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If all of these companies go bankrupt, then who is going to continue to pay for TCM's services? The CSCO's, JDSU's are tanking because the market realizes that their growth rates are going to be a fraction of what they were. The same can be said of TCM's money making businesses. ... (insult snipped :)

Good point. And to know the answer, you'd have to know something about the subsea business, which obviously you don't. If all these companies go bankrupt, then who's left? The same guys that have been buying subsea systems since the beginning of time: the incumbents. Deutsche Telekom, Telecom Italia, France Telecom, British Telecom, NTT, JapanTel, SBC, Optus, SingTel... you get my point.

Nick
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