Warwick Valley Telephone investor ponders rejection of willing buyer

By Lisa Kerner

Charlotte, N.C., Nov. 20 - Warwick Valley Telephone Co. shareholder Santa Monica Partners, LP urged the company to sell its telecom business in a letter that began "for crying out loud!"

The letter was included in schedule 13D/A filed with the Securities and Exchange Commission on Friday.

Santa Monica's Lawrence J. Goldstein, a 2.37% shareholder, demanded to know why Warwick rejected "a clearly value enhancing opportunity" after Santa Monica introduced Warwick to a willing buyer for its sole operating telecom business.

"If you could merely flush the telecom down the toilet, that would result in an immediate and substantial increase in shareholder value," the letter to Warwick's board said.

The shareholder suggested Warwick be turned into a passthrough entity so as not have to pay taxes and to increase its dividend payment.

Warwick, based in Warwick, N.Y., and doing business as WVT Communications, provides communication services to residential and business customers in the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.