The Government has offered Australia's three mobile operators, and vividwireless, renewal of their existing spectrum allocated on 15 year licences in the late 90s and early 2000s at set prices, while the Government expects to rake in $3 billion.
Sensibly, it got settled in a deal which came in the form
of part cash, part stock. ConnectU ended up pulling out of the deal,
claiming that the "term sheet and settlement agreement is also
unenforceable because it was procured by Facebook's fraud."
So it all went back to court, and the decision
went against the ConnectU founders. However, that is far from the last
of it because an unsealed transcript from the case has revealed that
Facebook is not worth USD $15 billion at all. In fact,the papers would
seem to suggest that Facebook itself thinks it is only worth USD $3.75
billion (AUD $3.938 billion) instead.
Of course, this makes things even worse as far as ConnectU is concerned
because the settlement, that the court enforced last week, was largely
based on shares. The value of which depends entirely upon the valuation
of the company itself.
If Facebook is worth USD $11.25 billion (AUD $11.825 billion) less now
that it was when that settlement was agreed, and if it knew that it was
worth that much less at the time, then I guess it could all be going
back to court for a third time.
The truth is, nobody knows how much Facebook is worth. Somewhere
between nothing and a lot is about as close as you can get. To find out
the real figure we will all have to wait until the day inevitably comes
that Facebook opts for an IPO...
David Bass
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