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Technology Stocks : Nextwave Telecom Inc.
WAVE 5.839-1.4%Dec 31 3:59 PM EST
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To: Lance Bredvold who wrote (307)2/13/2000 10:40:00 PM
From: JGoren  Read Replies (2) of 1088
 
I really don't have the time to read the appellate opinion again but hope to do so--maybe the end of the week. I really would like to see the briefs in the first appeal. (The ones for the new appeal haven't been written yet.)

The last article indicates that the FCC claims that it grounded its revocation on a supposed rule or regulation, but I have not seen the rule cited anywhere and am not sufficiently familiar with the FCC part of the Code of Federal Regulations; nor have I looked for the rule. The bankruptcy court seemed to decide that there was no regulation that would have authorized the revocation. In addition, the fact that Congress is considering legislation to enable the FCC to take licenses back if the licensee files bankruptcy might simply be an attempt to clarify the situation, but it may instead indicate that the FCC indeed does not have that power.

It seems to me that unless the reg clearly establishes an automatic revocation, the FCC can't get to first base--especially since it failed to revoke for several years while NextWave was in bankruptcy. Even if it does, the question remains whethere the rule can negate the bankruptcy code's automatic stay. The Second Circuit can be interpreted as allowing the FCC to trump the automatic stay, which supports the FCC's view.
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