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May 29, 2007


EB Christen

Fantastic article... nothing more to add... Bahamians need to be fully aware of this situation. I hope Ingraham does for television/internet/cell phones this time around what he did for radio last time around. I hope he also takes the historic step of reducing funding for ZNS and having it operate as a private entity in a competitive work place - sink or swim... It is time for this country to choose 1st world or 3rd world...

Banker who knows the truth

Does anyone actually know what John Gregg really did at NTL and VirginNet? This guy worked out of a corner office in NYC while his operations were based in Europe. He set foot in the operating offices of NTL/Virgin just 2 times in 3 years, instead preferring a cushy office in London. The managers he appointed were overspending and he did absolutely nothing about it, since he did not understand the numbers. He made countless promises to investors, all of which he failed to deliver. He sells the street a good story about everything that could go right once a bunch of businesses they bought were integrated, but in reality they still have not integrated those businesses 10 years later. To offset the operating mess he created, he simply piles more and more debt on the company until it eventually goes bankrupt in 2003 and then gets fired by the bondholders in the process. Within 6 months of him being ousted, the company cut expenses by $2 billion a year and became profitable. VirginNet was a raging failure, other than for the money that Gregg took out of the company personally by selling it to the parent company for a silly valuation (self-dealing). Be careful what you wish for with Mr. Gregg. The only skill in his book is how to tell a good story, put politicians on his bankroll and then leverage the company up to the point it collapses. In the meantime, he will get his management fees and perhaps unload his stake while the going is good, leaving the Bahamas with the mess to clean up afterwards.

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