FCC Allows Carriers to Exit Wireless Sale
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From Reuters
Verizon Wireless and three other major mobile telephone carriers won permission to withdraw more than $13.7 billion worth of bids for scores of wireless licenses that have been tied up in a prolonged legal tussle.
Most of the licenses were bought by NextWave Telecom Inc. for $4.7 billion in 1996, but the company filed for bankruptcy protection in 1998 after only paying $500 million. That led the Federal Communications Commission to try to repossess the airwaves and resell them.
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