Don't shoot the messenger, Orange halved and make or break for Letsbuyit

The media circus that surrounds the current case - in which the internet is the least of the issues - is still rumbling on, however, there are wider issues and a precedent removed from the specifics of the case that should be of interest for industry watchers.

The Guardian reports that "leading industry figures" have rallied to criticise the Department of Health for warning ISPs that they could face prosecution for handling information that breaks UK adoption rules. On a practical level, the well-intended warning goes against a proposed European directive, expected to be passed within the next two years, which states ISPs will not be held responsible for content as they are merely a "conduit for information". To prosecute therefore would merely be a case of 'shooting the messenger'.

While the comments of the Department of Health will doubtless fail to engender any rule changes, the increasing interest governments are showing in regulating the internet does raise a number of issues. Having recently seen Yahoo! back down after it was attacked by the French government for hosting an auction of Nazi memorabilia, it seems the ideal of freedom of speech and movement over the internet and the comparative lack of regulation are becoming increasingly contentious issues...

In other news, the long awaited flotation of mobile phone operator Orange makes the pages of many of this morning's papers. The Guardian calls it a "big test of investors' appetite for technology shares" as the stock goes before a largely indifferent market.

Orange has today released its prospectus for the flotation, in which it lays claim to an expected valuation of around £38bn. However, it is worth noting that this not inconsiderable sum represents only half of the market capitalisation originally predicted.

Recent unrest in the markets has seen the telecoms stocks fluctuate around a predominantly downwards trend, and is to be seen whether Orange will fair any better.

The Financial Times seems unconvinced, warning that any imminent failure on the part of Orange may do nothing more than ward off other telecoms companies planning their roads to flotation...

Finally, the Financial Times reports that doomed e-tailer Letsbuyit.com has won a stay of execution - winning bankruptcy protection until 24 January. The company now has until then to pay off £2.5m in debts incurred by its trustees...