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

To: changedmyname who wrote (12758)	7/24/2001 5:21:21 PM
From: TechMkt	Respond to of 15615

Jason, Index funds are selling. Found this about NextWave. Don't know what it means for GX. Looking forward to earnings on 1 Aug. I hope it's not a re-hash of old news such as: 1. We completed our network. 2. We received a DOD contract. 3. We completed our network. 4. We received a DOD contract. 5. We completed our network. 6. We received a DOD contract. 7. We completed our network. 8. We received a DOD contract. Fez _______________________________________ Verizon Wireless to push U.S. for NextWave deal July 24, 2001 2:28:00 PM ET WASHINGTON, July 24 (Reuters) - Verizon Wireless Chief Executive Officer Dennis Strigl said on Tuesday he would push the Bush administration to settle the dispute with NextWave Telecom Inc. over wireless licenses awarded to that company even though they were resold earlier this year. The U.S. Court of Appeals for the District of Columbia in June ruled that the FCC violated bankruptcy rules when it repossessed coveted wireless licenses from NextWave after the company, now in bankruptcy protection, failed to make timely payments. One complication is the FCC broke the licenses into smaller parts and resold them in January for $15.9 billion to carriers who planned to use the airwaves to expand and improve services for consumers but with the court ruling those plans are in jeopardy. "We have some ideas, we will be hopefully in the next few days putting something in writing to the FCC (Federal Communications Commission), to OMB (White House Office of Management and Budget) and to Department of Justice," Strigl told reporters. "There ought to be a settlement. We've had spectrum lying fallow for years, it's time to put it to use to serve the American people," he said. Verizon, the nation's biggest mobile telephone carrier and a joint-venture of local phone company Verizon Communications (VZ) and Britain's Vodafone Group Plc , won 68 licenses involving NextWave airwaves with $8.55 billion in bids. "We think there's a way through this," Strigl said after testifying before Congress on finding airwaves for so-called third-generation wireless services like high-speed Internet on mobile devices such as phones and hand-held computers. "There comes a point in time within the next 18 months or two years, perhaps at the way out period, that you have to have more spectrum in order to introduce new services," he said. NextWave executives have said they are pushing ahead with their plans to launch an always-on mobile wireless network and are not interested in selling the licenses it won back. The FCC has not yet said whether it will ask the full appeals court to rehear the case, appeal to the U.S. Supreme Court or attempt to work out a settlement. AT&T Wireless Services Inc. (AWE), which partnered with Alaska Native Wireless to bid in the resale, said in a proxy sent to shareholders last week that if the re-auction results were not affirmed, that it could hurt expansion plans. "If this decision is not successfully appealed, or settled, or if Alaska Native Wireless is otherwise unable to acquire the licenses for which it was the successful bidder, it could have a significant adverse impact on our plans to provide or enhance services in key new and existing markets," AT&T said. REUTERS