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Technology Stocks : Nextwave Telecom Inc.

WAVE 6.020

+3.1%

Jan 2 9:30 AM EST

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To: JGoren who wrote (302)	2/11/2000 12:41:00 AM
From: JGoren	Read Replies (1) of 1088

FCC Can Prepare to Auction NextWave Licenses, US Court Says --From AOL News-- Cooters New York, Feb. 10 (Bloomberg) -- A U.S. appeals court overturned part of a bankruptcy judge's decision and said the Federal Communications Commission can continue to prepare to auction wireless telephone licenses claimed by NextWave Telecom Inc. while the court reviews the full decision. The FCC said last month it would reauction 90 NextWave licenses starting July 26, saying that NextWave had defaulted on its $4.3 billion debt to the agency. U.S. Bankruptcy Judge Adlai S. Hardin blocked the FCC from reauctioning the licenses, ruling that NextWave's debts were automatically stayed during bankruptcy proceedings. The 2nd U.S. Circuit Court of Appeals in New York today stayed Hardin's decision ''insofar as it prevents the FCC from taking steps in anticipation of the auction.' The appeals court also denied NextWave's request for a rehearing on the question of whether the bankruptcy court should be allowed to reduce the company's obligation to the FCC. Feb/10/2000 16:06 ---------- This only means the FCC can proceed to PREPARE to reauction--not that it can reauction. This means nothing more than the Court wants to preverve the status quo, so that it's decision will not be moot.

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