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

To: Dennis Roth who wrote (773)	3/27/2002 5:00:00 PM
From: Dennis Roth	Read Replies (1) \| Respond to of 1088

FACT: FCC to return $2.8 bln related to NextWave auction biz.yahoo.com WASHINGTON, March 27 (Reuters) - Verizon Wireless and other major mobile telephone carriers will get back a total of $2.8 billion, or 85 percent, of downpayments they made to the government for disputed wireless licenses, the U.S. Federal Communications Commission said on Wednesday. The carriers made $3.2 billion in downpayments for licenses the FCC had tried to repossess from bankrupt NextWave Telecom Inc. (Other OTC:NXLC.PK - news) and resell last year for $15.85 billion. The FCC tried to repossess the licenses from NextWave because it failed to pay for them on time, but in June an appeals court ruled that taking them back violated bankruptcy law. However, the agency had already tried in January 2001 to resell the licenses to 13 carriers, including Verizon (NYSE:VZ - news)(quote from Yahoo! UK & Ireland: VOD.L), VoiceStream Wireless and partners of AT&T Wireless Services Inc. (NYSE:AWE - news) and Cingular Wireless (NYSE:BLS - news)(NYSE:SBC - news). The Supreme Court agreed earlier this month to review the appeals court's decision but the outcome is not expected for about a year, leaving the carriers on the hook for the down payments and potentially the full amount they bid for the disputed licenses. ``This action will give the bidders access to the bulk of their money while at the same time preserving the results and integrity'' of the 2001 sale, the FCC said in a statement, adding that the carriers will be bound to their obligations should the sale be completed. ===== Fat chance on collecting 8 billion from Verizon now. It may not be worth 8 billion to them a year from now and they may just walk away and sue for the last 3% to be returned.