The leading candidate to head Bill Clinton's Federal Communications Commission may have some explaining to do. At issue is the role of Antoinette D. Cook, 35, and her stepfather, Clinton transition chairman Vernon Jordan, in a challenge to sale of two Washington (D.C.) radio stations in 1988. Both received hefty payments as investors in companies that bid unsuccessfully for WGMS-AM and -FM. Cook, who has since become senior counsel of the Senate Commerce Committee, at the time was general partner and 26.5% owner of Riggs Radiocasters Inc. She got $500,000 as her share of the $10.4 million that seller RKO General Inc. paid to eight losing bidders when it sold the properties to Classical Acquisitions Inc. for $33.9 million. Jordan was chairman and 12% owner of Vernell Broadcasting Inc., which got $765,000.

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