In order for the debtor reorganization plan to go into effect. the FCC had to approve the transfer 49 licenses to be transferred to the reorganized Fibertower. The FCC agreed to transfer 46 of the 49. AS for the 692 licenses in dispute, the reorganized Fibertower has an interest then, however no actual ownership rights have been transferred to the reorganized Fibertower by the FCC. And while the reorganized Fibertower & AT&T make a strong argument for the return of the licenses, they must be returned to the last FCC recognized owner, which is the Fibertower Debtor Estate. Once that occurs, then the transfer request process can begin to move the licenses to the reorganized Fibertower. This step is one that the reorganized Fibertower wants to avoid, but legally one the FCC must enforce. The bankruptcy court provided appeals rights protection for the reorganized Fibertower to maintain an interest in 692 licenses, however only the FCC has the power to approve a license transfer from one party to another, and they have the power to protect the rights of shareholders in this instance since the licenses are a disputed asset the FCC controls not the reorganized Fibertower or the Bankruptcy Court. Very odd circumstances indeed
