Opinion for the court filed by Circuit Judge BUCKLEY.
BUCKLEY, Circuit Judge:
Appellants challenge an FCC decision terminating their right to construct and operate a new television station in New Orleans, Louisiana. The FCC awarded the construction permit in 1980. New Orleans Channel 20, Inc. ("NOC") obtained the permit by assignment in 1983. As of 1985, construction had yet to begin. NOC sought to transfer the permit to LeSea Broadcasting, Inc. ("LeSea")...
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