Obama sure knows how to help business and jobs - the Stalinist 5 year plan jammed into 4 years

NJBIZ

August 31. 2011 1:30PM

AT&T says it could be socked with $3B penalty if merge with T-Mobile is blocked

By Martin C. Daks

A federal Department of Justice lawsuit filed today to blockAT&T's proposed $39 billion acquisition of T-Mobile USA Inc. could trigger a $3 billion breakup fee, according to AT&T. ...

In a previous interview with NJBIZ, J. Michael Schweder, mid-Atlantic president for AT&T, said the company would allow T-Mobile customers to keep the lower-cost plans the provider currently offers its subscribers.
"We are surprised and disappointed by today's action, particularly since we have met repeatedly with the Department of Justice, and there was no indication from the DOJ that this action was being contemplated," said Wayne Watts, AT&T senior executive vice president and general counsel. "We plan to ask for an expedited hearing so the enormous benefits of this merger can be fully reviewed. The DOJ has the burden of proving alleged anticompetitive effects, and we intend to vigorously contest this matter in court."...

"The stock purchase agreement contains certain termination rights for each of the (companies) and (T-Mobile parent)Deutsche Telekom," AT&T said in a statement. "In the event that the stock purchase agreement is terminated because of the failure to obtain regulatory approval, the company may become obligated to pay Deutsche Telekom $3 billion in cash," among other penalties. ...

... -read on at above link-