3. Nature of Application

Country Road seeks additional equity investment to fund its operations, offset its debt, and allow it to pursue additional opportunities related to the acquisition of rural local exchange carriers. ABRY's business is to invest in well-run companies to earn a return for its investors. ABRY states that its investment in Country Road furthers the goals of both companies. Applicants state that ABRY is a private investment firm, formed in 1989, with over $2 Billion of capital under management dedicated to the media and communications sectors. It currently manages capital on behalf of more than 100 limited partners, including Fortune 100 pension funds, university endowments, charitable trusts, leading insurance companies, major commercial banks and high net worth companies. As noted above, Applicants contend that the acquisition involves only the sale of stock, and there will be no effect on the assets, liabilities, operations, financial statements, or regulatory status of Evans Telephone. According to the application and to the declaration of ABRY's President, ABRY intends to retain the current management personnel and structure of Evans Telephone and will continue to conduct its operations from Turlock, California. Furthermore, Applicants state their intention to continue to provide high quality telecommunications services to the customers of Evans Telephone. No party protested or responded to the application.