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.”
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.
