Of course that's what it looks like because that's wht it is...a proxy that VZW puts up on their tethering IP which is where your PDA is connecting to for some reason. And it shouldn't be doing that but rather pointing to the phone IP instead. Do you have your phone set as "modem" through ModemLink or something like that? If so turn it off before starting PDANet.

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My brain is so full of S (Entropy, that is), I don't know anything anymore.