To: foundation who wrote (11965 ) 6/23/2001 1:35:39 PM From: carranza2 Read Replies (1) | Respond to Ok, it appears that NW offered to pay the FCC in full sometime in 1999,and had a viable reorganization plan:As a result of NextWave's extensive financing efforts, aided substantially by the recovery of market conditions, NextWave has raised sufficient capital to pay in full for its Licenses, emerge from bankruptcy, and proceed expeditiously to offer its PCS network to consumers. NextWave is thus poised to fulfill the goals Congress sought to achieve in enacting the Bankruptcy Code and in mandating that portions of the spectrum be auctioned to small and startup businesses. On December 16, 1999, NextWave filed a modified plan of reorganization providing, inter alia, that the FCC would be paid in full, including all past-due amounts, penalties, and interest. RA5, 13, 271. On January 11, 2000, in an effort to avoid further litigation, NextWave submitted an enhanced proposal to the FCC, offering to satisfy all present and future obligations to the FCC through a lump sum cash payment in excess of $4.3 billion upon confirmation of the Plan. RA668-669.and a mere nine days before scheduled plan confirmation --the FCC objected to confirmation. The FCC asserted for the first time that NextWave's Licenses "automatically canceled" at an unspecified date more than a year ago--a full eleven months prior to this Court's December 22 decision--ostensibly because NextWave had not made timely interest payments during the pendency of its bankruptcy case. RA700. The FCC also issued that same day a Public Notice, purportedly scheduling an auction of NextWave's Licenses for July 26, 2000. RA631. The FCC's "automatic cancellation" argument is contrary to law and categorically contradicts its past statements and actions in this case.
