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Technology Stocks : The New Qualcomm - a S&P500 company
QCOM 141.78+1.2%11:12 AM EST
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To: JGoren who wrote (735)8/12/1999 10:07:00 AM
From: DaveMG  Read Replies (4) of 13582
 
<Any of you legal eagles understand this? Does Nextwave have to go along with the plan? This sounds like the cementing of a big loss for Q.. >

Nextel says gets OK to secure airspace

RESTON, Va., Aug 11 (Reuters) - Wireless telephone company Nextel Communications Inc. (Nasdaq:NXTL - news) said Wednesday it had struck a deal with federal authorities to move forward on a plan to buy airspace from a bankrupt company.

Nextel said the Department of Justice and the Federal Communications Commission would allow it to secure the wireless spectrum from NextWave Personal Communcations Inc. under a deal in which Nextel helps NextWave resolve its bankruptcy case.

Nextel said its existing air space is sufficient for its needs, but that access to NextWave's spectrum would make it easier to roll out future generations of wireless services. Nextel said the airspace at issue spans U.S. territory where some 165 million people live. Nextel said it had contacted NextWave's creditors, but had not secured any agreements with them at this point.

Nextel said NextWave had not used most of the airspace it had been awarded before it sought protection from creditors by declaring bankruptcy in June, 1998. NextWave's case is pending in U.S. Bankruptcy Court for the Southern District of New York.
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