willing parties,
to the benefit of the customers one serves. In the case of a public
utility, it is also necessary that purchase be fully vetted by regulators
and the financiers. The Vermont Chamber of Commerce welcomes an increased
FairPoint presence in Vermont.
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In business since 1912, the
Vermont Chamber of Commerce is a private, non-profit business organization
with 1,500 members employing 45,000 people and representing all sectors
of the states economy. Our mission is to create an economic climate
conducive to business growth and preservation of the Vermont quality of
life.
Tjark Aldeborgh, Director of Communications
Vermont Chamber of Commerce
PO Box 37
Montpelier, VT 05601-0037
Direct: (802) 229-2273
Fax: (802) 223-4257
www.vtchamber.com