I remember someone did an analog British Telecom. At the time, BT had a market cap of something like 30 billion pounds, and the estimated value of all their co

I remember someone did an analog British Telecom. At the time, BT had a market cap of something like 30 billion pounds, and the estimated value of all their copper wiring was around 50 billion pounds. The (amusing and not thoroughly convincing) argument was that take away the copper, and BT was worth -20 billion pounds. Maybe with all that legacy copper, someone will start a copper mine in the UK.