 
S_engineer
join:2007-05-16
Chicago, IL
 ·Comcast
| BUT I'm sure the executives and lawyers are getting paid. These penalties should be doubling everyday they're not paid. This transaction should be put into textbooks as what not to do with telecommunication services. Legal or not, this is the most ill-informed aquisition of t-com services in modern timess
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BF69~~~Please stop suffocating gerbils! | |
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TKJunkMail
Enjoy the sun
Premium
join:2002-03-03
Avalon, NJ
 ·Sprint Mobile Broa..
·Comcast
1 edit | Re: BUT The states involved can enforce those fines. But to what point? Make the bankruptcy proceedings come sooner where the fines would be wiped out anyway? All the states' actions to punish Fairppoint are nothing but beating a dead horse. They helped create the problem Fairpoint is in. Maybe they should be spending their time figuring out how to go forward and stop beating up Fairpoint. Pols are real good at assessing blame(except on themselves), but real weak at figuring out how to fix things.
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S_engineer
join:2007-05-16
Chicago, IL
·Comcast
| Re: BUT I don't know tk....you bring up some good points, but this clearly should have never been done in the first place. I remember multiple groups, from the Unions to PUCs, that said their was no way this aquisition should take place. Why were their collective voices so blatently discarded?
There should be investigations into this, and the regulators and or pols that were responsible should be fully scrutinized under the law and IRS. This fiasco also serves as a study on how a major carrier(VZ) will neglect services to non-profitable areas, and then dump them at earliest point.
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| | | | Dolgan
Premium
join:2005-10-01
Sun Prairie, WI
 ·Verizon Online DSL
| Re: BUT Then how can you justify this:
»FairPoint CEO's Base Pay Jumps 30%
They can not provide proper service, can not pay their fines, are on the verge of bankruptcy, and still give the CEO a 30% increase on their base pay.
Hopefully the states affected by the planned sale of VZ territory to Frontier will keep Fairpoint's and Hawaiian Tel's failures in mind before they approve the deal. | |
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TKJunkMail
Enjoy the sun
Premium
join:2002-03-03
Avalon, NJ
·Sprint Mobile Broa..
·Comcast
| Re: BUT said by Dolgan  :Then how can you justify this: » FairPoint CEO's Base Pay Jumps 30%They can not provide proper service, can not pay their fines, are on the verge of bankruptcy, and still give the CEO a 30% increase on their base pay. Hopefully the states affected by the planned sale of VZ territory to Frontier will keep Fairpoint's and Hawaiian Tel's failures in mind before they approve the deal. They were part of already negotiated employment contracts. Contracts negotiated BEFORE the takeover.
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| | | | | | Dolgan
Premium
join:2005-10-01
Sun Prairie, WI
·Verizon Online DSL
| Re: BUT The contract should be void considering the current state of Fairpoint's financials. Why are CEO contracts so sacrosanct? When a company goes bankrupt the executive compensation packages and pensions are almost always held in place, while the bulk of the workforce and investors get the shaft. The CEO, and other executives, should not be getting any increase in compensation due to their poor performance...contract or not. | |
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TKJunkMail
Enjoy the sun
Premium
join:2002-03-03
Avalon, NJ
·Sprint Mobile Broa..
·Comcast
| Re: BUT said by Dolgan :The contract should be void considering the current state of Fairpoint's financials. Why are CEO contracts so sacrosanct? When a company goes bankrupt the executive compensation packages and pensions are almost always held in place, while the bulk of the workforce and investors get the shaft. The CEO, and other executives, should not be getting any increase in compensation due to their poor performance...contract or not. I laid out my thoughts on CEO contracts once before:
»Re: Pay for performance is just for the little fish, eh?
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S_engineer
join:2007-05-16
Chicago, IL
·Comcast
| Good point, in addition, you can't do anything to circumvent the states right to regulate. VZ was obligated to provide a service. They cut maintenence budgets in these areas and allocated minimal thought to upgrades. They've been looking to dump these areas for a long time. Now they've found another patsy with Frontier. These areas that Frontier are looking to aquire should be up in arms.
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cableties
Premium
join:2005-01-27
 ·Verizon FIOS
| Don't forget that these states (VT and ME) are several that pay the highest welfare rates. I know folks in Maine that were fighting their politicians about how thousands of Somalians were showing up. But they weren't applying for jobs, they were applying for welfare!
The same goes for Vermont. A very liberal state, and also one that has wasted alot of taxpayers money on ... nothing! From a railway that is useless (they needed to expand the Champlain area and instead put a light rail, not increase road infrastructure (sure Rt 7 got a redu..but its still congested).
Verizon knew what they were doing here. I think FailPoint bit hook, line and sinker, and the (former) execs of *both* companies are laughing all the way to their banks/brokers/lawyers...with their bonuses. | |
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S_engineer
join:2007-05-16
Chicago, IL | Re: BUT you owe me royalties on your avatar!  | |
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S_engineer
join:2007-05-16
Chicago, IL | Re: BUT I retrieved it through eminent domain!
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TKJunkMail
Enjoy the sun
Premium
join:2002-03-03
Avalon, NJ
·Sprint Mobile Broa..
·Comcast
| Re: BUT said by tschmidt :said by TKJunkMail : And the answer is PARTLY that a service where the state gets to say what you can charge may not cover costs. I'm pretty ignorant of phone company financials but I though phone service as a regulated monopoly is cost+plus and DSL is unregulated. The state gets to say what costs are applicable to costs in their state. They don't take the word of the telco as to what those costs are. The state PUCs are therefore incented to minimize the costs & the company is incented to maximize them. But the PUCs get the last word.
As to DSL, I don't know how much, if at all, is regulated.
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BR
@cwa-union.org | Sorry to disagree but VZ is a public company traded on the NYSE.
Barbara | |
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| | | | | hottboiinnc
ME
join:2003-10-15
Cleveland, OH | You should get off the Internet and learn to do your work instead of costing these companies more money. | |
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| | | bicker
join:2007-05-10
Burlington, MA
| said by S_engineer :This fiasco also serves as a study on how a major carrier(VZ) will neglect services to non-profitable areas, and then dump them at earliest point. The remedy for this is to change the regulations so that providing service is profitable everywhere. If we want great service, then make it worthwhile to provide great service. | |
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| | | | bicker
join:2007-05-10
Burlington, MA | Re: BUT In the end, the reason why the service was so poor is that the rates didn't support good enough service, so the fines for poor service should be levied on the ratepayers who paid less than cost-of-service. | |
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| | | | | sonicmerlin
join:2009-05-24
Cleveland, OH
| Re: BUT That's ridiculous. The reason why service was so poor is that there's no competition. Telcos are given the right to be the sole provider, and have to agree to terms and conditions before being allowed to become the provider. So naturally they're fined for not providing promised levels of service. This has nothing to do with profit, and everything to do with not holding to promises made. | |
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| | | | | | bicker
join:2007-05-10
Burlington, MA
1 edit | Re: BUT said by sonicmerlin :That's ridiculous. The reason why service was so poor is that there's no competition. That's ridiculous. There's less competition because there is less money to be made. If there was more money to be made, service would be better, and there would be even more competition.
said by sonicmerlin :This has nothing to do with profit, and everything to do with not holding to promises made. In business, everything has to do with profit. If it really doesn't have to do with profit, then THAT is the problem. | |
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| | Larry4677
join:2000-05-04
Glen Burnie, MD | Bankruptcy usually does not wipe out fines and penalties. These two items go to to of the list for payments. | |
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GenBlood
join:2005-04-14
Nashua, NH
| FairPoint call it a day ... An file the papers ... You owe way too much ,,, just call it a day an file for
Chapter 11 .... maybe even Chapter 7 ... I prefer you
go the Chapter 7 way ... FairPoint you did a very bad job
at in Vermont and Maine. In New Hampshire you did a so
so job. Bottom line it's time to move aside and let Verizon
move back in and fix your mess ....
Now, they can buy you back at $.05 on a dollar and redo
all 3 states for a really cheap price now ... | |
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| hottboiinnc
ME
join:2003-10-15
Cleveland, OH
·Time Warner Cable
·buckeye cable
| Re: FairPoint call it a day ... An file the papers ... You want them to file for 7? yet who do you want for phone and internet service? VZ doesn't want you. ATT wont' take you or they would have already bought your area to start off with. That leaves you to who? Qwest? they have enough problems with money.
VZ won't ever touch that area again. | |
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| NOCTech75
join:2009-06-29
Marietta, GA
·AT&T Southeast
| Re: doesnt want to pay, and to important to fail Well they kinda are... right now they are the only game in town up there. This is a giant shit sandwich and we are going to have to take a bite.. and some of us more then 1. We are a smaller CLEC so we aren't hurt as bad as some of these guys but we have had multitude of issues with FP. | |
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Fairpoint Doesn't Want To Pay Fines, Either
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