FNT is not owned by Interoute. It is was bought out via MBO by...

FNT is not owned by Interoute. It is was bought out via MBO by Albert Mackey around circa 2000.

It does however still owe the wholesale divison of Interoute (of which it was a part) over 1m - 1.5m sterling apparently. This was used as a blocking mechanism by the FNT crew, as the Interoute wholesale division was bought by Wavecrest, and they obviously picked up this recieveable as part of the transaction.

I would imagine that ATC would either need FNT to settle, or they could try and put a caveat on the sale of FNT to Wavecrest (which would seem logical now, even though there has been no announcement by either party).

Further I would think that the delaying and obsfucation tactics that could be employed by FNT in any formal recovery action initiated by ATC regarding this deposit would guarantee a length of proceedings that would in turn prove uneconomic.

I look forward to O'Riley on the board and an increased level of communication with stakeholders. I have heard that this will be a central tenet.