$28 Million

Blake Fontenay notices that the new Competitive Cable and Video Services legislation meandering through the legislature has a provision which sets him on a trip down memory lane:

For those who don’t remember (repressed memories can sometimes be a wonderful thing), Memphis Networx was a venture in which the Memphis Light, Gas and Water Division and a group of private investors tried to start their own telecommunications company. MLGW eventually sold out its interests to private investors, but not before losing about $28 million worth of ratepayers’ money in the process.

Anyway, according to a summary of this new bill, "municipalities, counties and cooperatives are authorized to form telecommunication joint ventures with other entities."

So in case MLGW ever has another $28 million rattling around in its pockets, this bill would provide an easy way to get rid of it.