Free at Last?

Well, the folks at Verizon took one step closer in their continued efforts to escape from behind the "maple curtain" of Maine, New Hampshire and Vermont.  On Thursday, the Office of Public Advocate - (yeah I know, laugh along with me on that one) decided to release the Prisoner-I mean Verizon - from its obligations here in Maine, if-and only if---it agreed to some significant changes to the deal.  A few highlights:

• Verizon will provide $ 235.5 million in additional working capital immediately prior to closing, which will enable FairPoint to incur less debt to finance the acquisition and support investment infrastructure and improved service.

• Verizon will bear the cost of completing an ongoing $12-million broadband expansion program in Maine.

• Verizon will make a $2.5 million contribution to Connect Maine after the closing. (Merry Christmas, Governor Baldacci)

Of course, the one, ever so small problem is that the guards (unions) are still opposed to the sale.  Unfortunately for the union folks, this deal is actually pretty fair, not perfect, but a reasonable compromise. 

This is a big win for folks like Senator Lynn Bromley and Senator John Martin, two democrats that supported the FairPoint-Verizon deal from the beginning.  Their support also limits any chances that there will be any last minute attempts by the Legislature to derail the sale.

Also, this is another win for Tony Buxton and his team at Preti-Flaherty - not to mention a new client and lots of billable hours in the future.

The Public Utilities Commission will likely issue its final decision on the agreement when they meet on December 20th.