Subject: [NEXTEL-1] The Nextwave Bill

From: [email-masked]
Date: Tue, 01 Jul 2003 13:27:32 -0400

Senate committee passes anti-bankruptcy bidding bill
June 26 12:41:00, 2003

WASHINGTON—The Senate Commerce Committee Thursday passed by voice vote a bill
meant to keep the NextWave
Telecom Inc. bankruptcy saga from happening again. NextWave filed for bankruptcy
in 1998 after not being able to
secure financing to pay the Federal Communications Commission back for its bid of
$4.7 billion for 95 PCS C-block
licenses. That action led to a nearly five-year saga about whether the FCC could
cancel NextWave licenses during
bankruptcy.

In January, the Supreme Court ruled the FCC couldn’t.

The bill passed Thursday would take the bankruptcy option away from bidders for
spectrum licenses. The legislation was
included in the FCC reauthorization bill, which now goes to the Senate floor for
consideration.

http://rcrnews.com/cgi-bin/news.pl?newsId=14073

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