Verizon Wireless Sues U.S. for $1.7B Refund
story.news.yahoo.com
Excerpts:
The Verizon Wireless lawsuit asks the court to direct the FCC to comply with the June 2001 decision and
"confirm that the reauction obligations are extinguished, because the FCC didn't have the spectrum it sold."
[ snip]
"The FCC has neither delivered the licenses to us in the year since the reauction's close, nor has it recognized that the auction is void. Instead, the FCC continues to hold Verizon Wireless' $1.7 billion, without paying any interest," said company president and CEO Denny Strigl.
The loss of interest alone is costing Verizon Wireless more than $250,000 a day, for a total of $80 million to date, Strigl charged.
"Our bids assumed an ability to build out, generate revenue, and meet capacity demands during 2001. But because the FCC did not deliver the licenses, we have been unable to derive any value from them throughout 2001 and have had to incur additional costs in making alternative arrangements to satisfy capacity demands," he said. |
