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To: Tunica Albuginea who wrote (61815)	1/12/2000 3:17:00 PM
From: T L Comiskey	Respond to of 152472

"Productive Use" Wednesday January 12, 3:01 pm Eastern Time U.S. FCC cancels NextWave wireless licenses WASHINGTON, Jan 12 (Reuters) - The Federal Communications Commission on Wednesday said it had revoked dozens of wireless telephone licenses held by bankrupt NextWave Telecom Inc. and would re-auction the valuable rights in July. A U.S. Appeals Court ruling last year gave the FCC authority to revoke the licenses NextWave won at a 1996 auction, despite the company's bankruptcy filing. ``This spectrum has lain fallow for too long,' FCC Chairman William Kennard said in a statement. ``Now it is time to act swiftly to auction this spectrum and put it to productive use for U.S. consumers.' Hawthorne, N.Y.-based NextWave bid more than $4.7 billion in winning licenses to offer wireless telephone service in 95 metropolitan areas with a combined population of about 163 million people. But the upstart carrier was unable to raise the money and declared bankruptcy in 1998. Last month the company said it had gained new equity investments of $1.6 billion from investors including Global Crossing Ltd. (NasdaqNM:GBLX - news) and Liberty Media Group (NYSE:LMGa - news) and would begin offering service soon. Nextel Communications Inc. (NasdaqNM:NXTL - news), a more established carrier based in Reston, Va., has been seeking to acquire NextWave's licenses. At one point Nextel said it would pay more than $8 billion for the licenses, but it withdrew the offer once the FCC's plans became clear.