It's more or less the same process where a developer buys land cheap and then with the help of a corrupt government rezones that land to something more valuable.
The FCC can rezone, they generally then run an auction, keep lots of $$ for the govt, and kick some back to others if needed especially if they force folks like TV stations to move their station broadcasts.
Lightsquared 100% lied when they said they would use the spectrum to serve 100% of users with a sat service. That was a necessary process for the original transfer (like for like use).
And the value they are getting is huge. 40MHz of nationwide bandwidth. Easily worth 10Billion plus.
Be totally fine for FCC to rezone using a normal process, auction to normal business at fair market value, protecting or compensating existing users.
