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To: S100 who wrote (13240)	7/2/2001 4:38:35 PM
From: Rono	Respond to of 34857

Now that NextWave is sitting pretty on nearly $17 billion worth of spectrum licenses, it says it plans to behave more like a carrier than a litigant and start deploying a 3G network. Overlooking the emotional issues regarding this whole unfortunate saga, the valuation of spectrum licenses and WSP's seems to be out of wack. If NextWave's spectrum licenses are truly worth $17 billion for about 110 million pops, then how much is Sprint's (PCS) licenses worth, which controls well over 200 million pops domestically? $35 billion..... more? The enterprise value for all of PCS is about $40 billion and they have 10 million customers and will do about $10 billion in revenue this year! Or how about Nextel with more than 600 million international pops, with an enterprise value of about $25 billion? NextWave has zero customers, zero revenue, zero infrastructure, and half the coverage of the competition. If NextWave's licenses alone are worth $17 billion, then it seems to me PCS and Nextel are grossly undervalued. Ron