Most likely the license will not be considered an securable asset until it generates substantial cash flow that can be discounted, and some of that cash generates hard assets that can be collateralized. In other words, it's most likely not the license, but the results generated by the license that commercial banks will value. I will ask the question of the sources I have and let you know what "they" say, as opposed to what I believe to be true.
Keep in mind, NVI's license is non-exclusive, per SEC filings. Yet, I'm bright enough to know that the extra 15-20% of built in value, in Embarq, above and beyond that built into Powerstream, can (and I expect it will) make all the difference. Just because two other entities have the right to leverage Powerstream in NVI's chosen channel, doesn't mean they can equal NVI's Embarq value.... and it does often come down to relationships in the industry, and strategy/implementation. I'm not so worried about the non-exclusivity of the Powerstream component of Embarq, but it does make it harder to treat the license as a collateralizing asset for banking purposes.
Nothing will prevent NVI from putting Embarq on their books as an assets, for internal and accounting purposes. That's fine. It simply is unlikely to be a commercially bankable asset in and of itself.
Bill
