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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 176.31+1.9%3:59 PM EST
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To: carranza2 who wrote (28514)11/5/2002 10:42:47 PM
From: pcstel   of 197083
 
What did Q do with the $125 million Pioneer credit it got from the FCC?

The 125.273 million ADV was assigned to LWIN after Auction 35. Since all of LWIN Auction 35 bids were for Nextwave Spectrum. They never had any spectrum to pay for. LWIN returned the ADV to Qualcomm and Qualcomm agreed to provide LWIN a combination of the unused ADV or cash to pay for Auction 35 spectrum if it became available, up to the 125 million commitment. In the later part of last year. Qualcomm transferred about 11 million of the ADV to a third party.. Summit Wireless if memory severs me correct.

On Aug. 1st of this year. Qualcomm petitioned the FCC to allow Qualcomm to assign the ADV to a "third party" that could then use the ADV to pay down current FCC time payment debt. Qualcomm argued that the Qualcomm ADV was gong to expire (June 2003). And since Auction 35 was tied up in court, and the 700 Mhz Auctions are on hold, and no other Auction for PCS type licenses are planned before the expiration of the Qualcomm ADV. That the FCC should allow Qualcomm to assign the ADV to a company that could use it to pay down existing FCC debt.

See Proceeding: 02-234

PCSTEL
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