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

To: Ramsey Su who wrote (2778)	10/27/1999 11:10:00 PM
From: Bux	Respond to of 13582

Bux, you better get over there and find out how Nextel is going to buy Nextwave's spectrum. Funny Ramsey! I'm no expert on Bankruptcies and restraining orders and other distasteful topics, but I don't think Nextel will be able to "muscle" the spectrum from NextWave. My understanding is that NextWave has no standing in the NextWave case and won't be able to participate unless the spectrum needs to be re-sold. I think this is unlikely since Nextwave is now even better funded than when they defaulted and the spectrum is much less valuable. I admit, I haven't been following this too closely. Still, I think Nextel shares will be below their current levels within a year (probably much sooner like tomorrow) but shorting is not really my style and if I get really bearish and am looking for something to short, there has got to be a more lucrative industry in which to find a good short candidate than the red-hot wireless sector. Anyway, here's an excerpt about the restraining order. I can't help but visualize Nextel as the abuser and ready to commit some domestic violence. The temporary restraining order, issued Aug. 16 by the U.S. Bankruptcy Court in White Plains, N.Y., prohibits Nextel from, among other things, commenting publicly on its plans on future participation in the NextWave case before the expiration or termination of the company's exclusivity period. NextWave won the restraining order after Nextel announced on Aug. 11 that the Federal Communications Commission and the Department of Justice endorsed its plan to obtain NextWave's C-, D-, E- and F-Block wireless license spectrum, convert the bankruptcy case to Chapter 7 and liquidate the company. In the motion, Nextel alleges NextWave manipulated the court because it views a Nextel-sponsored reorganization plan as a serious threat to continued control over its FCC licenses. Nextel also said NextWave's management pressed hard to obtain the restraining order in the hope of "gagging" Nextel to prevent others from exploring the possibility of a better reorganization plan. In response to rumors of negotiations toward a deal to sell the company's assets to Nextel, Salmasi noted earlier this month that "parent company NextWave Telecom Inc., its shareholders and other constituencies have absolutely no agreement, and are not contemplating any future transactions, with Nextel Communications Inc." NextWave defended Salmasi, saying that his statements only repeated facts already made public. The company reiterated that there was no deal for Nextel to obtain its C-Block licenses, which remain subject to the court's jurisdiction and FCC rules limiting their transferability.