Prompt Utilization of Wireless Spectrum Act of 2001

[AI summary unavailable — showing source text] Prompt Utilization of Wireless Spectrum Act of 2001 - Approves the settlement reached in NextWave Personal Communications Inc., and NextWave Power Partners Inc., v. Federal Communications Commission and the United States of America. Authorizes and appropriates funds to pay the settlement which requires NextWave's complete relinquishment of any and all claims related to designated licenses or the covered spectrum within 10 days of final bankruptcy settlement approval. Earmarks a portion of such settlement as a nonrefundable advance tax payment. Sets forth provisions governing the subsequent disposition of such licenses through the implementation of auction 35, including bid, payment, ability to withdraw and/or receive refunds, expedited judicial review, and limitations on administrative or judicial review of Commission decisions, determinations, and orders.…