This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

West Virginia PSC And Oregon PUC Release $22.8 Million In Escrowed Funds To Frontier Communications

Stocks in this article: FTR

Please replace the release with the following corrected version due to multiple revisions.

The corrected release reads:

WEST VIRGINIA PSC AND OREGON PUC RELEASE $21.8 MILLION IN ESCROWED FUNDS TO FRONTIER COMMUNICATIONS

Commissions Approve Full Amounts Requested

The West Virginia Public Service Commission (PSC) and the Oregon Public Utilities Commission (PUC) released $21.8 million in escrowed funds to Frontier Communications (NASDAQ: FTR). The funds were escrowed in connection with Frontier’s acquisition of wireline properties from Verizon Communications in July 2010. Two West Virginia escrows totaled $21.4 million; $400,000 was the remaining amount in the Oregon escrow. The funds reimburse Frontier for prior investments that improved service quality and expanded broadband networks.

Frontier asked the West Virginia PSC to release $14.7 million from a service quality escrow account and $6.7 million from a broadband escrow account, said Dana Waldo, Senior Vice President and General Manager for West Virginia. Verizon funded a service quality account at $72.4 million; in a separate account, Frontier funded $48 million toward broadband deployment. The PSC granted Frontier’s request in full.

In Oregon, the PUC’s release of $400,000 in escrow funds was the last of more than $15 million in funds put into escrow by Frontier as a condition of approval of the acquisition.

According to Kathleen Abernathy, Executive Vice President of External Affairs for Frontier, “In both states, the commissions have closely followed our investments in rural America. The release of the funds is confirmation of Frontier’s tireless commitment to deploying broadband to unserved and underserved areas and to relieving Internet congestion.”

Ms. Abernathy added, “Just three years ago, Frontier took ownership of wireline assets that no longer met the needs of consumers in 14 states. We have invested heavily since then to transform the broadband, voice and video experience of our customers. The latest escrow releases, all of which required commission approval, confirm that we did what we said we’d do to meet the expanding technology needs of our customers.”

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs