Much like the $40 range was too high of course, the current level seems like quite a bit of overkill. If these towers are on their way to obsolescence now over the next couple of years I can see these valuations. Otherwise it doesn't seem out of the realm of possibility that they might recover to EBITDA valuations approximating the cable television industry. I think you could wash the tech obsolescence issue with the fact that little if any capex will be required vs. the cable operators. Different industry I know...but at some point cash flows are worth something. If they survive, these valuations are way low. 8 time this years EBITDA would be around the $11-12 range.