Last night they sent out a press release, and today the Public Utilities Commission held a press conference, but without Chairman Dean Molina.
The purpose of the press conference was to explain last night's release and the limits of it. It was about a "Public Consultation on Assessment of Dominance in Telecommunications Markets,"and it turns out it doesn't have much - or anything really - to do with the proposed acquisition of Speednet.
Internal Legal Counsel Stacey Grinage and Sheena Garnett, Communications and Consumer Affairs explained:
Jules Vasquez
"We may have interpreted in our haste and excitement as being somehow influential on the ongoing BTL/Speednet merger/acquisition. However, this exercise, to establish if there is a dominant provider in the market, is completely apart and aside from the discussions for a merger and acquisition."
Stacy Grinage, Internal Legal Counsel
"That's correct. This is a completely distinct regulatory tool and procedure that we are undertaking."
Sheena Garnett, Communications & Consumer Affairs
"What we can speak on right now is that we have received that document. And that document, there's been a lot of changes from that initial document. And so we need to just receive or receive whatever is that final submission from the party that is interested for the proposed acquisition."
Stacy Grinage, Internal Legal Counsel
"That is a current and active matter before the Commission and as such we are prohibited from having any public discussions about that. But I can say that what is before the PUC is an agreement for the purchase of shares."
Jules Vasquez
"But it cannot stop a merger/acquisition?"
Sheena Garnett, Communications & Consumer Affairs
"So, Jules, to answer your question, if this public consultation on the assessment of the telecom sector's market dominance assessment, what this public consultation does not do, it does not approve, reject, or put any penalties. It doesn't approve, reject any mergers, any acquisitions, or any transactions, any at all. This public consultation is clear on not doing those things."
"What it does is it allowed us to look at the market. And this public consultation document and review has been in place way before the realization of a proposed acquisition. And so what it does is we need to put things in place. We need to continue, as Ms. Deas said, and identify the markets and the changes in the market. And this is a legal tool. This is a legal structure that we can use for it."
Chairman Molina said he could not present himself for any interview so that there could be no appearance of bias.
