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iProvo: No money down

iProvo: No money down

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PROVO, Utah (AP) -- Critics say a private equity firm got Provo's fiber-optic network for a steal.

Rep. Steve Clark, R-Provo, complained Sorenson Capital-backed Broadweave Networks didn't have to put any "skin in the game."

Provo is selling the troubled telecommunications network for $40.6 million.

Sorenson Capital chief and Broadweave founder Fraser Bullock told The Associated Press that's enough for Provo to pay off its bonds. The city won't recover any of its operating losses.

Provo Councilman Steve Turley said the sales agreement leaves the city holding the bonds -- and the liability -- for at least 17 years.

Sen. Curt Bramble, R-Provo, summed up the deal this way: It's owner-financed, no money down, and the buyer can take cash out of the deal.

The iProvo Review Committee held the discussion Tuesday.


Information from: The Daily Herald

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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