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

To: pcstel who wrote (781)	3/31/2002 3:58:07 PM
From: kech	Respond to of 1088

So where in the boilerplate does it say "and you will lose 3% of your 8 billion for an indefinite period of time if the FCC feels like it"?

To: pcstel who wrote (781)	4/11/2002 10:18:25 AM
From: Dennis Roth	Respond to of 1088

Verizon files for the rest of the deposit and to have the auction voided. biz.yahoo.com Tuesday April 9, 3:47 pm Eastern Time Reuters Business Verizon Wireless files for Nextwave down payment CHICAGO, April 9 (Reuters) - Verizon Wireless, the nation's largest wireless telephone service provider, filed a petition with the federal court seeking to recover all of the $1.7 billion down payment it made to acquire disputed wireless licenses, according to a filing obtained on Tuesday. The petition, filed on Monday with the U.S. Court of Appeals for the District of Columbia, follows an announcement by the Federal Communications Commission last week that wireless operators will get back $2.8 billion, or 85 percent, of down payments they made to the government for bankrupt NextWave Telecom Inc.'s (Other OTC:NXLC.PK - news) licenses. Verizon Wireless had bid about $8.5 billion for 67 licenses 14 months ago. It had paid more than $1.7 billion as a down payment. The wireless operators that bid on the licenses have not been able to acquire them because the appeals court ruled last year that they belonged to NextWave, which is in bankruptcy protection. The FCC tried to take the licenses away from NextWave when the company failed to pay for them on time but the court intervened. The U.S. Supreme Court has agreed to hear the dispute, which could prolong the battle over the airwaves for at least a year. As a result, Verizon Wireless, a joint venture between Verizon Communications (NYSE:VZ - news) and Vodafone Group Plc (VOD.L), has said it wanted to end its participation in the government's 2001 resale of the disputed licenses. Verizon Wireless in the filing said it ``seeks relief on the ground that the FCC has improperly decided its own contract rights.'' It claimed the FCC violated the terms of its contract with Verizon Wireless, its constitutional rights, and the decision of the appeals court siding with NextWave by refusing to return all of its down payment. Verizon Wireless on Friday brought its case to the Court of Federal Claims, which handles contract disputes with the federal government, asking it to agree that the auction is void and to require the FCC to return all of its down payment as well as $100 million in unpaid interest.