It all depend upon the value of the spectrum. It all looks fishy that you carry it on the books at $288M, write it down to $106M,
declare chapter 11 and your intentions to wipe out common shareholders. You can't just declare Chapter 11 and say the shareholders are done. There has to be a checks and balances between assets and liabilities and if the assets are valued higher than the liabilities, the shareholders cash in. The liabilities are in the area of $170-$200M. If they retain the spectrum then it has to be properly valued.
Who is Pucillo able to sell to without moving the price of the stock? Who bought the 750K block last week? How in this day and age do you justify a 65% write down on your prime asset when the wireless industry and assets are going boomtown?
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