Verizon to sell Vermont, NH, Maine land line business

first_imgVERIZONS ONLINE NEWS CENTER:Verizon news releases, executive speeches and biographies, media contacts, highquality video and images, and other information are available at Verizons News Center on the World Wide Web at www.verizon.com/news(link is external).  To receive news releases by e-mail, visit theNews Center and register for customized automatic delivery ofVerizon news releases. Verizon and FairPoint Agree to Merge VerizonsWireline Businesses in Maine, New Hampshire and VermontWith Current Operations of FairPoint About FairPointFairPoint is a leading provider of communications services torural communities across the country. Incorporated in 1991, FairPoints mission is to acquire and operatetelecommunications companies that set the standard of excellence for thedelivery of service to rural communities. Today, FairPoint owns and operates 31 local exchange companies locatedin 18 states offering an array of services, including local and long distancevoice, data, Internet and broadband offerings. Building on Verizons Operating Strength FairPoint is a leading provider ofcommunications services to rural communities. Its commitment to quality customer service was a key factor in ourdecision to enter into this transaction with FairPoint, Verizons Ruesterholzsaid.  We know that FairPoint has a deepunderstanding of the local phone business and a determination to build on Verizonsoperating strength in this region.FairPointsJohnson said, This is a value-creating event for multiple parties.  Customers, employees and shareholders willall benefit from the transaction.We are preparedto make additional investments in the state networks to maintain and improvethe highly reliable, state-of-the-art networks in the three states, hecontinued.  We are confident that ourexperience as a major operator will enable us to provide outstanding serviceand innovative products for our new customers.  FairPoints established expertise inoperating telephone properties in rural areas will now be leveraged in the new Maine, New Hampshire and Vermont markets.A Verizontransition team will work with FairPoint in the coming months to ensurecustomer accounts, billing information, and other assets from the operationsare successfully transferred to FairPoint and that the transition is seamlessfor customers and employees.Verizon wasadvised in the transaction by Merrill Lynch & Co.  Lehman Brothers acted as FairPoints leadfinancial adviser in this transaction. Deutsche Bank Securities and Morgan Stanley also acted as advisers toFairPoint. NEWS RELEASE v104247 Steve Marcus 5 9 2007-01-15T20:25:00Z 2007-01-16T03:23:00Z 2007-01-16T05:30:00Z 1 2063 11761 Verizon 98 27 13797 10.2625 Print MicrosoftInternetExplorer4st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”;}January 16, 2007 This press release may contain forward-lookingstatements by FairPoint that are not based on historical fact, including,without limitation, statements containing the words expects, anticipates,intends, plans, believes, seeks, estimates and similar expressionsand statements related to potential cost savings and synergies expected to berealized in the merger. Because these forward-looking statements involve knownand unknown risks and uncertainties, there are important factors that couldcause actual results, events or developments to differ materially from thoseexpressed or implied by these forward-looking statements. Such factors includethose risks described from time to time in FairPoints filings with theSecurities and Exchange Commission, including, without limitation, the risksdescribed in FairPoints most recent Annual Report on Form 10-K on file withthe Securities and Exchange Commission. These factors should be considered carefully and readers are cautionednot to place undue reliance on such forward-looking statements.  All information is current as of the datethis press release is issued, and FairPoint undertakes no duty to update thisinformation.  Source: FairPointCommunications, Inc., www.fairpoint.com(link is external). IncreasedEmployment and Broadband AvailabilityApproximately 3,000 Verizoncompany employees — those who support primarily the local phone business thatis spun off — will continue employment with FairPoint after the merger.  Approximately 300 Verizon company employeesin Maine, New Hampshire and Vermont who provide national orregional support services will remain with the Verizon company that currentlyemploys them.FairPoint andVerizon will provide a smooth transition for employees.  FairPoint will honor the union labor agreementsin these states and expects to work constructively with union leaders.  Subsequent to the merger, FairPoint expectsto add approximately 600 positions to the current employee base serving thethree states.  FairPointwill also strengthen the local operational presence and create new localservice centers to deliver industry-leading customer service.Additionally, FairPoint plans to significantly increasebroadband availability in the region within the first 12 months after themerger is completed.Our goal at FairPoint is to respond to customers, and wewill have sufficient scale to continue to offer enhanced services on a robustnetwork platform, said Johnson.  Thatmeans we can deliver a broader range of communications products and services.The transaction is targeted tobe completed within the next 12 months.  Itrequires approval from FairPoint stockholders, certain state and federalregulatory approvals, and satisfaction of other customary closing conditions. About VerizonVerizon Communications Inc.(NYSE: VZ), a New York-based Dow 30 company, is a leader in deliveringbroadband and other wireline and wireless communication innovations to massmarket, business, government and wholesale customers.  Verizon Wirelessoperates America’s most reliable wireless network, serving nearly 57million customers nationwide.  Verizon’s Wireline operations includeVerizon Business, which operates one of the most expansive wholly-owned globalIP networks, and Verizon Telecom, which is deploying the nation’s most advancedfiber-optic network to deliver the benefits of converged communications,information and entertainment services to customers.  For moreinformation, visit www.verizon.com(link is external). FairPoint to Add Jobs, Provide Seamless Transition for CurrentEmployees and Invest in Increased Broadband Access for Consumers in Northern New England TransactionDetails, Tax-Free DistributionVerizons local exchange and related business assets in Maine, New Hampshire and Vermont will be transferredto entities owned by a newly organized, wholly owned subsidiary ofVerizon.  This new subsidiary will incur$1.7 billion of newly issued debt and will then be spun off to Verizonsstockholders and immediately merged with and into FairPoint.When the merger iscompleted, the companies conducting the Maine, New Hampshire and Vermont telephone and relatedbusiness operations will be subsidiaries of FairPoint.  The combined business will be managed byFairPoints executive team.Upon the closing ofthe transaction, Verizon stockholders will own approximately60 percent of the new company, and FairPoint stockholders will ownapproximately 40 percent.  In connectionwith the merger, Verizon stockholders will receive one share of FairPoint stockfor approximately every 55 shares of Verizon stock held as of the recorddate.  Both the spin-off and merger areexpected to qualify as tax-free transactions, except to the extent that cash ispaid to Verizon stockholders in lieu of fractional shares.Verizon Communicationswill not own any shares in FairPoint after the merger.The total value to bereceived by Verizon and its stockholders in exchange for these operations willbe approximately $2.715 billion.  Verizonstockholders will receive approximately $1.015 billion of FairPoint commonstock in the merger, based upon FairPoints recent stock price and the terms ofthe merger agreement.  Verizon willreceive $1.7 billion in value through a combination of cash distributions toVerizon and debt securities issued to Verizon prior to the spin-off.  Verizon may exchange these newly issued debtsecurities for certain debt that was previously issued by Verizon, which wouldhave the effect of reducing Verizons then-outstanding debt on its balancesheet.The transactionincludes Verizons switched and special access lines in the three states, aswell as its Internet service, enterprise voice CPE (customer premisesequipment) accounts, and long-distance voice and private line customer accounts(for customer private lines with beginning and ending points within the threestates) that Verizon served in the region before the 2006 merger with MCI, Inc.  The transaction does not include theservices, offerings or assets of Verizon Wireless, Verizon Business (formerMCI), Federal Network Systems LLC, Verizon Network Integration Corp., VerizonGlobal Networks Inc., Verizon Federal Inc. or any other Verizon businesses inthese states.FairPoint expects that the transaction will be accretive tofree cash flow of FairPoint upon completion of the transition, and it expectsthat its current annual dividend of $1.59 per share will continue unchangedfollowing the closing.  All owners of FairPoint shares on dividend record datesafter the merger is completed, including Verizon stockholders who will have receivedFairPoint shares in this transaction, will be eligible to receive declareddividends.FairPoints management anticipates that the merged companywill be able to generate improved operational performance through managementfocus, local/regional marketing and customer service initiatives, and futuredevelopment of innovative technology and processes. — Verizon to Spin Off These Wireline Businesses Priorto Merger — NEW YORK Verizon Communications Inc. (NYSE: VZ) and FairPointCommunications, Inc. (NYSE: FRP) today announced definitive agreementsthat will result in Verizon establishing a separate entity for its localexchange and related business assets in Maine, New Hampshire and Vermont, spinningoff that new entity to Verizons stockholders, and merging it with and intoFairPoint.FairPoint, basedin Charlotte, N.C.,is a telecommunications provider with 31 local exchange companies in 18 states,serving the unique needs of customers in rural and small urban markets.  FairPoint provides an array of services,including local and long-distance voice, data, Internet and broadband.Verizons Maine,New Hampshire and Vermont properties serve approximately1.5 million access lines, approximately 180,000 DSL customers and approximately600,000 long-distance customers (as of Sept. 30, 2006).We believe thistransaction will create an opportunity for further investment in Maine,New Hampshire and Vermont,strengthen the regions economy by creating jobs and improve service tocustomers through capital investment, said Gene Johnson, chairman and CEO ofFairPoint.  At the same time, we haveaccelerated FairPoints growth through a single transaction, creating a muchlarger company with increased financial strength and flexibility that willcontinue to focus on maximizing value for investors.VirginiaRuesterholz, president of Verizon Telecom, said, This deal is great forconsumers.  They can count on continuedtop service from the new company that will have a focus on northern New England.  The transactionalso ensures the fair and equitable treatment of employees in these New England states, who have performed outstanding work for ourcustomers for many years.In our view, Ruesterholzadded, this agreement provides a fair value for this property and allowsVerizon to focus more intently on operations in other markets.  It shows how Verizoncontinually looks for creative and attractive ways to add value for ourshareholders. FairPoint intends to file aregistration statement, including a proxy statement, and other materials withthe Securities and Exchange Commission (SEC) in connection with the proposedmerger.  We urge investors to read thesedocuments when they become available because they will contain important information.  Investors will be able to obtain copies of theregistration statement and proxy statement, as well as other filed documentscontaining information about FairPoint and the merger, at www.sec.gov(link is external), the SECs website, or at www.fairpoint.com/investor(link is external), when they are available.  Investors may also obtain free copies ofthese documents and the Companys SEC filings at www.fairpoint.com(link is external) under the Investor Relations section, orby written request to FairPoint Communications, Inc., 521 E. Morehead Street, Suite 250, Charlotte,last_img read more

Massachusetts moves ahead with 1,600MW PV incentive plan

first_imgMassachusetts moves ahead with 1,600MW PV incentive plan FacebookTwitterLinkedInEmailPrint分享MASS Live:State officials today announced the imminent launch of SMART — a long-awaited solar incentive program designed to add 1,600 megawatts of photovoltaic capacity to the Massachusetts energy portfolio.Following two years of planning and negotiation, the Department of Public Utilities on Wednesday approved provisions of the Solar Massachusetts Renewable Target. The DPU order came days after a coalition of solar groups wrote to state energy officials urging that SMART, which was supposed to be launched over the summer, be implemented as soon as possible to maintain investor confidence in the industry.SMART features a flat tariff paid by investor-owned utilities to owners of solar arrays smaller than 5 megawatts, with added incentives for projects that meet certain policy goals. Commercial, industrial, and residential installations can qualify.“This is the most stable and predictable solar policy in the country,” said Patrick Woodcock, the state’s assistant energy secretary. SMART will replace solar renewable energy credits, or SRECs. The SRECs can be volatile because they are traded on an open market, said Woodcock. Projects that already generate SRECs will get to keep doing so for the 10-year life of the certificates.SMART contains an incentive for solar projects paired with storage. The technology, often in the form of batteries, helps renewable energy participate in wholesale power markets. Storage also helps utilities meet “peak demand” with low-emission sources. SMART also favors projects built on less-than-pristine sites — creating a disincentive for solar farms planned on clean agricultural or forest land.Massachusetts now has around 2,200 megawatts of solar capacity. Adding another 1,600 megawatts will push solar to around ten percent of the state’s annual electricity needs, according to the administration.More: State finally launches new solar incentive known as SMARTlast_img read more

Are Fannie and Freddie exempt from mortgage recording taxes?

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Henry MeierMore and more federal courts are answering this question with a resounding :“You Bet they are.”The latest court to rule on this issue was the West Coast’s Ninth Circuit. In a December 30th Decision the Circuit held that Fannie Mae and Freddie Mac were exempt from paying mortgage transfer taxes imposed by Spokane Washington (City of Spokane v. Fed. Nat. Mortgage Ass’n, No. 13-35655, 2014 WL 7384311 (9th Cir. Dec. 30, 2014)).The issue involved in this and similar cases around the country relates to mortgage transfer or recording taxes imposed by localities when mortgages are recorded. As New York’s Courts have explained these transfer taxes are not property taxes but taxes imposed by localities in return for the right to record mortgages with county clerks.When you consider how many mortgages Fannie and Freddie buy exempting them from having to pay for mortgage recordation is a big savings. An increasingly long list of Federal Circuit Courts-the ones just below the Supreme Court-have looked at the federal statutes exempting the GSE’s from paying certain state level taxes and concluded that Congress intended to exempt them from transfer taxes. According to the Ninth Circuit these cases include:     Town of Johnston v. Fed. Hous. Fin. Agency, 765 F.3d 80 (1st Cir.2014) ; Bd. of Comm’rs v. Fed. Hous. Fin. Agency, 758 F.3d 706 (6th Cir.2014)l. Cnty. v. Fed. Hous. Fin. Agency, 747 F.3d 215 (3d Cir.2014) (same); Montgomery Cnty. v. Fed. Nat’l Mortg. Ass’n, 740 F.3d 914 (4th Cir.2014) ; DeKalb Cnty. v. Fed. Hous. Fin. Agency, 741 F.3d 795 (7th Cir.2013) (same); Bd. of Cnty. Comm’rs v. Fed. Hous. Fin. Agency, 754 F.3d 1025 (D.C.Cir.2014) (rejecting same statutory arguments); Hennepin Cnty. v. Fed. Nat’l Mortg. Ass’n, 742 F.3d 818 (8th Cir.2014); Vadnais v. Fed. Nat’l Mortg., 754 F.3d 524 (8th Cir.2014). continue reading »last_img read more

Inter Milan 0 – 1 Bayern Munich

first_imgMario Gomez struck in injury time as Bayern Munich took a huge step towards avenging their defeat by Inter Milan in the 2010 Champions League final.The Bundesliga top scorer pounced on an error by Inter keeper Julio Cesar to tap home a priceless away goal in the first leg of the sides’ last-16 clash.Bayern played the better football throughout with Franck Ribery and Arjen Robben hitting the woodwork.Samuel Eto’o was repeatedly denied by keeper Thomas Kraft in an open match.Yet the game looked to be heading for a stalemate until the 90th minute when Cesar failed to hold Robben’s 20-yard strike and Gomez capitalised, leaving Inter’s grasp on the Champions League crown they won last May hanging by a thread.It was no less than the Germans deserved for a display full of attacking panache, led by the outstanding Robben, with 22-year-old goalkeeper Kraft imperious on his ninth senior match for the club. The two sides have endured a rough time since meeting in last year’s final, with Inter eclipsed by rivals AC Milan in Serie A and Bayern 13 points adrift of the Bundesliga summit.But both have improved of late, with Bayern in particular notching 22 goals in their previous seven games, and they produced an entertaining match with a dramatic finale.The Inter side that beat Bayern 2-0 last season famously had no Italians in it but the sole indigenous player in the current line-up, Andrea Ranocchia, should have given the Nerazzurri the lead within 70 seconds.The young centre-back, making his first Champions League start, found himself unmarked from Wesley Sneijder’s free-kick but he turned his effort wide from a few yards out.Bayern youngster Kraft was then called into action to charge down a close-range effort from Esteban Cambiasso. The visitors improved with star duo Ribery and Robben, playing together for only the third time this season because of injuries, beginning to shine.The pair combined to create Bayern’s best chance of the first half when Ribery headed his team-mate’s dinked cross against the bar.A fabulous Bayern passing move then ended inauspiciously when Gomez walloped the ball way over the bar from 10 yards.While the visitors continued to play the prettier football, Inter’s defence proved typically durable and the Italians created another chance when Kraft made a terrific one-handed save to deny Eto’o from 12 yards.Bayern had a great opportunity to break the deadlock seconds after half-time when Robben’s right-wing cross presented Thomas Mueller with a free header, which he contrived to glance well wide.Robben then created a chance for himself, scurrying across the penalty area before rifling an effort against the outside of the post as the Germans began to look dominant. Bayern’s stylish approach play continued to be undermined by their sloppiness in defence and Kraft again came to the rescue to parry Eto’o’s fierce effort, with Cambiasso spooning the rebound over with the goal at his mercy.Just as the match appeared to be igniting, it just as quickly began to fizzle out with Bayern unable to find the final ball to compliment their superior possession.There were no more chances of note until the final 10 minutes, with Inter appearing to be finishing the match stronger.Kraft made two stops, first to deny substitute Houssine Kharja and then to parry Thiago Motta’s point-blank header, before Eto’o’s goalbound effort was deflected just wide.But it was Bayern who found the decisive goal at the death when Robben broke forward and unleashed a strike from just outside the box, which Julio Cesar parried into the path of Gomez who tucked gleefully home. Source: BBClast_img read more

Nduva is Uganda Amateur Golf Open 2019 champ

first_imgNew champion Nduva from Kenya. PHOTO LOUIS JADWONG D Nduva 286 S Njogu 287 S Njoroge 288 J Cwinyaai 293 D Asaba 295 R Otile 295Venue: Lake Victoria Serena LIVE: Results (click)Kigo, Uganda | THE INDEPENDENT | Kenyan Daniel Nduva is the new Uganda Amateur Golf Open champion.The 23-year old Nyali Golf Club player carded a 72-hole score of 286, to secure a one-stroke come-from-behind victory. He carded 75, 70, 71, 70 in the four rounds.Nduva becomes the first Kenyan to take Uganda’s most prestigious title since 2007, when fellow countryman Nicholas Rokoine from Muthaiga Golf Club won.“We came here to win, and I am happy it turned out as we planned. I dedicate this victory to my mum, who did everything to make me who I am, and helped me start playing the game of golf,” Nduva said.Simon Njogu, who had led all of the three opening rounds, failed to secure a play-off opportunity, when he missed a birdie on the final hole.The top three places were taken by the Kenyans, with Samuel Njoroge setting the early pressure in the final round with a hole-in-one on hole 4.Defending champion Ronald Otile conceded defeat. ” It did not work the way I had planned on the final day. I had wanted to play one or two under in the first 9 holes, but my tee shots did not work out. The 8 strokes on hole 13 killed it all.”“I will not come back next year. I will leave the championship contest for the much younger Ugandan lads,” he said.Otile had put up a phenomenal come-back after a disastrous 82 strokes on day one, to make the pressure group on the final day on Saturday.The 24-year-old carded an astonishing 66 – six under par on Friday, courtesy of a eagle, six birdies and 9 pars.Otile rewrote the record he had set just a day earlier with a four under par 68 strokes as he chased a pack of Kenyans, who dominated the 78th Uganda Amateur Golf Open from day one.Uganda’s best player was Joseph Cwinyaai, seven strokes behind at 293, followed by Denis Asaba who carded at 295. Share on: WhatsApp The four-day 72 hole Amateur Open is Ugandan golf’s most prestigious title. It is held a few days after the Ladies Open that was won by Uganda’s Martha Babirye, and a week before the professional Open.There will be a Pro Am tournament on Tuesday, before Dismas Indiza, from Mumias Club Kenya takes to the course to defend his Professional Open title.He leads a Kenyan team of 24 professionals to the event.An aerial view of the club and courseLIVE UPDATE 1: Early results Pressure group S Njoroge S Njogu R Otile Pius Omara carded 77 strokes on the final day of the Uganda Amateur Golf Open to set the pace among the early finishers.The Lake Victoria Serena golfer concluded his day with a 72 holes score of 321, 33 over par. He was five better than Tooro Golf Club’s Solomon Enyoru and Emma Moko of Namulonge Club with 326 and lying second at 1.30pm.The pressure group has just teed off, with Kenya Railway Golf Club veteran Samuel Chege Njoroge looking to break an 11-year jinx for foreign entrants at the Uganda Amateur Golf Open.Ugandans have won the last 11 Opens, with Njoroge’s fellow countryman Nicholas Rokoine from Muthaiga Golf Club the last foreign entrant to win the title in 2007.Overnight leader Njoroge said he is well placed to win. ” This is a new course… everyone is new to it so whoever swings well, and whoever will have luck will win. I made some mistakes on Friday and if I try to avoid the mistakes, I believe I can win it,” he said.The Kenyan will however have to contend with favourite Otile, who has stormed from being 13 behind the day one leader Njogu, to playing in the pressure group.Friday’s all Kenyan pressure group heading to the back nine. PHOTO LOUIS JADWONGAfter a disastrous start, that saw him card 82 strokes on Wednesday, he remained optimistic, and warned that, “It is a game. I played +10 today, but I can still play -10 tomorrow.”The 24-year old has come close to doing that already, hitting a course record 4 under 68 on Thursday, then breaking the record Friday with a stunning 6 under par 66 that had an eagle, six birdies and nine par scores in the 18 holes – completely demystifying the water hazards that dominate the course.What will not be good news for his opponents is the fact that after his six-under par score, Otile still feels there is room for improvement. “I need to play the course as it is and on regulations. I’ll also need to commit on putting tomorrow,” he said, when asked about his thoughts ahead of D-day.Last year, he came from 5 strokes behind in the very last 6 holes to win. A thrilling final day awaits golf fans at the 78th Uganda Amateur Golf Open.last_img read more