High-speed wireless start-up Frontline has discontinued operations after failing to raise the necessary funds needed to bid for the Federal Communication Commission’s auction of the 700-megahertz spectrum.

In a statement to the press, the company said: “Frontline is closed for business at this time. We have no further comments.”

Frontline was co-founded by Federal Communication Commission chairman Reed Hundt, who is the company’s vice chairman. The company’s chairman is Janice Obuchowski, a former assistant secretary of commerce in charge of telecommunications policy.

Posted: 01|14|08 at 8:48 am. Filed under: Auction News.