TerreStar Corporation (fka TSTRQ)

[woops]

So just for pie and pudding or cups and cakes (thank you spinal tap):

Jefferies calculated a discount rate of 20.5% using the Capital Asset Pricing Model, using the unlevered beta median for ICO Global Communications (Holdings) Limited and Skyterra Communications, Inc., calculated using the 2-year historical raw weekly data from Bloomberg information services, an assumed Company capital structure of 49.6% equity and 50.4% debt and adjusting for the approximate yield of the Company’s outstanding debt as of September 30, 2007 (16.0%). Based on the selected range of perpetual growth rates (4.0% - 8.0%) and discount rates (15.0% - 25.0%)

In other words, let's take jefferies final number 856.2M in 2008. This number has the discount rates and capital structures, etc. built in. Continuing the growth rate of this number would be:

856.2M*1.06^4=1.08Billion

which is not completely accurate. however there has to be a seesaw between the discount rates/capital structures and the explosion in need for spectrum. my wag would be a wash to higher than 1.08Billion.