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Bell Investments   


RBOC Line of Business Waivers Granted from 1984-1985

            Non-Tariffed Billing Services           Office Equipment

                        Ameritech                                             BellSouth

                        US West                                              NYNEX

                                                                                    Pacific Telesis

                                                                                    Southwestern Bell

                     Real Estate                                           Software

                       Pacific Telesis                                       Ameritech

                        US West                                              BellSouth

                        BellSouth                                              Bell Atlantic

                        NYNEX                                              NYNEX

                        Southwestern Bell                                            

                        Bell Atlantic

            Print Media/Directory                   Foreign Business Ventures

                   Pacific Telesis                                    Ameritech —Cellular

                   Southwestern Bell                             Ameritech — Consulting

                        Ameritech                                          NYNEX

                        BellSouth                                        Pacific Telesis

                                                                                BellSouth — Cellular

                                                                          Southwestern — Cellular


                  Source: Department of Justice, 1986, Link Resources


Bell statements regarding their investments:


US West:

"Weakness in the commercial real estate market persists and disposition of the real estate assets has proceeded at a slower pace than originally planned. The company's current plan is to dispose of its real estate portfolio over the next several years. The Company may hold real estate assets longer than originally anticipated in order to realize book values." 1992

"The company's 1991 operating results reflect a pretax restructuring charge of $915 [million] due to workforce reductions, projected losses associated with exiting the real estate business and the write-off of certain intangible assets. The portion of the change related to a valuation allowance for real estate operations was $500 [million] and was intended to cover both carrying costs and losses on disposal of the properties. Real estate revenues of $214.2 [million] less operating costs of $212.8 [million] and interest of $98.9 [million] were charged to the valuation allowance during 1992. The balance of the real estate valuation allowance at December 31, 1992 approximates $402 [million]."

           The US West 1993 Annual Report showed an additional $120 million shown as Real Estate charge in the companies restructuring charges.

Bell Atlantic:

           Dealing with computer leasing business, Bell Atlantic states in its 1991 Annual Report:

"These write downs, which totaled $164 million, were made primarily to recognize competitive changes in both the lease financing and computer maintenance industries."

NYNEX took big hits on both its real estate and computer businesses. For example, the 1990 results include a pretax charge of approximately $305 million for organizational restructuring in NYNEX's software and systems business, reported in "Other Diversified Operating Expenses." In their 1991 annual report we find that exiting the real estate business, the company took an additional $278 million dollar charge.

"An additional pretax charge of approximately $278 million was recorded in 1991 primarily for business restructuring. NYNEX has commenced its plans to exit the real estate development and management business and streamline other operating primarily related to Other Diversified operations."

In the early '90's, the Bells quickly left those markets or were on their way to doing so.