axton:
I made an investment through a VC fund in 1996 that was set up solely to invest in Nextwave. I wrote my investment off last year, but still see a glimmer of hope for future returns.
Just a reminder to this board, that the legal issue on the table stems from the fact that the FCC never issued UCC's protecting their spectrum as a secured asset when they initially handed out the license. This is why the Bankruptcy court does not believe it owes the FCC any more than any other creditor in this process.
The FCC also caused much of the current "C" block issue delaying the issuance of the licenses to C Block players. Nextwave could not file an IPO until it had possession of the license, and the FCC took over 9 months to issue it. By the time it was issued, the market had turned sour on spectrum owners.
Nextwave was ready to roll day one (as my intro to this thread detailed), but the FCC messed it up for them. As
a US citizen, I am glad our government would step in to protect us from this clerical error. HOWEVER, Nextwave's filling of Chapter 11 was done in the wake of the Pocket Tellecom's Chapter 11 , in which the court Ruled and re-sold the spectrum at 10 cents to the dollar, and gave the FCC nothing! (nothing beyond what all Creditors received). This being the president, Nextwave had no choice but to follow suit. Now, the Government is attempting to change the rules, and as a current and future investor in emerging technologies, I don't like that Message too much.
Good luck to all! |
