Burlington Telecom Continues to Dive into Cash Pool | News | Seven Days | Vermont's Independent Voice

Seven Days needs your financial support!

Burlington Telecom Continues to Dive into Cash Pool 

Published February 10, 2010 at 8:22 p.m.

As reported in this week's "Fair Game", Burlington Telecom is seeking approval to make a February 17 payment to CitiLeasing on the order of $390,000.

It was also noted that BT was prepared to make the payment from its current cash flow and not borrow any money from the city's "cash pool."

Guess what? BT officials told Seven Days today that, in fact, they may need to borrow an undisclosed amount of money from the cash pool. However, BT claims it will be able to repay the money within 60 days, per the conditions of their certificate of public good.

Where have we heard that before?

In November, BT borrowed about $265,000 from the cash pool to cover some operating expenses and a portion of their lease payment, according to Chris Burns, BT's general manger.

In their pleading to the Public Service Board, BT argues that it "plans to have sufficient funds to make a portion of these payments, but may need to access pooled cash for the remainder. As just stated, however, BT will have sufficient receivables to repay pooled cash within 60 days."

The PSB hearing is slated for 1 p.m. Thursday in Montpelier. On Friday morning, Chittenden Superior Court Judge Helen Toor will preside over a hearing where two Burlington residents are seeking a temporary restraining order against BT from spending any more money — in particular the Feb. 17th interest payment.

Got something to say? Send a letter to the editor and we'll publish your feedback in print!

Tags: ,

More By This Author

About The Author

Shay Totten

Shay Totten

Shay Totten wrote "Fair Game," a weekly political column, from April 2008-December 2011.

Comments (9)

Showing 1-9 of 9


Comments are closed.

From 2014-2020, Seven Days allowed readers to comment on all stories posted on our website. While we've appreciated the suggestions and insights, right now Seven Days is prioritizing our core mission — producing high-quality, responsible local journalism — over moderating online debates between readers.

To criticize, correct or praise our reporting, please send us a letter to the editor or send us a tip. We’ll check it out and report the results.

Online comments may return when we have better tech tools for managing them. Thanks for reading.

Keep up with us Seven Days a week!

Sign up for our fun and informative

All content © 2023 Da Capo Publishing, Inc. 255 So. Champlain St. Ste. 5, Burlington, VT 05401

Advertising Policy  |  Privacy Policy  |  Contact Us  |  About Us  |  Help
Website powered by Foundation