Home Commentary Open forum CREATE A LEVEL PLAYING FIELD FOR SALE OF WAPA

CREATE A LEVEL PLAYING FIELD FOR SALE OF WAPA

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The word is out. The Water and Power Authority's governing board has been instructed by Government House at its meeting on Friday, October 29th, to enter into a $300,000 contract with Price Waterhouse (PW) to evaluate on behalf of the Southern Energy Inc.'s proposal to purchase WAPA.
What's wrong with this? Everything!!
First, Price Waterhouse had a $500,000 contract with the Public Finance Authority to study SEI's offer to the Schneider administration. PW was to be paid an additional $125,000 if the sale ever went through. So in no way could PW ever be considered an objective evaluator.
Second, there are other parties out there wishing to buy WAPA. They have not been given the time of day when seeking to contact Government House.
The point is, if the government is going to sell WAPA, there are other buyers out there who may be very willing to pay a higher price.
What's wrong with giving every potential buyer a level playing field, and letting the people of the virgin Islands scrutinize such an important transaction as it develops.
Who suggested to the Government using Price Waterhouse? Could be SEI.
We'll probably never know.
Here we go again.
Hans Loeffler, CPA
St. Thomas

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