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

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To: Ramsey Su who started this subject	11/14/2002 5:01:59 PM
From: foundation	of 196436

U.S. FCC to let wireless carriers out of auction Thursday November 14, 4:46 pm ET WASHINGTON, Nov 14 (Reuters) - The Federal Communications Commission said on Thursday it will allow Verizon Wireless and other mobile telephone carriers to withdraw from a $15.9 billion wireless license sale, which could reduce a massive financial burden affecting the companies. At the behest of the carriers who want to use the cash instead for paying debt or improving services, the agency agreed to allow them to walk away from their bids made in early 2001 without penalty for licenses that have been caught up in a legal tussle involving bankrupt NextWave Telecom Inc. The companies have 45 days to request permission to withdraw from the auction, which will also require approval from the U.S. Justice Department, and the carriers will not be restricted from bidding in future auctions, the FCC said. The agency originally sold the licenses to NextWave but then tried to repossess them because the company failed to pay for them on time. The agency then re-auctioned the airwaves to Verizon Wireless and other carriers which needed additional airwaves to expand and improve services. An appeals court ruled that the FCC could not take the licenses back solely because of non-payment, but the U.S. Supreme Court is expected to decide to whom the licenses belong. In the meantime, the FCC had kept carriers that bid for the licenses last year on the hook for their bids, totaling $15.9 billion. biz.yahoo.com

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