Conveyance of Nextwave's C Block Licenses were completed in 3 Business Days. Over a Government Legal Holiday. After "NextWave submitted
a proposal to assure compliance with Section 310(b) within nine months by either securing additional domestic equity financing, reforming certain financial instruments held by foreign entities, obtaining new debt financing or any combination of the above (December 30 proposal)."
After reviewing NextWave's proposal, and Antigone/Devco's response thereto, the
Bureau determined that NextWave's proposal, if successfully completed, will assure compliance
with Section 310(b), that the proposal and the conditions imposed on NextWave's grants
eliminate any potential substantial and material questions of fact concerning NextWave's
qualifications, and that the public interest would be served by conditional grant of NextWave's
licenses. The Bureau's Order also disposed of all other allegations raised by petitioners, finding
that there were no substantial and material questions of fact at issue. Accordingly, the Bureau denied the petition to deny filed by Antigone/Devco and conditionally granted NextWave's applications. The Bureau's action was taken without prejudice to any other enforcement actions which may be taken with regard to Nextwave's compliance with the Commission's rules.
Grant of NextWave's licenses is subject to the following conditions. Failure to meet any
one of these conditions will result in automatic cancellation of NextWave's licenses:
(1) NextWave will come into compliance with Section 310(b) in accordance with the
terms of its December 30 proposal within six months of the date of this Notice. At the conclusion of this period, NextWave will submit a report to the Bureau documenting how its ownership and debt structure complies with Section 310(b). This report will include a detailed listing of all foreign-held equity and debt interests in NextWave.
(2) Beginning one month from the date of this Notice, NextWave will report to the
Bureau on a monthly basis regarding the steps it is taking to implement compliance with Section
310(b).
(3) NextWave will promptly provide the Bureau with copies of any correspondence to
or from the United States Securities and Exchange Commission in connection with the proposed
public offering described in the December 30 proposal.
ftp.fcc.gov
Of course, they never did fix their foreign ownership as proposed...
" On April 10, 1997, NextWave Personal Communications Inc. (NextWave) filed a "Petition for Temporary Waiver" of the restructuring obligations imposed by the Wireless Telecommunications Bureau as a condition on the grant to NextWave of broadband Personal Communications Services (PCS) C-block licenses. NextWave requests that the restructuring
deadline of July 3, 1997, established by the NextWave Licensing Order be tolled until 90 days after the effective date of the Commission's rulemaking proceeding regarding the implementation of the World Trade Organization Basic Telecommunications Agreement (WTO Agreement)."
ftp.fcc.gov
** All of the above text which was copied and reposted here is non-copyrited material available for public inspection.
Poor, Poor Innocent Nextwave!! Bad Nasty FCC!!
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