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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: Eric L who wrote (4985)	11/27/2000 7:16:18 PM
From: Eric L	Read Replies (1) \| Respond to of 196546

> SUPREME COURT REJECTS NEXTWAVE LICENSES APPEAL Reuters Nov 27 2000 Washington, DC The U.S. Supreme Court, for a second time, refused on Monday to hear an appeal by NextWave to prevent the repossession of wireless licenses it purchased in 1996. The refusal removes yet another hurdle to the re-auctioning of the licenses by the Federal Communications Commission as part of a bigger sale of wireless airwaves slated to begin Dec. 12. NextWave, in the midst of reorganizing under bankruptcy proceedings, bid about $4.8 billion during two auctions to obtain 90 licenses but the FCC repossessed the licenses after the company failed to make timely payments. The Hawthorne, N.Y. based company, which subsequently offered to pay the full amount owed to the agency, argued that the FCC's repossession of the licenses violated U.S. bankruptcy laws. In the auction set to start Dec. 12, the FCC plans to sell 422 licenses for airwaves designed for wireless and data services - the so-called C and F block licenses, which include the licenses repossessed from NextWave. FCC Chairman William Kennard has warned that delaying the auction could push back other auctions, including one in March that could raise tens of billions of dollars. NextWave asked the Supreme Court to review the case, but the justices rejected the request in a brief order without any comment or dissent. The justices also refused to rehear an earlier case in which it had denied NextWave's appeal. << - Eric -