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To: Jon Koplik who wrote (24)	9/16/1998 9:26:00 AM
From: Jeff Vayda	Read Replies (1) \| Respond to of 2737

Jon: Sounds like the 'value of a pop' is similar to the 'value of spectrum' - the individual influences which 'value a pop' are so vast and varying that comparing two separate populations is invalid. Only when a bid has been published can you say anything about value and then all you can say is that on that day ABC Co. was willing to pay $X for a pop. Order of magnitude valuations are relevant but beyond that, IMO, comparing bids without insight into a company's planned investments, projected cash flow, debt levels and so on make any dollar to dollar pop valuation wrt another companies bid misleading. Jeff Vayda