But it wasn't their only problem. The "Switchboard" directory service used by many AOL subscribers will vanish from the service in November, a major press release announced. The messy details paint an unflattering picture of AOL. They'd offered the directory service less traffic, promotion, and branding "at a substantially greater cost."

It's worse than it seems. AOL wasn't able to reach an agreement, even though they own 10 percent of the company! It's part of what MSNBC called AOL's "risky double-dipping strategy." Partial ownership works great with successful companies -- but if their fortunes are questionable -- like Tel-Save -- AOL's piece of the action may come up next to worthless.