The Successful Investor, in the March, 2015, issue, says hold Manitoba Telecom Services Inc., recently $24. The Investor said buy 24 times from October, 1999, to October, 2013, at prices ranging from $17 to $52. Assuming a $1,000 investment for each buy, the $24,000 position is now worth $16,128. Manitoba Telecom earned $24.2-million or 31 cents a share in the quarter ended Dec. 31, 2014, a big improvement over the same period last year, when writedowns and other unusual items led to a loss of $87.8-million or $1.25 a share. Revenue slipped slightly to $404.8-million from $408.5-million. Demand for traditional phone services is falling, but Manitoba Telecom is doing a good job of competing for wireless customers. Meanwhile, as of Jan. 1, 2015, the company's employee pension plan had a deficit of $395-million, compared with $206-million at the start of 2014, because of declining interest rates. To cover this shortfall, Manitoba Telecom may have to sell shares or issue debt. Either option would have consequences, the Investor points out. The company is now conducting a strategic review, which could lead to asset sales or other deals to free up cash. It may also have to cut its $1.70 dividend, which yields 7.1 per cent. Hold.