The business outlook for wholesale transport, IP services and consumer voice-over-IP remains opaque. But Level 3 now has more time.

Alltel is a strategic asset with regard to its wireless business and balance sheet. The same applies to Sprint as it partners with the cable companies. Qwest likely stays intact for the intermediate term, but is generating cash and has operational momentum.

Alltel is a strategic asset with regard to its wireless business and balance sheet. The same applies to Sprint.

We estimate that the directories business will be able to generate a substantial amount of cash, even in a relatively high-leverage type structure.

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By working with Level 3 we can leverage a full suite of local, long distance and E-911 voice services to accelerate our telephone deployment and expand into new markets.