It seems like spinning off the two wireless portions of VOD & VZ into a new company with some debt is the way to go. That's a new public stock going to the existing share holders of VOD & VZ. That new wireless entity would have the ability to pay that debt off quickly as already demonstrated in the market, but would have a global wireless footprint.
Then take the flat wireline portions of VOD & VZ and merge those together into a new global wireline business. Consolidate that business and remove the quarterly losses over time.
Cut strategic deals between the two legal entities for 99 yrs.
The buyout taxes are avoided with this plan. Now, the wireless entity will pay off net debt in 3 yrs or less and begin to stock pile cash so that it can turn around and acquire the wireline assets and remove that debt in one swoop. Of course the option to let the wireline assets go into bankruptcy restructuring for the purpose of removing & restructuring the pension boat anchor is certainly there. Governmental tax concessions on behalf of the unions at some point make the wireless entity acquisition of the wireline assets 3-5 yrs down the road have to be better than what they are right now. Especially in coming out of 17.6yr cyclical bear cycle in 2018 as Kerry Balenthiran predicts in her book "The 17.6 Years Stock Market Cycle.”
You don’t care about the DOW because the cash flow drives this plan. The banks only care about debt derivatives that allow them to make money. Taxes in the 3-5yr time frame severely impact the ability of the banks to get return on their debt prior to 2018.
Allowing ATT to move into Europe would be a global mistake at this point in time. Deferring the taxes 3-5 yrs down the road would be the way to go, because it negates ATT from globally expanding. ATT went after T-mobile already once for the same purpose and we all know how that turned out. ATT is behind Verizon in LTE and they can’t stand it. There is not going to be another Apple exclusive anytime soon either.