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A network theoretical transient analysis of waveguide transmission of modulated signals with carrier frequencies below cutoff is presented. Both matched and mismatched terminations are considered. It is clearly shown that recent publications reporting on signal transmission faster than c (light velocity in free space) are based on erroneous interpretations of the measured results. It is also shown that the information capacity of tunneling systems is extremely low, which makes their use as communication channels unfavorable. A number of numerical experiments has been carried out. The achieved results justify the presented analysis and give the proper interpretations to the seemingly faster-than-c transmission reported recently.