Then March and April happened, and the IPO market shut down. I think the IPO market is fairly non-existent at the moment for telecom companies. You're going to see those LBO funds that were more than happy to lay out big bets on these companies going away. So now these companies are back looking for new equity investments, and the valuations are significantly below what the LBO shops had invested at, and they're just feeling very burned right now. Once the IPO market comes back even just a little bit, people will feel more comfortable about their ability to realize a return on their investments and exit out of them, and that will get funds flowing more as well.
Investors are out there looking for opportunities, but they are moving cautiously, to say the least.
So I think you will see investors such as these continue to look for opportunities, and continue to invest in what they perceive as good opportunities. But convincing seasoned telecommunications investors won't be easy. A company that will be at or near cash flow positive will be more attractive than one that needs a significant amount of capital to fund out the rest of the business plan. It's all of those factors. It's the ability to sustain that growth going forward.