by Larry Smith
"There is no circumstance under which BTC could be sold on credit, and what you are going to do after you get it must be clearly stated - you must have the money, the means and the technology to do it, otherwise no deal. And I say that for the benefit of all those who believe they got a deal." -- Prime Minister Hubert Ingraham
Just before the election, the Christie government made a secret $260 million deal to sell 49 per cent of BTC to a little-known entity called Bluewater Ventures - 'secret' in the sense that the public wasn't aware that a deal had been struck and didn't know the terms, although talks had been ongoing for two years.
Bluewater describes itself as "a private equity firm specializing in turnarounds and investments in the media and telecommunications sectors". It was founded in 2003 by John Gregg, an American who has helped run several European cable companies.
Online reports say Gregg has executed over $25 billion of acquisitions during his career. For nine years he was a top executive at the British cable operator, NTL, where he helped found a pioneering internet service, called Virgin.Net, with Sir Richard Branson in 1996.
After Gregg set up Bluewater, NTL went on to merge with Branson's popular Virgin Mobile cell phone service to become one of the first "quadruple-play" media companies in the world - offering television, Internet, cell and fixed-line voice services to over 10 million customers.
In telecoms, the triple play refers to a service provider's ability to provide voice, data, and video services to customers as a single package. Quad play refers to the delivery of voice, video, data, AND mobility. It is all about convergence - experts say - merging different media into one operating platform.
And that is apparently what Bluewater has in mind for BTC. It is also something that Cable Bahamas has been longing to do for years.