stance minutes 40,500 million (www.crtc.gc.ca/eng/ publications/reports/telecom_summary.htm). At an exchange rate of Can$1.55 to US$1, the average price per minute was US$0.097. The comparable estimate for the United States was $0.10 per minute in 2001, according to the FCC's Telecommunications Industry Rev- enues, 2002 (March 2004), table 9 (www.fcc.gov/Bureaus/Common_Carrier/Reports/ FCC-State_Link/IAD/telrev00.pdf). See also Robert W. Crandall and Thomas W. Hazlett, "Telecommunications Policy Reform in the United States and Canada," in Telecommuni- cations Liberalization on Two Sides of the Atlantic, edited by Martin Cave and Robert W. Crandall (AEI-Brookings Joint Center for Regulatory Studies, 2001). 8. Industry Canada, Telecommunications Services in Canada: An Industry Overview (Ottawa, October 31, 2002). 9. This is the U.S. equivalent of Chapter 11 bankruptcy. 10. "At September 30, 2002, the liability of $3.5 billion was reflected as 'AT&T Canada obligation.' On October 8, 2002, Tricap Investments Corporation, a wholly owned sub- sidiary of Brascan Financial Corporation, purchased an approximate 63% equity interest in AT&T Canada and CIBC Capital Partners acquired an approximate 6% equity interest in AT&T Canada. AT&T paid the purchase price for the AT&T Canada shares on behalf of Tricap and CIBC Capital Partners. AT&T funded the purchase price of the AT&T Canada shares partly with the net proceeds of approximately $2.5 billion received from the sale of 230 million shares of AT&T common stock on June 11, 2002. The remaining portion of the obligation was financed through short-term sources. Tricap and CIBC Partners made a nominal payment to AT&T upon completion of the transaction. AT&T continues to hold a 31% ownership interest in AT&T Canada." Quarterly Report to the Securities and Exchange Commission, Form 10-Q (November 13, 2002). 11. See "360 Networks to Pay C$260.5 Million for Group Telecom," Reuters, Novem- ber 20, 2002. 12. BCE sold the eastern Canadian assets to Call-Net in order to obtain regulator