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

To: Dennis Roth who wrote (642)	2/5/2002 7:58:24 AM
From: Dennis Roth	Read Replies (2) \| Respond to of 1088

Verizon Wireless to take FCC deposit row to court biz.yahoo.com WASHINGTON, Feb 4 (Reuters) - Verizon Wireless will ask a court to compel the Federal Communications Commission to return $1.7 billion in deposits for a purchase of airwaves that was nullified by a court last year, a source said on Monday. The biggest U.S. mobile telephone carrier wants the U.S. Court of Appeals for the District of Columbia to enforce a decision of last June that nullified the FCC's sale of airwaves held by NextWave Telecom Inc. , a source familiar with the situation said. It could file the request with the court as early as Tuesday, the source said. The court ruled the FCC violated bankruptcy laws when it repossessed the licenses from the bankrupt carrier for nonpayment and ordered the government return the licenses to NextWave, which is still in bankruptcy proceedings. However, the agency had held an auction in January 2001 to sell the NextWave-related airwaves and other licenses to carriers like Verizon and partners of AT&T Wireless (NYSE:AWE - news) and Cingular Wireless (NYSE:BLS - news)(NYSE:SBC - news) for almost $16 billion. The 13 carriers made deposits of $3.2 billion for the licenses. After an attempt last year to settle the dispute failed, Verizon and the other carriers petitioned the FCC to return their deposits but so far the agency has refused, in part because it is seeking a Supreme Court review of the appeals court ruling. The carriers have argued they are losing around $3 million in interest each week that could be otherwise used to improve services. Verizon Wireless is a joint venture between Verizon Communications (NYSE:VZ - news) and Vodafone Group Plc (quote from Yahoo! UK & Ireland: VOD.L) The FCC was poised to return most of the downpayments, but sources familiar with the situation have said the agency is now likely to wait until the Supreme Court decides whether to hear the FCC's appeal, a decision that is probably several weeks away. On Friday, NextWave said the justices should not hear the case because the appeals court ruling properly interpreted bankruptcy law, the decision did not conflict with other decisions and the FCC is not likely to face the situation again since it no longer allows instalment payments. ======= I told ya they would have to sue to get the money back. Mqurice, don't assume that the vendetta will end if the FCC loses in their appeal to the Supreme Court .