I was recently at a conference addressed by Bob Lucky, former head of Bell Labs, who often, these days, writes on the tragedy of the commons as applied to spectrum. His view, arising out of some of his recent work which I did not get a chance to explore in any detail with him, would imply that there is no scarcity of spectrum. There are no limits. The value of McCaw's licenses is not relevant to the issue. If the FCC or some other agency has created scarcity by insisting, with the support of the state, that people have licenses from them to use spectrum, then Craig McCaw's licenses would be worth whatever they were worth. In this circumstance, the FCC is selling, and McCaw is reselling, what is normally called "protection". Ken Gordon