The January, 27, 2003 U.S. Supreme Court decision, FCC v. NextWave was, on the surface, nothing more than the high court�s statutory interpretation of a single provision of the Bankruptcy Code. Deep down, however, NextWave tells an important spectrum management and regulatory story which is relevant in both the U.S. and European contexts. It is the story of a company which paid too much for wireless licenses at auction, and a story about a battle � political as well as legal � between government and industry for retention of the license. This same struggle is presently taking place in Europe in the wake of the 3G auctions. This Article reviews the recent NextWave decision and makes propositions about similarities in the European context.
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