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FCC To Return Deposit Cash On NextWave Spectrum

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Mar 27, 2002, 11:45 PM   by (staff)

The FCC this afternoon finally decided to return $2.8 billion in down payments for the contested spectrum once owned by NextWave Telecom Inc. The spectrum was auctioned off in January, 2001 by the FCC, and deposits totaling $3.2 billion were paid by various wireless carriers. But the spectrum was never delivered due to a legal battle involving its previous owner, the now-bankrupt NextWave, a case which is currently pending in the U.S. Supreme Court. The spectrum's fate will be decided by the Court, and if the Court finds in favor of the FCC, the carriers will win the spectrum, and the full bid amounts, including the deposits, will be owed once again.

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