Block Island Times

McGinnes doubles her money

Now that the Block Island Power Company is humming along under the direction of the Block Island Utility District, it easy to forget what a complicated, sometimes contentious, and, at the time, expensive deal it was that took the utility from a privately owned, for-profit company, to where it is today.
It’s also easy to forget there were lawsuits involved. Now one of those lawsuits is over. On Thursday, June 3, R.I. Superior Court Judge Richard Licht issued a decision in the case of Island Light and Power Company versus Sara Golvinveaux McGinnes 2011Trust.When the Block Island Utility District purchased BIPCo in March of 2019, it did not buy the stock of the existing company. Instead it bought the assets (land, buildings, equipment) and assumed some of the liabilities. The original company still remains, but its name has been changed to Island Light and Power. The town had purchased two-thirds of the stock from Al Casazza and John Pezzimenti for $1,800,000 in Nov. 2016, but the third shareholder, Sara Golvinveaux McGinnes 2011 Trust, did not want to sell her shares for $900,000. She felt they were worth more money.It turns out that Judge Licht agreed. The Superior Court

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