Mark, You hit the nail on the head. They are simply in a market share game to build a subscriber base to critical mass and then sell to highest bidder which I guess they figure will be one of the incumbent telcos who are getting into the voip market late. I heard Vonage's customer acquisition costs are something like $1000 a head. At $30 bucks a month that's almost 3 years before you move into the black. So the $200M should get them another 200K subscribers. I guess the question becomes what is critical mass in terms of a subscriber base? What is also intriguing about this is if you look at a multiple of 3-5X revenue, the numbers are not that bad. For example, if Vonage spends $200M to acquire 200K at $30/mo. that equates to $72M a year in revenue. At 5X revenue, those customers alone would be worth $360M or an 80% return on the $200M. It would be interesting to know what % of the co. the PE investors got for $200M. Don Rodriguez don | at | cdpllc | dot | biz