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Technology Stocks : Global Crossing - GX (formerly GBLX)

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To: cardcounter who wrote ()	1/26/2000 11:35:00 AM
From: mozerd	of 15615

NextWave Wins Legal Victory! In Its Fight With U.S. Officials An INTERACTIVE JOURNAL News Roundup HAWTHORNE, N.Y. -- NextWave Telecom Inc. won a legal victory Tuesday in its battle to hold on to its valuable wireless-spectrum licenses as a U.S. appeals court denied a Federal Communications Commission motion to halt the company's bankruptcy-reorganization proceedings NextWave said the FCC cited its "exclusive jurisdiction" in seeking to block a bankruptcy court from conducting hearings on the FCC's attempt to cancel NextWave's wireless-spectrum licenses. The announcement marks the latest twist in a fight between the FCC and NextWave, which has been operating under Chapter 11 of the U.S. Bankruptcy code since 1998. NextWave had successfully bid $4.7 billion for the spectrum in 1996, but like a number of other winning bidders, it later filed for bankruptcy-court protection, tying up the spectrum. About two weeks ago, the FCC said it would reclaim and re-auction some radio spectrum that NextWave bought but didn't fully pay for -- a step the company maintained the FCC can't take under bankruptcy laws. NextWave said the FCC "inexplicably" rejected its offer Tuesday to make an immediate payment of $4.3 billion, adding that the offer represented full payment of its bid in the FCC's auctions, "a bid that the FCC earlier accepted." The FCC maintains that NextWave's licenses were automatically canceled after it initially failed to pay for them. The agency said it would reclaim spectrum not paid for and hold another auction. But NextWave argues that such actions would "inevitably" lead to lengthy delays in the use of the spectrum and entail further rounds of time-consuming litigation.

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