<>Pretty fine analysis ... Telus did not enter the Bell sweepstake because of lack of clarity around government restrictions.  I believe the industry now has the clarity they need to move forward re strategic uses of spectrum.  What i'm still a bit unsure about is that foreign co's can not bid alone? but does that preclude them from owning spectrum alone?  

If the answer is no ... than I would expect a wait as the biggest bidder for UBS presents themself ... if the answer is yes ... that either one,  forces Bell/Rogers to pay more, or second an ongoing revenue stream to be managed by UBS to lease out spectrum or a third possibility which to me makes the most sense, sell some of the spectrum to Bell/Rogers ... say about 600 mil worth and immediate casg to finance anything ... (use those tax credits to our advantage).  The remainig spectrum can be leased to American companies for an ongoing revenue stream ... Quite frankly I would see that as being the most likely because i believe it would provide the highest rate of return.

<>All speculation of course., but Bell has already said there is not enough spectrum being auctioned ... so they better be ready to bury the hatchet with UBS.

<><>Orgy