Bay Harbour Management L.C. is the current investor that controls TelCove. Committed to providing cash infusions if needed.
Commonwealth accounts for approximately 20% of TelCove’s business (An asset and a challenge).
Asset as we were able to secure concessions probably not possible from a larger competitors.
A challenge and a potential asset:
Should TelCove be sold or should Bay Harbour initiate a Incentive Stock Option (ISO), Commonwealth contract could become a valuable component of the change.
Commonwealth has the option to continue with TelCove or successor to 2011 or continue with TelCove until new contractor is awarded the business – both under the current terms and conditions of this contract