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The biggest complaint about the 700 MHz auction was that it didn’t create an entry opportunity for a new wireless carrier. With AT&T and Verizon controling such a large percentage of the market, the thinking is that another carrier might help level the playing field. I’m not quite sure about that, but we might be getting a fifth national carrier, anyway. San Diego-based NextWave is sitting on a decent amount of spectrum, and is looking to sell. You have to imagine, though, that the incumbent carriers are licking their lips at this opportunity.

“Since the completion of the recent 700 MHz auction, we have received multiple offers for our U.S. spectrum assets…we no longer view our spectrum holdings as critical to reaching our product sales objectives,” said NextWave’s CEO Allen Salmasi.

The spectrum covers major markets — including New York, Los Angels, and Chicago, among others — and could offer service to some 251 million Americans. It is, however, spread across three bands, and as such could be difficult to sell as one unit. No matter to NextWave, though. It might be more valuable sold separately. The AP says it could be worth up to $6 billion.

The story behind NextWave is that they ponied up $4.74 billion back in ‘96 to acquire 95 licenses. But then it turned out they didn’t have the money, and the FCC seized the property after NextWave filed for bankruptcy protection. Ah, but they took the case to the Supreme Court, which said that the bankruptcy protection precluded the FCC from taking and re-auctioning the spectrum. And so when NextWave emerged in 2005, they were set with an enormously valuable asset.

Considering the price tag, we’re likely to see yet another slice of spectrum go to the already-rich. Sigh.

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