Judge Harold Greene's decision on Apr. 28 to let the Baby Bells provide long-distance service to their cellular customers is ringing hollow. At first, expectations of vast new revenues for the Bells boosted their stocks. But the ruling is so narrow--it only lets the telcos resell certain long-distance services from other carriers--that gains may be small. The decision mainly shows "how much we need [new] telecom legislation," says Bell Atlantic General Counsel Jim Young.

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