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Technology Stocks : Nextwave Telecom Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Eric L who wrote (612)	12/14/2001 1:24:55 PM
From: Eric L	Read Replies (2) \| Respond to of 1088

re: Legislation supporting settlement Sponsors of the bill include: Rep. Billy Tauzin, chairman of the House Energy and Commerce Committee, Rep. F. James Sensenbrenner, R-Wis., Rep. John Conyers, D-Mich., Rep. William Thomas, R-Calif. >> Tauzin Introduces Nextwave Legislation Kristy Bassuener wireless Week December 14, 2001 Rep. Billy Tauzin late Thursday introduced legislation supporting the controversial spectrum settlement between the FCC, NextWave Telecom Inc. and several top carriers, spokesman Ken Johnson confirms. Aside from Tauzin, chairman of the House Energy and Commerce Committee, sponsors of the bill include Rep. F. James Sensenbrenner, R-Wis., Rep. John Conyers, D-Mich., Rep. William Thomas, R-Calif., Johnson says. Despite the sponsorship of influential lawmakers, several others -- including Sen. John McCain, R-Ariz., and South Carolina Democrat Sen. Ernest 'Fritz' Hollings -- say the settlement deal potentially stiffs taxpayers and doesn't give enough time for additional consideration. The settlement came with a Dec. 31 deadline, and if it is not approved by then all parties have to head back to the bargaining table. Congress will recess for the holidays on Dec. 21. Legislators favoring the deal have pointed out that approval will enable them to move on to more pressing issues and free up much-needed spectrum. But those against it fear its quick passage could set a precedent for the future, enabling bankrupt carriers to essentially hold spectrum hostage until they get their financial affairs in order. Under the agreement, bankrupt NextWave would hand over its C- and F-Block licenses to large carriers that won them in January, and the carriers would pony up the roughly $16 billion they bid for them in that sale. NextWave would receive about $6 billion and the U.S. Treasury about $10 billion. << - Eric -