Hello Angel,
from your description this looks like to be a Sonet/SDH circuit or an ATM PVC (unlikely) or other circuit oriented technology.
if they have a decent network they should use APS for path protection, and they should be able to switch your circuit to a backup path where it is likely they can give the full speed you are paying for.
>> Telco is saying that one leg of the p2p was disconnected mistakenly about a month ago
see this as logical path between devices for example ATM switches.
Or they configure their devices manually without any end-to-end service awareness or their provisioning system had a failure.
in any case your company should receive money back for all the time the circuit is not working at the right speed.
or at least to pay half of the fee.
>> but in the meantime more circuits came in bringing that POP to capacity
so they sold half your speed twice.
Hope to help
Giuseppe