Not since the breakup of AT&T; 10 years ago has America's $250 billion telecommunications industry been so discombobulated. First came the news last week that LDDS Communications, a Mississippi-based long-distance company, had agreed to pay $2.5 billion for the WilTel long-distance unit of the Williams Cos. Then came word that a federal judge had cleared the way for AT&T; to complete its $12.6 billion acquisition of McCaw Cellular, the nation's largest cellular-phone company.
In its original intent, the AT&T; bust-up opened up competition in long- distance service and gave each of the seven new Baby Bells control of the local market...
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