CellularVision (CVUS): 2-way LMDS wireless cable. Message Board

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Technology Stocks : CellularVision (CVUS): 2-way LMDS wireless cable.

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To: James Fink who wrote (791)	12/28/1997 5:33:00 PM
From: James Fink	Read Replies (1) of 2063

In the 1995 PCS auction for 30 MHz of spectrum in the 1.9 GHz band, Wireless Co. paid $442.7 million for New York City. Omnipoint had already been granted the other 30 MHz PCS license for New York City because the FCC had awarded Omnipoint a Pioneer's Preference in 1993. Despite the pioneer's preference award, Congress passed legislation requiring Omnipoint to pay $347.5 million for the New York MTA License. My question is two-fold: (1) Based on the PCS auction, CellularVision's LMDS license for New York City is worth between $347 and $442 million. Agree? Or is 1150 MHz of spectrum at 28 GHz worth less than 30 MHz of spectrum at 1.9 GHz? If CVUS' license is worth around $300 million, that would suggest that CVUS is tremendously undervalued. $300 million divided by CVUS's 16 million shares yields a per-share value of $18 per share! (2) Is it possible that Congress will require that CVUS pay for its LMDS license in NYC just like it required Omnipoint to pay for its PCS license in NYC? If so, CVUS may not be worth as much as I had previously thought (see #1 above).

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