The U.S. Virgin Islands and the Government Employee Retirement System, St. Thomas, are discussing the joint purchase of telecommunications company Innovative Communications Corp., St. Croix, confirmed Joel Holt, attorney for Innovative's owner, Jeffrey Prosser. Innovative owns all telephone land lines and cable TV lines in the territory. The firm filed for Chapter 11 bankruptcy protection last summer.
Mr. Holt said negotiations have been ongoing and there is no timeline for a decision. Willis Todmann, executive director of the $1.4 billion fund, was not available for comment at press time.