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

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.

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

While our business will be affected by macro-economic conditions in the near term, we are confident in the long-term outlook for our infrastructure products and services.

It can't go on forever, and I think a lot of the euphoria of what will happen to business in Hong Kong is now in the price. What's not in the price are many of the risks of becoming a part of China.