Citibank again accuses Burlington Telecom of failing to pay up - WCAX.COM Local Vermont News, Weather and Sports-

Citibank again accuses Burlington Telecom of failing to pay up

Posted: Updated:
BURLINGTON, Vt. -

Citibank is again accusing Burlington Telecom of contempt of court for failing to make payments on the disputed $33 million lease agreement.

The city-owned cable and internet provider is at the center of a legal fight. Citibank wants its money and equipment back. The city claims the lease has been legally terminated.

A judge ordered BT to pay 60 percent of its net profits into an escrow account until the legal fight is settled. But Citibank claims BT came up $40,000 short on its last payment, spending the money instead on equipment upgrades in violation of the court order. The city denies that, saying it is in full compliance with the escrow terms.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WCAX. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.