It took far more time and money than The Lord of the Rings trilogy, but with Verizon Wireless acquiring its remaining PCS licenses today, NextWave is no longer a PCS carrier. Under the deal all of NextWave's "customers," loosely translated as shareholders, did just fine.

85 million shares of NextWave stock traded hands in the over-the-counter market today, closing at $6.90. NextWave now plans to "pursue broadband wireless market opportunities" after paying off what it owes to the FCC, its creditors and existing shareholders, who "will receive a distribution of cash and interests in the newly formed operating company." About the only positive spin I can come up with is that between this deal and the FCC's auction of previous NextWave licenses in an upcoming auction in January, all of NextWave's original PCS spectrum will be back out on the market . . . eight years later.