Aug. 22, 2007 — The company that loaned Jeffrey Prosser hundreds of millions of dollars, then attempted to force him into involuntary bankruptcy when he broke the terms of their agreement, announced Wednesday it had hired former Senator Roosevelt David as an advisor.
Rural Telephone Finance Cooperative, commonly known as RTFC and based in Herndon, Va., started in the Virgin Islands in a hands-off role, lending money to build telecommunications infrastructure as far back as 1987.
But in recent years, the not-for-profit company and other investors foreclosed on Prosser's Innovative Communications and is now poised to take on a more active role in running the territory's largest telecommunications company. (See "Judge Settles on $650 Million Figure for Prosser’s Debts.")
"We have a large stake in the protracted bankruptcy hearing going on now," said Mike O'Brien, RTFC’s vice president of corporate communications. "We're just really interested in getting some help and advice from a local leader."
David started with the company Monday, and O'Brien said they are pleased with his work.
"He is advising us on the local scene, the local politics, who is it we need to talk to," O'Brien said. David served in the V.I. Legislature for 10 years, rising to majority leader in the 26th Legislature.
O'Brien declined to speculate when RTFC would complete its takeover of the telephone company, saying it was still up to the bankruptcy court and the assigned monitors of Prosser's holdings. (See " Prosser Agrees to Open Books Under Pressure from Judge.")
But as a not-for-profit company, RTFC's primary focus is sustaining and improving the telephone service in the Virgin Islands, not making money, he said.
"We want to assure employees and residents that we are fully supportive of a stable telecommunications work environment, dependable operations and high-quality service," said Steven Lilly, RTFC's senior vice president and chief financial officer. "We pledge to continue to be open in our operations and a good partner to the Virgin Islands and its residents."
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