In the penultimate issue of Red Herring I wrote a piece about the telecom’s survivors and how they were going to claw their way out of the current downturn. One of the companies I wrote about was OnFiber, a Texas-based metropolitan carrier, which i though had battened down the hatches and had the management depth to survive and perhaps thrive. Looks like things are slowly turning for the company. Today comes news that they bought Enron’s Portland General Broadband assets for an undisclosed amount. My guess is that it could not be more than half-a-million dollars. Last check, MCI’s Metropolitan Fiber Systems was proposing to pay a mere $300,000. (Old report from Portland Tribune) Recently they had raised $12 million in additional financing. In case you don’t remember, this is the very same network which became the center piece of Enron’s broadband nightmare which ultimately brought down the company. Enron bought Portland General Holdings in 1997 as part of its buy-out of Portland General Electric.
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