Big day for Collus-PowerStream today: the deadline for acceptance of PowerStream’s sale offer for the remaining share of our utility expires this afternoon. And of course Council will finally deal with it at the special meeting called for noon, today, mere hours before it expires. Nothing like waiting until the last moment. They’ve had a month to deal with it, but that’s our council: inept and procrastinating until the end.
Like I wrote in December, if not accepted, this will trigger the shotgun clause in the shareholders’ agreement and force the issue (see below). Council could have avoided the deadline and the shotgun by simply agreeing to waive the right of first refusal and the shotgun clauses as PowerStream requested before submitting its bid, but no one in The Block was bright enough to realize the light at the end of the tunnel was an oncoming train.
The Block will be like flies stuck in amber: frozen by their failed ideology and innate stupidity; unable to respond effectively while the deputy mayor and the interim CAO try desperately to spin the issue as PowerStream’s fault instead of a debacle of their own making. That’s been the storyline fed to council and the public for the past two years and they’ll stick with it despite it having been exposed here as a poorly written fiction for a long time now.*
As evidence of their ineptitude, any bids for the share received from the RFP sent out last fall are supposed to be discussed at council’s January 20 meeting. Two weeks after today’s deadline. That’s a true Homer Simpson “Doh!” moment.
And if you’re a council watcher, you’ll recall the gormless Blockheads mouthing bromides about “kicking the tires” and “getting public input” – all the while scheming and conniving behind closed doors (where they will be, again, today). And now they’re stuck. They that sow the wind, shall reap the whirlwind. Ain’t karma a bitch?
Continue reading “The PowerStream deadline looms today”