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News and comments on community broadband networks, the communities deploying them and the technologies that support them. Published by Denise Frey and Al Bonnyman.

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Index of 2100 previous posts since March 2003

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Tuesday, September 30, 2003

 

Oregon: Electric power coop posts loss after foray into satellite business

"The long- awaited audit report for Coos-Curry Electric Cooperative showed a loss of $2.8 million in 2002, along with penalties and interest of $390,000 owed in back taxes.

The audit report was delayed for most of this year because of an ongoing tax liability issue about the sale of South Coast Satellite Cooperative's Direct TV franchise to Pegasus Communications in 2000. South Coast Satellite is a subsidiary of the co-op. It received Pegasus stock valued at $20 million at the time of the sale. The stock values fell dramatically soon after, and the co-op never paid the more than $8 million in federal taxes owed on the stock."


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