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iProvo Review Committee
9:37 PM, 13-May-2008
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Steve Clark is about as mild mannered a guy as you're going to find in the Legislature. The Provo Republican doesn't typically sponsor the big bills and he isn't bombastic in committee meetings or on the floor of the House.But on Tuesday he was pretty riled up about the iProvo sale. I don't think he is particularly opposed to the Broadweave deal (here and here) but he wanted answers during the meeting of the iProvo Review Committee that he sits on. Tired of the hearing the same spiel by city staff and Broadweave CEO Steve Christensen (note to self: will need something other than "SC" in notes when writing about these two) Clark finally got fed up. He fired off that the $6 million surety that Broadweave proposes is "peanuts" and that sureties are written by lawyers with the only surety being that it never gets paid. Christensen assured him Fraser Bullock was letting Provo write the language for the $6 million and that it wouldn't necessarily be "surety" but closer to a "letter of credit" which apparently was easier for Clark to digest. Speaking of Bullock, Christensen clung to the name like Chris Cannon to a GOP delegate Tuesday morning, mentioning it at least half a dozen times during questioning. It makes sense, I suppose. Broadweave may have the platform to scale up and handle iProvo, but they've only got 1,100 customers at the moment and that makes a lot of people nervous about whether the company is biting off more than it can chew. What makes them less nervous is the hundreds of millions of dollars that Bullock's Sorenson Capital has at its disposal. Leave a Comment { Last Page } { Page 22 of 67 } { Next Page } |
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