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

Quentin Gene Lanning age, 80

first_imgQuentin Gene Lanning, age 80, of Brookville, Indiana died Wednesday, December 6, 2017 at the Brookville Healthcare Center in Brookville.Born March 10, 1937 on the family farm where he currently lived, he was only child of the late Willard O. & Hazel M. (Coffey) Lanning. On August 20, 1960 he was united in marriage to the former Patricia Waltz, and she survives.He was a member of the Whitcomb United Methodist Church and attended the Springfield Community Church, he was the 4-H leader for the Whitcomb Boosters for 61 years, and a Director & Past President of the Franklin County Antique Machinery Club. Quentin worked for over 23 years for the former Harsh Heating & Plumbing, before going to work in the maintenance department of the Franklin County Community School Corporation where he retired after 20 years.Besides Patsy, his loving wife of over 57 years, survivors include three children & their spouses, Brian (Mary Jo) Lanning of New Palestine, Indiana, Brent (Sandy) Lanning of Brookville, Indiana and Beth (Paul) Fultz of Brookville, Indiana; 8 grandchildren, Sarah (Jordan) Scott, Christopher Lanning, Stephanie (Jeremy) Fryer, Amber (Jeff) King, Ryan Breen, Jason (Randi) Fultz, Jackie (Dustin) Paugh, Jacob (Jessica) Fultz; 17 great-grandchildren, as well as two sisters-in-law, Wanda Waltz and Marilyn Frensemeier.In addition to his parents, he was preceded in death by two brother-in-laws, Loren Waltz and Robert Frensemeier.Family & friends may visit from 4 until 8:00 P.M. on Friday, December 8, 2017 at Phillips & Meyers Funeral Home, 1025 Franklin Avenue, Brookville.Pastor Ralph Gutowski of Springfield Community Church will officiate the Funeral Services on Saturday, December 9, 2017, 11:00 A.M. at Phillips & Meyers Funeral Home, burial will then follow in Maple Grove Cemetery in Brookville.Memorial contributions may be directed to the Franklin County Antique Machinery Club, the Franklin County 4-H Association, Whitcomb United Methodist Church or the Springfield Community Church. Phillips & Meyers Funeral Home is honored to serve the Lanning family, to sign the online guest book or send personal condolences please visit www.phillipsandmeyers.com .last_img read more

SOLDIER’S TYRES WERE SO BAD THE WIRE WAS SHOWING THROUGH

first_imgA soldier who appeared in court for having bald tyres was told to look after his car or he may not be around to see his young child grow up.Martin McCrossan, 34, was stopped by Gardai at Castlefin.Sgt Paul Magee told the court that the tyres was so bald you could se the wire coming through. However he said McCrossan, of Liscooley Villas, Castlefin got new tyres straight after the incident.The court heard that McCrossan was a married father of two, whose wife had recently given birth to their second child, was employed by the defense forces.Judge Paul Kelly warned McCrossan that he needed to pay more attention to the condition of his car or he might not be around to look after his new baby.He fined him €150 for having bald tyres.SOLDIER’S TYRES WERE SO BAD THE WIRE WAS SHOWING THROUGH was last modified: January 8th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegalMARTIN MCCROSSANsoldierTYRESlast_img read more