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Optical/IP

Corvis Makes More Cuts

Corvis Corp. (Nasdaq: CORV) confirmed Wednesday evening that it will cut approximately 180 more employees from its ranks as it continues to take down its operating expenses (see Corvis Lays Off 180). The company characterized the staff cuts as a consolidation of its R&D group.

"Due to the level of maturity and state of our product lines, we are able to use our research and development resources more efficiently," says Andrew Backman, Corvis's VP of investor relations. "This is part of an ongoing effort to lower our operating costs in line with the current market dynamic."

On Wednesday morning, Light Reading reported that, according to its sources, Corvis was going to cut between 200 and 250 jobs.

Corvis says Wednesday's cuts, as well as the reduction of about 164 jobs in its French subsidiary, will bring its headcount below 500 employees by the end of the first quarter 2003. The company's stated goal is to take its operating costs down to around $25 million a quarter, or below.

It's an aggressive goal, but Corvis has already reduced its quarterly burn rate remarkably. Corvis had a burn rate of $35 million in the third quarter of 2002, down from a rate of $148 million in the first quarter of 2001.

Indeed, with its stated cash and investments of $504 million and no debt, Corvis could run its business well into 2007 with little or no sales at all.

Of course, that's not the company's intent. Corvis says its level of engagement with carriers is as high as it's ever been.

Corvis is rumored to be in the running for an AT&T Corp. (NYSE: T) contract in the range of $50 million. But Ciena Corp. (Nasdaq: CIEN) is also said to be close to winning this deal, and it has already sold to an AT&T subsidiary (see Ciena's Optical Switch Fiesta). Analysts say it's a long evaluation process that isn't going to wrap up anytime soon.

— Phil Harvey, Senior Editor, Light Reading
dave77777 12/5/2012 | 12:44:17 AM
re: Corvis Makes More Cuts happy -
The most credible rumor I've heard is that T decided on a new round of testing for Q1 with all three. Given what T execs said at a recent conference, it sounds like they would prefer to have some products from each company, rather than everything from one. Corvis does have the more interesting core transport and switching products, but the edge (OCS) is unproven. I would imagine they want CD from Ciena for that, and that they're trying to work LU in somewhere for old times' sake.
happy_go_lucky 12/5/2012 | 12:44:24 AM
re: Corvis Makes More Cuts Does anyone know if Corvis was eliminated from the AT&T Long Haul Contract, thus causing them to prep for more cuts. The rumors are that the three finalists were Ciena, Corvis and Lucent (Primarily for Historical reasons)? They had the more interesting technological solution out of the three.
doc21 12/5/2012 | 12:44:24 AM
re: Corvis Makes More Cuts I tried calling Luxn today and no one was home have they shut there doors already? Any news?
Reindeer 12/5/2012 | 12:44:26 AM
re: Corvis Makes More Cuts dave77777, why do you say "I see zweisel is still obsessed with me, but sadly for him I don't care." when you send him comments and he/she has not even posted. Anyone home?
madtech 12/5/2012 | 12:44:34 AM
re: Corvis Makes More Cuts "Corvis buying components from
Huber-owned/run suppliers, among other things"

Buying components that are needed that are not made by any vendor coupled with the fact that component vendors are not going to build a "special" component for something that works a bit differently is what drove Corvis/Huber to put money into component companies. If components were readily available for some of the techniques being developed I'm sure the components would have been bought from the traditional vendors.
puddnhead_wilson 12/5/2012 | 12:44:39 AM
re: Corvis Makes More Cuts >It can use its cash to buy a optical company/product (candidates ??)which is actually making some money now instead of Dorsal type companies that it has bought in past.

But Huber doesn't have stakes in any companies that are making money right now :) Even if he did, he probably wouldn't want to see such a gem tied to the mast of the Good Ship SS Corvis, it's only the smaller boats with the bigger holes in the hull from his fleet that he is pulling people abourd from :)

Heck, Huber doesn't have stakes in any companies that have REVENUES right now, let alone profits.
rpm23 12/5/2012 | 12:44:51 AM
re: Corvis Makes More Cuts The (additional) challenge is that there is not a lot of M&A activity except by deep pocketed companies like Cisco. I am not sure Cisco is going to buy any more optical companies.

Actually, Corvis might consider shelving its ULH product for now. It can use its cash to buy a optical company/product (candidates ??)which is actually making some money now instead of Dorsal type companies that it has bought in past. Sycamore was trying to do this (according to rumours) and buy the LU ATM business. Once there is some cash flow and ULH market comes back, it can revive it.
puddnhead_wilson 12/5/2012 | 12:44:51 AM
re: Corvis Makes More Cuts gea - you are right on the ULH & RBOCs. But when I was talking about RBOCs, I was thinking of switches, not that. I don't think there is a market anymore for a ULH niche player, even an LH+ULH -- just as automotive partts companies can no longer sell just transmission components (e.g.) and compete. And if there is, the company needs to show prospective customers that it can focus on making sure it will still be there for service & upgrades, and not appear to have a greater interst in pursuing a personal agenda on the part of management in exploiting its financila resources (here I am thinking of the Dorsal deal, which really did nothing to strenghten CORV's long-term position, and Corvis buying components from Huber-owned/run suppliers, among other things. It looks enough like a giant shell game to suck up the money, to enough people, to give pause to even the most enthralled potential customer).

This of course is all my opinion. But it is not just MY opinion -- and that is the real point.
lightmaster 12/5/2012 | 12:44:53 AM
re: Corvis Makes More Cuts "Buying a stock seems to me to be exactly like buying a lottery ticket."

Herin lies the whole problem with the tech stock bubble. Buying a stock used to mean investing in a business that had strong business prospects, and good financials. The valuation of the company was tied to the revenue and profitability of the company. Sure, there is always a risk involved, but it is a calculated risk based.

In the bubble, buying stock meant putting money into a lottery ticket hoping it would pay off big. Nobody cared whether the companies valuation had anything to do with business prospects. The result was that stock prices became totally unrelated to business prospects and financials. Thats how you got companies like Corvis and Sycamore with tens of billions of valuation with little revenue based purly on stock speculation.

By the way, I don't blame Corvis or Huber for this. I blame the people who spent $100 for the lottery ticket when it was only worth 75 cents.

dljvjbsl 12/5/2012 | 12:44:54 AM
re: Corvis Makes More Cuts Innovance CEO Paul Allen says in a story in the Ottawa Sun that no one in the photonics industry can affrd to be complacent and that in order to servive most companies will either have to merge or withdraw from the market.

He says that the industry will never return to the 1o to 15 billion dollar market that it used to have. He sees a lot of hype in the metro market and that the laong haul market is optical's greatest contribution.

He sees his company's strategy as trying to bring its technology through to service providers and is pretty open to how that is done. This could mean a partnership or acquisition.

Merge or Purge -- the mantra of the optical industry.>/b>

lightmaster 12/5/2012 | 12:44:56 AM
re: Corvis Makes More Cuts Sorry, LIghtBeating, but do the math...

1Q2001 Corvis quarterly numbers...

84M revenue, 31 mil gross profit = .36 margins

Operating expense of 145M per quarter (excludes cost of product). That means they need to sell 145M/.36 = 402M per quarter to break even = $1.6 Billion per year. It is actually worse than I remembered.

Margins and operating expense, not counting extra charges they had for re-structuring, stayed pretty level the quarter before and after.

Are you Corvis' CFO?

madtech 12/5/2012 | 12:44:56 AM
re: Corvis Makes More Cuts So all companies in this time should just go out of business and return money to the stockholders. That sounds like a great plan.

Buying a stock seems to me to be exactly like buying a lottery ticket. There is no guarantee it will pay off. If every stock purchase paid off it wouldn't matter what stock was purchased, would it? There is a risk associated to it. Immediate success was NEVER in the plans for Corvis, expecting it now with the downturn is even more ludicrous.
optiplayer 12/5/2012 | 12:44:58 AM
re: Corvis Makes More Cuts
Check out Turnstone Systems (TSTN), a once high flying company/stock that sold to CLECs. Now they have no sales and a pile of cash (like CORV) and announced earlier this month that they are considering all options including shutting down the business and distributing the cash to shareholders. There are many others that should consider the same thing. Here's a link to the PR:

http://biz.yahoo.com/prnews/03...

Holding out hope for a supposed $50M deal at AT&T is desperation. Given the price targets AT&T set for ULH before they would even consider deploying it, there is no way to make money. In addition the $50M would likely be over 5 years because the prices were so low it would take two dozen routes to add up to that figure.
gea 12/5/2012 | 12:44:59 AM
re: Corvis Makes More Cuts "But today the real customers, the ones with the $ out there, are the RBOCs of the world, and if the Cienas of the world are speculated to be too "unstable" and "risky" to be able to pry them away from TLAB, LU, and NT, what chances do you really think David Huber's super-secretive & uncommunicative Corvis will have winning their faith?"

Well, I do agree with you. Huber's reputation even during the good times was terrible, and this probably hurt Corvis.

As for your comments, remember that the RBOCs don't really have any need for a Corvis solution. Their ULH deployments in the future will likely be zero, or minimal at best (ie, when they move into Long Distance, they'll start by stringing cities together with regular Long Haul gear, such as from Ciena, which they HAVE tested and bought in some small quantities).

As for LU, Nortel, and the rest, Nortel killed their ULH product, and I don't know if the others even have one. So if there's ever a ULH market, Corvis should be in the running.

That's a big 'if', however. I also bought a Megamillions lottery ticket yesterday, and the odds there are only slightly less favorable!
LightBeating 12/5/2012 | 12:45:04 AM
re: Corvis Makes More Cuts lightmaster,

I would have to disagree on some of your points.

- I don't remember exactly, but Corvis had a breakeven point at less than $1B even at the peak. I believe that had they not lost the Qwest business and if they had had a couple more customers, they would be profitable by now. IMHO they've been quite reasonable with their cash so far, much more so than many others. I will concede that they were too slow to cut the burn rate, though.

- Secondly, they do have a strategy, and it's been the same since the beginning. Now we can say that the market is dead, but as far as I know, Corvis is still involved in a number of lab and field trials (ATT etc.). So there ARE customers out there who will spend SOME money sooner or later. If Corvis had absolutely no customer in the pipeline whatsoever, THEN it would make a lot of sense to either call it quits, or change the business plan completely.

These last cuts were inevitable, and I was personnally calling for them in a post some months ago. Now the maths are easy: $500M at $25M per quarter, that's not two years, that's not three years, that's FIVE years, which brings us to 2007.

However, it is clear that 2003 is the make or break year for Corvis. Either they do get some significant contracts this year, or something is definitely VERY wrong. For Huber, who is NOT a majority shareholder, that means he's on the line. No contract this year and he'll be gone, that's for SURE. There is enough evidence that his somewhat arrogant and cavalier attitude has done at least SOME damage...

LB

lightmaster 12/5/2012 | 12:45:08 AM
re: Corvis Makes More Cuts Gea,

You may be right. Thinking about it, in Corvis' case, there may be no choice. Nobody is going to buy them for a decent price. Were I a stockholder, however, I would prefer that they use the money to find a way to diversify, not just live off of it in the hope that diversification will not be neccesary.

I disagree that Lucent has no plan for profitability. It's not a creative plan and is fairly short sighted, but it is viable. They have a revenue stream of $2B a quarter and a customer base that has a vested interest in keeping them around, even if their technology sucks. This allows them to become profitable by cutting costs. In fact, as long as they cut deep enough, they can even stand furthur drops in revenue.

Without the revenue stream, you can't cut costs to become profitable, only slow your losses.

lightmaster 12/5/2012 | 12:45:10 AM
re: Corvis Makes More Cuts OpticalWatcher,

How did you know I was a used car salesman by day and working at the supermarket at night?

Seriously, I do respect Huber for what he tried to do at Ciena and what he has tried to do at Corvis. If you read my posts, I also point out that Huber is not the greedy CEO trying to line his pockets, but really believes in what he is doing. I even believe that a person like Huber deserves to be a bit arrogant.

However, business is business. There is a differece between respecting someone and believing in their abilities as a CEO.

Experimentation and "all or nothing" strategies are what venture capital are all about. Shoot for the moon. If you hit it, great, if not, go down in flames trying. However, once a company goes public and accepts billions from the average joe on the street, the company is no longer a "sandbox" for the founders to play in. They have a responsibility to do what is right with other peoples money.

This company has never been run like a business.
If you look at the financials of Corvis when they were at their peak, they would still have been loosing money even at a billion dollars a year of revenue (based on fixed expense and margins). That was outrageous.

Now the strategy is to simply cutting burn rate to a point where they can live off fat for 5 years. Not good enough. Corvis needs a strategy to generate revenue in the next 2 years in the face of a LH market that shows no sign of recovering soon. Where is this strategy?

Granted that there are other companies in the same predicament, (Sycamore, Redback).
gea 12/5/2012 | 12:45:11 AM
re: Corvis Makes More Cuts Lightmaster wrote...

"IF they have a viable plan to become profitable in the next 12-24 months, fine. If not, then they should seek a buyer for the technology and return the money to the stockholders."

Hell, Lucent doesn't even have a viable plan to become profitable in that amount of time!

In the case of Corvis we're talking about an entirely nonexistent market right now: NOT "Long Haul" but "Ultra Long Haul". And there's no way that market is going to go from zero to billions over the next 2 years.

At the same time, this is exactly what Corvis was chartered for. Unlike other startups which change their product line every time they talk to a customer that actually looks them in the eye, Corvis is still on the track that it started out on, and right now the only others in that field are not lookin' too good survival-wise. And even if Corvis wanted to open a chain of Wendy's, could they? Should they?

SO what does that mean? I really don't know for sure...I don't have my pension or lifesavings in Corvis. And I won't hurt too bad if it goes belly up. So for me, I want Corvis to stay in this "market" (remembering that it doesn't exist) in the hopes that if things recover in 2005 or so, Corvis will probably lead in this area.

And again, what real choice is there? Can a public company with lots of cash in the bank simply call it quits? And should they? Somehow I don't think that's going to happen. They may as well "do or die" with this direction, because any other market already has a zillion established players.
puddnhead_wilson 12/5/2012 | 12:45:12 AM
re: Corvis Makes More Cuts >And despite the fact that Huber is according to many accounts a little koo-koo and quite a bit arrogant, that's what you NEED in a CEO (well, in moderation at least).

No, I don't think so, not today, not in this sector as it is today. I mean this in all seriousness. A few years ago in the go-go days, when the sky seemed the limit for each carrier, and each carrier was looking for every littel edge to make them stand out from the crowd (or ratehr, SEEM to stand out), then yes, maybe the "image" that Huber (and through him, Corvis) projected of being "out there" on the cutting edge was an asset. But today the real customers, the ones with the $ out there, are the RBOCs of the world, and if the Cienas of the world are speculated to be too "unstable" and "risky" to be able to pry them away from TLAB, LU, and NT, what chances do you really think David Huber's super-secretive & uncommunicative Corvis will have winning their faith?
opticalwatcher 12/5/2012 | 12:45:14 AM
re: Corvis Makes More Cuts What a bunch of little schoolgirls. Some of this conversation reminds me of grade school. Remember the kid everyone picked on? The real dweeb? Well, that dweeb is eating your lunch while you sell cars or work in the supermarket stacking lettuce. So what if Huber is a little (or a lot) arrogant. He's a CEO of a company and who the hell are you? He isn't lining his pockets with money, he's earning money by developing an idea and selling a product. Will it work longterm? Will his company be the next Cisco? Who knows, but he's a better person for trying while people like you sit around complaining about all the things he has while you have nothing.

Here's my advice, its free:
Get an education,
work smart,
have goals,
and take a look in the mirror from time to time.

salute!
lightmaster 12/5/2012 | 12:45:14 AM
re: Corvis Makes More Cuts "...what option do they have?"

Corvis currently holds $504 MILLION that it obtained from investors on the premise that they would build a succesful business that generated multiple billions a year in revenue. To imply that the only option is to slowly loose the investors half a billion dollars quarter by quarter until the company goes away is not accurate.

IF they have a viable plan to become profitable in the next 12-24 months, fine. If not, then they should seek a buyer for the technology and return the money to the stockholders.

Look at it this way. Suppose Corvis is out of money, but a group of their stockholders has half a billion in the bank. Should they invest more in in Corvis to keep them alive for 5 more years or let Corvis liquidate? Of course, they would look at whether or not there was a clear plan to return profits on that money. In Corvis' case, I don't see the plan.

The difference in this case is that the investors don't have a choice because Huber already has their money, given to him on assumptions that he would build the next Cisco. He controls the company and can spend their $500m as he sees fit. He cannot be fired because he controls the BOD.

Of course, Huber will not consider the liquidation option himself. It's not like he wants the money for himself like the Enron, WCOM, or GBX executives. He honestly believes in his technology and will maintain control of the company not because he is greedy, but because he thinks he knows best. Not a bad person, just misguided IMO.
gea 12/5/2012 | 12:45:15 AM
re: Corvis Makes More Cuts Dave7777:

Well, I didn't really think you bought Corvis at $200, though I DO think you're rather unrealistically optimistic about their chances.

This morning Merryll Lynch gave them an interesting report. Amongst other things, if they can get their burn rate a little lower they'll have enough cash until 2006.

As for me, I think Corvis should stay the course. And frankly, what option do they have? (Start making ethernet switches? Next-gen SONET gear?) There's not a LOT they could do other than what they're currently doing, so I've no problem with the idea of them putting all their chips on ULH and undersea (because they'll go out of business anyway even if they try to get into some other market).

And despite the fact that Huber is according to many accounts a little koo-koo and quite a bit arrogant, that's what you NEED in a CEO (well, in moderation at least). He's willing to sink or swim based on the original vision, and for me that's an interesting stock.
metamucil 12/5/2012 | 12:45:17 AM
re: Corvis Makes More Cuts
Sorry, the forum took 5 minutes and did not do anything except sit there waiting. So, I hit stop and resubmitted. Both posted.

Sorry, I picked on one of the most arrongant people on the planet. He also tends to line his own pockets at the expense of his shareholders.

There is NO business here. Time to either:

1 - Give the money back and call it a day
2 - Invest it in a real business like McDonalds Franchises.

The Board of Directors is clearly not doing their job and at risk of not performing their fiduciary responsibility.

metamucil
dave77777 12/5/2012 | 12:45:21 AM
re: Corvis Makes More Cuts Hmmm, what a surprise, a company looking to cut cash burn is laying people off. Our next breaking LR news story: Grass is green! I am also hearing rumors the sky may be blue.

For the record gea, I own Corvis at an avg price of $1.33. Corvis is a relatively small holding for me anyway, and won't affect my vehicle purchases one way or the other. But if you're nice to me, when Corvis hits 5 maybe I'll upgrade you from your Pinto :)

I see zweisel is still obsessed with me, but sadly for him I don't care.
puddnhead_wilson 12/5/2012 | 12:45:31 AM
re: Corvis Makes More Cuts >Dear Reindeer, I, DOCTOR David Huber, have decided to respond to your issue directly. I find that this will allow me to clear the air once and for all....

Wow, talk about a DEAD-ON impersonation ... ;)

lol
Eye-in-the-Sky 12/5/2012 | 12:45:34 AM
re: Corvis Makes More Cuts with "the dog ate my homework".

It REALLY did!!!
joe_average 12/5/2012 | 12:45:35 AM
re: Corvis Makes More Cuts Check out:

http://biz.yahoo.com/prnews/03...

180 more engineers looking for work. :-(
photon_mon 12/5/2012 | 12:45:44 AM
re: Corvis Makes More Cuts Opty-Op,

You're dead on. On the surface at least, it DOESN'T make sense to reduce headcount in order to impress a prospect. Especially with a potential deal "reportedly" so close to fruition.

Much more understandable to do so in preparation for being ACQUIRED. Or obviously to simply slow one's burn rate. It just is more than a bit irritating to be handed such a LAME (possible) explanation for separating so many folks from their jobs.

Ranks right up there with "the dog ate my homework".

Reading the article (and admittedly I'm not the most observant person on the planet, so if I overlooked something obvious, let me know), I don't know if Corvis P.R. gave this impression, or if it's Phil's possible theory.

Who knows? Big dogs like AT&T have been known to make vendors go through some (per my experience, at least) bizarre contortions during the courting process. Maybe in some cases they are ploys just to, either: a) make the vendor go away and stop annoying them, or, b) see just how stupidly, soul-sellingly desperate the vendor is to chase that carrot.

I can picture some of these bored and jaded AT&T dweebs at the bar, dreaming up these "truth or dare" stunts for next morning's vendor meeting: "Okay, here's the deal. YOU push this peanut with your nose across the conference room, around the lobby, and back to us. If you do it within 5-minutes, without help or using your hands to move obstacles, then we will grant you your lab trial!".


Opty-Op 12/5/2012 | 12:45:50 AM
re: Corvis Makes More Cuts Actually, this could be good news. If companies like AT&T look for their vendors to cut headcount so they can't keep up with R&D AND they look for vendors to cut their headcount so they have less people to provide technical support AND they looked for their vendors to cut headcount so manufacturing would be slow AND.......

Does anyone remember the Qwest deal where the $100m contract went to $10m with no actual product purchased? Actually, that could have been good news because Qwest probably loved the technology and wanted to purchase more but they had to make sure Corvis wasnGÇÖt bogged down with so much equipment production that Corvis couldnGÇÖt lay off more employees to get more customers.

Such logic .......

-----> :-) <---------
googol_byte 12/5/2012 | 12:45:54 AM
re: Corvis Makes More Cuts Here's what I recall:

- 5 major rounds of cuts - April 2001 (voluntary), November 2001, March 2002, June 2002, August 2002 (EMEA), with some additional minor cuts along the way

- As of the June 2002 cuts, headcount went from about 1000 (including France and Dorsal) to about 900

- About 200 were let go from France, leaving roughly 30 people in EMEA by the end of September

- A few more departures (SVP Mktg, VP HR) with a handful of strategic hires over the fall 2002

- 20 people from Dorsal (about 20%) at the beginning of January

- Current headcount before today: ~680
ohub 12/5/2012 | 12:45:55 AM
re: Corvis Makes More Cuts Bad economy. Cash burn will continue. Who can keep up till the last will win.

Optical Hub
http://www.ohub.net
CogswellCogs 12/5/2012 | 12:45:56 AM
re: Corvis Makes More Cuts I suppose I should have used the stupid smiley face :) to indicate humor for those who may misinterpret the meaning of my post.

Cogs
gea 12/5/2012 | 12:45:59 AM
re: Corvis Makes More Cuts "This is obviously a fake"

Wow. A fake. I would have never guessed.
gea 12/5/2012 | 12:46:01 AM
re: Corvis Makes More Cuts "Long time no banter. Can you please shed light on how this is good news and can only solidify your proposed Corvis business strategy?"

Now now, Reindeer...is it that time of the month? Toss back a couple of Midol and don't pick on poor lil' Dave7777...right now he's dreaming of that big Winnebago he's going to buy when Corvis passes the $200 mark (ie, where he bought it)!
CogswellCogs 12/5/2012 | 12:46:01 AM
re: Corvis Makes More Cuts Re: metamucil

This is obviously a fake, since Dr. David Huber would know how to post a message without double-posting. So would a 10 year old.

Moron.

Hope this helps,

Cogs
cfaller 12/5/2012 | 12:46:03 AM
re: Corvis Makes More Cuts Actually, this could be good news. If the layoff ends up being 200-300 people in addition to the layoffs in France, then this would make a significant difference in the cash burn.

A $50 million contract from AT&T would help Corvis, but it won't guarantee their survival. CORV needs more revenue than that.

My opinion is that if CORV actually goes through with this layoff, then this represents PROGRESS! It could mean that CORV is actually serious about surviving! Now all you CORV fans can start celebrating...
Reindeer 12/5/2012 | 12:46:03 AM
re: Corvis Makes More Cuts Hi Dave77777,

Long time no banter. Can you please shed light on how this is good news and can only solidify your proposed Corvis business strategy?

Thanks
metamucil 12/5/2012 | 12:46:03 AM
re: Corvis Makes More Cuts
Dear Reindeer,

I, DOCTOR David Huber, have decided to respond to your issue directly. I find that this will allow me to clear the air once and for all.

You see I, DOCTOR David Huber, have solved all the problems of the Telecommunications Industry. My solutions have been revealed to you. You may wish to gander at my home page, as you will note it will soon substitute for the 10 Commandments.

Unfortunately, they Telecom Industry is full of people not as smart as me, DOCTOR David Huber. This has led to the slow uptake of sales for MY products.

The good news for my investors is that I, DOCTOR David Huber, have a plan. MY products are so advanced that in fact we can stop working on them for a period of time. When I, DOCTOR David Huber, have run the stupid people out of the Telecom Industry, sales will pick up for our current products.

At that time I, DOCTOR David Huber, will solve World Peace, Hunger, Poverty, and Acne.

Thank you very much for your worship

David R. Huber, PH.D.
metamucil 12/5/2012 | 12:46:03 AM
re: Corvis Makes More Cuts
Dear Reindeer,

I, DOCTOR David Huber, have decided to respond to your issue directly. I find that this will allow me to clear the air once and for all.

You see I, DOCTOR David Huber, have solved all the problems of the Telecommunications Industry. My solutions have been revealed to you. You may wish to gander at my home page, as you will note it will soon substitute for the 10 Commandments.

Unfortunately, they Telecom Industry is full of people not as smart as me, DOCTOR David Huber. This has led to the slow uptake of sales for MY products.

The good news for my investors is that I, DOCTOR David Huber, have a plan. MY products are so advanced that in fact we can stop working on them for a period of time. When I, DOCTOR David Huber, have run the stupid people out of the Telecom Industry, sales will pick up for our current products.

At that time I, DOCTOR David Huber, will solve World Peace, Hunger, Poverty, and Acne.

Thank you very much for your worship

David R. Huber, PH.D.
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