Alltel Corporation provides wireless communication services to individual and business customers. It offers wireless voice and data communication; postpaid and prepaid wireless calling card; roaming and long-distance calling; and data solutions. The company provides text and video messaging digital gaming, radio streaming, Internet access, and emailing services. Additionally, it offers mobile handsets and accessories. The company provides business intelligence, field service automation, security, and systems management services. It caters to transportation, retail, insurance, healthcare, construction, and financial services industries. The company was formerly known as Mid-Continent Telephon...
One Allied Drive
Little Rock, AR 72202
Founded in 1943
Peter Rosenow Files a Class Action Complaint Against Alltel Corp. and Alltel Communications Inc
Oct 31 14
Peter Rosenow filed a class action complaint against Alltel Corp. and Alltel Communications Inc. (collectively, Alltel), alleging Alltel imposed an early termination fee on Rosenow and other cellular phone customers in violation of the Arkansas Deceptive Trade Practices Act. Alltel moved to compel arbitration. The trial court denied the motion, holding that the arbitration agreement lacked mutuality. Under Arkansas law, mutuality requires that the terms of an agreement impose liability upon both parties. The arbitration agreement at issue provided in part that if Alltel did not enforce any right or remedy available under the agreement, that failure was not a waiver. The supreme court agreed with the trial court's determination that the arbitration agreement imposed no real liability upon Alltel. Alltel and customers were bound by the arbitration agreement but Alltel clearly reserved their right to pursue remedies other than arbitration without consequence. The reservation was limited solely to Alltel. Rosenow and other customers had to submit any disputes to arbitration. In determining whether parties agreed to arbitrate a certain matter, courts should apply ordinary state law principles that govern the formation of contracts. The supreme court noted that if it did not consider mutuality, the court would be impermissibly placing arbitration provisions on unequal footing with other contract provisions. The supreme court concluded that the arbitration agreement treated Alltel and customers differently. The disparate treatment resulted in a lack of mutuality. Accordingly, Rosenow was not obligated to arbitrate his dispute.
Verizon Communications Inc. Announces Pricing Terms of Exchange Offers
Aug 6 14
Verizon Communications Inc. announced the pricing terms of its previously announced eleven separate private offers to exchange (the 'Exchange Offers') specified series of debt securities issued by Verizon and by Alltel Corporation (an indirect wholly owned subsidiary of Verizon) (collectively, the 'Old Notes') for new debt securities to be issued by Verizon (the 'New Notes') in accordance with the terms of the Exchange Offers. The Exchange Offers consist of the following: an offer to exchange the 2.500% notes due 2016 of Verizon; and an offer to exchange the 3.650% notes due 2018 of Verizon, in each case, for new notes due 2020 of Verizon (the 'New Notes due 2020'), provided that the principal amount of New Notes due 2020 to be issued in such Exchange Offers on an aggregate basis shall not exceed $2,000,000,000 (collectively, the '2020 Exchange Offers'); an offer to exchange the 7.350% notes due 2039 of Verizon; an offer to exchange the 7.875% debentures due 2032 of Alltel Corporation; an offer to exchange the 7.750% notes due 2032 of Verizon; an offer to exchange the 7.750% notes due 2030 of Verizon; an offer to exchange the 6.800% debentures due 2029 of Alltel Corporation; and an offer to exchange the 6.400% notes due 2033 of Verizon, in each case, for new notes due 2046 of Verizon (the 'New Notes due 2046'), provided that the principal amount of New Notes due 2046 to be issued in such Exchange Offers on an aggregate basis shall not exceed $4,500,000,000 (collectively, the '2046 Exchange Offers'); and an offer to exchange the 6.550% notes due 2043 of Verizon; an offer to exchange the 6.900% notes due 2038 of Verizon; and an offer to exchange the 6.400% notes due 2038 of Verizon, in each case, for new notes due 2054 of Verizon (the 'New Notes due 2054'), provided that the principal amount of New Notes due 2054 to be issued in such Exchange Offers on an aggregate basis shall not exceed $5,500,000,000 (collectively, the '2054 Exchange Offers'). The Exchange Offers are being conducted by Verizon upon the terms and subject to the conditions set forth in a confidential offering memorandum, dated July 23, 2014 (the 'Offering Memorandum'), including the acceptance priority levels and possible proration, as described in the Offering Memorandum.