Qualcomm Moderated Thread - please read rules before posting Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 169.27

-4.8%

Jan 12 3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Ramsey Su who started this subject	6/22/2001 12:03:26 PM
From: foundation	Read Replies (1) of 197177

Court Rules for NextWave on Wireless Licenses By Jeremy Pelofsky WASHINGTON (Reuters) - A U.S. appeals court ruled on Friday that regulators violated bankruptcy rules when they repossessed valuable wireless licenses from NextWave when the company went bankrupt, potentially grabbing the coveted spectrum of licenses back from other companies who won them in a re-auction. The Federal Communications Commission repossessed 90 licenses NextWave won at auction in 1996 after the company was unable to pay on time the $4.7 billion it bid for the licenses and eventually entered bankruptcy protection. "We conclude that the commission violated the provision of the bankruptcy code that prohibits governmental entities from revoking debtors' licenses solely for failure to pay debts dischargeable in bankruptcy," the U.S. Court of Appeals for the District of Columbia said in its ruling. The airwaves were resold as part of a larger auction in January in which wireless operators paid $16.9 billion. Verizon Wireless asked the FCC to withhold granting the licenses and requiring payment until the NextWave appeal was resolved. "The commission, having chosen to create standard debt obligations as part of its licensing scheme, is bound by the usual rules governing the treatment of such obligations in bankruptcy," said Judge David Tatel, writing for the three-judge panel. A spokesman for the FCC had no immediate comment. The agency could appeal the ruling to the Supreme Court or seek a hearing by the full D.C. appeals court. A spokesman for NextWave was not immediately available for comment. The ruling was a surprise because NextWave had lost most of its appeals court challenges, including at the U.S. Supreme Court. The FCC said when the airwaves were auctioned that if it lost in the courts the disputed licenses would be returned to NextWave. Verizon Wireless, the nation's biggest mobile phone carrier, won 101 licenses after bidding $8.78 billion followed by Alaska Native Wireless which has ties to AT&T Wireless Group Inc. (AWE.N) and bid $2.89 billion for 44 licenses. In 1996 NextWave won a slew of licenses that cover coveted locations such as Boston, New York and Los Angeles, among other cities, in an auction that was designed to encourage upstart wireless firms to grow and compete. However, the company was unable to come up with the funds to pay for the coveted airwaves, leading the FCC to repossess them for nonpayment. 11:08 06-22-01

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next