American Tower Corp. (ATC) has filed a lawsuit against a wireless and satellite internet, phone, and DISH television provider, alleging it stopped paying rent payments on 60 of its structures on November 24, 2021.
ATC says it is due $2,891,885 plus attorneys’ fees and other costs from TPT SpeedConnect, LLC.
SpeedConnect advertises that it is proud of the role it plays in supporting small towns and rural communities in Michigan, Iowa, Nebraska, Illinois, Minnesota, South Dakota, Montana, Idaho, Texas, and Arizona that make America flourish.
American Tower Corp. has provided support to the company’s growth ever since SpeedConnect signed a lease to collocate on a Flagstaff, AZ tower in June of 2006, adding an additional 59 locations by August of 2020 when it co-located on a former UniSite structure in Pinconning, MI.
However, on January 19, 2022, ATC sent a notice of termination and payment demand to SpeedConnect. ATC is also requesting fees if it has to remove and dispose of SpeedConnect’s equipment.
If the court finds SpeedConnect in breach of contract and awards ATC over $3 million, it’s likely that they will see little or any payment.
SpeedConnect was acquired by TPT Global Tech (TPTG), Inc. in 2019, when the company had about 17,000 subscribers, for $1.75 million and the assumption of certain liabilities.
In 2020, TPTG went on an acquisition binge and bought 9 companies, and then an additional 6 in 2021.
But revenues declined, and in a May 16, 2023, 10-K report, the company’s auditor expressed doubt that the company can continue as a going concern. The company listed its accumulated deficit at $107,809,023.
Crown Castle also sues TPT Global
In another lawsuit against TPTG by Crown Castle, the towerco said it is due $386,030 in unpaid rent that should have been paid by Copperhead Digital but is still due. TPTG believes it has several defenses to this claim and is in the process of communicating with Crown Castle’s counsel for the dismissal of the complaint.
TPTG, in its Q1, 2023 filing, said the company had a net loss of $1,104,018, compared to a loss of $5,572,475 in 2022.
TPTG’s stock is currently trading on the OTC pink sheets at $0.001200, down 99.98% in the past 10 years.
