Waller Capital Initiates Dobson Communications Purchase of RFB Cellular

Gaylord, MI

RFB Cellular Inc., which filed for Chapter 11 bankruptcy protection in 2003, today announced that it has sold its Michigan wireless assets, consisting of a CDMA network serving 25,000 subscribers over two cellular licenses and seven PCS licenses. The buyer, Dobson Communications, has made the initial payment of what will be a $29.3 million cash purchase price. Final completion of the transaction and transfer of the licenses are subject to regulatory approval.

Dobson won the auction over several other bidders, including Verizon Wireless and several Private Equity firms, in the court-approved auction process. Waller Capital Corp., a telecommunications-focused Investment Bank based in New York, represented RFB as financial advisor in the sale.

“The Michigan sales process generated substantial interest from the wireless and financial communities, and RFB considers this transaction to be a successful outcome for the estate”, said Bruce Conklin, acting CRO of RFB, and Sr. Managing Director at Kibel Green, Inc. He added, “Waller Capital’s relationships in the wireless community and transaction expertise were essential to this outcome. Combined with other asset sales, the total proceeds to the estate will reach nearly $60 million”.

Garrett M. Baker, Principal
Waller Capital Corporation
Phone # (212) 632-3600