Wack leaves NextWave
By Heather Forsgren Weaver
May 26, 2005
rcrnews.com
WASHINGTON-NextWave Wireless L.L.C., which recently emerged from an eight-year bankruptcy saga, said Thursday Michael Wack, senior vice president and deputy general counsel, was leaving the company to pursue other interests.
"Michael's poise, professionalism and substantive command of regulatory issues have been tremendous assets to the company," said Allen Salmasi, NextWave chairman and chief executive officer. "He has made invaluable contributions to our advocacy efforts before Congress, the Federal Communications Commission, and in the media, as well as serving as a key member of our legal team."
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The NextWave bankruptcy saga began when it was unable to obtain the necessary financing to make the installment payments on the licenses it had bought at government auction in 1996.
The C-block auction, as it was known, was set up for small businesses. Because it was the third auction after large, established carriers had already purchased their licenses, many of the C-blockers did not succeed.
After Bankruptcy Judge Adlai Hardin Jr. reduced the amount NextWave owed the government, the FCC cancelled NextWave's licenses. Ultimately, the U.S. Supreme Court overturned this result.
Following the Supreme Court decision, NextWave sold its PCS licenses to Cingular Wireless L.LC. and Verizon Wireless and returned other licenses to the FCC. The FCC recently sold these licenses for $2.25 billion.
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Michael Wack to Depart NextWave
prnewswire.com
WASHINGTON, May 26 /PRNewswire/ -- NextWave today announces that Senior
Vice President and Deputy General Counsel Michael R. Wack is leaving the
company to pursue other interests.
"Michael's poise, professionalism, and substantive command of regulatory
issues have been tremendous assets to the company since he joined us in 1996,"
said Allen Salmasi, NextWave's Chairman and CEO. "He has made invaluable
contributions to our advocacy efforts before Congress, the FCC, and in the
media, as well serving as a key member of our legal team. He will be sorely
missed, and we wish him all the best."
"Michael's sound judgment and strong personal qualities helped the company
navigate some very difficult waters over the years," said Frank Cassou,
NextWave's Executive Vice President and General Counsel. "We would not be
where we are today without him. He has my best wishes, and I am confident he
will be a great success in his future endeavors."
"NextWave is a great outfit with a bright future," said Mr. Wack. "I have
enjoyed working with the entire NextWave team on the many challenges we have
addressed together over the years, and I look forward to watching them achieve
more great things in years to come."
About NextWave:
NextWave Wireless LLC was formed in 2004 to provide the next generation of
broadband wireless and other mobile communications products and services to
consumer and business markets. Please visit us at nextwavetel.com. |
