Stephanie ListonOf all those to have suffered from the fallout of the dotcom crash, it is the optimistic investors in the telecoms sector who have arguably lost the most.

Few operators have escaped unscathed from the market’s global collapse and in the past six months some of the most powerful players in the North American market – including WorldCom, Global Crossing and KPNQwest – have sought protection in Chapter 11 insolvency proceedings.