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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: Frank A. Coluccio who wrote (3914)1/11/2000 12:37:00 AM
From: quidditch  Read Replies (2) of 15615
 
SDNY Bankruptcy Ct reduced Nextwave's liability to FCC to $1 billion; NXTL coaxes a receptive view of its offer to purchase the spectrum for full value (c.$4.7b) from the FCC; NXTL makes hostile bid for Nextwave (a virtual impossibility to execute under the circumstances); Second Circuit Ct App rules that spectrum is public, that only FCC has power to grant rights in spectrum and that Bankruptcy Ct was wrong to reduce Nextwave's liability, remands to SDNY to issue a new ruling--i.e., force a new plan of re-organization by Nextwave; based on that, NXTL withdraws its bid figuring Nextwave has no moolah to pay for the spectrum license and that it will go to NXTL, based on its sweetheart understanding with FCC; Liberty Media and GBLX offer to invest $1.5b in Nextwave to help fund the purchase and enable a new plan of re-org., which Nextwave promply files with the bankruptcy court. So where are we: SDNY trying to figure out how to deal with the amended plan of reorganization and comply with Second Cir Ct App ruling; FCC trying to figure out whether it is worth the legal appeals by Nextwave and (outside the bankruptcy context) other carriers by withdrawing the spectrum from Nextwave for failure to pay and re-auctioning the spectrum under new rules (i.e., not confined to "eligible entities").

That's sort of where it is, in a protracted nutshell (did I hear nutcase?).

Steve
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