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Epic's Parent Scrapping 1,850-Mile Fiber-Optics Network

ORLANDO-St. Augustine, FL-based Florida East Coast Industries Inc. has put its Orlando-based Epic Communications Inc. subsidiary on the selling block as it writes off Epic's entire book value of $238.1 million.

By Alex Finkelstein | Updated on November 08, 2002

ORLANDO-Florida East Coast Industries Inc.’s grand plans for a national super fiber-optics network is over. The company will focus, instead, on its profitable real estate and railroad operations.

The St. Augustine, FL-based parent of Orlando-based Epic Communications Inc. is putting the subsidiary on the selling block as it writes off Epic’s entire book value of $238.1 million. FECI retained Morgan Stanley in June of this year to analyze Epik’s future potential. Epik’s sale follows Morgan Stanley’s recommendation.

The 1,850-mile network never recovered from the telecommunications industry pullback in 2000, FECI says in a prepared statement disclosing its third-quarter financials.

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