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"If stocks were valued solely on hard evidence, TWTC would consistently trade at 2 to 3 times ALGX's price. But, as we all know, valuation is a matter of perception as much as reality."The bond markets are the toughest critics in high-debt stocks like ALGX and TWTC; the TWTC bonds trade at MORE than 3x the price of the ALGX bonds. ALGX bonds are priced for bankruptcy.The verdict is already in. The debt guys don't fool around in the post-ENE and post-WCOM era.