The story of XO: What does Icahn want?

Here's the low down on XO's financials. Icahn cut back on capex (capital expenditures), which means less build out to light buildings (read: gain customers). Right now, since XO owns an IRU of 18 strands on the original Level3 network, XO competes with L3 in many on-net deals. XO has to build laterals to add customers. The article explains Icahn's influence in this situation. (BTW, NOL = net operating loss)