" it read: We have periodically explored, and we continue to explore, many alternatives with respect to our Internet strategy and our ownership interest in Excite@Home. The alternatives include internal options as well as discussions with third parties. The exploration of alterna- tives remains at the very preliminary stage, and at this time, AT&T has not made any decision to pursue any particular alternative or transaction. There is no assurance that any transaction will occur, and we do not intend to comment further unless and until we de- cide definitively to proceed with one or more alternatives, if any. AT&T's AtHome cable partners knew about the discussions with MindSpring and, in fact, had been briefed at every turn, if only be- cause opening cable plant to multiple ISPs was a technical challenge. AtHome's chief engineer had even provided technical advice during the negotiations. They also knew that AT&T would have liked to sepa- rate the Excite Web portal from the underlying high-speed data net- work service. Doing so, however, would have required their agreement, and at least one of the cable companies wasn't prepared to go along. But many in the media convinced themselves that Hindery's statement at Trinity College, the next day's curious retraction, and his departure-all within one week of each other-were somehow con- nected. Hindery himself encouraged the notion. In his own book, The Biggest Game of All, he claimed that he left because AT&T had gone back on its word to the second largest cable company, Time Warner, not to talk to AOL. Given subsequent events, there is more than a little Casting Is Everything irony to this version of events. When the MindSpring agreement was finally announced in early December, AOL called it "a step in the right direction"-probably because at that point it was only weeks away from announcing its own merger with Time Warner. Use Executive Exits as Teaching Moments There's a natural tendency to focus on the media's reaction to the vicissitudes of corporate life. No one l