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To: elmatador who wrote (8009)	8/30/2001 5:34:46 PM
From: Maurice Winn	Respond to of 74559

<"beauty pageant" works only in countries that are not corrupt. > Beauty pageants work nowhere. At best they are honest, stupid ideas of wacko governments which hand windfall profits to some lucky company they select. Usually the allocation is by way of crony capitalism where the politicians give the goods to their buddies. At worst it's outright fraud, theft and corruption. The European spectrum auctions were well run and a good idea. If dumb company managers bid too much and can't build the networks, there are plenty of people like me who can. I will buy Vodafone's assets for $1 and pretty soon there would be 3G across Europe. It's the shareholders' problem if they can't make it work. That's the same in the financial woes the world is suffering - it's a bulk transfer of assets from people who couldn't run their finances and the businesses and assets they own to those who can. Our job as investors is to avoid being the ones who couldn't run a business [such as Globalstar]. Mqurice PS: Hello CB, I see you have more time on your hands now and are back on line. Maybe you have a couple of minutes now to read my posts so you can understand how big and small satellites go around the earth and why businesses fail.