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

Do This: Long Island Concerts & Events October 15 – 21

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York PassafireNonstop touring propelled this Georgia-based band to create its powerful mix of music, a hint of rock over a unique foundation of reggae. Opening the show are Lionize and Backbeat Sound System. Revolution Bar and Music Hall, 140 Merrick Rd., Amityville. clubloaded.com $15. 7 p.m. October 15.The Bouncing SoulsA temporary ceasefire in the age-old rivalry between Long Island and New Jersey will allow these punk stalwarts from the Garden State to bring their fast-paced, hard-charging singalongs to the South Shore. Sure, they’ve grown up a bit since the days of packing now-closed Coney Island High on St. Marks Place in Manhattan 20 years ago—as evident by their lyrics maturing from earlier party-themed anthems—but their new material gets the adrenaline pumping just as hard and fast as The Good, The Bad & The Argyle. Warming up the crowd are Leftöver Crack, Beach Slang and All Torn Up. [Read “Bouncing Souls Rock NYC’s Highline Ballroom” HERE] The Emporium, 9 Railroad Ave., Patchogue. theemporiumny.com $20. 7 p.m. October 15.Michele LangThis author will speak about and sign her new book Jewish Noir, a special collection of all-new stories by award-winning authors. This anthology includes the work of Marge Piercy, Harlan Ellison, S. J. Rozan, Nancy Richler, Moe Prager (Reed Farrel Coleman), Wendy Hornsby, Charles Ardai and Kenneth Wishnia. The writers explore such issues as the Holocaust and its long-term effects on subsequent generations, anti-Semitism in the mid- and late-20th-century United States, and the dark side of the Diaspora. Book Revue. 313 New York Avenue, Huntington. bookrevue.com Price of book. 7 p.m. October 15.Collective SoulDefining Southern alternative rock with nine energized albums, packed with potent songs like “Shine” and “Staring Down,” the band jams on for their simple love of all things musical. Come sing “Yeah!” in unison. You know what we’re talking about. Opening the show is King Washington. The Paramount, 370 New York Ave., Huntington. paramountny.com $23-$155. 8 p.m. October 15.The Native Alien Tribe and IntonaThese Long Island bands team up to embody a vocally powerful and dance-provoking force absent in mainstream music that will blow listeners away. Will you shake it on the dance floor? You know you will. Bumpin’ and grindin’? Will there be any of that? Most likely. Rejoicing as you move to the rhythm? Will there be much joy among the revelers!? Hells yeah! The Space at Westbury, 250 Post Ave., Westbury. thespaceatwestbury.com $10. 9:30 p.m. October 15.Frankie ValliBefore the current Broadway SMASH that is Jersey Boys, there was the real Frankie Valli in all of his smooth falsetto glory, singing his way out of the projects of Newark and into the hearts of not only his generation, but also every one after and surely those to come. Frankie Valli and the Four Seasons’ timeless tunes, which topped the charts in the 1960s and ’70s, are newly relevant today by way of Broadway, parents, grandparents, remakes of old songs, and the everlasting charm of Valli himself. NYCB Theatre at Westbury, 960 Brush Hollow Rd., Westbury. venue.thetheatreatwestbury.com $59.50-$84.50. 8 p.m. October 16, 17; 7 p.m. October 18.REO SpeedwagonWith more than 40 million records sold and 13 Top 40 hits, it’s safe to say REO Speedwagon has made a lasting mark on not only the life soundtracks of countless fans, but rock and roll itself (and one or two members of the Press staff, one of whom couldn’t resist singing aloud in the newsroom when she learned of this unbelievable gig). Since their formation in 1967 they’ve become synonymous with catchy rock epics, from their entire 1980 album Hi Infidelity, including mega-hits “Keep On Loving You” and “Take It On The Run” to “Time For Me To Fly” and “Roll With The Changes,” both off 1978’s You Can’t Tune a Piano, But You Can Tuna Fish, among many other classics. Besides their timeless ear candy, they’re also known for their insane live show. Head down to The ‘Mountler and rock out! The Paramount, 370 New York Ave., Huntington. paramountny.com $29.50-$79.50. 8 p.m. October 16.Spuyten DuyvilTheir brand of original and traditional American Roots music blends Olde Time, Blues, 2nd Line, Bluegrass, and Folk Rock with a pinch of Punk Rock energy to create a uniquely modern mix. Lead by songwriting couple Mark Miller and Beth Kaufman, this six-piece powerhouse brings barn-burning energy to venues throughout the Northeast and Midwest. Here’s your chance to experience them locally! Our Times Coffeehouse, 38 Old Country Rd., Garden City. ourtimescoffeehouse.org $15. 8 p.m. October 16.Freedom SummerSponsored by nonprofit Education From The Inside Out—dedicated to removing barriers to higher education for those in prison or formerly incarcerated—the screening of this documentary is part of the Long Island Voting Blackout campaign, and it will be followed by a workshop, where civic engagement, particularly a lack of voter turnout from communities of color, as well as the difference between election participation and civic engagement, and how to hold elected officials accountable even after they get your votes, will be discussed. Empire State College Old Westbury, 223 Store Hill Rd., Old Westbury. Free. 11 a.m. October 17.Home Movie DayDo you have old film reels lying around your closet, basement and attic? Now is the time to start digging them out for this chance to see them in their full glory, projected on original equipment! Home Movie Day is an annual celebration providing communities throughout the world the opportunity to watch their old home movies in a public setting. Just bring your films and they will project them! No films? No problem! This year they will also show your VHS tapes. Or, just come and watch these portals to the past and win prizes playing Home Movie Bingo! Cinema Arts Centre, 423 Park Ave., Huntington. cinemaartscentre.org Free. 11 a.m. October 17.Motionless in White & The Devil Wears PradaLeading a movement with hardcore heavy music that carries authentic emotion in every sorrowful note, these Gothic bands fuse into a supreme darkness that will take the stage by storm. Supporting acts include Upon A Burning Body and The Color Morale. The Paramount, 370 New York Ave., Huntington. paramountny.com $20-$40. 7 p.m. October 17.Pat TraversThis Canadian rock guitar demigod has gigged with a wide range of extraterrestrial players through the decades. Even Metallica’s Kirk Hammett sings his praises. This is a rare chance to experience the six-string superstar and his melodic prowess all up close and personal in this extraordinary and intimate setting. Don’t miss this gig! YMCA Boulton Center for the Performing Arts, 37 West Main St., Bay Shore. boultoncenter.org $30-$35. 8 p.m. October 17.Gilbert GottfriedWhether you find him absolutely can’t-stop-laughing hilarious or occasionally somewhat annoying, Gottfried is a master of his comedic craft. He is bound to leave all those in attendance of this must-see gig feeling a sordid mixture of both. That’s a good thing! It means they’ve been laughing so damn hard their gut will hurt for weeks after, which will leave them somewhat annoyed. That’s what we meant in the opening line of this blurb. Get it? Oh well. His voice will be ringing in your ears for years. Governor’s Comedy Club, 90 Division Ave., Levittown. govs.govs.com $25. 9 p.m. October 17.Gold, Rubies and PearlsThe performance will include an exploration of the rich musical traditions of Broadway (and Off-Broadway) by showcasing the popular tunes of the last 50 years from those celebrating their anniversaries. The program will feature classic songs and arrangements from The Sound of Music, Show Boat, Chicago, Smokey Joe’s Café, Nunsense and many more. This annual favorite is sure to provide enjoyment to audience members of all ages. Adelphi University’s Performing Arts Center, 1 South Ave., Garden City. aupac.adelphi.edu $20. 8 p.m. October 17, 4 p.m. October 18.The “World’s Largest” Rubber Duck will be attending the 32nd annual Oyster Festival in Oyster Bay’s Theodore Roosevelt Park this weekend!Oyster FestivalBilled as the largest annual outdoor festival and the biggest waterfront fest on the East Coast with about 200,000 attendees on average, the 32nd oyster fest is back! The lineup includes tall ships, pirate shows, live music, exotic animals, a bicycle stunt show, and carnival rides. Aside from oysters prepared every way imaginable, this shellfish extravaganza also features the famous oyster-shucking contest, and this year, a very special guest: the 11-ton, floating “World’s Largest Rubber Duck,” sponsored by Stew Leonard III Children’s Charities. Down the hatch! Theodore Roosevelt Park, West End Ave., Oyster Bay. Free. 11 a.m. to 6 p.m. theoysterfestival.org October 17, 18.Oktoberfest Pub CrawlA charitable, non-commercial, non-political, nonsensical fall celebration that happens once a year. Participants have 12 establishments to try. Proceeds go to charity! Downtown Riverhead suffolktheater.com $10. 12 p.m. October 18.Murder, Madness, and PoeHaunting tales and poems from Edgar Allen Poe’s best-known works performed by Michael Bertolini as Poe, the 19th century master of the macabre. Written and directed by David Houston, along with musical interludes. Come…if you dare! [Read “Edgar Allan Poe Death Anniversary Resurrects Writer’s Visions” HERE] Planting Fields Arboretum State Historic Park, 1395 Planting Fields Rd., Oyster Bay. plantingfields.org $5, plus $8 parking fee. 2 p.m. October 18.Egyptomania: The World’s 3,000 Year-Old Obsession with the Land of the PharaohsIn a rare appearance, world-renowned mummy expert, Egyptologist and author Bob Brier, will be speaking about his latest book. Also known as “Mr. Mummy,” Bob Brier has appeared as the host of numerous educational programs for television including TLC’s The Mummy Detective, The Great Egyptians and Mummies and Tombs. Dr. Brier has studied some of the world’s most famous mummies including King Tut, Vladimir Lenin, Ramses the Great, Eva Person (Evita) and many more. Patchogue Theatre for the Performing Arts, 71 E. Main St., Patchogue. patchoguetheatre.org $10. 3 p.m. October 18.Loreena McKennittBlessed with her mesmerizing dramatic soprano pipes and touting more than 14 million records sold worldwide, this gifted Canadian songstress, harpist, composer, accordionist and pianist will transform The ‘Mountler into a Celtic, Middle Eastern paradise of song and dance bound to not only chase those pre-winter blues away, but compel all in attendance to hop out of their seats, twirl around in the air, and shout a collective, “Yes! Yes! Ye ole yesss!” The Paramount, 370 New York Ave., Huntington. paramountny.com $35-$65. 8 p.m. October 18.You’ve Got A Friend: The Music of the Brill BuildingThe Brill Building was once home to the great songwriters of Tin Pan Ally; you know their names but we’ll tell you again: Carole King, Neil Sedaka, Lieber & Stoller, Neil Diamond, and Barry Mann & Cynthia Weill, among many others. “Breaking Up Is Hard to Do,” “Where the Boys Are,” “Will You Still Love Me Tomorrow,” “You’ve Lost That Lovin’ Feelin’” and “On Broadway” all came from the famed music factory. Multi-award winning vocalist Scott Coulter joins with award-winning singer/songwriter Michael Holland to take you on an extraordinary journey into the music, and the stories, of the singers and the songs that defined American pop. Wow. John W. Engeman Theater, 250 Main St., Northport. engemantheater.com $25-$45. 2, 7 p.m. October 20.Kevin HartThe hilarious actor, comedian, writer and producer from Philly is just that–knee-slappin’, gut-shakin’, damn-man-that-dude-was-mad-mad-mad-funny hilarious. Be prepared to laugh, a lot. The Paramount, 370 New York Ave., Huntington. paramountny.com $99.50-$124.50. 7 p.m., 10 p.m. October 19.Tove LoDubbed “the saddest girl in Sweden” by some media outlets and “Sweden’s darkest pop export” by Rolling Stone due to her raw, emotional, self-destructive, autobiographical lyrics and whirlwind dance-trance-rock-pop sound, the 27-year-old songstress staked her claim when her 2014 debut Queen Of The Clouds opened at Number 14 on the Billboard Hot 100, and she’s been flying, well, “high” ever since. Will she dedicate a special song during her Huntington set to Press music critic Zack Tirana, possibly even meet him across the way for a fresh, mouth-watering slice of cold cheese pizza at perennial Bethpage Federal Credit Union Best of L.I. award-winner Little Vincent’s (voting’s open now, btw!), followed by a brew (or two) at her choice of local pubs? No, not a chance. No way in hell, to be more precise. Never, most unfortunately. Maybe. With special guest Erik Hassle. The Paramount, 370 New York Ave., Huntington. paramountny.com $25-$45. 8 p.m. October 20.Zombie Club CrawlGet your freak on as a member of the undead and celebrate the afterlife and your undying love of fresh brains in this First Annual gathering of all that is decomposing and bloodthirsty. Wear your own horrific threads or get your noggin all done up ghoulishly by a professional, either way this will be one night to remember! Along with all the brain-eating will be music, drink specials and untold horrors way too frightening to specify here! Truly scary stuff! [Read All About The Walking Dead Season Six Premiere HERE] 89 North Music Venue, 89 North Ocean Ave., Patchogue. 89northmusic.com Free, though $50 gets zombies a whole lot more (check out additional details HERE). 6:30 p.m. October 21.America’s Got TalentNick, Howard, Howie, Heidi and Mel B won’t be there, but all the megastars of the past near-decade will, including Season 8 runner-up comedian Taylor Williamson. All-Stars Tour! #AGT we luv you! NYCB Theatre at Westbury, 960 Brush Hollow Rd., Westbury. venue.thetheatreatwestbury.com $49.50. 8 p.m. October 21.—Compiled by Nick Semelak, Chuck Cannini, Timothy Bolger and Zachary B. Tirana IIIlast_img read more

Franklin County man injured in crash while passing bicyclist

first_imgFranklin County, In. — One person was injured in a Franklin County crash Tuesday morning on Morris Road.A report from the sheriff’s department says Timothy Lloyd, 51, of Brookville, was northbound on Morris Road and struck an oncoming vehicle near Five Point Road driven by Jeremy McKittrick, 18, of Milan, while attempting to pass a bicyclist. The impact caused Lloyd’s vehicle to go off the road and down an embankment. McKittrick’s vehicle went off the west side of the roadway and over an embankment.Lloyd was transported to Margaret Mary Health for treatment. McKittrick was treated at the scene.last_img