Firms such as Pacific Bell, which owned spectrum but wished to participate in the auction, did so by spinning off their existing licenses prior to the auction.

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When Shuemake met with Dunn, the only stock he had ever owned had been in a 401(k) at Pacific Bell plus another 100 shares from a former employer.

FORBES: Out of Options

Others arose from service on boards as diverse as those of Pacific Bell, California's huge telephone company, the NAACP Legal Defence and Educational Fund and McClatchy, a Sacramento-based newspaper chain that now extends across America.

ECONOMIST: William Coblentz

Packard Bell opened its Asia-Pacific headquarters in Singapore only in March.

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In the past three years, Penang attracted personal computer giants Dell Computer and Packard Bell-NEC to set up their Asia-Pacific regional manufacturing and distribution centers.

CNN: LETTERS AND COMMENT