Networx Sale Gets Council's Attention -- Votes to Ask Mlgw for Delay; Wants Time to Study Specifics

The Commercial Appeal (2007-Current) › June 21, 2007

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Summary

The pending sale of Memphis Networx - and the anticipated loss of nearly all $28.6 million of public funds invested in the fiber- optics firm - isn't sitting well with members of the City Council.

Told by their attorney Tuesday that City Council approval is not required for Memphis Light, Gas and Water Division to sell off its investment in Networx, council members said they at least hope to slow down the sale of the company.

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Extract

Networx Sale Gets Council's Attention -- Votes to Ask Mlgw for Delay; Wants Time to Study Specifics

The council voted 8-0 Tuesday to ask MLGW's board to hold off on its planned sale of Networx to a Colorado holding company until the council has sufficient time and facts to study ...

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