February 18, 2002 -- Time Warner Telecom Inc. (Nasdaq: TWTC) issued a statement regarding objections by the Washington State Attorney General's office to GST Telecommunications, Inc. Chapter 11 plan of liquidation. As reported by Dow Jones News Service, the objections concerned tax provisions related to Time Warner Telecom's purchase of substantially all the assets of GST in January 2001.

"Escrows for tax contingencies were established when Time Warner Telecom completed this asset purchase. There will be no favorable or unfavorable impact upon Time Warner Telecom's cash balances or financial position regardless of what happens with the objections now being raised more than a year after the transaction closed," the company said.

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