The document discusses the assets, capital structure, and risks associated with the Asia-Japan Cable (AJC) telecommunications project. The key assets are a 12,500 km fiber optic cable, repeaters, transmission equipment, and landing stations. Capital will come from sponsors and banks, with high financial leverage of 85%. Potential problems that could prevent investors earning a return include technology risks, completion delays, political risks, market risks, and operational risks. The project company should be structured to mitigate these risks. A recommended structure includes four sponsors - Telstra, Japan Telecom, Teleglobe, and AT&T - for ownership. Project finance rather than corporate finance is advised for the capital structure