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

To: engineer who wrote (811)	8/12/1999 6:21:00 PM
From: quidditch	Respond to of 13582

engineer, Message 10924405

To: engineer who wrote (811)	8/12/1999 10:38:00 PM
From: GO*QCOM	Read Replies (1) \| Respond to of 13582

Well it looks like Nextel and there SMR service might not ruin perfectly good spectrum that could benfit from CDMA.Looks like this story is very one-sided in favor of Nextel.Hopefully this story will turn into a better one soon.Any White Knights out there? Dow Jones Newswire by: dhhinc 26753 of 26793 NextWave Creditors Grp Still Backs Reorg Plan - For Now WASHINGTON (FFBN) -- NextWave Personal Communications Inc.'s official creditors' committee still supports the company's plan of reorganization, although discussions have begun with Nextel Communications Inc. (NXTL) regarding the company's desire to acquire NextWave's C-Block wireless spectrum licenses, according to counsel for the panel. David Friedman of Kasowitz Benson Torres & Friedman told Federal Filings Business News that the committee still plans to proceed with NextWave's current reorganization plan, unless there is a "clearly superior offer." Regarding the Nextel bid, he would only say it "was to early to say." Friedman said the committee is open to Nextel's overtures because of its fiduciary duty to the company's unsecured creditors. As reported, Nextel announced late Wednesday that the Federal Communications Commission and the Department of Justice endorsed its plan to obtain NextWave's C-, D-, E- and F-Block license spectrum by sponsoring NextWave's reorganization. Nextel had argued the license spectrum "has been largely unutilized in the two and one-half years since it was awarded to NextWave." The potential purchaser asserted that a consensual reorganization sponsored by Nextel would provide value to creditors and the FCC while serving the public interest by installing and utilizing the licenses quickly. Greg Bevel of Andrews & Kurth, counsel for NextWave, refused to comment other than expressing doubt about the reliability of reports that attorneys for and agencies of the government would engage in blatant disregard of court orders and the bankruptcy laws. "I and my colleagues have held the counsel from the U.S. Attorneys office for the Southern District of New York and the Department of Justice, as well as principals from the FCC with whom we have dealt in these proceedings in extremely high regard," he stated. "We choose not to question that regard based solely upon unilateral statement from an incumbent competitor of our client." Friedman said no agreement has been reached with Nextel, but discussions have reached the stage of confidentiality. This is the second time this year that Nextel has dipped into a Chapter 11 case to pursue FCC licenses. The company had agreed in February to purchase Geotek Communications Inc.'s (GOTKQ) 900MHz licenses for $150 million, subject to approval of the acquisition by the FCC and the Department of Justice. As reported, Nextel had petitioned the DOJ to vacate voluntarily a July 1995 consent decree that essentially limited indefinitely the number of licenses it can acquire. The request was denied, but on Feb. 17, Nextel filed suit in U.S. District Court, Washington, asking the vacation of the consent decree. This drew strong objections from both the DOJ and competitor Mobex Communications Inc. An evidentiary hearing was scheduled before the district court on June 14, but Nextel and the DOJ reached a compromise the evening before. Under the settlement, Nextel is barred from acquiring Geotek's "Phase 2" licenses, which comprise about $131 million of the purchase price. Instead, the licenses will be transferred to Geotek's secured creditors and Nextel will withdraw its license assignment applications. In exchange for this concession, the Justice Department agreed to place an Oct. 31, 2000, expiration date on the consent decree and, in the interim, permitted Nextel to expand its iDen digital security system, resulting in the company's control of more than half of the 900 megahertz channels for wireless services in certain markets not controlled by the consent decree.