Don't count Singapore Telecom out of a possible bidding war for SFOR. I agree with you that TPG/INTEL & Cisco are the top contenders. However, with SingTel's acquisition of another infringer, Trustwave, they now have a foothold in the US market. They might want to expand that. Also as Asia's #1 telecom provider (who rolled out MFA/OOBA for their on-line banking customers last Oct.), they have the deep pockets to do so.