Gary Kim writes, "AT&T Bid for T-Mobile USA in Trouble?" If the deal falls through, not only does AT&T have to pay out $6B in break-up fee, but T-Mobile will be in trouble.
Then there's the Lightsquared build out. Gary Kim writes that Lightsquared, who is a wholesale only play with its own spectrum (remember that this was Clearwire's original business plan), is going to buy capacity from AT&T??!!!
Cellular is a hot mess of spectrum and business plan bungles.