Upstart urban telecom networks are gushing red ink. David Schaeffer's unlikely solution to the problem: a price war. A year ago the idea of challenging local phone companies by building citywide telecom networks seemed glamorous. Today it seems suicidal. Two of the major competitive local exchange carriers (known as CLECs) have filed for bankruptcy protection. The 17 that have gone public have lost 58%, or $60 billion, of their combined high-point market values.
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