Good reading: Check out the January 3, 2013 online Barron's article.
An Excerpt: In a takeover, however, Leap could be worth far more. A major wireless carrier like AT&T (T) or Verizon Communications (VZ) could put Leap's spectrum to fuller use, and pick up some customers and infrastructure in the deal. Putting a price on a customer base is straightforward work, but prices for spectrum and infrastructure can vary widely. A lowball estimate puts Leap's value to a buyer at $7.50 a share, according to Hallaren -- an 11% premium to its recent price. Assuming more reasonable prices for the spectrum and infrastructure, Leap could go for double its current price.