As I promised, here is the next note received from Peter who also returned my call today. e-mail below ... conversation follows

Yes, management remains committed to trying to secure a transaction (or transactions) to help deliver value to shareholders. Management remains of the belief that this is the best course of action to deliver the greatest value, so they will continue along this path. The current market situation is not helpful, though hopefully will not rule out the possibility of a party (or parties) being interested in pursuing something.

Again – if you want to discuss the legal cases, please feel free to give me a call.

Regards,

Peter

To begin with Peter started by indicating reluctance to any written comments in the event any of that can be used against UBS in the court case as has occurred in the past.

Understandably, nothing he said was priviledge, nor did anything that in my experience I would not be able to answer if I was in his position.

There has been general compliance by Bell to avoid being held in contempt, but I get the impression what was supplied may be incomplete.

Those who have been through this process know the gamesmanship etc played especially if there are other negotiations being held.

Suffice to say I am encouraged that things are progressing as well as can be expected and that I remain confident that we have a quality undervalued investment and we will be rewarded for what may seem to others as excessive patience.

We all know what spectrum's value is worth and we are not overestimating its worth. To realize it is not the simple process we wish for it to be ... IMO anyone who dumps it is crazy ... there could be some opportunities to play it ... that would be smart ...hold your core position and play the rest.

Feel free to ask any specific question you may have.

Orgy