Michael is correct about the operating agreements now in place. The important details are not publicly available. The 8-K doesn't do that.
From your quoted source:
Changes in the relationship between the service's backers will give Cox Communications and Comcast, the two other largest shareholders in @Home, new veto power over AT&T, as long as the companies vote together on the board.
As a part of the new agreement, AT&T has agreed to raise its targets for subscriber growth, speeding the rollout of the Net service to TCI's coverage areas. If the company fails to meet these new targets--which are not public--the long distance company must give up some of its stake in @Home to its partners.
If the company cannot achieve its higher subscriber goals by next year, AT&T must give Cox a certain amount of stock in @Home, based on its subscriber numbers at the time, a Cox spokeswoman said.
But the other cable partners are only interested in having AT&T pull its own weight, she added.
"We want this to be viewed as an incentive. We really want AT&T to get out there in front of some customers," said Cox spokeswoman Ellen East. "We don't want that stock because if AT&T adds more customers it only increases the value of [@Home]."
So why doesn't she want the extra stock?
I seem to recall that you also engaged in some abrasive behavior when you embraced nghi vu's inaccurate statement. To claim now that T does not necessarily control ATHM is a major retreat from earlier assertions. Of course T does not necessarily control ATHM. A mouse does not necessarily control an elephant. You may not think that there is any difference or significance in this issue, but we will see what you say when Att absorbs ATHM. |
