We competed in New Zealand in the 1990s. We had a cable partner in Wellington, and we went in and competed against Telecom New Zealand. There wasn't even a regulator in place when we first went in; there was only the threat of regulation.
We were able to negotiate agreements with Telecom New Zealand, and we built and operated a telecommunications system in Wellington. We did it successfully, and when we sold out, we made money on the venture.
Interestingly, in that case, we had to build from scratch, as opposed to the operators. When they turned on, they covered the entire serving area. In Wellington, we had to build from scratch, and we were faced with Telecom New Zealand changing their prices on a street-by-street basis. We still managed to be successful.