I don't expect the Wachovia (joint venture) to be a big headache going forward. It's not a cheap stock but it's still a good franchise with good growth prospects.

I'm pleased for the joint venture because I was obviously a part of the organisation,

Initially, we are allocating $6 million from our budget to the joint venture.

Spinning it off kind of just gives the problems to your shareholders, and a joint venture really doesn't do much for you. The optimal plan would be to sell it and use the cash to reduce debt.

Although not immediately, the joint venture will help us to become a meaningful player in the market, one of the top three. We also expect the Chinese government to be auctioning 3G contracts in the next 12 months, which is bound to increase the demand for billing services.

Its better for it to be a joint venture the Legislature can take credit for along with the governor than to be blamed for being the people who stopped it from being put on the ballot.