Verizon Wireless said Mon. that FCC had returned $1.5 billion of ...
Verizon Wireless said Mon. that FCC had returned $1.5 billion of deposit for 216 wireless licenses at issue in NextWave re-auction. Commission order March 27 returned 85% of NextWave re-auction deposits to carriers that bid. Verizon Wireless has challenged…
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order in U.S. Appeals Court, D.C., and U.S. Court of Federal Claims to obtain rest of deposit and for ruling that auction “contract” for disputed licenses now was void (CD April 9 p1). Verizon, which owns 55% of Verizon Wireless along with Vodafone, said it planned to use $1.5 billion to reduce commercial paper and overall debt levels. It said it had trimmed overall debt by $1.4 billion in first quarter to $62.9 billion from end of 2001. “The return of $1.5 billion of our deposit is a good start,” Verizon Wireless CEO Denny Strigl said: “This deposit was handed over in good faith to the FCC more than a year ago and its return, along with the remainder of the deposit that the FCC continues to hold, is long overdue… The auction is clearly void or voidable, and we believe a return of the entire deposit and cancellation of our obligations are required.”