Elink Takes Over OnSite Access DC, NY Portfolios

WASHINGTON, DC-ELink Communications, which wires older buildings for broadband services, says it has strengthened its position here as well as in the New York City metro area with its acquisition of assets from OnSite Access, a company that filed for bankruptcy in May. In a related move, eLink also replaced its chief executive and named veteran telecommunications executive John Prisco as chairman, president and CEO.

Company co-founder Jason Epstein stepped down from the CEO position and is now executive vice president for business development.

In a statement, eLink said last week that a bankruptcy judge in the Southern District of New York approved its bid to acquire OnSite’s assets, encompassing a customer base in 194 wired buildings in the Washington, DC and New York areas, including the Empire State Building.

Spokesman Joe Tedino tells GlobeSt.com that the vast majority of the buildings–189–are in New York and five are in DC. ELink has wired 341 buildings in those two metro areas. Further, OnSite Access is currently operating with approximately $2.5 million in debtor-in-possession financing from eLink. The company did not reveal the total value of its investment but said it expects the acquisition to be completed in 90 days.

In an exclusive report, GlobeSt.com reported May 17 that OnSite Access was filing for Chapter 11 protection. But, while one flame sputters, another flares, and eLink completed a $70-million round of financing during the first quarter. Investors included Mayfield, CIBC and the Edward P. Bass Group.