Still Looking for buyers

Published: March 10th, 2009

There's still no word from LookCommunications on how many organizations are interested inbuying the Milton, Ont., service provider's assets. Company spokesmanPeter Block said that offers under the court-ordered controlled salehad to be in by Feb. 16 and were frozen. However, after March 9 offerscould be pulled off the table. So the status now is that “discussionsare continuing between the monitor, the company and bidders,” Blocksaid today.

Look is trying to see if it can do privately what itsays it couldn’t do publicly – sell approximately 90 MHz of wirelessspectrum, a network between Toronto and Montreal delivering Internetservice to some 30,000 subscribers and about $300 million in tax losses.

Blockwouldn't say how many bidders there are left, other than to notethat with bidders free to withdraw, the process could have beenfinished. It obviously isn't. “For the monitor (accounting firm andadvisor Grant Thornton Ltd.) and the company to be reviewing bids theremust be something out there,” he said.

On the other hand, he added that there's no guarantee Look will be satisfied with any offer(s).

Thecompany, headed by former Bell Canada Enterprises executivevice-president and chief financial officer Gerald McGoey, is asubsidiary of publicly-traded Unique Broadband Systems Inc. of Milton,Ont., of which McGoey is chairman and CEO.

Any deals have to be approved by Look's board and the Ontario Court of Justice, which approved the sale process.

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