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Technology Stocks : Nextwave Telecom Inc.

WAVE 8.230

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11:33 AM EST

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To: DaveMG who wrote (853)	1/27/2003 10:36:54 AM
From: Jon Koplik	of 1088

Supreme Court: NextWave Can Keep Licenses January 27, 2003 By REUTERS Filed at 10:14 a.m. ET WASHINGTON (Reuters) - Bankrupt NextWave Telecom Inc. (NXLC.PK) can keep valuable wireless licenses, the U.S. Supreme Court ruled on Monday, rejecting attempts by federal regulators to repossess them because the company failed to pay for them on time. The Federal Communications Commission had tried to repossess the licenses, but the high court by a vote of 8-1 upheld a U.S. appeals court decision that found the agency's action had violated federal bankruptcy law. Justice Antonin Scalia said a section of the bankruptcy law prohibits the FCC from revoking licenses held by a debtor in bankruptcy upon its failure to make timely payments owed to the FCC for purchase of the licenses. NextWave bid $4.7 billion in 1996 for scores of wireless licenses that covered major cities like New York and Los Angeles but filed for bankruptcy in 1998 after only paying $500 million. The FCC tried to take them back and to resell them to carriers like Verizon Wireless and others. The decision could pave the way for NextWave to launch its long-promised wireless data service, but the company's chief executive said in October he was also willing to enter partnerships with other mobile telephone companies. Copyright 2003 Reuters Ltd.

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