And while the issue of severance for those former employees hangs in the balance - they hope that BTL will adhere to the law - as the labour minister has urged them to.
But, we're not so sure - because, lately, BTL has been openly flouting the Telecommunications Act without a care in the world - and we have not heard a word of objection from the PUC.
Jules Vasquez offers some commentary on what the law prescribed on acquisitions and mergers - as opposed to what's happening before our very eyes:
In its press release yesterday, BTL proudly outlined the benefits and realities of a post acquisition market environment such as "no forced migration" of accounts, price caps, and 24 month integration.
It may seem like a glib public sales pitch or powerpoint talking points - but actually - it's a quite bold over-reach into the regulatory domain of the Public Utilities Commission.
What BTL casually says it will do and what would pertain in a post acquisition environment - should actually, under the law, be determined solely by the PUC.
Because the Telecoms Act says clearly that where PUC agrees to potential mergers or transfers of licenses, it is the PUC which imposes terms and conditions for post merger behavior by the new firm…
The act also says it is the PUC that makes or establishes regulations and procedures that govern the transfer, revocation and modification of licenses - such as the one Speednet has.
And, it adds - that operators who want to transfer or vary a license "shall give public notice of the application in two newspapers and invite any interested person who wishes to object to the application to do so in writing within fourteen days;" - no notice has been published.
And while the BTL board is itching to approve this acquisition, the law says it cannot do so without the prior written approval of the PUC - which can also refuse such a sale - if it determines that it would be anti-competitive.
And, while BTL publicly engages in a carte blanche campaign to acquire its competition - and has already gone ahead, done a valuation and reached a draft agreement with their competitor - in doing so they have flouted the sole authority of the regulator.
The law says "Any licensee (like BTL) who fails to disclose and submit the existence of an agreement which is likely to affect competition or frustrate the objects of this Act commits an offense- and it imposes heavy fines for that.
So, where is the PUC? The commissioners - all appointed by the PM - have been publicly mute - and the Chairman absent from the raging public debate at a critical time.
The PUC - through a spokesperson - would only say that once something is under review - they cannot speak until a final decision is made.
But, while they review - BTL is moving without pause or propriety and pitching to anyone who will listen to the benefits of an acquisition which even the Prime Minister says the board - not the PUC - will decide on.
John Briceno, Prime Minister
"And then when the members of the BOD of BTL meet then they can make a decision based on, because they do have a fiduciary responsibility to BTL to do what they believe is in the best interest of BTL and that I think is important."
But what is best for BTL's bottom line, might not be the best for consumers -again, that's why these types of decisions are left to the PUC -not a profit maximizing utility's board of directors.
We'll keep pressing for a position from the PUC.
