Reader comments: Broadweave officials hit with tough questions
3 comments | Read story
Correction | 10:58 a.m. May 14, 2008
As to the current service providers - they made it very clear in the meeting that MStar owed the entire $950 thousand. We learned in that meeting that it just isn't true that all of the service providers are behind on payments to Provo. One is. That makes a big difference.
Sagacious Inquisitor | 12:03 p.m. May 14, 2008
Government getting snookered. Again!
"High offers" on failing projects scream out, Sure Defeat".
Particularly when the "buyer" puts no money into the deal.
Provo "borrowing money" to get paid? All of it . . . Really??? That means Provo's responsible for the repayment.
Broadweave is "assuming" that obligation? With a formal assumption agreement or does everyone simply hope Broadweave will magically find out how to generate cash from a proven failing (failed) operation?
Neat, the "buyer" owns it, can drive it into the ground, must be foreclosed upon for the "lender" (Provo??) to get it back and takes no financial risk since the principals thereof have no personal liability and the company is a pip-squeek.
That kinda' deal, I'd love to be in . . . as a "buyer".
Tell you what. Go borrow all you can against your new car. Get your cash in hand. Assign me the title and I promise I'll pay off your car loan. If I don't make any payments; just repossess the car and catch up on all the back payments. Then try to drive that wasted vehicle.
Congratulations Provo.
This financing deal is worse than the original iProvo rip-off idea.
"High offers" on failing projects scream out, Sure Defeat".
Particularly when the "buyer" puts no money into the deal.
Provo "borrowing money" to get paid? All of it . . . Really??? That means Provo's responsible for the repayment.
Broadweave is "assuming" that obligation? With a formal assumption agreement or does everyone simply hope Broadweave will magically find out how to generate cash from a proven failing (failed) operation?
Neat, the "buyer" owns it, can drive it into the ground, must be foreclosed upon for the "lender" (Provo??) to get it back and takes no financial risk since the principals thereof have no personal liability and the company is a pip-squeek.
That kinda' deal, I'd love to be in . . . as a "buyer".
Tell you what. Go borrow all you can against your new car. Get your cash in hand. Assign me the title and I promise I'll pay off your car loan. If I don't make any payments; just repossess the car and catch up on all the back payments. Then try to drive that wasted vehicle.
Congratulations Provo.
This financing deal is worse than the original iProvo rip-off idea.
Comments continue below
Add your comment
Comments are monitored. Any comments found to be abusive, offensive, off-topic, misrepresentative, more than 200 words or containing URLs will not be posted.
Words Remaining
Even if Broadweave has problems (I hope they don't) Provo gets the system back and is better off than they are today as Broadweave will have paid 2 years of the bond and made investments into the network.
Provo you have a bite....set the hook and reel them in! Hats off to iProvo for getting such a high offer. Provo citizens win as they still have the fiber network and competition for Comcast/Qwest...and they have moved to privatize the asset as most have wanted!!!
As far as Pete Ashton...he does not want to make an offer to buy it...he just wants to get on the network. If he or anyone else things the offer is bad...nothing is stopping them from making a better offer before the council approve this great offer.
I'm sure if a better offer were made the administration and council would take the better offer...step right up at those that think Broadweave offer is not good!!! Put your money where your mouth is!!