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Technology Stocks : Nextwave Telecom Inc.

WAVE 8.150

-0.9%

3:59 PM EST

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To: waitwatchwander who wrote (816)	9/11/2002 4:03:23 PM
From: waitwatchwander	Read Replies (1) of 1088

Verizon Wireless asks federal claims court to order return of deposits rcrnews.com Sept. 10, 2002 1:39 PM EST WASHINGTON—Verizon Wireless Inc. on Monday asked the U.S. Court of Federal Claims to order the Federal Communications Commission to return its remaining deposit money and allow it to withdraw from the re-auction of bankrupt NextWave Telecom Inc.’s C- and F-block PCS licenses. “Verizon Wireless performed every obligation it had under the contract to receive delivery of the spectrum licenses … These breaches of contract have caused Verizon Wireless substantial economic injury. … The FCC’s failure to deliver the licenses to Verizon Wireless has forced it to take second-best measures to alleviate capacity constraints and meet customer demand. The costs of those measures would be stranded if Verizon Wireless were later required to accept the spectrum,” said Verizon Wireless. In addition to asking for summary judgement, Verizon Wireless asked the federal claims court to allow the case to go to trial if it decides that summary judgement is not warranted. The nation’s largest wireless carrier has been fighting for months to withdraw from the re-auction in which it bid $8.8 billion dollars. On March 5, Verizon Wireless told the FCC it was withdrawing from the re-auction because the spectrum had not been delivered and requested the FCC refund the $1.7 billion deposit it had made when the re-auction closed in January 2001.

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