IIRC, The terms of the BA/GTE merger agreement with the FTC stipulate that Verizon may re-acquire Genuity once they receive approval to market inter-LATA services in most (or maybe all, someone refresh my memory) of the states where Genuity maintains service points.
Of course, if Tauzin-Dingell passes, this will speed things up substantially. :/ -C On Wed, Mar 20, 2002 at 09:16:53AM -0500, Deepak Jain wrote: > > > > On Tue, 19 Mar 2002 16:58:46 -0500 Deepak Jain <[EMAIL PROTECTED]> wrote: > > Since they are defaulting on a $975B note to Verizon, and since they have > > been saying Verizon does lease dark fiber from them, it would be the > > easiest > > thing in the world for Verizon to take control of MFNX. > > > The real question is will they merge it with Genuity? > > 1) $975B seems a tad large > > 2) it was my understanding that Genuity was spun off when GTE merged with > BA, a requirement imposed by the regulators. > > richard > > ---- > > 1) Agreed, s/B/M > > 2) I believe Genuity is vastly still owned by Verizon, even though it is > publicly owned. I don't remember whether they actually maintained a majority > or maintained warrants to buy the majority of the shares, but the idea is > the same. > > Both Genuity and MFNX have lots of debt held by Verizon, and this is plenty > of leverage when one needs to renegotiate their debt covenants. > > Deepak Jain > AiNET >