since the corporate tax rate is approx 50% for large corporations and the tax credit itself is $310 M ... essentially $620 m of profit would attract $310 m of tax.   The credit is in turn is completely used against the amount of tax charged.  Of course if the can selll the spectrum for more , the amount greater than $620m would be taxed at a normal rate.

<> there was/is no slight of hand simply any company could purchase that value and use it .... IMO the mgmt know what we have got and our in their own way looking to auction off the entire value of the company... both spectrum and the tax credit

<> <>if they do decide to continue operations once hey sell the spectrum. I would expect they would be able to lease back some spectrum and carry on operations ... either way the way I see it we win