Momma, I'm coming home (and then there were three)

Stick with me here folks, SBC buys AT&T, then becomes AT&T and then goes out and buys BellSouth, creating a company with 120 billion in sales and an additional $22.3 billion of debt, including BellSouth's $16.8 billion debt and the $5.5 billion of Cingular's debt attributable to BellSouth and recreates the Good Ol' Ma Bell.

-Now for the rub:

The deal includes a $1.7 billion break-up fee as part of the conditions of AT&T and BellSouth's merger agreement.

And the CEO spin

"The merger ... is a very logical next step. It will improve our growth profile," AT&T Chief Executive Ed Whitacre said in a conference call with analysts. (Reuters...)

Ah, the good old qualitative analysis by the CEO........you would think this guy could spout some good numbers in support of a $67 billion purchase, but all that comes out in the press is that this is "a very logical next step".  Hey, Whitacre, Steve Case called..........he wants his spin back.............

Here's the future........

Deal get regulatory approval, synergies fail to materialize, banker's break up the company.......again.