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Telecommunications Reports presents....

                                  TR DAILY
                                  Oct. 26, 2001
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***See Monday's TR for an On-the-Record interview with John
Grimley, European issues adviser for London-based consultancy
Chelgate Ltd.  He discusses regulatory strategies for doing
business in Europe.


Table Of Contents
Click here for the full issue:
http://www.tr.com/online/trd/2001/td102601/index.htm

U.S. REACHES SETTLEMENT WITH NextWave;
McCain WARNS AGAINST `SHORTCHANGING' TAXPAYERS
http://www.tr.com/online/trd/2001/td102601/Td102601.htm

BUSH ADMINISTRATION SAYS IT OPPOSES
NORTHPOINT'S EFFORTS TO AVOID AUCTIONS
http://www.tr.com/online/trd/2001/td102601/Td102601-01.htm

COMMISSIONERS:  BROADBAND DEPLOYMENT SUFFERS
FROM UNCERTAINTY, SLOW REGULATORY PROCESSES
http://www.tr.com/online/trd/2001/td102601/Td102601-02.htm

ERICSSON FOCUSES ON COST-CUTTING
AS MOBILE GEAR MARKET RECEDES
http://www.tr.com/online/trd/2001/td102601/Td102601-03.htm

JDS UNIPHASE SEES DEMAND FALLING FURTHER,
AFTER FIRST QUARTER SALES DROPPED 45%
http://www.tr.com/online/trd/2001/td102601/Td102601-04.htm

MOODY's DOWNGRADES AT&T's DEBT RATINGS
http://www.tr.com/online/trd/2001/td102601/Td102601-05.htm

TELECOM EARNINGS ROUNDUP 
http://www.tr.com/online/trd/2001/td102601/Td102601-06.htm

TELECOM SECTOR WEEKLY FUNDING ROUNDUP
http://www.tr.com/online/trd/2001/td102601/Td102601-07.htm

NEWS IN BRIEF 
http://www.tr.com/online/trd/2001/td102601/Td102601-08.htm


****************************************************************
U.S. REACHES SETTLEMENT WITH NextWave;
McCain WARNS AGAINST `SHORTCHANGING' TAXPAYERS

A settlement to resolve the dispute over NextWave Telecom, Inc.'s
"C" and "F" block PCS (personal communications service) licenses is
complete, sources told TRDaily today.  Over the weekend, FCC
staffers intend to brief key congressional aides on the accord with
an eye toward having everyone on board for an announcement early
next week, sources said.

But a top senator today raised concerns that a settlement with
NextWave could "shortchange" U.S. taxpayers.  "What troubles me is
that spectrum auction revenues are being lost just when they are
most needed," said Sen. John McCain (R., Ariz.), the ranking member
on the Senate Commerce, Science, and Transportation Committee, in
a letter to Senate Majority Leader Thomas A. Daschle (D., S.D.) and
Minority Leader Trent Lott (R., Miss.).

Sen. McCain noted the numerous demands on the U.S. budget due to
the Sept. 11 terrorist attacks, including funding the war,
rebuilding damaged infrastructure, and propping up weakened
industries.

"Since revenues are essential to each of these vital tasks, I
believe that the government can no longer afford to simply `pay
off' a company whose only contribution to the American economy has
been to manipulate, for private gain, the results of an improperly
designed auction of a valuable public good," Sen. McCain added.

Sen. McCain noted NextWave reportedly would walk away with $5
billion in a settlement, and the U.S. Treasury would get about $11
billion.  By contrast, the government would have received $15.85
billion for NextWave's spectrum if an appeals court hadn't ruled
that the FCC illegally reclaimed the carrier's licenses.  A
reauction earlier this year of NextWave's licenses netted a total
of $16.8 billion, including licenses that didn't belong to
NextWave.

The senator also noted that Verizon Wireless reportedly had asked
to delay until May 2002 paying the balance of what it would owe on
the licenses it bid on at the reauction.

"What assurances will the American taxpayer have that the federal
government will receive the billions owed to them from the January
reauction?" Sen. McCain asked.  "The taxpayers of this country
deserve an agreement that properly ensures that settlement funds
are paid in full before the American taxpayer is asked to
participate in any settlement.

"The expected $17 billion. . .in receipts from January's reauction
would have provided revenue desperately needed to address the
recent terrorist attacks upon this country, and I am disturbed that
an American company would force American taxpayers to forgo some of
that money by exploiting legal technicalities," he added.  "But if
this does happen, then this Congress must use its oversight
authority to ensure that this matter is resolved upon terms that
protect the American people from being shortchanged once again."

Lawmakers' endorsement of any NextWave settlement is crucial;
Congress would be asked to approve legislation that would codify
the accord, sources said.

-- Paul Kirby, pkirby@tr.com


****************************************************************
BUSH ADMINISTRATION SAYS IT OPPOSES
NORTHPOINT'S EFFORTS TO AVOID AUCTIONS

Northpoint Technology, Inc.'s attempt to gain access to Ku-band
spectrum for free has suffered a major setback.  The Bush
administration has weighed in against the company, saying it
opposes any efforts to restrict the FCC's ability to assign
terrestrial licenses by competitive bidding.

The development represents a victory for the direct broadcast
satellite (DBS) and terrestrial wireless industries, which have
fought Northpoint on the issue.

Sources have said that Northpoint was attempting to get senators to
tack a "rider" onto a fiscal year 2002 appropriations bill that
would prohibit the FCC from auctioning spectrum to terrestrial
wireless providers if those frequencies were licensed to satellite
services without such competitive bidding (TR, Oct 22).

The FCC last year said that terrestrial wireless systems can share
the Ku-band with DBS providers and it is now considering technical
and service rules for licensing Northpoint, including whether to
auction the spectrum (TR, Dec. 4, 2000).

In an Oct. 25 statement regarding the Senate agriculture
appropriations bill, the White House's Office of Management and
Budget said the Bush administration "would strongly oppose any
amendment that would restrict the FCC's ability to assign, via
competitive bidding, spectrum licenses that could be used by
terrestrial (i.e., non-satellite) services.

"Such a provision would interfere with the efficient allocation of
federal spectrum licenses, provide a windfall to certain users, and
reduce federal revenues," OMB added.

The Satellite Broadcasting and Communications Association, which
represents DBS providers, praised the Bush administration's
position.  "There is no public policy or legal justification for
Congress to accept Northpoint's outrageous proposal to change
current law and give Northpoint the use of this spectrum for free,"
said Andy Wright, SBCA's acting president.

But Antoinette Cook Bush, Northpoint's executive vice president,
responded, "It is very hypocritical for SBCA to urge auctions for
our company, when its members such as Hughes [Electronics Corp.]
successfully urged Congress to enact legislation last year to
exempt themselves from auctions while their applications were
pending to share spectrum with Northpoint."

She added that Northpoint "only seeks fair and equal treatment with
other companies seeking to use the same spectrum. . .The existing
statutory exemption plainly gives satellites an enormous
competitive advantage over us and we're simply asking the Congress
and the administration to restore a technologically neutral
regulatory process."

-- Paul Kirby, pkirby@tr.com


****************************************************************
COMMISSIONERS:  BROADBAND DEPLOYMENT SUFFERS
FROM UNCERTAINTY, SLOW REGULATORY PROCESSES

FCC Commissioners today disputed that there's a "broadband crisis"
in the U.S.  Broadband deployment is occurring "on a reasonable and
timely basis" compared with the pace of earlier technologies, Com-
missioner Kathleen Q. Abernathy said.

She and Commissioners Michael J. Copps and Kevin J. Martin shared
their ideas for spurring the deployment of advanced services today
at a national broadband summit in Arlington, Va.  Sponsors of the
summit included the National Association of Regulatory Utility
Commissioners and the National Exchange Carrier Association, Inc.

Commissioner Copps called broadband a "precious right" for all
Americans but said it was "too early to say we have a `broadband
divide.'"  Commissioner Martin said the country should focus on
broadband as a "fundamental national priority."

"We need to change the way government taxes broadband services and
[creates] regulatory financial disincentives," he said.  He
specifically singled out state and local government burdens such as
franchise fees, right-of-way fees, and permitting processes.

"We need more strict enforcement of the collocation rules,
additional performance measures [on unbundled network elements],
and the FCC should reconsider which elements should be made
available," he said.  Regulators also need to remove the
"regulatory underbrush" of federal, state, and local rules, he
said.

The FCC should move expeditiously on the cable open access pro-
ceeding and perhaps create a "rocket docket" to resolve complaints
filed with the Enforcement Bureau, he said.  According to one
source, there are thousands of pending Internet service provider
complaints.

Commissioner Abernathy said the FCC should look at what it could do
to encourage investment in telecom facilities.  "We need to look at
the decision and rulemaking processes and address issues sooner,"
she said.  "We are behind the curve on technology advances."

Mr. Copps said the current pessimism regarding broadband deployment
was misguided.  Broadband can revitalize the economy, he said.  But
the FCC "gets in trouble when it doesn't look at the supply-and-de-
mand issues for a service and sets policies to encourage certain
services."  He cited third-generation wireless services and digital
TV as examples where expectations hadn't been met.

"The train can't carry freight until the tracks are laid," he said. 
The FCC's role is to eliminate barriers, regulate with clarity and
transparency, and speed decision making, he added.

-- Ed Rovetto, erovetto@tr.com


****************************************************************
ERICSSON FOCUSES ON COST-CUTTING
AS MOBILE GEAR MARKET RECEDES

As its customers pause to consider how and when to deploy third-
generation (3G) wireless services, Telefon AB LM Ericsson is
counting on deeper cost-cutting to combat slower sales.  The
"efficiency program," as the cost-reduction effort is known, "is
ahead of schedule," President and Chief Executive Officer Kurt
Hellstrom said today.

The company cut 2.5 billion Swedish kronor ($236 million) in the
quarter that ended Sept. 30 and will save 7 billion kronor ($660.7
million) by year-end, he said.  It reduced headcount by 5,500
employees during the quarter, bringing its headcount cuts to 6,800
so far this year.

The Swedish telecom equipment maker lent more weight to its cost-
cutting prospects by announcing that Michael Treschow would become
chairman, effective March 2002.  He will resign as president and
CEO of Electrolux and will succeed Lars Ramqvist as Ericsson's
chairman.

Mr. Treschow "is known for his effective cost-cutting management
skills at Electrolux and Atlas Copco and we believe he is just what
Ericsson needs in this difficult operating environment," said
Adnaan Ahmad of Merrill Lynch & Co.

Ericsson's third quarter results fell short of expectations.  The
company recorded sales of 54.6 billion kronor ($5.2 billion), a 19%
drop from a year ago.  Net losses totaled 4 billion kronor ($377.5
million) versus a net gain of 4.4 billion kronor ($415.3 million)
a year ago.

The outlook for the rest of this year and 2002 isn't particularly
bright.  The company revised its prediction that sales for the
entire mobile systems industry would remain flat or show modest
growth next year.  It now expects the market to be down as much as
10%.  Its own sales will track that industry trend, it said.

The company's third quarter results were "weaker than
expectations," and its fourth quarter guidance was "disappointing,"
said Jeffrey Schlesinger of UBS Warburg LLC.  Moody's Investors
Service, meanwhile, downgraded the company's long-term debt rating
to "Baa-1" from "A-3."

"There are still no signs of a recovery in the demand for mobile
phone equipment," Moody's said.  "On the contrary, Moody's expects
more carriers to defer upgrades to the GPRS [general packet radio
service] standard, to postpone installations of 3G networks, or to
agree with partners on network sharing."

"The rating downgrade is based on Ericsson's increasing reliance on
wireless infrastructure equipment and on the anticipated further
slowdown and heightened price competition in this segment as
wireless operators are very carefully considering their complicated
technology migration strategies," Moody's said.

-- Tom Leithauser, tleithauser@tr.com


****************************************************************
JDS UNIPHASE SEES DEMAND FALLING FURTHER,
AFTER FIRST QUARTER SALES DROPPED 45%

JDS Uniphase Corp., a bellwether in the optical networking
equipment sector, late Thursday said it still couldn't see the bot-
tom of the demand slump that sequentially trimmed its revenues by
nearly half in the firm's fiscal first quarter ending Sept. 29.

JDS's revenues in the quarter fell to $329 million, 45% below the
$601 million reported for the fourth quarter of fiscal 2001 ending
June 30.  During the first quarter of fiscal 2000, JDS racked up
$786 million of revenues.  The latest quarter was accompanied by a 
$260 million net loss excluding some downsizing and other charges
versus a $177 million profit in the year-ago quarter.

"Our industry continues to be affected by declining carrier capital
spending and a weak overall economic environment," commented Jozef
Straus, co-chairman, president, and chief executive officer.   In
the short term at least, JDS executives expect neither of those
trends to abate.

"The company anticipates sales for the second quarter will be
approximately 10%-15% below the first quarter as the downturn in
the company's markets continues," JDS said in its earnings release
late yesterday.  Excluding charges related to cost-cutting
measures, JDS expects to report a small net loss for the second
quarter.  The firm declined to offer any financial performance
guidance beyond then.

In the meantime, JDS said it would continue to reduce expenses
while funding development of new products.  "We believe these next-
generation systems will be part of a future industry recovery and
that we are well positioned to help our company and our customers
return to growth," the firm said.

JDS's cost-cutting measures thus far have produced $600 million of
annual savings, with another $200 million of savings targeted. 
Included in the downsizing have been substantial layoffs and
closure of 17 manufacturing facilities.  The cuts in operating
expenses have not come cheaply.  Through the end of September, JDS
took $778 million of charges related to cost saving efforts.  It
expects up to $172 million in additional charges to complete the
program.

-- John Curran, jcurran@tr.com


****************************************************************
MOODY's DOWNGRADES AT&T's DEBT RATINGS

Moody's Investors Service reduced AT&T Corp.'s debt ratings and
said it might issue further downgrades.  The core telephony unit
was downgraded to "A-3" from "A-2" and the less creditworthy
broadband cable TV division was lowered to "Baa-1" from "A-3."  The
ratings on AT&T's short-term debt were lowered from "prime-1," the
highest rating on such debt, to "prime-2."

Moody's new ratings on AT&T are roughly equivalent to those of
another big rating agency, Fitch.  But they are one notch below
where Standard & Poor's rates the company.  AT&T's ratings are
under review at S&P and might be lowered in the near future.  The
downgrades can add to AT&T's cost of raising funds in the debt
market, but AT&T's debt securities still are considered "investment
grade."

Moody's said its downgrade reflected "the deterioration in the
prospective performance of the company's telephony operations and
concerns that debt reduction efforts from the sale or monetization
of noncore assets are likely to fall short of previous
expectations."

"Moody's expects profitability to decline over the intermediate
term as [Bell companies] are permitted to enter the long distance
business in more and more states," the rating agency said.  "There
is not, at this time, a clear-cut growth area to offset this
decline."

Bear, Stearns & Co. debt-market analyst Marion Boucher Soper said
"the downgrade should not come as a surprise given that [AT&T's]
ratings have been under review for downgrade since the announcement
of its restructuring" a year ago.

-- Tom Leithauser, tleithauser@tr.com


****************************************************************
TELECOM EARNINGS ROUNDUP 

CommScope, Inc., a maker of broadband and other communications
cables, said revenues for the third quarter fell to $177.7 million
from $256.9 million in the comparable quarter last year.  Net
income fell to $6.3 million for the most recent quarter compared
with $22.9 million last year.

Alaska Communications Systems Group grew third quarter revenues to
$82.8 million versus $74.9 million in the year-ago quarter.  EBITDA
(earnings before interest, taxes, depreciation, and amortization)
grew to $33.3 million in the latest quarter compared to $23.3
million last year, while the firm's net loss narrowed to $1.3
million from $10.8 million.

Symmetricom, Inc., a telecom network software provider, posted net
sales of $18.5 million for its fiscal first quarter ended Sept. 30
and a net loss of $1.1 million.  In the comparable quarter last
year, the company reported revenues of $36.0 million and a $5.5
million profit. 

GSI Lumonics, Inc., booked third quarter sales of $41.3 million,
down from $76.5 million in the second quarter of the year and $97.6
million in the third quarter of 2000.  GSI, whose product line
includes precision optics for telecom networks, suffered a net loss
of $8.5 million in the most recent quarter versus a $7.2 million
profit in the year-ago quarter. 

P-Com, Inc., a provider of wireless access services for telecom
markets, said third quarter sales plummeted to $10.3 million from
$61.0 million in the year-ago quarter.  Net loss for the most
recent quarter amounted to $37.3 million versus a loss of $0.9
million in the comparable quarter last year. 

Corvis Corp., which makes optical networking software, posted third
quarter revenues of $24.1 million and a net loss of $80.6 million. 
During the comparable period last year, Corvis generated $22.9
million in revenue with a net loss of $66.3 million. 


****************************************************************
TELECOM SECTOR WEEKLY FUNDING ROUNDUP

Following are highlights from this week's telecom sector corporate
financing deals, with recipients listed in alphabetical order:

2Wire, Inc., secured an additional $61 million of venture capital
financing from funders including Technology Crossover Ventures and
Oak Investment Partners.  2Wire is a provider of broadband delivery
through residential gateways.

Avaya, Inc., sold $400 million of zero-coupon convertible bonds,
market sources confirmed.  The communications equipment maker has
slated proceeds from the offering to reduce short-term debt.

Bell Canada announced an offering of $200 million Canadian (US$127
million) of medium-term debentures due 2031.

BellSouth Corp. sold $2.75 billion of notes with maturity dates
ranging from 2006 to 2031.

CENiX, Inc., a maker of optical communications equipment, raised
$52 million in equity and debt financing from funders including
Posdata Co. and AK Investments.

Citizens Communications Co. completed a new $1 billion financing
agreement, including an $800 million revolving credit facility and
a $200 million term loan.  The new facilities replace Citizens's
previous standby credit facility. 

Fairchild Semiconductor International arranged a private sale of
$200 million of convertible senior subordinated notes due 2008. 
The notes will be convertible into Fairchild common stock at $30
per share.  Proceeds from the offering may be used to buy back
outstanding debt and fund acquisitions, Fairchild said.  The
offering is expected to close by Oct. 31.

Global Locate, Inc., closed on $12 million of venture capital
financing from funders including Firsthand Capital Management and
GC Investments LLC.  Based in San Jose, Calif., Global Locate pro-
vides Global Positioning System technology for wireless devices.

Inktomi Corp. announced plans for a public offering of 12.5 million
shares of common stock, with an option to sell another 1.8 million
shares.  The network software maker said it would use proceeds for
general corporate purposes.

IntelliSpace, a provider of Ethernet broadband services, closed on
$10 million of additional venture financing with funders including
Halpern Denny & Co.

L-3 Communications completed the sale of $350 million of senior
subordinated convertible contingent debt securities due 2011.  The
securities are convertible into common stock at $107.62 per share.
Proceeds from the offering are slated for acquisitions, among other
uses.

Level 3 Communications, Inc., closed on bond buyback offerings that
resulted in the repurchase of $1.7 billion of outstanding bonds in
exchange for $720 million in cash. 

Loral Space & Communications Ltd. said its Loral CyberStar unit
would launch an exchange offer for up to $927 million of outstand-
ing bonds, offering to swap them for $675 million of new Loral
CyberStar bonds and warrants to buy 6.7 million shares of Loral
common stock.  The new notes to be issued in the exchange offer are
guaranteed by Loral, which is not the case with the bonds now
outstanding.

Lytek Corp., a maker of optical communications equipment, secured
$3.8 million of venture financing from funders including Wasatch
Venture Fund and Intel Capital. 

Motorola, Inc., raised $1.6 billion through the sale of $1.05
billion of convertible preferred securities and $600 million of
bonds, market sources confirmed.  Motorola has said proceeds from
the offering will be used to reduce short-term debt. 

Q Comm International, a prepaid wireless technology concern, signed
an agreement to sell 11.4 million shares of its common stock to
American Payment Systems, Inc., for $5.7 million.  American Payment
will also extend $600,000 of loans to Q Comm and up to $1 million
of equipment lease financing.

Quintessant Communications, Inc., a maker of telecom interconnec-
tion software, secured an increase to $7 million in its working
capital credit facilities with Silicon Valley Bank.

RCN Corp. completed the repurchase of $593 million of outstanding
bonds in exchange for $161 million in cash.

Telesat Canada filed with Canadian regulators for a proposed
offering of up to $100 million Canadian (US$63.5 million) of senior
unsecured notes.  Proceeds will be used for capital expenditures
and debt reduction, among other uses. 

TELUS Corp. said it received $147 million of cash proceeds from the
sale of its equipment leasing business.  The transaction closed
earlier this month.

Teradyne, Inc., a maker of communications test equipment, completed
an offering of $400 million of convertible senior notes due 2006. 
The notes are convertible into common stock at $26 per share.

XEMICS SA, which makes semiconductors for short-range wireless
connectivity, secured $6 million of venture capital financing from
funders including TAT Investments and Banexi Ventures.


****************************************************************
NEWS IN BRIEF

G. William Ruhl has been named chief executive officer of D&E
Communications, Inc., a local exchange carrier based in Ephrata,
Penn.  He was senior vice president.  He succeeds Anne B. Sweigart,
who will remain chairman and president.  Robert M. Lauman was named
vice chairman and senior executive VP.  He was EVP and chief
operating officer....

Luigi Gasparollo has been named vice president-European operations
for QUALCOMM, Inc.  He was managing director of Elsacom, a Dutch
international telecom carrier....

Earthlink, Inc., has added Robert M. Metcalfe, a venture partner at
Polaris Venture Partners, and Marce Fuller, chief executive officer
of power and natural gas marketer Mirant, Inc., to its board. 
Philip W. Schiller, vice president-worldwide marketing at Apple
Computer, has resigned from the board....

President Bush today signed antiterrorism legislation that gives
law enforcement officials sweeping new wiretap and electronic
surveillance authority.  The House voted 357-66 Oct. 24 in favor of
the legislation (HR 3162), while the Senate passed it 98-1
yesterday.  Under a provision inserted by the House, the wiretap
and electronic surveillance portions of the legislation expire at
the end of 2005 unless renewed by Congress....

The federal government's process for allocating spectrum is
inefficient, with too many frequencies reserved for low-value uses
and too few dedicated to high-value purposes, according to an
analysis funded by the wireless industry.  "The bottom line is that
inefficient spectrum allocation imposes costs on the economy by
discouraging innovation, raising costs to consumers, and otherwise
reducing the benefits that consumers and businesses would have
obtained from new wireless technologies," said the analysis, which
was commissioned by the Cellular Telecommunications & Internet
Association and prepared by Sebago Associates, Inc., an economic
policy consulting firm.  More spectrum should be allocated for
commercial wireless services, and the FCC should permit licensees
to trade spectrum in secondary markets, the analysis said.  Among
the authors of the study was Martin N. Baily, a senior fellow at
the Institute for International Economics in Washington and former
chairman of the Council of Economic Advisers....

CommScope, Inc., a maker of broadband communication cables, is in
talks with Furukawa Electric Co. Ltd. of Japan to restructure a
venture formed between the firms to acquire an interest in the
fiber-optic cable business of Lucent Technologies, Inc.  CommScope
said it planned to reduce its investment and participation in the
venture.  In announcing the move, CommScope cited "the uncertain
economic environment and severe downturn in the telecommunications
market as well as associated difficulties in the financing markets
following the Sept. 11 tragedy"...

Focal Communications Corp. closed on its $430 million recapital-
ization transaction that included a $150 million equity infusion
and a debt-for-equity swap that cut Focal's junk bond debt load by
$295 million.  Focal said it expected to have sufficient funding
until it becomes free cash flow positive during the second half of
2003....

Crown Castle International said Italian regulators had declined to
authorize Crown Castle's purchase of a 49% stake in RaiWay SpA. 
Crown Castle last April had contracted to buy the RaiWay stake and
had put $380 million in escrow pending government approval....

Netia Holdings SA, a Polish alternative telecom service provider,
said it would cut employee headcount by an additional 10% on top of
an earlier 10% workforce reduction in March....

Broadwing Communications signed a multiyear agreement with
Allegiance Telecom, Inc., to provide 2.5 gigabit lightwave services
that will connect eight of Allegiance's major metropolitan markets. 
Terms of the agreement were not disclosed....

AES Corp. extended its unsolicited tender offers for Compania
Anonima Nacional Telefonos de Venezuela (CANTV) to Nov. 23.  As
reported, CANTV is resisting the offers and has approved payment of
special stock dividends, as well as share buybacks, in an attempt
to thwart the AES bids....

Applied Materials, Inc., has created a venture capital fund,
Applied Materials Ventures I L.P., to invest in start-up firms in
the optical communications components sector.... 

360networks announced that four additional operating subsidiaries
in Canada and England have filed for bankruptcy protection.  The
parent company sought bankruptcy protection in June in the Supreme
Court of British Columbia, while U.S. units filed in U.S.
Bankruptcy Court for the Southern District of New York....

P-Com, Inc., a maker of wireless access systems, announced a
preliminary agreement to settle outstanding securities class action
litigation in the Santa Clara County, Calif., Superior Court. 
Terms of the proposed settlement were not spelled out, but P-Com
said the deal would be funded entirely from the firm's liability
insurance....

HearMe, a developer of Internet telephony technologies, said its
shareholders had approved a resolution to liquidate the company's
assets and distribute any remaining capital to shareholders.


********************************************************
TR DAILY Copyright 2001 Telecommunications Reports International,
Inc., (ISSN 1082-9350) is transmitted weekdays, except for
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Published by the Business & Finance Group of CCH INCORPORATED.

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