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To: JohnG who wrote (94608)	2/26/2001 9:55:05 AM
From: Keith Feral	Respond to of 152472

The point is that the operators have already shed the assets to pay for these networks. According to Mika, it would have not been permissible for these companies to hold holdings in 2 companies within the same country anyway. In the case of VOD, it was a zero sum transaction if the present value of the spectrum is equal to the present value of the assets they spun off. You can't just look at the cost side of the equation and say the purchase of new spectrum is prohibitive. VOD has departments of people budgeting the financial tradeoff between the 3G licenses and the non core assets they sold to make sure there would be no dilution to future earnings.