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Technology Stocks : The New Qualcomm - a S&P500 company -- Ignore unavailable to you. Want to Upgrade?

To: Caxton Rhodes who wrote (808)	8/12/1999 4:54:00 PM
From: SKIP PAUL	Respond to of 13582

NextWave Questions Nextel Wireless Rights Bid Thursday August 12 3:56 PM ET WASHINGTON (Reuters) - Bankrupt wireless telephone carrier NextWave Telecom Inc. Thursday questioned the legitimacy of a bid for its wireless licenses from Nextel Communications Inc. (Nasdaq:NXTL - news) NextWave said in a statement that Nextel had refused to reveal details of its plan. Under Federal Communications Commission rules, NextWave's wireless licenses cannot be acquired by large, established carriers such as Nextel, NextWave said. Late Wednesday, Nextel announced it had received permission from the U.S. Department of Justice and the Federal Communications Commission to acquire dozens of wireless telephone licenses that NextWave bought mostly in a 1997 government auction for new and small companies. ''Current FCC regulations prohibit a large, publicly traded company such as (Nextel) from owning or controlling, in any manner whatsoever, the kind of spectrum licenses the agency lawfully awarded to NextWave in 1997,'' NextWave said. NextWave bid $4.7 billion for the licenses, but like other top bidders at the 1997 auction, ran into financial difficulties when it tried to raise enough money to cover its winning bids. A New York bankruptcy court overseeing NextWave's bankruptcy has ruled that the company can keep the licenses if it pays the FCC just over $1 billion, including $474 million it already paid. NextWave said Nextel had not filed an alternative reorganization plan with the bankruptcy court. --------------------------------------------------------------------------------