CHECK OUT what I found buried in the filing from NOV. 17th:
"In order to offer CD Radio, the Company was required to obtain a license
from the FCC to launch and operate its satellites. The Company was a winning
bidder in the April 1997 FCC auction for an FCC license to build, launch and
operate a national satellite radio broadcast service (the "FCC License"), and
the FCC's International Bureau issued such a license to the Company on October
10, 1997 (the "IB Order"). Although the FCC License is effective immediately,
for a period of 30 days following the grant of the FCC License certain parties
could petition either the International Bureau or the full FCC to reconsider the
decision to grant the FCC License to the Company. An application for review by
the full Commission was filed by one of the low-bidding applicants in the
auction. This petition requests, among other things, that the Commission adopt
restrictions on foreign ownership, which were not applied in the IB Order, and,
on the basis of the Company's ownership, overrule the IB Order. If this petition
is denied, the complaining party may file an appeal with the U.S. Court of
Appeals, which must find that the decision of the FCC was not supported by
substantial evidence, or was arbitrary, capricious or unlawful in order to
overturn the grant of the Company's FCC License. Although the Company believes
the FCC will uphold the IB Order, the Company cannot predict the ultimate
2
outcome of any proceedings relating to this petition or any other proceedings
that may be filed. See "Business--Government Regulation--Communications Laws." "
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..........The petitioning party is a company named Primoshere, and they are in essence challanging the award of the license to CDRD based on the fact that CDRD is partly foriegn owned, and apparantly this was not disclosed during the bidding process. I dont think FCC licenses are allowed to be given to foriegn ownership, not 100% sure, but it is yet another hurdle for CDRD to overcome.......;^) |
