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Northpoint: Few Insider Gains from Free Spectrum

Northpoint Technology Ltd. CEO Sophia Collier said few Northpoint investors stand to benefit today if the company wins free spectrum. True, if for no other reason than their ranks are severely depleted—for the moment anyway.

Defending her company from attacks by Sen. John McCain (R-Ariz.), Collier revealed Wednesday that affiliation contracts with individuals planning to construct local Northpoint systems expired March 31 and new agreements are being crafted.

That leaves only Collier, Northpoint principal Katherine "Chula" Reynolds and founder Bonnie Newman with financial stakes in the company.

Collier was responding to McCain’s Oct. 17 demand for a list of investors and partners who would gain from the cancellation of a January FCC auction of the spectrum and give it to Northpoint and perhaps others.

McCain cited press reports that financial interests have been awarded to relatives of Sen. Joseph Biden (D-Del.), former Clinton secretary Betsey Wright, a former executive director of the Mississippi Republican party, "major Democratic money men," the wife of an aide to Sen. Conrad Burns (R-Mont.), and former Rep. Bob Livingston (R-La.).