How to Avoid Being Spectrum Auction Chump

[Commentary] While there a a number of reasons for the almost nonexistent station trading marketplace these days, a big factor is the upcoming spectrum auction. Potential sellers don't want to commit now before finding out what the market will be for their airwaves once the bidding starts. To get around this, however, station sale contracts are being written with "chump insurance," which provides some protection for a seller if the buyer sells the station in the incentive auction and makes a killing.