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

To: Dennis Roth who wrote (889)	7/3/2003 5:15:21 PM
From: kech	Respond to of 1088

FCC up to its old tricks. NextWave Agrees To Keep FCC Informed But Cites Concerns By Mark Rockwell June 23, 2003 news@2 direct NextWave Telecom has agreed to keep the FCC informed about its developing business deals as part of a court's oversight of the company's bankruptcy proceedings. The court on Friday approved the company's plans to work with a venture capital firm to further develop a national wireless data network, even after FCC objections. The U.S. Bankruptcy Court for the Southern District of New York last week approved NextWave's plans to work with Clarity Partnership, a Los Angeles-based venture capital firm, to acquire more spectrum to create a national wireless data network. However, the company and the FCC seem to be having increasing difficulty with communications over what is expected of NextWave at the FCC as the company proceeds with bankruptcy proceedings. In a Bankruptcy Court briefing obtained by Wireless Week, NextWave argues the FCC is attempting to disrupt NextWave's reorganization efforts. The FCC had objected to the company's Clarity Partnership, saying NextWave hadn't said how the partnership would affect reorganization plans. 'The single objection filed ... by the FCC does not even purport to demonstrate that its creditor interests will be harmed or its regulatory authority compromised if the motion is granted. This objection does, however, seek to disrupt NextWave's reorganization plans.' The reply filing made by NextWave at the court to the FCC's objection indicates the FCC is concerned that NextWave has shifted its plans from providing voice services to data services. NextWave contends it has made abundantly clear, for some time, that it intends to build a wireless national network that supports both voice and data and that no one-the FCC, its creditors and equity security holders-are being harmed in the plan. The reply filing says: 'In the objection, the FCC chides the debtors [NextWave] for 'apparently no longer intending to propose a plan involving voice services, the cornerstone of their prior two plans of reorganization, and now appears to have embarked on a different path, in the which the basis of their (as yet unseen) business plan will be broadband wireless.' NextWave contends its plan has been 'continuously and openly announced for years...' The company cites numerous articles in publications, including Wireless Week, dating back months and build-out plans filed at the FCC since October of 2002 that indicated its plans. wirelessweek.com