Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Dennis Roth who wrote (671)	2/5/2002 6:46:39 PM
From: gdichaz	Read Replies (2) \| Respond to of 1088

Re: <<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 .>> The latest moves by Verizon are most interesting. Is Verizon more attuned to the public interest than the FCC? Absurd, no? After all that is the FCC "mandate". But the brute fact is that the FCC seems to have made a series of moves which have had the result of keeping spectrum unavailable for use. The use of the NextWave spectrum has been tied up by the FCC for years and years and years. For what purpose? Inquiring minds would wish an answer. Best. Chaz

To: Dennis Roth who wrote (671)	2/6/2002 9:34:52 AM
From: Dennis Roth	Read Replies (1) \| Respond to of 1088

Verizon Wireless sues US FCC for deposit back biz.yahoo.com (UPDATE: Adds details, recasts) By Jeremy Pelofsky WASHINGTON, Feb 5 (Reuters) - Verizon Wireless on Tuesday sued in federal court to force the government to return $1.7 billion that the mobile telephone carrier deposited as part of a now-defunct sale of wireless licenses that are held by NextWave Telecom Inc. The biggest U.S. mobile telephone company asked the U.S. Court of Appeals for the District of Columbia to enforce a decision last June that essentially nullified the Federal Communications Commission's January 2001 sale of the NextWave licenses to Verizon and other carriers. The FCC tried to repossess the licenses from NextWave because it failed to pay for them on time, but in June the appeals court ruled taking them back violated bankruptcy law and ordered the licenses be turned over. However, the agency had already tried to resell the licenses to carriers like Verizon and partners of AT&T Wireless Services Inc. (NYSE:AWE - news) and Cingular Wireless (NYSE:BLS - news)(NYSE:SBC - news) for almost $16 billion and had $3.1 billion on deposit. The FCC has asked the Supreme Court to review the appeals court decision and in the meantime has held onto the down payments from 13 carriers. ``The FCC's actions -- insisting that Verizon Wireless remain bound by the auction, delivering nothing in return, banking Verizon Wireless' deposit money without interest, while giving the licenses away to an earlier auction bidder -- are unlawful,'' Verizon Wireless chief executive Denny Strigl said. Verizon, a joint venture of Verizon Communications (NYSE:VZ - news) and Britain's Vodafone Group Plc (quote from Yahoo! UK & Ireland: VOD.L), has said it has lost $80 million in interest as a result of the delay in returning the down payment, money the carrier could use to expand and improve services. A spokesman for the FCC declined to comment. The FCC tried to settle the dispute but that collapsed when Congress failed to pass legislation to authorize the deal last year. The FCC was poised to return most of the down payments, 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 Supreme Court 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. A spokesman for AT&T Wireless' partner in the failed FCC auction, Alaska Native Wireless, declined to comment on the suit and whether it would join it. An official for Cingular's partner, Salmon PCS, did not return a call seeking comment. ----- Excerpt from another story: Verizon Wireless seeks to force FCC return deposit biz.yahoo.com ``The court should direct the commission both to return in full the down payments that Verizon Wireless made for the unlawfully canceled NextWave licenses and to refrain from taking any action to enforce against Verizon Wireless any obligations that rest on an auction that this court has already declared was contrary to law,'' Verizon Wireless said.