Vista PCS, LLC is essentially a creature of Verizon Wireless and a
partner company, Valley Communications, formed to bid in the FCC
auctions. Vista LLC has no business activity to speak of yet, other
than its successful bids before the FCC, nor does it have an income,
other than the financing it receives from its 'parents'.
You can read more about them at the Verizon Wireless website:
http://news.vzw.com/investor/pdf/Cellco_10Q11.8.05.pdf
Cellco Partnership d.b.a Verizon Wireless
QUARTERLY REPORT
ended September 30, 2005
...Cellco Partnership (the ''Partnership''), doing business as Verizon
Wireless, provides wireless voice and data services and related
equipment to consumers and business customers in the markets in which
it operates. The Partnership is the industry-leading wireless
communications provider in the United States in terms of
profitability, as measured by operating income, and the second largest
domestic wireless carrier in terms of the number of customers and
revenues. The Partnership offers wireless voice and data services
across one of the most extensive wireless networks in the U.S.
...In November 2004, the Partnership and Valley Communications, LLC
("Valley") entered into an LLC Agreement (the "Agreement") to form
Vista PCS, LLC ("Vista") in order to bid on PCS licenses. For the year
ended December 31, 2004, Vista had no business activity other than its
initial capitalization upon formation. On February 15, 2005, the FCC
concluded an auction of 242 PCS licenses. Vista was the high bidder on
37 of these licenses.
...The Partnership has provided capital contributions and debt
financing to Vista. Under the Agreement, the Partnership has an 80%
non-controlling interest in Vista, while Valley has the remaining 20%
interest. Also, under the Agreement, Valley has voting control of
Vista in that it has two of the three votes on Vista's Management
Committee. The Partnership has the remaining vote. Additionally,
pursuant to a Management Agreement, the Partnership will provide Vista
assistance in building the wireless networks in the areas in which
Vista owns the licenses purchased in the FCC auction.
...The Partnership considers Vista to be a variable interest entity
("VIE") because its voting rights are not proportional to its
ownership interest and the total equity investment at risk is not
sufficient to permit the entity to finance its activities without
additional subordinated financial support, consistent with paragraph 5
of FASB Interpretation No. 46(R). The Partnership owns a majority of
the variable interests in Vista and is the primary beneficiary of
Vista, and therefore consolidates Vista in accordance with paragraphs
14 and 15 of FASB Interpretation No. 46(R).
...On February 15, 2005, the FCC concluded an auction of 242 PCS
licenses. Vista was high bidder on 37 of these licenses, available
only to entities qualifying as an "entrepreneur" under FCC rules.
Vista is a joint venture between the Partnership and Valley
Communications, LLC, the results of which are consolidated by the
Partnership. Vista's winning bids totaled $332 million. The 37
licenses cover a population of approximately 34.4 million, including
approximately 2.2 million in markets where the Partnership does not
currently hold licenses. The licenses cover major markets, such as
Charlotte, Cincinnati, Houston, Norfolk, Pittsburgh and Seattle. The
Partnership has provided funding to Vista, through capital
contributions and loans, in the amount of $314 million for payment for
the Vista licenses. The granting of the licenses won in the auction by
Vista remains subject to FCC approvals, which approvals are expected
in late 2005 or early 2006. The payments made by Vista to the FCC have
been reflected as deposits and are included in Deferred Charges and
Other Assets, Net, in the accompanying condensed consolidated balance
sheet.
==========
From the sound of things, it seems as if Vista will become a
functional business, with backing from Verizon Wireless and Valley
Communications, once FCC approval for its licenses is received. For
the time being, though, it seems largely a creation on paper only,
formed to meet the bidding requirements of the FCC auction process.
By the way, Vista PCS LLC is registered as a corporation in Delaware.
No company address is provided, but there is contact information as
follows:
Entity Name: VISTA PCS, LLC
REGISTERED AGENT INFORMATION
Name: NATIONAL REGISTERED AGENTS, INC.
Address: 160 GREENTREE DRIVE SUITE 101
City: DOVER County: KENT
State: DE Postal Code: 19904
Phone: (302)674-4089
Hope that's what you needed. Let me know if there's anything else I
can do for you.
pafalafa-ga
search strategy -- Searched Google and several EDGAR (SEC) databases
for [ vista pcs ] |
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