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Leap, Verizon To Snap Up Spectrum

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Two of RFB Cellular's bankrupt affiliates, Alpine-California F and Alpine-Hyannis F, have inked deals to shed their PCS spectrum. Leap Wireless International has purchased spectrum covering California, while Verizon Wireless has acquired a license covering Massachusetts.

Leap Wireless agreed to pay $3.9 million in cash to Alpine-California F for a license covering Bakersfield, Calif. Leap snapped up a Fresno, Calif., PCS license from Alpine PCS in July 2004.

In a separate agreement with Alpine-Hyannis F, Verizon Wireless has forged a pact to acquire a single 10 MHz license in Hyannis, Mass. The all-cash deal is valued at $640,000.

Because the spectrum sales involve a bankrupt entity, an auction will be held on May 16. The deals with Verizon and Leap could be erased if a higher bid wins the auction, RFB Cellular says. The U.S. Bankruptcy Court must sign off on the spectrum purchases.

RFB says this spectrum auction represents its last remaining assets.

 

 

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