Opinion for the Court filed by Circuit Judge ROBERTS.
ROBERTS, Circuit Judge:
On July 28 and 29, 1994, the Federal Communications Commission auctioned licenses for a slender band of spectrum known as the Interactive Video and Data Services (IVDS) spectrum (Auction No. 2). The IVDS spectrum consists of two 500 kilohertz channels — 218.0-218.5 MHz and 218.5-219.0 MHz — and Auction No. 2 distributed one license for each channel in 297 Metropolitan...
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