Subject: [NEXTEL-1] Cingular, NextWave Reports Swirl

From: [email-masked]
Date: Wed, 28 May 2003 09:46:20 -0400

Cingular, NextWave Reports Swirl
BY WIRELESS WEEK STAFF
MAY 27, 2003

Reports today said Cingular Wireless is in talks to acquire some licenses held
by
NextWave Telecom.

The subject of the talks reportedly involves less than 20 percent of the
licenses
held by NextWave, and NextWave would still keep a national footprint,
according
to a Reuters report citing a source close to the situation.

NextWave officials couldn't be reached for comment before deadline. A Cingular

spokesperson also was unavailable to comment.

http://www.wirelessweek.com/index.asp?layout=newsat2direct&starting=6&pubdate=05/27/03

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From: [email-masked]
Date: Wed, 28 May 2003 11:06:27 -0400

Here is the inside deal. The number on the table is $1.5 B for 20% of NW's spectrum not a
bad deal. Using that number looks like NW spectrum is worth about $7.5B. This gives you an
idea (not exact)of what Nextel wants for FREE!

Cingular just signed a contract with a new BTS vendor for 1.9 GHZ equipment but guess
what?  Their 1.9 Ghz spectrum  in second tier markets is very limited spectrum. The
equipment is on the way but no where to install it.

Cingular had another deal on the table but it fell through. Cingular was trying to do a
spectrum swap but there were no takers. I suspect the $1.5 B on the table will be +/- 15%.

If any shorts wants to hop in and out on the NW now is the time.