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Technology Stocks : Genuity, Inc. (GENU)
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To: Duke-N-Duke who wrote (90)10/23/2000 9:55:57 AM
From: David Wiggins  Read Replies (1) of 456
 
The Verizon/Genuity strategy is clearly in Verizon's best interest. That is the only way it can be clearly understood.

Verizon has always intended to get Genuity back as soon as they can. The option was written into Genuity's original articles. Verizon intends to make Genuity the backbone of their long-distance and data service. It will cost a bundle to build out the network, but here Verizon has turned lemons into lemonade.

Since Genuity HAD to be spun off to get approval for the GTE merger, why not take the opportunity to stick the public and Genuity shareholders with the losses and keep it off Verizon's books? Then, when the public has absorbed all the costs and the huge buildout is paid for, and Verizon has regulatory approval, they can buy Genuity back on the cheap and have their long-distance and data service in place.

Pretty tricky huh?

Regards, Dave
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