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<TyCom has a growing cash making machine in its fiber-optic cable manufacturing and installation business. This is a safety net
and guarantee against bankruptcy. This is also an integrated internal source of supply for the company's global network (the first
of which will be ready for service later this year - crossing the Atlantic). No other competitor has this advantage. Global
Crossing certainly has no guarantee against bankruptcy. That goes double for Williams, Level 3, 360networks, and GTS. None
of these companies has any ability to reach self-sustaining operations in the near-term.>

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. Your logic is severely flawed.
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