While the Federal Communications Commission auctioned and assigned PCS A and B block licenses in 1995, America still waits for service in the C block. Auctions in 1996 allowed C license winners to extend payments for ten years at below–market interest rates. The result was a series of defaults, regulatory delays, and bankruptcies. In January 2001 the commission reauctioned C block licenses, which sold for about $16 billion total; but recently a federal court awarded many of those same licenses to one of the 1996 auction winners that had filed for bankruptcy protection. In effect, the FCC auctioned licenses that did not belong to the government, and now there are rival sets of auction "winners." What now?