The new age telco announced a survival plan sale of its wholesale ISP business to Level 3 Communications (nasdaq: LVLT - news - people ).

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And the company is overly dependent on one telco, Level 3 Communications (nasdaq: LVLT - news - people ), which accounts for more than half of its recent sales.

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Nine years after a congressional hearing on fraud at Global Crossing (NASDAQ: GLBC), the company is not only a publicly traded stock again after emerging from bankruptcy, but it is also being purchased by Level 3 Communications (NASDAQ: LVLT) at a premium.

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