31.   So far the commission is taking a cautious approach to the issue.

32.   That commission has taken the lead among the states in deciding if the acquisition would result in higher prices for consumers.

33.   That is why the commission has taken a careful case-by-case approach.

34.   That commission has taken the lead among the states where Nynex provides local phone service in deciding if the acquisition would result in higher prices for consumers.

35.   The commission has taken the governments of France, Portugal and Belgium to court for maintaining golden shares in their former state-owned companies.

36.   The commission took no formal action on Thursday but could act at a meeting scheduled for Wednesday.

37.   The commission took the middle ground, approving fewer events than the conservancy wanted.

38.   The commission will take up the matter again next month.

39.   The commission has never taken disciplinary action against a company that announced a buyback program but failed to make good, King said.

40.   The commission has subsequently taken several other steps to stretch the soft-money loopholes.