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Seneca Financial Group. Inc. has been retained to provide financial advisory services to the secured lenders of Pocket Communications, Inc. of Washington DC which currently is in bankruptcy proceedings. In 1996, Pocket submitted the winning bids on 43 C block licenses. These licenses had been set aside by the FCC for purposes of creating more competition in the wireless marketplace. Referred to frequently as the entrepreneurial licenses, the auction was arranged in such a manner so as to promote participation by small firms who were able to pay for their licenses over a 10 year period under varying payment plans and interest rates depending upon average annual revenues. These licenses were specifically targeted for Personal Communication Services (PCS), which utilize digital technology instead of analog technology currently used by most cellular companies. The combination of a higher frequency and digital technology would enable companies to offer customers a wider array of services such as paging, caller ID, voice mail, call forwarding and smooth data communications. In addition, digital technology offers superior voice quality over the current analog technology. In its capacity as an advisor to the secured lender group which consists of Ericsson, Inc., Siemens Stromberg-Carlson, Pacific Eagle Investments, Ltd. and MASA Inc., Seneca will function as the lenders representative with Pocket in their dealings with the Creditors Committee and the FCC. Seneca will also assist and advise the lenders group on reorganization plans and valuations. The assignment will be headed by James Harris, the Founder and President of Seneca. Press Release Index |
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