Tonight, more questions continue to surface about Jeffrey Prosser's plan to gut BTL, and transfer its assets to a new company, Belize Telecom Limited. First, in the letter to shareholders, BTL directors write that Belize Telecom will get a new license. Well, it's not as easily said as done; the issuance of a new license or the transfer of any license would require the involvement of the public utilities commission, which has specific and detailed procedures which would have to be met before a new license is issued. But, that aside, with the governmental green light, all things are possible, and in record time, we might add.
Also how does this bode for Speednet, the new competitor in the telephone business? Speednet has four agreements with the old BTL, including one for interconnection and others for use of infrastructure. Well, as we understand it, BTL has communicated to Speednet that it intends to transfer those agreements to the new Belize Telecom. And while those matters seem straightforward enough, there are still questions about the corporate tactic to leave a thousand, five hundred small shareholders plus the ‘Workers' and Teachers' Unions holding share certificates in a value-less shell of a former company. As we reported, the Prosser plan is to leave the old BTL behind, with just enough money to buy out the minority holdings at a value of 5 dollars and 46 cents per share.