anytime soon. Both co.'s have announced intent to bid on spectrum. As such, FTC rules preclude a merger. That was the ONLY catalyst for leap. So now leap is going to continue the facade of moving forward as an independent co. competing directly with PCS (e.g. LA) creating redundancy in mkts and destroying, at the margin, the very reason for a merger-i.e. complementary, non-overlapping footprints. Clearly, to continue on this road will require capital infusions that dilute the value of existing stakeholders. In the present environment, any new capital will carry a heavy price. In my opinion, the PCS offer was more than fair. The PCS management's reasons for a merger, as well as their response to leap's rebuff, are sound and well argued. Mark H. Rachesky is a fool. He is a destroyer , not creator, of value. He creates distressed situations more than he "invests" in them. He has benefited from Carl Icahn's reputation and the perception that he was Mr. Icahn's right-hand man. Based upon Rachesky's track-record and assuming that Mr. Icahn is, indeed , right-handed, at least in this case, all that meant in relation to Rachesky was that he was Carl's designated ass-wiper.