Shares of Qwest have fallen more than 85% in the past year, and its new management is trying to sell assets to relieve its crushing debt load. Qwest's outside attorney, Jonathan Schiller, said Qwest's accounting, including for swaps, was "reasonable," and that "Qwest would hope to bring the SEC to that conclusion as well." Three top company officials, including Joseph P. Nacchio, who resigned under pressure as chief executive last week, have testified before the SEC's Denver office. Qwest's chief financial officer and its president also have testified, according to people close to the matter. The SEC is questioning executives of other telecom companies, including Global Crossing Ltd., which swapped fiber capacity with Qwest. "Was the guidance reasonable and did they follow the guidance or did they do something that went beyond what was allowed," are among the questions regulators are asking, said a person familiar with the probe. In addition, the SEC is described by some people familiar with the investigation as focusing on whether the guidance itself was proper. Qwest has been defending its accounting to the SEC by referring to guidance it received from Arthur Andersen, specifically a "white paper" that gave clients such as Qwest accounting guidance.