Case Summary:
After the prerogatives exclusive to the FCC were carved out, there remained an interest in the proceeds generated from the sale of the FCC license in which Foothill held a perfected security interest. When the license was sold, the existing security was liquidated and proceeds were generated. It was ordered that the proceeds from the sale of the license be distributed to Foothill.

Statute/Rule References:
13 U.S.C. § 552 -- Postpetition Effect of Security Interest
47 U.S.C. § 301 -- Telegraphs, Telephones, and Radiotelegraphs - License for Radio Communications or Transmission of Energy
47 U.S.C. § 304 -- Telegraphs, Telephones, and Radiotelegraphs - Waiver by License of Claims to Particular Frequency of Electromagnetic Spectrum
47 U.S.C. § 310(d) -- Telegraphs, Telephones, and Radiotelegraphs - License Ownership Restrictions - Assignment and Transfer of Construction Permit or Station License
UCC 9-102(42) -- Definitions and Index of Definitions - "General Intangible"
UCC 9-203(g) -- Attachment and Enforceability of Security Interest - Proceeds - Supporting Obligations - Formal Requisite - Lien Securing Right to Payment

Key Terms:
After-Acquired Property
Broadcasting Licenses
Federal Communications Commission (FCC)
General Intangibles
Intangible Property
License
Proceeds
Property Right
Security Interests - "Giving Value"
Security Interests - Attachment
Security Interests - Proceeds