And the market cap right now? $1.15 billion. Huge disparity. Of course their ongoing operations aren't the best looking thing in the world, but those assets aren't just valuable, they're something highly desirable and in the case of the spectrum, isn't something that can just be magically produced by someone else.
In all fairness, more spectrum can be freed up and more towers can be built but that takes time and money. From recent news (Alltel, Clearwire, etc) you can see how hot the assets NIHD has are. Big companies are looking for the next growth area, US isn't growing as much as it used to in wireless. Enter Central and Latin America.