Frontier received $21.8 million in escrowed money from...
Frontier received $21.8 million in escrowed money from the West Virginia Public Service Commission and the Oregon Public Utilities Commission, the telco said Thursday night (http://bit.ly/128Fyvw). “The funds were escrowed in connection with Frontier’s acquisition of wireline properties from Verizon…
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Communications in July 2010.” The majority of the money was held up in two escrows of the West Virginia PSC, one related to service quality and another to broadband -- $21.4 million total. Frontier had asked for the release of the money and received the full amounts requested. “Just three years ago, Frontier took ownership of wireline assets that no longer met the needs of consumers in 14 states,” said Kathleen Abernathy, external affairs executive vice president, in a statement. “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.” In approving the release of the service quality funds, the West Virginia PSC judged Frontier’s listed expenses to be “necessary improvements to the Frontier WV network,” according to its order earlier this month (http://bit.ly/10psy7k). The PSC made a similar judgment regarding the broadband account in another order (http://bit.ly/12qUCYA).