After four years spent in bankruptcy reorganization, the embattled wireless company now stands to lose its only substantial asset. The court's intervention also comes at a time when NextWave, criticized for never actually launching its much-talked-about wireless service, was taking steps to resuscitate its image. The firm, once characterized in a letter by Sen. John McCain (R-Arizona) as "a company whose only contribution to the American economy has been to manipulate, for private gain, the results of an improperly designed auction," announced in February that it's testing a high-speed mobile Internet service for rollout later this year. Now, the company will be devoting much of its energy again to legal matters. Things are looking up a bit for the FCC, however. The court's move gives the agency a better chance of accomplishing what it tried to do a year ago, which is to resell NextWave's spectrum to larger, financially solvent companies.