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To: Maurice Winn who wrote (22772)	2/9/1999 4:23:00 PM
From: Ruffian	Respond to of 152472

Interesting Link> tomonet.com

To: Maurice Winn who wrote (22772)	2/9/1999 4:31:00 PM
From: Michael Allard	Respond to of 152472

OT - NextWave - This story isn't over yet. The filing for Bankruptcy protection was strategic on Nextwaves part. Remember Pocket was the first to go under. And when they went to the Bankruptcy court, it was discovered that the FCC had not filled UCC papers to protect their asset (the spectrum) behind the debt. Although the FCC is appealing the decision, the Bankruptcy court declared the spectrum to be Pocket's asset, put a value of 1/10th the original price (the courts best effort at ascertaining the then reasonable price of the asset), and re-sold the spectrum. The FCC was furious, but mostly embarrassed. As part of the restructuring option they gave the C-Block bidders, they required them to sign the UCC forms so this could not happen again. Now, Nextwave and others were faced with a deadline by which they either had to pay in full, or get a 10% discount and sign over the spectrum back to the FCC (or at least allow the FCC to get it back in the event of a default). Instead of doing this, Nextwave and others decided to file for Bankruptcy, in hope of getting the same favorable treatment (90% discount)that Pocket got. Naturally, the FCC is trying to stop this, but precedence has been set. They (the FCC) currently can not re-auction Nextwaves spectrum, because they do not own it - it is in the care of the Bankruptcy court.