ARIN /8s ?

> As has been pointed out numerous times, an IP allocation is a LEASE, not a
> SALE.  Just as a leased house is not an asset you can claim, neither is an
> IP allocation.  Technically, ARIN will be leased a portion of the IP space
> (just like RIPE and APNIC, and formerly NSI) from the IANA.

A "lease" is, under the law of most, if not all, jurisdictions, and under
accepted accounting principles, a property right, which, in fact, does,
and often must, show up on balance sheets. 

To the extent that one can trace IP address space back to a US
governmental authority, the handling of those property rights must accord
with the various Constitutional requirements of due process.

(ARIN may yet have to deal with the issue that it is (or is not) an agent
of the US government in these matters.)

And even if no governmental agency is involved, a "lease" doesn't mean
that there are no reciprocial obligations on the lessor, such as a minimal
term, the giving of notice of termination, etc. 

In other words, waving the word "lease" around isn't going to offer much
protection of a higher-level holder of IP space allocations/delegations
[pick your word] jerks around a lower-level "leaseholder".

		--karl--