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

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To: Eric L who wrote (12014)	6/29/2001 6:01:24 PM
From: carranza2	Read Replies (1) of 196943

As I stated, however, I am hopeful the Supreme Court hears the case. There seems to be a possibilitty it might. I suppose anything is possible. Likely? Not very. The Supreme Court has refused to review a case similar to NextWave's emanating from the Fifth Circuit. The NextWave case does, in all fairness, have some esoteric jurisdictional issues that could potentially pique the High Court's interest, but I seriously doubt it. The bankruptcy law issues certainly don't. >> High Court Refuses GWI Case on Wireless Licenses dailynews.yahoo.com WASHINGTON (Reuters) - A wireless operator on Friday will be able to keep 14 wireless licenses it won at auction after the U.S. Supreme Court (news - web sites) refused to review a lower court ruling that allowed the company to keep the licenses and pay a fraction of the bid amount. General Wireless Inc. won 14 licenses after bidding $1.06 billion in a 1996 Federal Communications Commission (news - web sites) auction, but had trouble raising the necessary funds and sought protection under bankruptcy rules and a reduction in payments. A bankruptcy court agreed to cut payments for the licenses to $166 million, a decision upheld by the U.S. Court of Appeals in New Orleans despite the protests of the FCC (news - web sites) which sought the review by the high court. The FCC had argued its rules require that wireless licenses are only issued upon full and timely payment by the bidder and the courts had overridden the agency's authority. GWI countered that the FCC acted as a creditor and therefore is not immune from bankruptcy laws that govern such situations. The decision is a second blow to the agency in a week as the FCC Friday lost an appeal in which the FCC tried to cancel licenses won by NextWave Telecom Inc. because of that company failed to make timely payments.

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