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I read 549 pages of contract docs and all I got was this lousy …

Submitted by on 1, November 17, 2008 – 7:45 amNo Comment

So I told you last week that Alameda Power & Telecom would be posting buku contract documents outlining the proposed sale of the telecom part of their biz to Comcast on their website, right? But I didn’t expect you to read all that. No way. That’s why I did it for you.

The documents list the three major holders of the $33 million in bond notes that were coming due next June: Nuveen Funds, a group that collectively holds almost $21 million of the notes, and is also embroiled in litigation with the city (I’ll give you a separate post on that later); the Bernard A. Osher Trust, which holds another $8.95 million (Osher is a San Francisco businessman and philanthropist whose foundation offers tens of millions of dollars for college scholarship programs, the arts and integrative medicine); and PIMCO, a global investment firm which holds another $2 million of the bond notes.

It’s also got a list of jobs that I’m guessing are the ones falling under the ax (there’s a supervisor on there who, I’m pretty sure, just quit and is being honored at tonight’s Public Utilities Board meeting Ed. note: see correction in comments section). And there’s a wealth of financial information about both the telecom and the electric sides of the utility.

I glanced sadly at the heavily subsidized rates AP&T offered and then over at Comcast’s website to see what we’ll pay for the service without the subsidy (and that’s $44 million in interfund transfers from electricity, $39.3 million in bonds and a $2.2 million loan from the city we’ve counted so far, if we don’t include the $16 million original bond series that got refi’d to finish building the system). Unless you’ve got basic analog cable (available only for what, a few more months), expect a bigger bill, if the prices on Comcast’s website are any clue.

Anyway. If you want to sift through it all yourself, it’s right here (agenda item 6C).

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