CHICAGO-Personal communications services operator Aerial Communications Inc. announced
its board of directors approved a tax settlement agreement with Telephone and Data Systems Inc.
TDS owns 82.3
percent of Aerial. The agreement called for TDS to pay $114.5 million to Aerial March 15. TDS said the payment
reflects a settlement of amounts that it anticipated it owed Aerial under an existing tax agreement.
The settlement
covers tax losses incurred by Aerial and used by TDS for the period commencing Jan. 1, 1996, and ending with the date
of the proposed spin-off of Aerial, which is planned for the third quarter.
