Weekly Financial Report - September 5, 2001

eLEC Communications Corp. (NASDAQ: ELEC) announced that its common stock will continue to be listed on the Nasdaq SmallCap Market (Nasdaq) in accordance with the exception from the continued listing criteria granted by the Nasdaq Listing Qualifications Panel (Panel). The exception was granted subsequent to the August 2, 2001 hearing held before the Panel. Under the terms and conditions of the exception, eLEC is required to meet the minimum bid price requirement on or before October 31, 2001. Specifically, eLEC must demonstrate a closing bid price of at least $1.00 per share (through a reverse stock split or share price appreciation) and must maintain its share price above $1.00 for at least 10 consecutive trading days.

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Telephone and Data Systems, Inc. (Amex: TDS), a supplier of wireless and local telephone services, announced that it has closed the merger of Chorus Communications Group, Ltd., of Madison, Wis. (OTC Bulletin Board: CCGL) with its wholly-owned subsidiary TDS TELECOM that is headquartered in Madison, Wis. The total purchase price was approximately $195 million and the assumption of debt. Debt outstanding net of cash balances was approximately $30 million. Chorus Communications Group, Ltd. is a telecommunications company serving approximately 45,000 access lines and 30,000 Internet customers, primarily in Wisconsin. Its assets include the local exchange carriers Mid-Plains, Inc., Dickeyville Telephone and Farmers Telephone Company. The company's other operations, including Chorus Networks, sell, install and service business telephone and videoconferencing systems, data networks, Internet access, long distance and CLEC businesses.

Metromedia Fiber Network, Inc. (MFN) (Nasdaq: MFNX) announced that it has received the requisite consents it had solicited from holders of its 10% Senior Notes due 2008 and holders of its 10% Senior Notes due 2009 in the consent solicitation commenced on August 22, 2001. The consent solicitation expired at 12 p.m. EST on August 31, 2001. Supplemental indentures reflecting the amendments to the indentures under which such notes were issued will be executed as soon as practicable. The amendments contained in the supplemental indentures will be become effective at such time as the conditions to the consent solicitation are satisfied or waived. The company also confirmed that the consent fee that it will pay to holders of its Euro denominated 10% Senior notes due 2009 under the terms of the consent solicitation statement is equal to Euro 1.25 per Euro 1,000 principal amount of such notes that were validly delivered and not revoked prior to the expiration of the consent solicitation. The company is confirming the amount of the consent fee it will pay to holders of its Euro denominated notes to clarify any ambiguities relating thereto in the consent solicitation. The consent fee that the company will pay to holders of the Dollar denominated notes that were the subject of the consent solicitation, and the conditions to such payment, remain as set forth in the consent solicitation.

The common stock of SureWest Communications (Nasdaq:SURW), formerly Roseville Communications Company, will begin trading on Nasdaq's National Market starting September 6, 2001. The company's common stock will trade under the ticker symbol "SURW," the same symbol used previously on the OTC Bulletin Board. President and CEO Brian Strom sees several advantages for the company and its shareholders. "The new Nasdaq listing opens investment opportunities to investors who may be precluded by internal guidelines from purchasing OTC listed stocks. Equally important, listing on the Nasdaq National Market provides our many loyal shareholders, whose support enabled our growth, with the benefits of a nationally recognized stock market."

Cogent Communications Group, Inc. and Allied Riser Communications Corporation (Nasdaq: ARCC) jointly announced that the companies have entered into a definitive agreement for the acquisition of ARC by Cogent. In the transaction, ARC will become a wholly owned subsidiary of Cogent and its in-building networks will be added to Cogent's national backbone and facilities. Holders of ARC common stock will receive shares of Cogent common stock in the merger. ARC's convertible subordinated notes will become convertible into Cogent common stock following completion of the merger. Cogent, headquartered in Washington, DC, is a privately held high speed Internet service provider providing end-to-end Optical Ethernet connectivity to the Internet for businesses. ARC, headquartered in Dallas, is a provider of data communications services in commercial office buildings across the U.S. and in Canada. The transaction is subject to the approval of the stockholders of both companies, the registration of the Cogent shares to be issued in the merger with the SEC, the approval for trading of the Cogent shares on the Nasdaq or a national securities exchange, and other conditions.

Electric Lightwave, Inc. (NASDAQ:ELIX) reported the conversion by Citizens Communications Company of 25.3 million shares of its Class B Common Stock into the same number of shares of its Class A Common Stock. ELI has filed an application for its listing to be transferred to the Nasdaq SmallCap Market. As part of the application process, Citizens Communications converted approximately 25.3 million shares of ELI's Class B Common Stock into the same number of shares of ELI's Class A Common Stock. Listing on Nasdaq's SmallCap Market requires that the market capitalization of ELI's Class A Common Stock be at least $35 million.

Williams Communications (NYSE: WCG), a provider of broadband services for bandwidth-centric customers, announced it has closed on the previously announced sale of its remaining interest in Brazilian Wireless Provider ATL-Algar Telecom Leste, S.A., to America Movil, S.A. de C. V. (NYSE: AMX) (Nasdaq: AMOV) (BMV: AMX) (America Movil). Williams Communications received $300 million at closing and will receive an additional $100 million from America Movil on May 15, 2002.

CCC GlobalCom Corporation (OTC Bulletin Board: CCGC) announced it has successfully completed its acquisition of Omniplex Communications Group, LLC. CCC GlobalCom Corporation acquired Omniplex using cash and stock in a transaction approved by the Federal Bankruptcy Court. CCC GlobalCom Corporation did not release the specific terms of the transaction.

Metromedia Fiber Network, Inc. (MFN) (Nasdaq: MFNX) announced that it amended the consent solicitation statement, dated August 22, 2001, in connection with the solicitation of consents from the holders of its 10% Senior Notes due 2008 and its 10% Senior Notes due 2009. The amendments extended the expiration date for the consent solicitation, which was to expire on August 30, 2001, to 12 p.m. EST on August 31, 2001, unless otherwise extended.

Metromedia Fiber Network, Inc. (MFN) (Nasdaq: MFNX) announced that it has executed a commitment letter for $235 million of vendor financing. The expiration date of the commitment letter is September 4, 2001. The vendor financing commitment is subject to conditions including (i) the closing of the $150 million note facility led by Citicorp, USA, (ii) commitments from other sources in the amount of $230 million ($180 million of which has been committed to by affiliates of the company), and (iii) obtaining the requisite consents from holders of the company's 10% senior notes due 2008 and 2009 pertaining to the company's previously announced consent solicitation.4:29 PM 9/4/01

Fitch has upgraded Intermedia Communication's (Intermedia) 'B+' senior unsecured rating to `BBB+', `B' subordinated discount notes rating to `BBB' and `B-' exchangeable preferred stock rating to `BBB-`. The Rating Outlook for this credit is Stable. `Wildcat Acquisition Corp' is the acquiring entity of Intermedia and a wholly owned subsidiary of WorldCom, issuing 70,750 shares of junior preferred stock valued at $7,736,963,000. WorldCom paid Wildcat $70,750 in cash and issued a 7.69% intercompany note due 2009 for $7,074,929,250. On the date of the merger (6/1/01), Wildcat merged into Intermedia; therefore, the shares of junior preferred stock became shares of junior preferred stock of Intermedia, and the cash and note were also transferred to Intermedia. The preferred stock was to satisfy a covenant in Intermedia's bond indenture, which requires Intermedia to have a total market capitalization of at least $1 billion and total indebtedness no greater than 30% its total market capitalization which includes preferred stock. At March 31, 2001 pro forma debt to market capitalization was 25%. The Department of Justice (DOJ) recently modified the DOJ order involving the sale of Intermedia assets. WorldCom initially had been ordered to divest all of Intermedia's assets except for its 61% ownership interest (94% voting) in Digex. The new modified order only requires WorldCom to divest Intermedia's Internet backbone business. A trustee will be appointed to manage the Internet business until it's sold. This action allows WorldCom the flexibility to fully integrate Intermedia's CLEC assets or rationalize the assets on a selective basis at the company's discretion. WorldCom and Intermedia's subsidiaries, including Digex, have not guaranteed the notes and are not directly obligated under these notes. The claims of Intermedia's bondholders are explicitly stated to be subordinate to the obligations of Intermedia's subsidiaries. This complex structure does not create a clear source of funds to service the interest and principal payment obligations. Intermedia bondholders must rely on funds from WorldCom to service WorldCom's 7.69% note, dividends from Digex and/or proceeds from the Intermedia asset sale. The latter two are unlikely to provide full support, which means that bondholders will be relying on WorldCom's willingness and ability to make payments on the note. Since Digex is a critical piece of its data strategy, it is reasonable to believe there is implicit support from WorldCom. However, bondholders are clearly in a more disadvantaged position relative to the WorldCom bondholders, which results in Fitch's assignment of a one- notch differential between the WorldCom and Intermedia debt ratings.