7. Request for Confidentiality
Applicants request that financial information pertaining to Working Assets' balance sheet and/Income statement filed with this application be kept under seal. Applicants represent that the information is proprietary and sensitive. The information, if revealed, would place Applicants at an unfair business disadvantage. We have granted similar requests in the past and will do so here.
1. Notice of this application appeared in the Commission's Daily Calendar of October 15, 2001.
2. Applicants seek approval pursuant to Pub. Util. Code § 854 of a transaction that will transfer control of Working Assets to Working Assets, Inc.
3. Working Assets will continue to provide interexchange telecommunications services in California.
4. Working Assets continues to meet the Commission's financial requirements for new telecommunications entrants.
5. Working Assets, Inc., is a Delaware corporation with offices in San Francisco.
6. There will be no change in name, current services or rates provided by Working Assets as a result of the transfer of control.
7. Public disclosure of financial information pertaining to Working Assets' balance sheet and income statement, included in the application, would place Applicants at an unfair business disadvantage.
1. The proposed transfer of control is not adverse to the public interest.
2. This proceeding is designated a ratesetting proceeding; no protests have been received; no hearing is necessary.
3. The application is noncontroversial and may be granted by the Executive Director pursuant to authority delegated by the Commission.
4. Applicants' request to file its financial information under seal should be granted for two years.
5. The application should be approved.
ORDER
IT IS ORDERED that:
1. Working Assets Funding Service, Inc. d/b/a Working Assets Long Distance (Working Assets) and Working Assets, Inc., (collectively, Applicants) are authorized pursuant to Section 854 of the Public Utilities Code to enter into the transaction, as more fully described in the application and its exhibits, by which Working Assets, Inc. will acquire control of Working Assets.
2. Applicants shall notify the Director of the Commission's Telecommunications Division in writing of the transfer of authority, as authorized herein, within ten days of the date of consummation of such transfer. A true copy of the instruments of transfer shall be attached to the notification.
3. Working Assets shall make all books and records available for review and inspection upon Commission staff request.
4. Applicants' request that the financial information pertaining to Working Assets' balance sheet and income statement, filed with this application be kept under seal is granted for two years from the effective date of this decision. During that period the information shall not be made accessible or disclosed to anyone other than the Commission staff except on the further order or ruling of the Commission, the Assigned Commissioner, the assigned Administrative Law Judge (ALJ), or the ALJ then designated as Law and Motion Judge.
5. If Applicants believe that further protection of the information kept under seal is needed, they may file a motion stating the justification for further withholding of the information from public inspection, or for such other relief as the Commission rules may then provide. This motion shall be filed no later than one month before the expiration date.
6. The authority granted herein shall expire if not exercised within one year of the date of this order.
7. Application 01-09-046 is closed.
This order is effective today.
Dated December 12, 2001, at San Francisco, California.
/s/ WESLEY M. FRANKLIN |
WESLEY M. FRANKLIN Executive Director |
ATTACHMENT A
(END OF ATTACHMENT A)
ATTACHMENT B
Working Assets, Inc.
SUBSIDIARY
Working Assets
Merger Sub
Working Assets
Funding Service, Inc.
MERGE
(END OF ATTACHMENT B)
ATTACHMENT C
HOLDING COMPANY Working Assets, Inc. |
As part of the merger and exchange of stock between Working Assets Funding Service, Inc. and Working Assets, Inc. (Holding Company) Working Assets Funding Service, Inc. cedes ownership of Working Assets Wireless, Inc., Working Assets Online, Inc., and Working Assets Green Power, Inc. to the Holding Company. The result of which is that all of the former subsidiaries of Working Assets Funding Service, Inc. become peer companies of their former parent company. And in the final corporate structure all are subsidiaries of Working Assets, Inc.
(END OF ATTACHMENT C)
