Patrick, I'm starting feel like I'm not even smart enough to comment.
This FCC auction stuff is a pretty complicated mess. They have so many rules that I can barely read, let alone figure out what the heck they mean. You probably have to be an auction lawyer.
One thing seems clear; you don't just show up and start bidding on markets that you want. The whole thing is just a big strategy game. There's things like bidding eligibility and waivers and such. And three different phases that probably all have their own rules. But you have to maintain a certain number of high bids or use waivers or you start to lose eligibility. So you bid in different places just to maintain eligiblity but so as not to run up prices in places you're really interested in. I think the game is to get everyone else to use up all their eligibility so you can just walk in and overbid everyone in all the markets you really want. I don't understand it all at all.
However, just being logical, if Las Vegas and Denver are worth at least $9.00 per pop, and Chicago is still at 2.66, DC at 2.48, LA 2.48, San Fran 3.49, Philly 3.14, Atlanta and Miami at 2.25, etc, etc, and trying to figure out the games that are being played, and realizing this will probably go on for another month, I would have to think this auction will go up by at least a factor of five ($2.8Billion). I just can't accept that Denver and Vegas are worth more per pop than LA, San Fran, NY, Chicago, etc. But then again, what the hell do I know.
PS MCLD up another 2.5 to 36. Already doubled my money, think I'll hang on for 3 or 4 times. This stock off of 31 is about a sure a bet as a money market. |
