HOW A NEBRASKA SON BUILT AN ISLAND DISPOSITION WITH OTHER SOMEONES MONEY-JEFFREY PROSSER
Jeffrey Prosser grew up in Falls City, Nebr. (pop. 5, 000). He forced a bulldozer and spliced cable pertaining to the telephone business where his father worked. He got an accounting degree with the University of Nebraska. This individual went to the Caribbean at 25 on behalf of some Nebraska investors enthusiastic about buying an alumina flower in St Thomas. The purchase didn't go through, although he stayed. When ITT offered their Virgin Island destinations telephone organization, Vitelco, on the market, he made a great $87 million bid. Vitelco ignored the offer then, yet six months later on, it reconsidered. Prosser obtained 105% debts financing from E. N. Hutton & Co. Vitelco had zero competition inside the Virgin Islands and the Virgin mobile Islands Public Service Commission guaranteed him an 14. 5% come back on his investment. Mr. Prosser refinanced within one year, upgrading the Wall Street loan which has a $104 million loan in the Rural Telecommunications Finance Supportive at a below-market level. Mr. Prosser then purchased 80% of Guyana Phone & Telegraph for $25 million. 12 months afterwards, he got Vitelco public by offering 4. 4 , 000, 000 shares, forty percent of the total shares, by $19 every share. That made Mister. Prosser's stake worth $63 million. Mr. Prosser kept buying. This individual used his company " InnovativeвЂќ to get four Caribbean cable-TV companies and Gannett's Virgin Islands Daily News. He then consolidated his businesses, by having Impressive buy out Rising Communications. This individual got rid of the minority investors in the process. Mr. Prosser still kept on obtaining. The government of Belize offered Innovative agreement to buy all the stock of Belize Telecommunications Ltd., via Lord Eileen Ashcroft and Carlisle Cooperation, for $105 million. For that deal, Mister. Prosser needed to pay Belize Telecommunications' debts to the Belize government, in cash. Vitelco sold 85, 000 stocks of recommended stock to investors intended for $82 million to...
Swibel, Mathew, Carribbean Splash, Forbes. com, (November 2004)
Nickels, McHugh, McHugh, Understanding Business-7th ed. (2005)