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I have an older Boca 56K modem. It has worked under Windows 2000, but the OS insists on seeing it as a "PCI adapter" or "PCI Controller" and doesn't assign a COM port. I can't force Windows 2000 to see it as a modem. I have the Windows 2000 driver and the device is supposed to be compliant.
The device may be corrupted or have a bad BIOS chip. I would contact the manufacturer for help. Double check that you have the latest drivers on hand. It could just be one of the fluke legacy hardware devices that are listed on the HCL which actually don't work properly on 100% of possible systems. You may end up replacing it with a new modem.