Subject: [NEXTEL-1] Supreme Court: NextWave Can Keep Licenses

From: Marcel <[email-masked]>
Date: Mon, 27 Jan 2003 12:24:48 -0500

http://biz.yahoo.com/rb/030127/court_nextwave_1.html
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Supreme Court: NextWave Can Keep Licenses
Monday January 27, 10:14 am ET

WASHINGTON (Reuters) - Bankrupt NextWave Telecom Inc.
(Other OTC:NXLC.PK - News) can keep valuable wireless licenses, the U.S. Supreme
Court ruled on Monday, rejecting attempts by federal regulators
to repossess them because the company failed to pay for them on
time.

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The Federal Communications Commission had tried to
repossess the licenses, but the high court by a vote of 8-1
upheld a U.S. appeals court decision that found the agency's
action had violated federal bankruptcy law.
Justice Antonin Scalia said a section of the bankruptcy law
prohibits the FCC from revoking licenses held by a debtor in
bankruptcy upon its failure to make timely payments owed to the
FCC for purchase of the licenses.
NextWave bid $4.7 billion in 1996 for scores of wireless
licenses that covered major cities like New York and Los
Angeles but filed for bankruptcy in 1998 after only paying $500
million. The FCC tried to take them back and to resell them to
carriers like Verizon Wireless and others.
The decision could pave the way for NextWave to launch its
long-promised wireless data service, but the company's chief
executive said in October he was also willing to enter
partnerships with other mobile telephone companies.

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