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 : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: 2brasil who wrote (24241)	3/15/1999 6:45:00 PM
From: Ruffian	Respond to of 152472

No Surprises> From the March 15, 1999 issue of Wireless Week No Surprises In C-Block Filings By Edward Warner WASHINGTON--Behind several of the 66 bidders accepted into the FCC's March 23 re-auction of personal communications services licenses are some familiar corporate names and a couple of individuals who previously made headlines. That's according to disclosure filings made at the FCC. Leap Wireless International Inc., spun off by Qualcomm Inc., holds a $265 million line of credit from the maker of code division multiple access products. Qualcomm still holds warrants to buy 18 percent of the new company's stock. Leap targeted numerous properties in the new auction, including 30-megahertz licenses in Detroit and Chicago. The Chicago license will be hotly pursued by carriers committed to rival global system for mobile communications standard, because the city doesn't have GSM coverage. Leap Senior Vice President Dan Pegg said the company isn't aiming to checkmate the GSM bidders and "is not interested in the technology wars." Leap's filing indicates it plans to acquire PCS licensee Chase Telecommunications Inc. and four licenses held by Airgate Wireless LLC. Also seeking the Chicago license are the GSM-based carriers Omnipoint Communications Inc.-- through the bidder OCPS Three LLC--and Western Wireless Corp., through its 49.9 percent stake in Cook Inlet/VoiceStream PCS LLC. Western PCS BTA I License Corp., another bidder affiliated with Western, and GSM carrier Airadigm Wireless Group Ltd. were among the 36 bidders the FCC rejected last week. Other qualifying carriers include Alpine PCS Inc. and Telecorp, bidding in the name of ABC Wireless Inc. ABC is commonly controlled with bidder Viper Wireless Inc., and together they've raised $49 million, almost as much as top-ranked Cook Inlet/ VoiceStream. Quentin Breen is best known as one of the principals of PCS 2000 LP, fined $1 million by the FCC for failing to respond honestly after posting an erroneous $162 million overbid in the original 1996 C-Block PCS auction. Breen is president of Westel LP, accepted into the bidding and affiliated with Unicom Corp., PCS 2000's general partner. One of the individuals who bid in the C-Block auction, former postman Vincent McBride, also qualified for this sale. He put up $125,000 and separately asked Congress to re-introduce legislation that would sweeten the deal given to defaulting winners of the C-Block auction. Defaults and refinancing by C-Block winners provided the FCC with 342 of the 356 licenses up for grabs in this latest sale. The second biggest winner, Pocket Communications Inc., returned 31 of its 43 licenses and plans to sell the remaining 12 to one buyer, whose name it won't disclose. Because of their low revenue, ABC, Leap, Westel and others are seeking 25 percent discounts under the FCC's definition of very small businesses. Those classified as small businesses can reduce their winning bid payment by 15 percent. Only the three D-Block and six F-Block licenses in the auction are open to bids by non-small businesses.