I have an old computer under my desk. Its a Toshiba laptop from about 1998. I run Puppy-Linux on it because it can't run anything more powerful.
Its good for purpose - a low powered device.
I am told by the physicists that if I use it for high-powered uses I will blow circuits and destroy my the local network.
So I go to the Department of Defence and say can I swap my old low-powered device for your high-powered supercomputer?
Of course they would laugh.
Now the WSJ is reporting that Phil Falcone has a Lightsquared Plan B. He wants to swap his spectrum which is specifically only available for low-powered use for the Department of Defence's spectrum, spectrum which is available for high powered use.
The Department of Defence should just laugh.
If this gets past the just-laugh stage I worry for American democracy. If this actually happens we know the scope for corruption in America is unlimited.
If the DOD wants to part with its valuable spectrum just auction it. Giving billions of dollars to fading - soon-to-be-bust hedge funds. That is beyond any semblance of decency.
Phil, for the sake of decency and because you are ultimately a patriot - just put Lightsquared in Chapter 11. Leave the corrupt obtaining of public assets to Chinese billionaires and Russian Oligarchs. You are better than that.
Thursday, February 16, 2012
The content contained in this blog represents the opinions of Mr. Hempton. Mr. Hempton may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Hempton's recommendations. The commentary in this blog in no way constitutes a solicitation of business or investment advice. In fact, it should not be relied upon in making investment decisions, ever. It is intended solely for the entertainment of the reader, and the author. In particular this blog is not directed for investment purposes at US Persons.