Some have argued the market cannot support so many firms, and Microcell, the relative small-fry, would be the most likely victim of any industry shakeout. "Compare them to Rogers, Bell and Telus. Microcell is a standalone," said Mark Quigley, a telecom analyst with Ottawa-based research firm The Yankee Group Canada, during an interview last spring. He was pointing out that Rogers, Bell and Telus have serious ties to wireline endeavours: Rogers Communications Inc., Bell Canada and Telus Corp., respectively. Microcell, by comparison, doesn't "have a tremendous revenue base coming from other operations." LYA, however, says Microcell is buoyed by a healthy wireless market. Indeed, "all indications are that four mobile carriers in Canada can continue to thrive and be profitable in the foreseeable future within the current paradigm," reads the firm's report.