The town boards of Davidson and Mooresville on Monday voted to put their jointly owned cable system up for sale.
The towns created what was then called MI-Connection in 2007 when they bought the local remnants of the bankrupt Adelphia system. The company was renamed Continuum in October 2017.
The company was a drain from the start on both towns, which discovered that the Adelphia system was in worse shape than they thought, leading the them to borrow more than they expected for the sale and necessary upgrades. The towns ended up spending tens of millions of dollars out of their general funds annually when the company’s revenues were not enough to offset debt payments.
“In light of the financial obligations for Mooresville from (Continuum), including from the installment financing, the town board believes that it is in the best interest of Mooresville, the citizens of Mooresville and the customers of the system to review its … alternatives with respect to the system, including to seek a buyer of the system, which would offer favorable financial terms and which could continue to operate the system and provide services to the public,” reads one section of the resolution passed by Mooresville's board.