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To: Bosco who wrote (20322)	3/20/2007 4:14:13 PM
From: Crossy	Respond to of 46821

Bosco, thanx for your reply. I read another part of LVLT's story in Richard G. Tomlinson's book "Tele-Revolution". There I learned that this is actually a "second generation" fiber carrier. Jim Crowe of the Kiewit Group later was the key figure behind MFS, in which Kiewit had a major position. After MFS (Metropolitan Fiber Systems) was acquired by Worldcom, Kiewit had the opportunity to up the ante. According to the book, Crowe was given wide latitude to set up his second-generation fiberoptic communications company by Kiewit's leader, Walter Scott. The original Kiewit group, a construction company was split off the other assets and passed through to shareholders. The other assets was a diversified conglomerate which Crowe sold off piece by piece. The operation was later renamed Level-3 Communications. Always well financed with equity, I think the asset sale brought in $1.5bn, they were able to do various debt offerings, bringing in $4bn to the coffers. Walter Scott's Omaha connections even brought an investment by Warren Buffet to the table. If I remember it correctly he bought convertible preferred in LVLT years ago.. sweet yield for sure. They acted as a consolidator early one, buying some assets from ALGX bankruptcy and ICG's liquidation as well. I'm aware that LVLT still acts as a consolidator, buying Williams Communications during Chapter 11 and Broadwing last year.. thanx for adding pieces not yet known to me best rgrds CROSSY