And while the proposed acquisition has to get approval from the PUC first-at least in theory-Sanchez believes that it's essentially a done deal. He seemed to have little faith in the Telecoms Act and in the wider private sector's willingness to fight against it.
Giacomo Sanchez, President, BCCI
"The transaction essentially is a foregone conclusion because that vote yesterday essentially tells everyone that this deal is going through one way or another. And from a PUC standpoint, it's just a matter of timing before they give some sort of indication that it would have been approved."
Courtney Menzies:
"So you don't trust that the PUC is particularly acting in the best interest of the public?"
Giacomo Sanchez:
"I think until we hear from the PUC I think I'd be reserved to make a comment on that."
Reporter:
"So do you consider it a done deal?"
Giacomo Sanchez:
"From BTL's standpoint, yes, it's a done deal. I don't think this will go back or be reversed, it's just the nature of things."
Reporter:
"The PUC has to approve otherwise BTL and Speednet will be in contravention of the Telecoms Act."
Giacomo Sanchez:
"Well, the honest truth is that there may be some legal maneuvering to circumvent that, so I mean that's just the reality of how things happen and I can see that happening. Outside of that, there's not much as an interested public that we can do."
Reporter:
"What is the Chamber prepared to do? Well, other sectors of the public, the unions, are also opposed as is the Opposition at this time and they may take to the streets, what can the Chamber do?"
Giacomo Sanchez:
"We would love to be in that position where we just are out there and in the faces of, opposing the transactions. Unfortunately, that's not the nature of how our constituency operates, so we still need to go back to our constituency to get a feel for their feeling because oftentimes when you're dealing with public funds, it's so far removed from our own individual pockets that people kinda lose interest."
The PUC issued a press release today stating that they understand the views being expressed and are committed to remaining impartial and acting in accordance with the law. They added that, quote, "The Commission's evaluation on the matter will include critical considerations that include but are not limited to consumer protection, service continuity, quality of service commitments, transitional arrangements, and market transparency and fairness." End quote.
