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Technology Stocks : The New Qualcomm - a S&P500 company

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To: Scott Zion who wrote (5336)	1/18/2000 6:59:00 PM
From: Scott Zion	Read Replies (1) of 13582

And the saga continues... globalwirelessnews.com Gov?t loses in attempt to remove NextWave case from bankruptcy WASHINGTON?The federal government today unsuccessfully attempted to block an effort by bankrupt personal communications services licensee NextWave Telecom Inc. to have the bankruptcy court rule on whether the Federal Communications Commission can cancel its 90 PCS licenses and re-auction them in July. Bankruptcy Judge Adlai S. Hardin Jr. has ordered the federal government to appear in his courtroom Friday to explain why it thinks it can take back and re-auction the C- and F-block licenses. The government asked Federal Judge Charles Brieant to take the case out of bankruptcy, but Judge Brieant refused. In addition, NextWave said in court papers filed late last week that it will soon file a petition with the U.S. Court of Appeals for the Second Circuit, asking the court to rehear its case. In December, the Second Circuit said that bankruptcy law could not be used in the licensing and regulating of spectrum governed by communications law. Based on this decision, the FCC announced it was canceling the licenses and would re-auction them on July 26. ??The FCC?s efforts to block the commercialization of NextWave?s licenses and its election to pursue unlawful actions designed to punish NextWave for exercising statutorily granted rights are at odds with federal law and with the [FCC?s] own statements regarding the need for prompt utilization of NextWave?s PCS spectrum,?? said NextWave.

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