30 AUGUST 1997, Page 21

. razor-toothed lawyers

FIRST the good news: British Telecom has won itself a £3 billion discount on its excit- ing new purchase in America. Clearing the deal with the regulators took so long that BT had time to see why MCI was selling. The bad news is that this is America, home of the razor-toothed lawyer. Some MCI shareholder must surely launch a class action, asking for his fellow-shareholders' £3 billion back. I just hope that BT likes what is in the parcel when it finally arrives. Even with the discount, the price is £14 bil- lion and BT is now stuck with it.