With all of blackstone's disclaimers, it is going to be a travesty for a sane, rational judge to approve debtor's plans based on one insider lease agreement. He is leaning on a very weak reed for sure.
At this point in time, it is not a good time to undervalue spectrum either. The FCC last week clearly stated "THERE IS A SPECTRUM CRUNCH". The economics of supply and demand MUST imply higher prices for spectrum. In addition, the RKF report is highly favorable to the use and value of this particular spectrum (not a comp!). With this favorable report be very careful to note that Blackstone - even though they discuss the report - never rely on the report for valuation.
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