They need to hold it open for each other on and off the field to have a going concern value that generates future wins.

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We subtracted neither taxes on this income, which will presumably be sheltered by depreciation deductions, nor operating costs. (At any one time, Don Jr. has a half-dozen people helping him on the licensing operation.) But neither did we add for the potential from future deals not yet signed, the going concern value of the operation.

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That spectrum is probably worth many times the value of the company as a going concern.

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