From The Register, via the Cybertelecom-L list:
Telco is worth less than its expensive assets
By Tim Worstall*Analysis* British Telecom is, as a telecoms company, worth minus £30bn. Yes, that's a negative number there. And yet it is literally sitting on top of billions in assets.
It all starts with this point made in relation to cable theft:
BT's network relies on more than 75 million miles of copper cable