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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: SecularBull who wrote (3645)	12/16/1999 7:17:00 PM
From: Robert Sheldon	Read Replies (2) \| Respond to of 15615

Folks, this Nextwave thing is huge for several reasons . . . for holders of QCOM it probably means that T is capitulating to CDMA, for GBLX holders it squarely pits us against WCOM. Cheers. 3HO!

To: SecularBull who wrote (3645)	12/16/1999 7:31:00 PM
From: TechMkt	Read Replies (3) \| Respond to of 15615

I am not too familiar with NextWave. Can someone please do an analysis of this deal and it's impact for GBLX? Thanks in advance. Fez _________________________________ Thursday December 16 7:08 PM ET Bankrupt NextWave Gets $1.6 Billion Investment NEW YORK (Reuters) - Bankrupt wireless telephone company NextWave Telecom Inc. said on Thursday it modified its reorganization proposal and received a $1.6 billion infusion from a group of blue-chip investors to help it build its advanced wireless network. ``We told the court today we have $1.6 billion in new equity led by Global Crossing and Liberty Media,' said NextWave spokesman Michael Regan. The new funds ``will provide an equity infusion so we can move forward and hopefully get the network built and get going,' Regan said. NextWave said the investors included undersea fiber optic cable builder Global Crossing Ltd. (NasdaqNM:GBLX - news)and Liberty Media Group, the television programming arm of AT&T Corp. (NYSE:T - news) Other investors include Texas Pacific Group and Pacific Capital Group, Regan said. Global Crossing and Liberty Media (NYSE:LMGa - news) were not immediately available to comment. NextWave had bid $4.7 billion for the PCS spectrum licenses that serve the latest generation of wireless phones in a 1996 government auction, but filed for bankruptcy in 1998 after paying just $474 million of what it owed. The bankruptcy court valued the spectrum licenses at just over $1 billion, leading the Federal Communications Commission (FCC) to appeal. In November, the Appeals Court for the Second Circuit reversed the bankruptcy court's decision. The Appeals Court said it would return the case to the bankruptcy court which is presiding over the reorganization of Hawthorne, N.Y.-based NextWave. The Appeals Court said it would issue a lengthier opinion on the case at a later time. NextWave said if it is ultimately found liable for the full amount of the licenses and there are no further appeals, then its proposal calls for it to reinstate the debt and pay the full amount. ``If we're liable for full judgement...we are proposing to reinstate the original $4.7 billion note,' Regan said. NextWave said the bankruptcy court set a tentative confirmation hearing for Jan. 5. NextWave, however, must either have opinion from the Appeals Court or have permission from the court to move forward.