MCI agreed to be bought by Verizon. See:
http://hosted.ap.org/dynamic/stories/V/VERIZON_MCI?SITE=1010WINS&SECTION=BUSINESS&TEMPLATE=DEFAULT
"MCI Inc. shareholders voted overwhelmingly Thursday to approve an
$8.4 billion acquisition by Verizon Communications Inc., despite some
lingering shareholder resentment over the company's rejection of a
higher bid."
I have no regrets to see MCI disappear. IMHO, the company developed
its business unfairly by making up its own rules and litigating itself
customers instead of earning them.
Imagine two restaurants. One follows rigid and expensive govt
regulations regarding sanitation and service, e.g. being open 24/7,
serving low-income customers below cost, having a wide variety of
foods available at all times, high quality food, have high capacity
for large crowds, all under prices set by the govt. The other
restaurant is only open during peak hours, sells only profitable foods
when it can get them, uses the first restaurant's parking lot, and
ignores the govt mandates to provide comprehensive service at all
times to all comers. Obviously the second restaurant has a lot of
advantages.
Or as someone correctly noted in this newsgroup, how many microwwave
towers atop mountains in heavy snow did MCI install and maintain?
I particularly object to people calling MCI the "hero" in taking on
AT&T. The record is clear that long distance rates were continually
falling as a result of new technologies. Interstate toll calls were
as low as 5c per minute. Calls from payphones, collect, and calling
cards, conversely, have shot up to ridiculous levels. While other
retail products require price labels, there is no such requirement for
toll calls. The old AT&T gladly told you the rate before you made a
call, I could never get that info out of MCI and certainly not today.
But supposedly I, as a consumer, am better off. No, the people who
are really better off are new folks in the telecom industry.
It should be noted that over the years MCI lost a number of lawsuits
as to its business practices. Most recently:
http://hosted.ap.org/dynamic/stories/M/MCI_SETTLEMENT?SITE=1010WINS&SECTION=BUSINESS&TEMPLATE=DEFAULT&CTIME=2005-10-03-19-29-17
MCI Inc. has agreed to pay $331 million to 16 states and the District
of Columbia to settle accusations that it engaged in accounting fraud,
the company and the Pennsylvania Attorney General's Office said
Monday.
hancock4@bbs.cpcn.com