And, if they have been underpriced, why investors, hungry to capitalize on that apparent past inefficiency, won't bid up prices until the undervaluation no longer remains.
Either way, the undervaluation of an asset that let one person make a great return may disappear now that buyers and sellers know more information about the market.
The fact that Verizon has recently spoken of its interest in buying some of that spectrum should also underscore the undervaluation that shareholders of Clearwire find so noxious.