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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here

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To: zbyslaw owczarczyk who wrote (10294)	1/30/2001 2:51:44 AM
From: elmatador	Read Replies (2) of 12823

SBC "cook" the books to hide ADSL losses: SBC's Prodigy: From #1 DSL ISP to almost nowhere SBC had agreed to service all consumer DSL thru Prodigy, in return for 43% of the company, and sent their own managers to take charge, alongside partner Carlos Slim/Telmex. But the internet stock bust killed the original plan, to move DSL expenses off SBC's books and use Prodigy's internet-valued stock as discreet off-balance sheet financing. The Republican regime will presumably gave SBC another reason to bring it in-house, by reducing regulation on SBC itself. Prodigy will maintain a portal for SBC, and provide certain backbone services, and SBC kicked in $110M to stave off bankruptcy. Prodigy continues to resell Covad, which volume may or may not count towards SBC's $600M Covad deal. The Prodigy and NAS deal have cost SBC several hundred million dollars, mostly in drops in the stock values. We believe the form of the deal has protected SBC from recognizing those losses, which are buried in balance sheet values, but they are large enough to be material.

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