Few publicly traded technology firms headquartered in Georgia and North Carolina haven’t suffered losses during the 2002 bear market.

Georgia companies were hit especially hard, losing a total of $42.45 billion from Jan. 2 through July 22, and a staggering 10 companies account for $40 billion of those losses. Of course, BellSouth is responsible for a majority of that figure, $31.19 billion, simply due to the sheer size of the company.

North Carolina companies fared relatively worse, dropping from $27.3 billion to $14 billion during the same period.

In making an argument about which companies suffered the biggest losses there are two ways of looking at it. One, by the total amount of market capitalization a company has lost. Two, by the percentage of decline. For the sake of this list Local Tech Wire is listing the top 10 biggest losers from each state in order of total market cap losses.

GEORGIA LOSERS

1. BellSouth (BLS)

Market Cap Jan. 2: $73.49 billion
Market Cap July 22: $42.3 billion
Total Loss: $31.19 billion
Percentage Lost: 42%

2. Scientific-Atlanta (SFA)

Market Cap Jan. 2: $3.29 billion
Market Cap July 22: $2.02 billion
Total Loss: $1.9 billion
Loss: 48%

3. AirGate PCS (PCSA)

Market Cap Jan. 2: $1.21 billion
Market Cap July 22: $30 million
Total Loss: $1.18 billion
Loss: 98%

4. Earthlink (ELNK)

Market Cap Jan. 2: $1.83 billion
Market Cap July 22: $828 million
Total Loss: $1.002 billion
Loss: 55%

5. S1 Corporation (SONE)

Market Cap Jan. 2: $1.27 billion
Market Cap July 22: $319 million
Total Loss: $951 million
Loss: 75%

6. Web MD (HLTH)

Market Cap Jan. 2: $2.34 billion
Market Cap July 22: $1.45 billion
Total Loss: $890 million
Loss: 38%

7. First Horizon Pharmaceutical (FHRX)

Market Cap Jan. 2: $988 million
Market Cap July 22: $135 million
Total Loss: $853 million
Loss: 86%

8. Internet Security Systems (ISSX)

Market Cap Jan. 2: $1.53 billion
Market Cap July 22: $677 million
Total Loss: $853 million
Loss: 56%

9. Concurrent (CCUR)

Market Cap Jan. 2: $909 million
Market Cap July 22: $201 million
Total Loss: $708 million
Loss: 78%

10. Arris Group (ARRS)

Market Cap Jan. 2: $828 million
Market Cap July 22: $286 million
Total Loss: $542 million
Loss: 65%

NORTH CAROLINA LOSERS

1. RF Micro Devices (RFMD)

Market Cap Jan. 2: $3.29 billion
Market Cap July 22: $1.33 billion
Total Loss: $1.96 billion
Loss: 60%

2. Cree (CREE)

Market Cap Jan. 2: $2.16 billion
Market Cap July 22: $1.05 billion
Total Loss: $1.11 billion
Loss: 51%

3. Quintiles Transnational (QTRN)

Market Cap Jan. 2: $1.89 billion
Market Cap July 22: $1.02 billion
Total Loss: $870 million
Loss: 46%

4. Pharmaceutical Product Development (PPDI)

Market Cap Jan. 2: $1.76 billion
Market Cap July 22: $1.05 billion
Total Loss: $710 million
Loss: 40%

5. CommScope (CTV)

Market Cap Jan. 2: $1.34 billion
Market Cap July 22: $689 million
Total Loss: $651 million
Loss: 49%

6. Salix Pharmaceuticals (SLXP)

Market Cap Jan. 2: $476 million
Market Cap July 22: $176 million
Total Loss: $250 million
Loss: 63%

7. Inspire Pharmaceuticals (ISPH)

Market Cap Jan. 2: $324.8 million
Market Cap July 22: $82 million
Total Loss: $242.8 million
Loss: 75%

8. TriPath Imaging (TPTH)

Market Cap Jan. 2: $273 million
Market Cap July 22: $92 million
Total Loss: $181 million
Loss: 66%

9. Triangle Pharmaceuticals (VIRS)

Market Cap Jan. 2: $327 million
Market Cap July 22: $154 million
Total Loss: $173 million
Loss: 53%

10. aaiPharma (AAII)

Market Cap Jan. 2: $450 million
Market Cap July 22: $296 million
Total Loss: $154 million
Loss: 34%