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Technology Stocks : Nextwave Telecom Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Caxton Rhodes who wrote (145)	8/16/1999 8:01:00 PM
From: Rono	Read Replies (1) \| Respond to of 1088

Monday August 16, 5:50 pm Eastern Time FOCUS-Judge keeps Nextel from NextWave spectrum (adds date of next hearing, 2nd paragraph, stock price, final paragraph) WASHINGTON, Aug 16 (Reuters) - A bankruptcy judge issued an order preventing Nextel Communications Inc. (Nasdaq:NXTL - news) from acquiring the wireless licenses of bankrupt wireless telephone carrier NextWave Telecom Inc., NextWave announced Monday. U.S. Bankruptcy Judge Adlai Hardin granted the temporary inunction and temporary restraining order late Friday on a request from NextWave, the Hawthorne, N.Y., firm said in a written statement. Hardin will conduct a hearing on whether to grant a permanent injunction on Aug. 25 in his White Plains, N.Y., courtroom. ''PCS spectrum licenses are subject to the exclusive jurisdiction of this court'' under federal law and ''cannot and will not be conveyed to or by any party without prior court approval upon proper application,'' the judge said in his decision granting a temporary restraining order and an injunction. Last week, Reston, Va.-based Nextel announced it had received permission from the Department of Justice and the Federal Communications Commission to acquire dozens of wireless telephone licenses that NextWave bought in 1997 after a government auction for new and small companies. After Judge Hardin issued his order, the FCC declined to discuss any aspect of the case. ''Due to the posture of the proceedings in the bankruptcy court, we are not able to comment at this time,'' a spokesman said. NextWave holds 95 FCC licenses permitting it to serve areas with a total population of 165 million. NextWave said that under Federal Communications Commission rules, NextWave's wireless licenses cannot be acquired by large, established carriers such as Nextel, Nextwave said. ''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 last week. NextWave bid $4.7 billion for the licenses, but like other top bidders at the small firm auction, ran into financial difficulties when it tried to raise enough money to cover its winning bids. Nextel had no immediate comment. Its stock rose 1-3/4, or 3 percent, to 56 on Nasdaq.