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I oppose the proposed sweetheart sale of Thames Valley Communications for $150,000, which is about 5 percent of the city's investment in the company. How fitting that details were completed and announced in time for Black Friday together with other give-away promotions. Mayor Galbraith advised me that no public disclosure was made during the 18-month study because the process of seeking a buyer is confidential.
So much for open government!
Most large privately operated companies are more open than this. Such secrecy is unacceptable for a publicly owned utility.
The proposed sale is reported to be in the best interest of the customers and the citizens of Groton, but the taxpayers who funded the investment are ignored. Our best interest is to maximize net income from the sale. If shutting down the company and selling the equipment and materials for their intrinsic value achieves this goal, then this should be done.
Regardless, overall proceedings should be conducted in public view.
I ask Groton city taxpayers to reject this proposal and request the city officials to restart the divestiture process to maximize recovery of capital from our investment.