Those very major carriers are fine with the new designated entity rules, which make it harder for large carriers to use small organisations to nab spectrum for them, and want to go ahead with the auction as soon as possible.

ENGADGET: FCC delays spectrum auction until August Mobile

For investors such as pension funds, buying a stake in a listed entity may appeal if their internal rules stop them investing directly in private-equity or hedge funds.

ECONOMIST: A battle is on for the spoils as secretive funds go public

Though individual projects may be operated by a private entity, they are to be regulated by a second, according to rules established by a third.

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Reality is regardless of how Judge Sean ultimately rules, after the merger the new board of directors of the combined entity is free to grant whatever largesse they care to bestow on Mr. Horton.

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