Challenging Secured Creditors' Liens In FCC Licenses

Law360, New York (August 5, 2011, 4:20 PM EDT) -- Recently secured parties, including some indenture trustees, have found the priority, scope, validity and enforceability of seemingly properly perfected security interests in Federal Communications Commission licenses, authorizations and permits, and any proceeds or value derived therefrom, challenged by creditors in bankruptcy proceedings.

Those challenging FCC liens have generally argued that an FCC licensee cannot grant a security interest in its license because the licensee does not have an underlying ownership right in the license and because the license provides for use of the airwaves or spectrum...
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