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Alameda Municipal Power and the City of Alameda announced yesterday that the U.S. District Court for the Northern District of California has dismissed a more than $15 million lawsuit against the City for losses that investors incurred with the demise of the electric utility’s cable TV and Internet access division. [...] Alameda City Council has a full plate for its closed session tonight. City Council and the City’s Public Utilities Board will conference with legal counsel over outstanding lawsuits that date prior to the sale of Alameda Power & Telcom’s cable division to Comcast, and City Council will conference with the Interim City Manager on labor [...] Even as the City of Alameda plans to implement rotating fire station closures (“brownouts”) at the end of this month, the attorney-heavy City of Alameda’s attorney’s office continues to rely on outside law firms to fight the lawsuit with Nuveen over the failure of Alameda Power & Telecom’s division. [...] A press conference yesterday at Alameda Point held by Save Our City! Alameda has sparked local mass media coverage on radio and TV stations. [...] We received several emails yesterday about a local amateur blogger quoting un-named City of Alameda sources and trying to assert that redevelopment debt issued by the Community Improvement Commission of the City of Alameda is effectively “free money” with no impacts on the City’s finances. How untrue. [...] We received a communication from City Auditor Kevin Kennedy regarding a statement attributed to him about Alameda Power & Telecom never being able to sign up enough Cable TV and Internet subscribers to make the Telecom division successful. [...] Last week, Alameda Power & Telecom announced a deal to sell their Telecom division to Comcast for a nominal offer price of $17 million. They also announced that the City of Alameda is in litigation with holdout bondholders who refused to assent to the sale. $20 million hangs in the balance. [...] |
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