The Federal Communications Commission got itself into a real mess over the auction for wireless communications licenses last year, with many companies bidding massive sums which they now have no hope of paying. Today the Commission is set to vote on a new set of payment options for those companies, including payment by instalment, the option to return half of the license for re- auction, and a penalty free exit clause. Pocket Communications Inc has already filed for bankruptcy protection, and Netwave Communications Inc, which paid $4.7bn for its licenses, has looked in danger of going the same way (CI No 3,171).
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