Lamont Digital Systems

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CT’s prison population the lowest in 32 years NEWS // POLITICS Ned Lamont's cable business launched with tip from MTV Photo of Dan Haar Dan Haar July 28, 2018 Updated: July 28, 2018 1:15 a.m. Comments 17 Democratic gubernatorial candidate Ned Lamont speaks to Alexander Capeles and Ana Houston, both of Ansonia, as they wait to catch the Waterbury line Metro-North train to Waterbury at the Ansonia train station, in Ansonia, Conn. July 23, 2018. 1 of 17Buy PhotoDemocratic gubernatorial candidate Ned Lamont speaks to Alexander Capeles and Ana Houston, both of Ansonia, as they wait to catch the Waterbury line Metro-North train to Waterbury at the Ansonia train station, in Ansonia, Conn. July 23, 2018.Ned Gerard / Hearst Connecticut Media It was the early ‘80s and the rollout of cable TV was in its Wild Wild West era, driven by the white-hot MTV music video network. Ned Lamont, a young Harvard graduate, worked with Cablevision on its entry into Connecticut. He had his hand in other cable-related projects, too — including a report he filed on the industry in Kuwait. “That’s one of the things that prompted me to challenge Joe Lieberman many years later,” Lamont now says. He borrowed $250,000 from People’s Bank in Stamford, to buy a couple of “very small, beat-up private cable television systems in New York and Virginia.” “We fixed them up, made then functional,” Lamont recalls. One day he got a tip from someone at MTV: Trek up to Franklin Pierce College in New Hampshire — they’re very unhappy with their cable system. The college told Lamont its students were paying high prices and the cable system wasn’t delivering what it wanted, educational and international programming. “And, by the way, we want MTV,” Lamont recalls Franklin Pierce telling him. More Information Ned Lamont Hometown: Greenwich Age: 64 Education: Harvard University B.A., Yale M.B.A. Elected office: One term as a Greenwich selectman Business background: Founded Campus Televideo in the '80s. Invests in technology companies through Lamont Digital. Has taught business entrepreneurship at Central Connecticut State University. That was the first customer for Campus Televideo, Lamont’s company that strung cable TV from satellites into college dorms and other buildings. The company grew steadily, adding more than 100 campuses by 2006, with an enterprise value well into the millions, with Lamont as the largest owner after selling more than half the equity to outside investors. But it also suffered a major downsizing that became the source of controversy in Lamont’s political career. There’s no question Campus Televideo was — and still is, under a different owner — a successful and innovative business. Details of finances and operations remain hidden because, as a closely held company, it never had to report publicly. But we know it never grew to be a huge business — just over 100 full-time employees at the peak — and it’s likely that the company didn’t account for the bulk of wealth in Lamont’s household, which includes inheritance as well as income from Lamont’s wife, Anne Huntress Lamont, a venture capital investor. And what we do know tells us a lot about Connecticut’s endorsed Democrat for governor. After the Franklin Pierce victory, Lamont sent letters to a couple of dozen other colleges and universities — and snagged three new customers right off the bat, including the University of Hartford. Lamont loved the connection to higher education and collected chairs with the insignias of those early institutions, one early employee recalls. “Ned was the kind of guy, very intelligent, but also knew how to surround himself with people who knew all sides of the business,” said the former employee, Ray York, now senior director of operations under Apogee, the company that bought Campus Televideo in 2015. Apogee, based in Austin, Tex., maintains an office in Stamford for some executives. “He was wise enough to let all the engineers on the ground do their jobs,” York said. Cutting back Through his financial holding company, Lamont Digital — which the Lamonts still own — he had expanded into private cable, voice and data networks for planned communities. But by 2006, the front end of the housing decline, that business, known as Gatehouse Networks, wasn’t working out. That was the year Lamont, with little electoral experience, shocked the political world by beating then-Sen. Joe Lieberman, D-Conn., in a primary — only to lose to Lieberman in the general election after the senator ran as an independent. Lamont Digital and other investors sold off the Gatehouse projects in pieces. But did Lamont lay off two-thirds of his staff, more than 75 people, while taking a salary of more than $500,000? That was a charge from Lieberman. A New York Times story in August, 2006, left the question open. Now Bridgeport Mayor Joe Ganim is reviving the charge. Like Lamont’s previous opponents in Democratic primaries — including Dannel P. Malloy, who won the nomination and the governor’s seat in 2010 — he’s saying it cuts to broader issues about Lamont’s character and the sources of his wealth in his self-funded campaigns. Lamont, 64, who lives in Greenwich, says in fact, there were only a few layoffs of executives. “All the front-line guys kept their jobs, many of them moved on to the new employers.” “He should produce the records,” Ganim said. “That’s like me saying I don’t have a felony conviction.” York, the operations employee, recalled the downsizing but declined to comment on layoffs. He said he usually communicates with Lamont around Christmas time. And he recalls Lamont as an exemplary employer at a company that was exciting to work at because it was growing a new business model with innovations such as early use of fiber-optic cable. “He stayed pretty much out of the operational side,” York said. “But he definitely stayed in touch with the people. A CEO can sit up in an ivory tower and never talk with anybody under him but it sure does help with morale when a CEO stays involved and knows the names of your children. There was never a concern that ‘Oh man, I made a mistake, I’m going to get fired.’” How big a payoff? Lamont stepped down as CEO for his first run for office against Lieberman, and remained as chairman of the board until just before the company sold. He won’t say how much the business fetched. “I started the company by borrowing $250,000 and I sold it for 100-plus times more,” Lamont said, offering no more specifics. “I did well. All the folks that worked for our company did well....Our clients thought it was a good deal. You treat people well, the deal works out.” Whatever he made from the sale, he said Thursday he’s most satisfied that he negotiated that employees would keep their jobs. We don;’t know his household net worth but in a 2006 federal campaign filing, he reported it as $90 million to $332 million, much of that held by his wife. Ganim is calling for financial disclosures to determine what he says are potential conflicts and on Friday he said Lamont should make it known whether he or his wife have any state contracts. Lamont has not complied. Since 2008, Lamont Digital has invested in some startup companies that Lamont has advised closely, including a current firm called Stringr, which connects news organizations with freelance videographers in real time, “the Uber for news gatherers,” he said. One regret — he never signed up Harvard, his alma mater, with a cable system. “Maybe they were a little too highbrow for our service,” he said. “But we did do Yale.” EXPERT OPINION DAN HAAR Columnist and Associate Editor Dan Haar: Hope amid chaos for CT’s first vaccinated couple Dan Haar The McDades embody the COVID-19 vaccine and what it means for their profession of exhausted heroes ready to return to regular, hardworking lives. COLIN MCENROE Columnist McEnroe: Is boredom on the American horizon? 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