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

To: Caxton Rhodes who wrote (155)	8/26/1999 5:21:00 PM
From: Caxton Rhodes	Read Replies (1) \| Respond to of 1088

August 26, 1999 New York judge favors NextWave's course NEW YORK—NextWave Personal Communications Inc., Hawthorne, N.Y., headed into the home stretch in its marathon to become a full-fledged C-block carrier when a federal judge yesterday blocked further Federal Communications Commission attempts to delay the company's bankruptcy reorganization. In response to FCC attorneys' objections during an eight-hour proceeding, Judge Adlai S. Hardin Jr. answered with a string of ‘‘overruled'' decisions, introducing one with an outright guffaw. Hardin, the presiding judge for the U.S. Bankruptcy Court for the Southern District of New York, allowed NextWave's bankruptcy reorganization confirmation hearing to proceed as scheduled on Sept. 8. His decision also prevents further FCC court challenges in this case.

To: Caxton Rhodes who wrote (155)	8/31/1999 12:56:00 PM
From: Rono	Respond to of 1088

NextWave's Bankruptcy Reorganization Delayed by Appeals Court New York, Aug. 31 (Bloomberg) -- NextWave Telecom Inc.'s bankruptcy proceedings have been put on hold by a federal appeals court at the request of the Federal Communications Commission. The 2nd U.S. Circuit Court of Appeals in Manhattan today granted a request by the FCC, NextWave's biggest creditor, to delay a scheduled Sept. 8 confirmation of NextWave's bankruptcy plan. Hawthorne, New York-based NextWave bid about $4.8 billion for radio spectrum in a 1996 bandwidth auction, although the company has paid only about $500 million toward the purchase price, which a bankruptcy judge reduced to just over $1 billion. The FCC is challenging the price reduction, and has backed a proposal by Nextel Communications Inc. to buy the radio spectrum for at least $2.1 billion. ``If there ever was a case in need of a stay, this is it,' said Assistant U.S. Attorney Daniel Alter, who argued on behalf of the FCC. The FCC argued that the bankruptcy court doesn't have the right to interfere with the commission's sale of radio spectrum. Deborah Schrier-Rape, attorney for NextWave, declined to comment on the appeals court's decision. She said during today's court hearing that the delay jeopardizes the financing for NextWave's plan to exit bankruptcy