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TR DAILY Nov. 19, 2001 -------------------------------------------------- For a Web version of today's TR Daily, go to http://www.tr.com/online/trd/2001/td111901/index.htm -------------------------------------------------- Table Of Contents TELECOM REGULATION -- IXCs, Business Users Offer Plan For USF Collections -- SBC's InterLATA Bid Okayed, Questions DSL Resale -- Coalition Proposes Ultrawideband Regulatory Regime -- `C' Block Auction Bidder May Challenge NextWave Deal TELECOM BUSINESS -- Global Crossing To Sell IPC Trading For $360M -- Motorola Offers $260M For Optical Gear Maker -- Cygnal Tech. 3rd Qtr Revenues Up, To $44.4M -- Barak 3rd Qtr Revenues Up, To $40.7M -- I-Link 3rd Qtr Revenues Up, To $27.1M -- Avery Comm. 3rd Qtr Revenues Up, To $12.4M -- Mobile Phone Shipments Down 9% In 3rd Qtr -- BT Group Completes mm02 Spin-Off -- Brightstar Forms Wireless Data Unit -- Telecom Makes Top-10 Consumer Gripe List CAPITAL MARKETS -- Telecom Stocks Gain, TRDaily Telecom Index Up 0.8% -- Verizon Prepares $5B Debt Sale After Hot AT&T Offering PEOPLE ON THE MOVE -- SBC Hires William Daley As President -- Former Verizon Attorney Joins Firm -- Mobility Concepts Names Marketing VP -- BTI Telecom CFO To Resign -- Rogers Adds Board Members From AT&T -- Antenova Appoints New Director ************************************************************ TELECOM REGULATION ************************************************************ IXCs, BUSINESS USERS TEAM ON PLAN FOR USF COLLECTIONS AT&T Corp., WorldCom, Inc., and two groups representing business users of telecom services have submitted a proposal to overhaul the "broken and unsustainable" system governing how carriers recover Universal Service Fund contributions from their custom- ers. But the proposal for a flat USF fee on every telecom connection is likely to face opposition from incumbent local exchange carriers and others. Earlier this year, the FCC began looking at a variety of possible changes to the way it collects USF contributions. Among the possibilities raised in the Common Carrier docket 96-45 proceed- ing was whether contributions should be collected through flat fees on customer bills rather than through fees based on inter- state revenues. The proposal now being floated by AT&T, WorldCom, the eCommerce Telecommunications Users Group, and the Ad Hoc Telecommunications Users Group would allow for collection of USF contributions through flat fees on customers' bills. Residential and single- line business customers for wireline services would pay $1 per month per line; residential and business wireless customers also would pay $1 per month. Assessments for pagers would be 25 cents per month. Multi-line business customers would cover the remaining USF needs. Under an "interim step" proposed to take effect Jan. 1, 2002, those needs would be calculated by taking the estimated USF funding required for 2002 and removing the amount covered by the other line charges. The remainder would be recovered from multi- line businesses with a per-line charge. A "permanent solution" that would take effect one year later would create three levels of per-line fees for multi-line busi- ness customers. Customers with a facility capacity of less than 1.544 megabits per second would pay the "level-1" USF charge, customers with a capacity of between 1.544 Mbps and 45 Mbps would pay five times that amount, and customers with higher capacity facilities would pay 40 times the level-1 charge. The basic level-1 charge would be set at the appropriate level to cover the remaining funding needs of the USF. The group said the one-year interim period would allow carriers to develop the systems they need to develop the "capacity-based assessments" on multi-line business customers. During a conference call with reporters this afternoon, Joel Lubin, AT&T vice president-federal government affairs, said the current system was not competitively neutral. Customers of long distance carriers pay for about 75% of the USF, he said, while customers of local telephone companies and wireless carriers pay dramatically less. With USF funding needs increasing and long distance revenues lagging, the current system can't be sustained, Mr. Lubin said. So long distance carriers want the system to be based on "connections, not customers," he said. The proposal is similar to one submitted by WorldCom in its initial comments in the proceeding. The groups represented in the current coalition came together after the comments were filed with the FCC in June and they submitted their proposal to the FCC earlier this month. Incumbent LECs have opposed flat-fee proposals in the past. This proposal appears to be no exception. Lawrence E. Sarjeant, VP- regulatory affairs and general counsel at the U.S. Telecom Association, said a per-line charge was an "an unlawful way to collect carriers' contributions" to the USF. "It fails to satisfy the requirement for a competitively neutral support mechanism," he said. "Every service provider benefits from the fund and every provider should share the responsibility for contributing to the fund," Mr. Sarjeant said. "The large IXCs' effort to change the univer- sal service contribution mechanism is simply an attempt to fatten their bottom lines at the expense of other telecommunications carriers." -- Brian Hammond, bhammond@tr.com --------------- SBC's InterLATA BID WINS APPROVAL BUT RAISES QUESTIONS ON DSL RESALE SBC Communications, Inc., has won the FCC's approval to offer in- region interLATA (local access and transport area) services in Missouri and Arkansas, although questions raised about SBC's DSL (digital subscriber line) service resale efforts have prompted the Commission to promise a new proceeding to look at unresolved DSL resale issues. SBC now has authorization to offer in-region interLATA services in each of its original five states -- Arkansas, Missouri, Texas, Oklahoma, and Kansas. The FCC found that it had met the 14-point "competitive checklist" of market-opening steps outlined in section 271 of the Telecommunications Act of 1996. Bell operat- ing companies must meet those requirements before being cleared to offer in-region interLATA services. One area of controversy in the proceeding involved SBC's compli- ance with one of those 14 points -- provision of wholesale services to resellers. Section 251©(4) of the 1996 Act re- quires incumbent local exchange carriers to provide services at wholesale rates to resellers. The services subject to the resale mandate are telecom services that an incumbent provides at retail and to subscribers that aren't telecom carriers. Some commenters told the FCC that SBC had failed to comply with the resale mandate as it pertained to DSL services. They said SBC, in combination with its Internet service provider affiliate, offered DSL service on the retail market and, therefore, should make the underlying DSL transport component available to competi- tive local exchange carriers (CLECs) for resale. The FCC, however, said "neither the Act nor Commission precedent explicitly addresses the unique facts or legal issues raised in the case." The FCC hasn't addressed a situation in which an incumbent only offers DSL as part of an Internet access service rather than as a standalone retail product, it said. "We expect that how we decide questions about the regulatory treatment of the underlying transmission facilities provided by incumbent LECs to their affiliate information service providers could have far-reaching implications for a wide range of issues that would be more appropriately handled separately," the FCC said. "Accordingly, because Commission precedent does not address the specific facts or legal issues raised here, we decline to reach a conclusion in the context of this section 271 proceeding," it said. Instead, the FCC said it would initiate a proceeding by year-end and would "endeavor to complete the proceeding as soon as possible next year." Some Commissioners appear to be leaning SBC's way on the issue. Commissioner Kathleen Q. Abernathy wrote separately to address the "difficult and complex questions" regarding SBC's DSL resale obligations. She said the FCC "appropriately concludes" that the FCC can't find SBC in violation of the resale requirement because it has "never held that an incumbent LEC's DSL Internet access service -- as opposed to a distinct end-user DSL transport serv- ice -- is subject" to the resale obligation. Based on the "current record and existing precedent, it appears that SBC's end-user Internet access service does not entail provision of a telecommunications service at retail and, there- fore, that SBC is not required to make that service available for resale under section 251©(4)," she wrote. "I note that my analysis of this question is not free from doubt, and both I and the Commission may adopt a different approach in the future based on a fully developed record." FCC Commissioner Kevin J. Martin made similar comments in his separate statement. "While the Commission may ultimately address this issue in more detail, those who argue that this high-speed Internet access service provided to end users should be subject to section 251©(4) must show how, in light of [Commission precedent], this is a `telecommunications service' being offered at retail," he wrote. FCC Commissioner Michael J. Copps called the ruling the "closest of close calls." He said the DSL resale proceeding "could conceivably lead to changes in the implementation of the majority decision to authorize SBC to provide" interLATA services in Missouri and Arkansas. "I am seriously troubled that, for small business and residential customers, SBC does not make available for resale pursuant to section 251©(4) any DSL service offerings," Mr. Copps said. "The need to resolve these issues soon in the separate proceeding is made even starker when one considers the harmful impact of the failure to provide such an offering." He worried that ILECs could use the "loophole" to limit the availability of other services for resale Meanwhile, Qwest Communications International, Inc., chimed in to say that its wholesale service performance is "comparable or better on key performance measures" than SBC. Steven Davis, Qw- est's senior vice president-policy and law, said his company's "overall level of performance is already as good or better in our 14-state region. . .than SBC's successful filings." That shows that "we're close to successfully reentering the long distance business in our region," Mr. Davis said. -- Brian Hammond, bhammond@tr.com. --------------- INDUSTRY COALITION PROPOSES ULTRAWIDEBAND REGULATORY REGIME An industry coalition has proposed a regime it says the FCC should use for regulating ultrawideband (UWB) devices. The proposal includes prohibiting commercial UWB devices between 1 and 6 gigahertz. In a Nov. 15 letter to FCC Chairman Michael K. Powell, the group suggests that the Commission regulate UWB devices using the following categories: ground-penetrating radars, automotive collision radars, communications devices, experimental devices, and future categories of devices. The letter was sent on behalf of 22 aviation, wireless, satel- lite, and Global Positioning System companies and trade groups, including the Air Transport Association of America, American Airlines, Delta Air Lines, United Airlines, Lockheed Martin Corp., U.S. GPS Industry Council, Nokia, QUALCOMM, Inc., WorldCom, Inc., Sirius Satellite Radio, and XM Satellite Radio. The coalition proposed that the FCC (1) permit UWB ground-pene- trating radar applications below 1 GHz, (2) permit UWB communica- tions devices between 6 and 12 GHz and automotive collision radar devices between 17 and 24 GHz, (3) prohibit commercial UWB devices between 1 and 6 GHz, (4) limit out-of-band emissions so UWB devices don't interfere with incumbent systems, (5) develop an "expedited" UWB licensing scheme, (6) seek public comment before adopting new regulations, and (7) permit experimental UWB device use under the FCC's current rules. The coalition also renewed its call for the FCC to adopt a further notice of proposed rulemaking in its proceeding in Engineering and Technology docket 98-153. UWB companies say a further notice is unnecessary. FCC officials have said they plan to take action in the proceeding by year-end. UWB companies have maintained that the devices would be able to operate between 1 and 6 GHz without causing harmful interference to existing systems. But UWB marketers have expressed some willingness to compromise to address the concerns of other spectrum users. For example, in a Nov. 16 ex parte filing, one such company, Time Domain Corp., said it would support restrict- ing the eligibility of operators of outdoor tracking and radar below 6 GHz in an effort to reduce the number of users. -- Paul Kirby, pkirby@tr.com. --------------- `C' BLOCK AUCTION BIDDER MAY CHALLENGE NextWave DEAL A company that participated in the 1996 "C" block auction involv- ing NextWave Telecom, Inc., said today it might file a court challenge to the settlement involving NextWave, the U.S. govern- ment, and other carriers. Will Yandell, chief executive officer of Memphis, Tenn.-based Eldorado Communications LLC, complained that the settlement "effectively undercuts the integrity of the Commission's auction process and the evenhanded application of the FCC rules." Stephen Roberts, Eldorado's managing director, told TRDaily the company could challenge the settlement in court. "We think there can and should be remedies for the guys who follow the rules," he said. Eldorado won three licenses at the C block auction but later returned them because it said NextWave had pushed the prices for the spectrum up too high. On Nov. 7, the company filed an emergency petition with the FCC asking the agency to halt all private settlement negotiations (TR, Nov. 12). It argued that the negotiations violated FCC rules, the Administrative Procedure Act, and constitutional due process guarantees. On Nov. 16, the company filed a Freedom of Information Act request seeking all documents and data related to the FCC's participation in the settlement. Under the settlement announced Friday, the U.S. government would get about $10 billion, NextWave would walk away with about $5 billion, and carriers that bid on NextWave's licenses at an auction earlier this year would get the spectrum (TR, Nov. 19). The parties are seeking legislation that would codify the agree- ment and direct courts to handle any challenges in an expedited manner. -- Paul Kirby, pkirby@tr.com ************************************************************ TELECOM BUSINESS ************************************************************ GLOBAL CROSSING WILL GET $360M FROM SALE OF IPC TRADING SYSTEMS Global Crossing Ltd. bought IPC Communications, Inc., last year because it needed customers. It now is selling a large piece of IPC because it needs cash. But the $360 million generated by the sale of IPC Trading Systems won't even fund Global Crossing through 2002, according to one financial analyst. Bermuda-based Global Crossing needs to collect $400 million through the sale of "noncore" assets just to get through next year, said Frank J. Governali of Goldman Sachs. "Asset sales may get Global Crossing through 2002, but under our revised assump- tions the company will be in breach of its existing bank cove- nants. . .The company is currently in discussions with the banks to work out new covenant terms. This is a critical piece of the puzzle for Global Crossings's survival." An investment group led by Goldman Sachs Capital Partners 2000 has agreed to pay cash for IPC Trading Systems, which provides desktop units used by securities traders. Global Crossing paid $2.1 billion in stock for IPC in mid-2000. The trading system part of the business at that time was generating more than half of IPC's revenue. The remainder came from IPC's private networks and Web-hosting operations. Global Crossing acquired IPC to gain applications and users for its global wholesale network. IPC and its IXnet, Inc., subsid- iary had a large customer base in the financial services market, which was one of the vertical markets that Global Crossing was targeting. Included in the sale of IPC Trading Systems are its Asia-Pacific assets, which Global Crossing transferred in July to its affili- ate, Asia Global Crossing Ltd. Global Crossing and Asia Global Crossing will remain the preferred provider for IPC Trading Systems's telecom needs, the companies said. They didn't dis- close how much revenue that business might generate for Global Crossing. Global Crossing also is attempting to sell Global Marine Systems, an undersea cable construction business that it bought from Cable & Wireless plc in 1999 for $885 million in cash and assumed debt. "The divestiture of IPC, as well as other noncore assets such as Global Marine Systems, will strengthen our focus on becoming one of the world's leading telecommunications service providers and, at the same time, improve our company's cash position," said John Legere, chief executive officer of Global Crossing and Asia Global Crossing. -- Tom Leithauser, tleithauser@tr.com. --------------- MOTOROLA OFFERS $260M FOR OPTICAL GEAR MAKER -- Motorola, Inc., has agreed to pay $260 million in stock for Synchronous, Inc., a developer of optical networking equipment. Motorola said the acquisition would bolster its suite of products for cable TV system operators. Synchronous offers products that "greatly increase the efficiency, quality, and distance of signals sent over fiber-optic cable," Motorola said. Synchro- nous, of San Jose, Calif., will become part of Motorola's broad- band transmission network systems unit. The companies expect to complete the transaction in late 2001 or early 2002. CYGNAL TECH. 3rd QTR REVENUES UP, TO $44.4M -- Cygnal Technologies Corp., which designs and manages broadband and telecom networks, posted third quarter revenues of $44.4 million versus $31.6 million in the year-ago quarter. Net income for the most recent period also grew to $1.1 million from $389,000 last year. BARAK 3rd QTR REVENUES UP, TO $40.7M -- Barak I.T.C., an Israel-based international telecom services provider, generated $40.7 million of revenue for the third quarter, up from $27.2 million in last year's comparable quarter. EBITDA (earning before interest, taxes, depreciation, and amorti- zation) grew to $7.5 million in the most recent quarter from $0.9 million last year. I-LINK 3rd QTR REVENUES UP, TO $27.1M -- I-Link, a provider of Internet telephony, said third quarter revenues grew to $27.1 million from $5.5 million in the compara- ble quarter last year. Net loss for the most recent period shot up to $20.5 million from $6.8 million last year. AVERY COMM. 3rd QTR REVENUES UP, TO $12.4M -- Avery Communications, Inc., a provider of billing and customer care services for telecom service providers, reported third quarter revenues of $12.4 million, up from $9.6 million in the comparable period last year. Net losses after write-offs for the most recent quarter were $1.9 million versus a profit of $149,000 last year. MOBILE PHONE SHIPMENTS DOWN 9% IN 3rd QTR -- Worldwide mobile phone shipments in the third quarter of this year fell 9% from last year's comparable period, according to new figures from Dataquest, Inc. The research firm blamed the widespread economic slowdown and delays in the availability of GPRS (general packet radio service) terminals for the drop in shipments. Nokia accounted for 33.4% of the 94.4 million phones shipped in the third quarter. Of the top-five producers of mobile phones, Nokia, Motorola, and Samsung managed to improve market share year-over-year. Ericsson and Siemens lost market share during the period. BT GROUP COMPLETES mm02 SPIN-OFF -- British Telecommunications plc announced completion of the spin- off of its mm02 plc mobile phone unit, and stocks of the two firms began trading independently. In late afternoon trading on Monday, mm02 shares were trading at $11.95 each, and BT shares were at $42.28, up $3.06 on the day. BRIGHTSTAR FORMS WIRELESS DATA UNIT -- Miami-based Brightstar Corp. has formed a Global Wireless Data division. It will be headed by John Althoff, a former vice president at Ericsson Mobile Phones. TELECOM MAKES TOP-10 CONSUMER GRIPE LIST -- Consumer complaints about telecom companies and other utilities landed on the top-10 list of the National Association of Consumer Agency Administrators and the Consumer Federation of America's 10th annual survey. Appearing on top-10 list for the first time were consumer complaints about the Internet. NACAA member agencies said the biggest increase in complaints in 2000 were about utilities (with an average increase of 52%) and the Inter- net (with an average increase of 128%). Among the specific Internet complaints, problems with Internet service providers (ISPs) came in third, just behind problems with merchandise and auctions. Several NACAA members called for additional enforce- ment in the area of telecommunications. They offered the follow- ing suggestions: (1) Give consumer protection agencies more authority to prosecute providers of wireless and wireline tele- phony and cable TV service for unfair business practices; (2) Adjust regulations to level the playing field between incumbent local exchange carriers and new entrants; and (3) Provide for state and local regulation of cell phone providers. ************************************************************ CAPITAL MARKETS ************************************************************ TELECOM STOCKS CONTINUE GAINING; TRDaily TELECOM INDEX UP 0.8% Larger telecom stocks racked up another day of impressive gains on Monday as all major equities markets improved on continuing good news from the U.S.-led war in Afghanistan, including reports that Osama bin Laden is running out of room to hide from U.S. forces. The TRDaily Telecom Index tacked on another 8.7 points, or 0.78%, to close at 1,130. The index of 90 larger-cap telecom service provider and equipment supplier stocks was inaugurated on Nov. 2 at a baseline value of 1,000 points and has gained 11% in value since then. Likewise, the Dow Jones Industrial Average gained 109 points, or 1.1%, to finish at 9,976. The S&P 500 average appreciated by 12.4 points, or about 1.1%, to close at 1,151. The Nasdaq com- posite average picked up 35 points, or 1.89%, to end the day at 1,934. Leading the telecom sector higher was BT Group plc (known until today as British Telecommunications plc), which spun off its mmO2 mobile phone unit on Monday. BT shares gained $3.50 each, to close at $42.25, while mm02 common finished its first day of trading at $12.02 per share. Elsewhere, telecom tech bellwethers Ciena Corp. gained $1.74 per share to $21.16, and QUALCOMM, Inc., jumped $2.39 per share to finish at $62.47. Loss leaders in the sector on Monday included Tellium, whose common stock fell $0.28 to $5.37 per share. The company an- nounced late Friday it had filed papers with the Securities and Exchange Commission that would allow the sale of up to 14.7 million shares of Tellium common stock on behalf of members of management. Mobile phone maker Nokia saw its common stock lose $0.37 per share to $24.62. Motorola's stock fell $0.57 per share to $17.93. A report released on Monday estimated that third quarter worldwide mobile phone shipments had fallen by 9% on a year-over- year basis. -- John Curran, jcurran@tr.com For a Web version of today's TR Daily Telecom Index report with graphics and index components, go to: http://www.tr.com/online/trd/2001/td111901/index.htm ---------------- VERIZON FILES FOR $5B DEBT SALE, ON HEELS OF HOT AT&T DEBT OFFERING Verizon Communications, Inc., today filed papers with the Securi- ties and Exchange Commission for a proposed offering of up to $5 billion of debt securities. Verizon's latest funding move came on the heels of a hugely successful debt offering last week by AT&T Corp., rock-bottom interest rates, and a deep list of Verizon funding needs stretching into 2002. Today's SEC filing by Verizon and its Verizon Global Funding Corp. unit were for a debt shelf offering of up to $5 billion. Once approved by the SEC, some or all of that amount of securi- ties can be sold by the company on an ongoing basis. According to the SEC filing, Verizon may use proceeds from a sale to repay short-term debt and for unspecified "general corporate purposes." As for market demand, Verizon's timing hardly could be better. Last week, AT&T Corp. went to market looking to peddle a $5 billion debt offering and came back with proceeds of $10.1 billion on big demand from both sides of the Atlantic. Under current conditions, Verizon should receive at least as warm a reception, bond traders told TRDaily. "Any good paper at all is going to get bought up," commented one trader, who explained that continuing woes in the high-yield corporate bond market and a recent tightening of spreads on U.S. Treasury debt has created demand for higher-grade corporate debt. AT&T, which has an "A-3" long-term credit rating from Moody's Investors Service, priced its recent debt sale at between 2.5 and 2.9 percentage points above comparable-maturity Treasury yields. The 30-year Treasury note as of Friday carried a yield of around 5.22% and the 10-year bill was yielding about 4.77%. Should Verizon go forward with the debt sale, proceeds could be directed toward any number of pressing financing needs. Near the top of the list would be $7 billion due on the $8.8 billion purchase of spectrum licenses from bankrupt NextWave Telecom. Earlier this month, Verizon Wireless filed an updated SEC filing for its proposed initial public offering of common stock, which has a hypothetical value of $5 billion. Proceeds from that offering, expected by the middle of next year, would be directed toward repaying debt to Verizon Communications, buying spectrum licenses, and funding capital expenditures. In its quarterly report filed with the SEC last week, Verizon Communications said it had devoted $12.4 billion to capital spending for the first nine months of this year. It expects to shell out up to $4.7 billion for capital expenditures in the fourth quarter. Refunding of debt with shorter-term maturities also looms large. At Sept. 30, Verizon listed on its books $18.8 billion of debt maturing within one year, in addition to $45 billion of long-term debt. The company had $1.3 billion of cash and $5.9 billion of unused bank credit at the end of the third quarter. -- John Curran, jcurran@tr.com ************************************************************ PEOPLE ON THE MOVE ************************************************************ SBC HIRES WILLIAM DALEY AS PRESIDENT -- SBC Communications, Inc., has named William M. Daley its new president effective Dec. 1. He was vice chairman of Evercore Capital Partners L.P. He was also U.S. Secretary of Commerce during the Clinton administration from 1997 to 2000. Mr. Daley is the brother of Chicago Mayor Richard M. Daley. FORMER VERIZON ATTORNEY JOINS FIRM -- James R. Young has joined the law firm of Hunton & Williams in its McLean, Va., office. Mr. Young is a former general counsel at Bell Atlantic Corp., now Verizon Communications, Inc. MOBILITY CONCEPTS NAMES MARKETING VP -- Lou Panetta has been named vice president-marketing for Mobility Concepts, a wholly owned subsidiary of Denver-based Active Link Communications, Inc. He was president and chief executive officer for Fujitsu Personal Systems, Inc. Mobility is a wire- less networking company based in Chicago. BTI's CFO TO RESIGN -- BTI Telecom Corp.'s chief financial officer, Brian Branson, will resign Dec. 15 to spend more time with his family, the company said. He joined BTI in 1992 and was named CFO in August 1996. BTI is a competitive local exchange carrier headquartered in Raleigh, N.C. ROGERS ADDS BOARD MEMBERS FROM AT&T -- Canada's Rogers Wireless Communications, Inc., has appointed Lewis M. Chakrin and Timothy Finnegan, both of U.S.-based AT&T Wireless, to its board. Mr. Chakrin is AT&T Wireless's executive vice president-corporate strategy and planning. Mr. Finnegan is VP-sales. Rogers Wireless, Inc., which operates under the Rogers AT&T Wireless brand, is 51% owned by Rogers Wireless Communica- tions, Inc., and 33% owned by AT&T Wireless. ANTENOVA APPOINTS NEW DIRECTOR -- U.K.-based "smart" antenna maker Antenova Ltd. has named Peter Radley a non-executive director to its board. He is chairman of Alcatel U.K. Antenova is based in Cambridge, U.K. ******************************************************** TR DAILY Copyright 2001 Telecommunications Reports International, Inc., (ISSN 1082-9350) is transmitted weekdays, except for holidays. Visit us on the World Wide Web at http://www.tr.com. Published by the Business & Finance Group of CCH INCORPORATED. Editor: John Curran Associate Editor: Tom Leithauser Associate Editor: Ryan Oremland Associate Editor: Ed Rovetto Publisher: Stephen P. Munro 1333 H Street, NW, 1st Floor-East Tower, Washington, DC 20005 Editorial Information: Telephone: (202) 312-6060 Fax: (202) 312-6111 Email: jcurran@tr.com tleithauser@tr.com Customer Service: Telephone: (202) 312-6050 (877) 874-8737 Fax: (202) 312-6116 Email: customerservice@tr.com PLEASE NOTE: This electronic publication is copyrighted by Telecommunications Reports International. Redistribution or retransmission of any part of this electronic publication -- either internally or externally -- is strictly prohibited. Violation will be cause for immediate termination of your sub- scription and liability for damages. You may print out one hard copy for your personal use. If you are interested in having this publication sent to colleagues at your company, additional authorized recipients may be added to your subscription for a fee. Call Subscriber Services, at (800) 822-6338, or send an e- mail to customerservice@tr.com for more details. 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