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That is the actual file (in e-smith 3.x) that determines how long the machine stays connected for different types of sessions.
After you edit the file you have to save the changes with /sbin/e-smith/signal-event console-save before you reboot.
To get to that file, you first need to login as root on the local console (CNTRL +F3) and you can use the "vi" text editor to make your changes.
I assume the procedure is essentially unchanged when running e-smith 4.x.