For years, the telecommunications industry credo [was] "Build it, and they will come."

Now, with hundreds of thousands of miles worth of fiber optic cable lying in U.S. bankruptcy court -- and potentially thousands more on the way -- the question is: What to pay for potentially valuable capacity that may not show a meaningful return for many years?

"At the end of the day, very few of those bidders can afford not to have these assets generating free cash flow relatively soon."

There remains some question whether such carriers need Global Crossing's assets at all.