Nextwave Telecom Inc. 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 : Nextwave Telecom Inc.

WAVE 8.150

-0.9%

Nov 11 3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Michael Allard who started this subject	4/30/2002 10:15:45 AM
From: Dennis Roth	Read Replies (1) of 1088

Verizon Wireless Sues F.C.C. nytimes.com By THE ASSOCIATED PRESS April 29, 2002 Filed at 6:43 p.m. ET BEDMINSTER, N.J. (AP) -- Verizon Wireless received $1.5 billion in deposits back from the Federal Communications Commission's February 2001 auction of 216 wireless licenses, and said it sued the federal agency in an effort to have the auction declared void and to have the entire deposit returned. FCC officials weren't immediately available to comment. In a press release Monday, Verizon Wireless said Verizon Communications Inc., which owns 55 percent of Verizon Wireless, plans to use the funds to reduce commercial paper and overall debt. Verizon Communications' debt and commercial paper stood at $62.9 billion and $10.6 billion, respectively, as of March 31. Verizon Wireless bid $8.7 billion for 67 licenses and made the required $1.7 billion deposit with the government. The FCC didn't deliver the licenses after a federal court ruled the licenses were owned by NextWave Telecom Inc. and weren't the government's to auction. The federal agency returned a majority of the deposit, but plans to hold the remainder to preserve the auction's results pending a U.S. Supreme Court action on the case. Verizon Wireless filed its suit against the FCC in the U.S. Court of Appeals for the District of Columbia Circuit and in the U.S. Court of Federal Claims. Verizon Wireless is a joint venture of Verizon Communications and Vodafone Group PLC. Copyright 2002 The Associated Press

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next