LVLT - Level 3

[greenwave]

T-bone 1 , Constructive ,brker_Guy ,txlaw, Longinvestor and/or any other board members 

 

Do any of you LVLT followers have a few spare minutes to share your knowledge and perspective on the “accuracy of the content" of this proposal,.... as it relates to the necessity/importance  of fiber-optic systems to complement wireless systems now and in the future?

 

This is an article I recently discovered relating to Holly Springs , North Carolina's proposed fiber optic project. 

 

I sincerely appreciate any feedback and comments concerning especially pages 44 through 56 of this May 2013 proposal  , .. link below  : 

 

http://www.hollyspringsnc.us/DocumentCenter/View/5940

 

The Business Case for

Government Fiber Optics in Holly Springs

Prepared for the

Town of Holly Springs, North Carolina 

 

My interest is as a long term holder (about 7 years or so ) of LVLT . I am continuing to pursue a better understanding of the “probabilities “ that the  LVLT fiber-optic backbone will eventually payoff as Mason Hawkins and Prem Watsa ,etc. expect it will. (My specific knowledge level is very basic and low-low tech) .

 

Thank you !

 

greenwave

 

[Guest longinvestor]

T-bone 1 , Constructive ,brker_Guy ,txlaw, Longinvestor and/or any other board members 

 

Do any of you LVLT followers have a few spare minutes to share your knowledge and perspective on the “accuracy of the content" of this proposal,.... as it relates to the necessity/importance  of fiber-optic systems to complement wireless systems now and in the future?

 

This is an article I recently discovered relating to Holly Springs , North Carolina's proposed fiber optic project. 

 

I sincerely appreciate any feedback and comments concerning especially pages 44 through 56 of this May 2013 proposal  , .. link below  : 

 

http://www.hollyspringsnc.us/DocumentCenter/View/5940

 

The Business Case for

Government Fiber Optics in Holly Springs

Prepared for the

Town of Holly Springs, North Carolina 

 

My interest is as a long term holder (about 7 years or so ) of LVLT . I am continuing to pursue a better understanding of the “probabilities “ that the  LVLT fiber-optic backbone will eventually payoff as Mason Hawkins and Prem Watsa ,etc. expect it will. (My specific knowledge level is very basic and low-low tech) .

 

Thank you !

 

greenwave

 

I have also been a long term holder (11 years), a meaningful owner since 2007, coinciding with equity purchases by Prem / SEAM (they were primarily bond holders before that).

 

Will the fiber-optic backbone eventually pay off? I wish I could tell anyone that as much as I wish it does. One thing is certain, a "low-low tech" approach with (3) would have been far better during the heady days of the "new" telecom/dotcom, because one would have put it in the "too hard" pile just due to the debt load anchor. I suspect that many got into Level 3 just because of the hi tech glamour to the point of ignoring the debt anchor. I was not one of them, investing in Level (3) post the dotcom bust but I obviously overestimated their ability to overcome the debt anchor.

 

As I have learned (later, of course) that Level (3) is in a  fast - commoditizing business, the lack of pricing power made worse by the Bush admin blessed re-monopolization of the legacy telecom business in T & VZ. The long haul basis of Level 3's network needed a complete makeover in light of this govt largesse. (3) is trying to be an enterprise biz now, to me this is one more science experiment in their blighted history. Will this work, who knows?

 

The recent run-up in price gives me hope of an orderly exit for me, I've long written off the opportunity cost. But I've learned a lot about investment behavior owning this.

[brker_guy]

Greenwave,

 

Thank you for the question.  This LVLT thread has been pretty much quiet for a number of reasons since the last year when NFLX gave us hope, and then the cable guys busted our bubbles.  So, I am like longinvestor.  I have been a long-term shareholder of LVLT, but most of my serious buys have been made post 2007.  So even if I sell out now, I still make money off of LVLT, but I am holding onto my shares.  I have my worries, and I should have learned my lesson when Charlie told us in a large audience that LVLT was in the "too-hard pile".  My biggest sin on LVLT was ignoring the debt load and the dilution that came with the debt load.  I should have known better.  So, I agree with most of what longinvestor said about fast-commoditizing natuture of fiber and the re-monopolization of the Baby Bells, except... So, let me address the "except..." part below

 

For the last few months, I have carried private dialogue with Cirrus 22 about this LVLT subject.  So some of these are repeat of what I told him.

 

Do any of you LVLT followers have a few spare minutes to share your knowledge and perspective on the “accuracy of the content" of this proposal,.... as it relates to the necessity/importance  of fiber-optic systems to complement wireless systems now and in the future?

 

The answer is a definite "Yes", and here is why.  There was another thread that I have actively contributed to here on CLWR and Sprint a few months ago as my thesis on why I invested in CLWR and S when they were written off to die.  My interest in both was not bc of some great technologies that S or CLWR holds or wonderful service that either can provide to the contrary; my reasons for investing in both companies were due to the spectrum.  Without spectrum, you won't have enough capacity to stream video, to send large data, to be on social networks etc...  Spectrum would allow large amount of users to get online wirelessly. 

 

But spectrum alone won't be enough to help cut down system latency.  Sending these data to users without any lags on it is an important part to the users experience.  So, the question then is how can you cut down these latencies in wireless systems?  You need "fiber-to-the-tower".  Microwave won't cut it.  No other wireless technologies will be able to cut down on wireless system latency.  Fiber is the best medium now and in the immediate future to solve this latency problem.  There isn't any alternative.  Jim Crowe had addressed this issue in the past, and I agree with him completely.

 

Now, let me address what longinvestor has said about LVLT's strategy to combat the Baby Bells in the enterprise space and other headwind issues facing LVLT going forward.

 

1)  I want to thank the large shareholders(SEAM and even Watsa) for instrumental in the changing of the guards at LVLT.  Jim Crowe is a dedicated CEO, but I think he didn't run a tight ship.  This was evidence during the time he bought 7-8 companies and not removing the layers upon layers of executives to cut down cost.  The employees were the ones who suffered and were let go because of that poor management strategy.  So, when Mr. Jeff Storey came into power, he puts his imprints on the leadership by removing all of the unnecessary fat at the top and starting to build a very flat organization(Just listen to the Q2 Earnings CC if you want to hear more about this.).

 

2)  Enterprise Market -  LVLT has the largest metro footprint in the market, but they are not winning enough accounts there.  However, partnering with someone like Google who has the financial might and the technical bench to help win those Metro Wi-Fi accounts away from the likes of AT&T.  AT&T brag about their 23,000 WiFi Hotspots around the country.  Well, we want at least half of those 23K Hotspots by giving the users faster network and more "secured".  Period!  We got to go after MCD Hotspot accounts, HD Hotspot accounts, all the big mall Hotspots around the country, and all the airports Hotspots by teaming with Google.  Google can handle Layer 4-Layer 7, and LVLT can handle Layer 1 - Layer 3.  We need more of these engagement in the enterprise space with someone like GOOG and Ericsson on the wireless for Fiber-to-the Tower space.  The municipality opportunities like the ones you are bringing to our attention is a PERFECT opportunity for LVLT to lease their fiber to but also to provide "capacity" on their network and long-term business opportunity for us.  It's a win-win for everyone.

 

3)  Latin America Market -  This is fast becoming the growth engine of LVLT.  Just count the wins that LVLT has had this past year plus since the GLBC acquisition from Latin America.  If we can't make waves in Latin America in the next 4 years with the World Cup and Olympics there, that would be extremely disappointing.

 

4)  Over-The-Top-Video(OTTV) - This is a subject that I have separate dialogues with Mr. Cirrus 22 which I will tell you now. So what is OTTV, sometimes called OTT?  NFLX, Amazon PrimeTV and Hulu are early examples of OTT.  OTT allow you the great future of cutting the cord with the cable guys.  I don't know about you guys, but in my household, we watch only 4 channels from our list of hundreds of cable companies.  I am at a point now that I am exploring ways to cut the cable cord and sign up with NFLX, Hulu or even AmazonPrime.  So the value here is that the content owners like Disney, CBS, and TWC are beginning to see this and are investing in apps that allow you to "stream videos" to any devices, anytime, and anywhere.  Chromecast and AppleTV, even MSFT's XBox, are helping us with this strategy.  So when that happens, companies like AAPL, GOOG and MSFT will be the content aggregators and distributors, but companies like LVLT will the medium.  LVLT will benefit greatly from OTT contents.  Just wait until you see Apple iTV, next generation.  You don't need the walled-garden of the MSOs and Baby Bells to bring you contents anymore.  Why pay $100+ when you can pay $8-$10 for "contents" that you can tailor?  LVLT already has the in with AAPL already(CDN deal), GOOG(YouTube, fiber leasing and now Metro WiFi), and MSFT(Lync and XBox); they need to draft behind one of these guys and grow their revenue.

 

The future is NOW for LVLT, and NOW, LVLT has to execute to really benefit from these 4 points that I am making.  They should focus, focus, focus on executing these 4 avenues well in order to succeed.  They don't need to buy Colt.  They don't need to buy Time Warner Telecom etc...  They need to buy NOBODY!  I hope they will hunker down and get it done!  I am just GLAD that Storey is the CEO because he knows how to streamline, focus and execute.

 

I hope I answer your question.  Thank you for finding a nice proposal to share with us.

 

brker_Guy

[Guest longinvestor]

Greenwave,

 

.

1)  I want to thank the large shareholders(SEAM and even Watsa) for instrumental in the changing of the guards at LVLT.  Jim Crowe is...........y.  So, when Mr. Jeff Storey came into power, he puts his imprints on the leadership by.......

 

2)  Enterprise Market -  LVLT has the largest metro footprint in the market, but they are not winning enough accounts there.  However, partnering with someone like Google who has the financial might and the technical bench to help win those Metro Wi-Fi accounts away ....................  It's a win-win for everyone.

 

3)  Latin America Market -  This is fast becoming the growth engine of LVLT.................. would be extremely disappointing.

 

4)  Over-The-Top-Video(OTTV) - This is a .....................  Why pay $100+ when you can pay $8-$10 for "contents" that you can tailor?  LVLT already has the in with AAPL already(CDN deal), GOOG(YouTube, fiber leasing and now Metro WiFi), and MSFT(Lync and XBox); they need to draft behind one of these guys and grow their revenue.

 

The future is NOW for LVLT, and NOW, LVLT has to execute to ...........  I am just GLAD that Storey is the CEO because he knows how to streamline, focus and execute.

 

brker_Guy

 

1) SEAM et al are just as frustrated as us with a lack of return. I welcome Storey as well but have the sense that superior execution is "necessary but not sufficient" for them to make money on their $40B network.

2) Enterprise market: If history is correct it will be a Win for Google(ad revenue) and we will be part of the cost. Not much to shout about, I will be happy to be proven wrong. (3) has a history of "proving a point" and with the Starbucks deal they have a partner in Google who is also trying to prove a point about faster connectivity. Revenues for (3) from this?

3) Latin America: Have no idea as to how much revenue from LA?

4)OTTV: If consumers pay $8-$10 instead of $100, we will get something like $0.001 per streaming event. Netflix did well with the streaming, did we? So will Apple, MSFT etc. Likely that we will grow their revenue but not ours. We are a footnote despite being the enabler.

 

Yes, everyone wants our commodity and we have been engaged in one science experiment after another (Softswitch, VOIP, e-911, Video streaming, CDN......). Not been enough to overcome the debt load.

 

This should have been in the too hard pile, ironically after 10+ years for me, I still have no idea how they will do 10 years from now. Somewhere else the word "melting ice cube" was used to describe (3). That is an apt description.

 

 

[brker_guy]

Revenues for (3) from this?

Yes!

 

Have no idea as to how much revenue from LA?

  May be you like to tune into Q2 CC and read their 10Q to find out more?

 

we will get something like $0.001 per streaming event. Netflix did well with the streaming, did we?

  Really?  How did you arrive at $0.001 per streaming event figure?  NFLX chose to spread their risk by building their own CDN as well.  The value proposition is having LVLT encode content, archive contents and distribute contents for customers.  NFLX chose to build their own CDN the last year.  That's why we haven't made a lot of $ from NFLX.

 

http://blog.streamingmedia.com/2012/06/netflix-announces-new-content-delivery-network-offering-free-caches-to-isps.html

 

This should have been in the too hard pile, ironically after 10+ years for me, I still have no idea how they will do 10 years from now. Somewhere else the word "melting ice cube" was used to describe (3). That is an apt description.

  Capitulation is always the right idea...

 

[greenwave]

 

Thank you Longinvestor &  brker_Guy for your very helpful and detailed responses.  I have long valued both of your perspectives on various past postings.

 

Although I have not been much of a contributor at all to this board in the past  ;  I have read , enjoyed , and gained so  much highly valued  knowledge from  the informed commentary (and intelligent & challenging  questions ) of this board  over the years.

 

Brker_Guy, … YES ,  you most definitely answered my question(s) about  : “ the Necessity / Importance  of fiber-optic systems to COMPLEMENT wireless systems now and in the future”.

 

Primarily due to my low-tech knowledge base , some of my recent reading & research had led me to begin to question my belief in the long term need for the fiber optic “toll road concept ” . You did a great job of explaining to me  the “ WHY “ part of my question in “ plain-ole common-sense language” .  Thank you so very much for bringing it down to my level !

 

My initial take on the Holly Springs, N. C. fiber-optic proposal ( prior to reading your comments ) ,…was that possibly the consultant advising the city on the merits of  this city-wide fiber-optics  project  may have been overstating the  value of , and the necessity of a fiber based system to “complement the overall effectiveness “of any existing and/or future wireless system.

 

After reading your very detailed response, I will very likely remain invested in LVLT over the long haul. Hopefully the LVLT executives will also eventually get to read your postings and learn to simplify their communications for many of their  other “low-tech” and  patient investors.

 

Longinvestor ,… I also share your view on the ” opportunity cost” of a now obviously pre-mature investment in LVLT . The North Carolina proposal that I referenced in my earlier post gave me enough “reasonably current  information,….in layman’s language”,…. to encourage me to at least try to validate from this board’s ” VALUED KNOWLEDGE  POOL” the probability of eventual reward for our collective patience .

 

Again, thank you both for sharing your knowledge and perspectives on LVLT .

 

greenwave

 

[txlaw]

Guys, I'm sure you've seen these media reports:

 

http://www.nytimes.com/2013/11/26/technology/a-peephole-for-the-nsa.html

http://blogs.wsj.com/cio/2013/11/26/the-morning-download-nsa-revelations-reach-new-level/

http://venturebeat.com/2013/11/25/level-3-google-yahoo/

http://blogs.denverpost.com/techknowbytes/2013/11/26/nsa-may-have-accessed-google-and-yahoo-user-data-via-level-3s-network/12098/

 

I am wondering whether these reports hurt LVLT's biz.  I think most of the big Internet companies are just playing the plausible deniability card in terms of knowing or understanding the risks of sending unencrypted data between their data centers.  So I think it's unlikely that they dump LVLT for its "outrageous" conduct (which is, of course, mandated by law).  However, there is no question that LVLT will get a lot of flak for their participation, especially as we see Walter Scott being replaced as Chairman by Admiral Ellis.  And this could dissuade some of the bigger guys from associating themselves with LVLT (e.g., a Google). 

 

On the other hand, all of these reports sort of highlight the importance of LVLT's infrastructure and how so much traffic goes through it.

 

What do you think?

[brker_guy]

TxLaw,

 

It goes further than hurting LVLT.  Look at who else will get hurt by this NSA spying scandal...  Lots and lots of tech companies:

 

http://www.bloomberg.com/news/2013-11-26/nsa-spying-risks-35-billion-in-u-s-technology-sales.html

 

 

[txlaw]

Verizon buying Edgecast for $300 million:

http://gigaom.com/2013/12/09/verizon-to-acquire-cdn-edgecast-for-enhanced-media-control

[greenwave]

TxLaw,

 

It goes further than hurting LVLT.  Look at who else will get hurt by this NSA spying scandal...  Lots and lots of tech companies:

 

http://www.bloomberg.com/news/2013-11-26/nsa-spying-risks-35-billion-in-u-s-technology-sales.html

 

------

 

Brker_guy,

 

Not sure exactly where I saw it, but I think there may be a little more interest by value investors in LVLT's prospects as of late.

 

I believe  I recall  that Leucadia (Jeffries ) may be giving LVLT more coverage recently.

 

I feel sure you are well aware of the present and past connections  of Leucadia , Jeffries , and Jeff Storey,  ( from the former  "Wil-Tel -Leucadia " days ).

 

Just curious to hear your current thoughts on LVLT ?

 

Thank you again for such an informative and most helpful response to some of my other rambling posts relating to LVLT's long term future.

 

greenwave

 

[Guest longinvestor]

2013 has been the best year for me in the 10 years of owning lvlt. and thanks to this year's stock momentum, i'm now in solidly positive territory. as i've posted before (for several years!), i purchased a boatload of stock around the 2009-11 timeframe with the thesis that the company was not going bk, mr. market had priced it for impending bk.  in the meanwhile, they have delivered on one and only thing that mattered to investors, improving their credit profile.

 

now what?

 

with crowe and scott gone, i am looking for some long term guidance from the new leadership, from storey and from stt in particular with their controlling interest. there are many clamoring for outrageous growth (like 8% for posterity) from this business, kinda like during the dotcom times? i'm not. i'd like to see them entrench their strategy of being the lowest cost provider, long into the future. based on this, i'll plan my next step; either hold for the long term or exit in an orderly fashion. thanks to the cheery consensus under way, i now have time to decide over the next two years or so.

 

typed with no caps and in small font at the prior request of a board member who was turned off by excessive use of caps and emoticons on the (3) thread

[brker_guy]

A very interesting blog that I read this morning to share with you guys:

 

“Chicken” | A Game Played as a Child and by some ISPs with the Internet

 

http://blog.level3.com/global-connectivity/chicken-game-played-child-isps-internet/

[greenwave]

A very interesting blog that I read this morning to share with you guys:

 

“Chicken” | A Game Played as a Child and by some ISPs with the Internet

 

http://blog.level3.com/global-connectivity/chicken-game-played-child-isps-internet/

--------------

 

Brker_guy ,

 

Thank you for sharing this blog.

 

The writer,  LVLT’s  General Counsel for regulatory policy does a very good job in this article explaining in  layman’s language what I believe many internet users are experiencing more and more everyday .

  .

This article helped me  better understand why my Mediacom connection seems to be extremely  slow much of the time , and lately unable to open many web-links & video files, etc .

 

Hopefully our Level 3 fiber system assets will increasingly contribute in even more significant ways to bringing “orderliness” to the present inherent chaos Michael Mooney describes.  If so, then LVLT should likely be in position to properly monetize its services, and reward all stakeholders from true net income on a sustainable long term basis. 

 

Thanks again for this very informative link. 

 

Greenwave

 

[Guest longinvestor]

A very interesting blog that I read this morning to share with you guys:

 

“Chicken” | A Game Played as a Child and by some ISPs with the Internet

 

http://blog.level3.com/global-connectivity/chicken-game-played-child-isps-internet/

 

Here's to wishing that this issue breaks out into an all-out brawl, prominently in the media. The ubiquitous frustration the population faces over a poor internet experience needs bright sunshine. This is the best hope to force the issue with the oligopoly of Cables/Ma Bells. They have no incentive to fix it by themselves. Level 3 stands at the crossroad of this. Should be interesting.

[brker_guy]

Reed Hastings of NFLX wrote a similarly very interesting blog blasting away the Big ISPs.

 

http://blog.netflix.com/2014/03/internet-tolls-and-case-for-strong-net.html

 

My favorite is this image here depicting the toll booths standing btw customers and the content providers...

[brker_guy]

 

http://www.fool.com/investing/general/2014/04/05/google-new-revelations-on-fiber-spells-more-bad-ne.aspx

 

Level 3, a telecom equipment company with $6.3 billion in annual revenue and 35,000 route miles of undersea fiber-optic cables worldwide, would give Google what it needs: fiber and the ability to eventually expand this business worldwide. While Level 3 is one possibility, there are countless moves that Google may make.

[brker_guy]

Finally, LVLT has 2 consecutive quarters of really good earnings.  The train is definitely leaving the station...

 

http://www.fool.com/investing/general/2014/04/30/level-3-communications-inc-jumps-8-on-beat-and-rai.aspx

 

 

[Guest wellmont]

fool.com says this is a telecom equipment company.

[txlaw]

Finally, LVLT has 2 consecutive quarters of really good earnings.  The train is definitely leaving the station...

 

http://www.fool.com/investing/general/2014/04/30/level-3-communications-inc-jumps-8-on-beat-and-rai.aspx

 

It is indeed.

 

They also just announced a partnership with Digital Realty Trust to facilitate AWS and Azure customer usage.

[brker_guy]

That is why they are FOOL.com.... ;D ;D

 

Here are the facts on the earnings from LVLT:

 

https://finance.yahoo.com/news/level-3-reports-first-quarter-120000625.html

 

Here is a better breakdown of the numbers by a real SME of the telecom industry:

 

http://www.telecomramblings.com/2014/04/level-3-earnings-q1-2014/#more-23919

[Guest longinvestor]

Cheery consensus makes for happy long term holders. Analysts are coming out of the woodwork with upgrades. Funny how that works, everyone now loves the stock after 2 good qtrs. I will hold through the bonhomie underway and decide over the next two years on what to do next. Don't know yet if this will be a long term holding for me. But I am surely enjoying the proceedings.

 

What (3) needed was execution, operationally and with focus on customer satisfaction. Jeff Storey has been a blessing for (3). I like the fact that there is not all that happy talk of buying this or that company. Also, the focus on per share improvements. Wow, now that is refreshing at Level(3).  They have plenty of assets to deliver with.

 

 

[brker_guy]

What (3) needed was execution, operationally and with focus on customer satisfaction. Jeff Storey has been a blessing for (3). I like the fact that there is not all that happy talk of buying this or that company. Also, the focus on per share improvements. Wow, now that is refreshing at Level(3).  They have plenty of assets to deliver with.

 

Couldn't agree with you more on this one longinvestor.  The long-term and long-suffering shareholders of (3) deserve better than what they got with Crowe.  Crowe was a great visionary, but we needed an executioner after all of those acquisitions that came in...  Thanks goodness we got Dr. Storey!

[Guest longinvestor]

http://event.on24.com/eventRegistration/console/EventConsoleNG.jsp?uimode=nextgeneration&eventid=795794&sessionid=1&username=&partnerref=&format=fhaudio&mobile=false&flashsupportedmobiledevice=false&helpcenter=false&key=70664FBF02AD4A938177F3B12D8FCD32&text_language_id=en&playerwidth=1025&playerheight=650&overwritelobby=y&eventuserid=98917982&contenttype=A&mediametricsessionid=78295831&mediametricid=1264224&usercd=98917982&mode=launch#

 

Walter Scott retires from Level (3)'s Chairmanship. Here is an audio transcript of Walter speaking at the AGM this week. (If the link does not work, simply register at their website, they just are verifying that you are live person). Walter's talk starts at about the 13 minute mark. He recounts on how Level(3) was created from the Peter Kiewit times and there is no Level (3) without Jim Crowe's vision. You can recount all the mistakes made over the past 16 years which included the dotcom bust, 9-11, the financial meltdown etc. but the vision of an IP-everything world has come to fruition after all. One could say they were early, but that is naïve and full of wisdom, the hindsight variety.

 

For investors in Level(3), it all came down to when you bought. Pre-2001 buyers have been all but wiped out. Understand that nothing anyone can say will matter to them, it is water torture. If you bet big then, lives were likely destroyed. Post-2009 buyers are sitting pretty, for the big betters, this could well be the investment of the rest of their lifetime!

 

Where do we go from here?

 

Storey is off to a great start, bringing the much needed disciplined execution to (3), suspending M&A because there are enuff assets to pursue organic growth. From a shareholder's perspective, who would've thunk that per-share results mattered at (3)? Margins are expanding, enterprise business is rocking, the new Chairman Ellis is a decorated Admiral of the US Navy, (along with two other board members) raising the speculation that they will play a big part in data security, the Global Crossing acquisition has been digested to perfection, best seen by the phenomenal improvement in debt ratios, you name any "Cloud" enabler and (3) is behind them, and on and on. Level(3) was a much hated stock, the name synonymous with bad news. With the threat of large cash flows looming, the mood is shifting and how! If one wants to see cheery consensus, go no further than (3) right now. When the big cloud of dust settles on the blazing trail (2 years or so for me), the question is how far into the future can we project future cash flows, including the NOL's, competitive threats by way of net neutrality, legacy regs, the last mile opolies etc. Longleaf has money on this being "vastly" undervalued. The simplest description of what (3) is all about came from Hawkins/Cates. This is like an oil pipeline with large fixed costs, when there is only a trickle flowing through, the costs are not recouped but as the pipes fill up, it is no longer a linear path to cash flows.

 

What a story (3) has been! Until now, it was a great teacher of investing mistakes / mindsets, now I'm even getting paid for those lessons!

 

 

[txlaw]

And the big one drops:

 

http://investors.level3.com/investor-relations/press-releases/press-release-details/2014/Level-3-to-Acquire-tw-telecom/default.aspx

http://www.telecomramblings.com/2014/06/level-3-drops-big-one-buy-tw-telecom/

http://www.bloomberg.com/news/2014-06-16/level-3-agrees-to-buy-tw-telecom-in-5-7-billion-deal.html

 

[brker_guy]

TxLaw,

 

I think you will like this site on who is the leader on FFTH:

 

http://broadbandnow.com/Fiber

 

This is way different than backbone fiber, but I am sure you know that already...