Summit Ridge Group and Partners Selected to Serve as FCC’s 3.45 GHz Clearinghouse
New York, NY., November 6, 2023 - Summit Ridge Group, the leading financial and business valuation consulting boutique focused solely on the telecommunications, media, and satellite industries, announced today that the firm and its teaming partners JP Morgan Chase & Co. (“JP Morgan”) and Lerman Senter PLLC (“Lerman Senter,” and collectively, “Team Summit Ridge”) have been selected by the Federal Communication Commissions (FCC) to serve as the Relocation Payment Clearinghouse (Clearinghouse) for impacted parties and new licensees of the repurposed 3.45 – 3.55 GHz spectrum band.
Summit Ridge Group will manage the Clearinghouse and direct its operations, J.P. Morgan will hold and disburse relocation and incentive payments, and Lerman Senter will serve as legal counsel for the Clearinghouse. Together, Team Summit Ridge forms a neutral and independent Clearinghouse with the financial, legal, satellite and conflict resolution industry expertise needed for secure, efficient, and transparent Clearinghouse operations.
“Summit Ridge Group is very excited to bring its deep, industry-recognized expertise forward for the 3.45 spectrum band reconfiguration and reimbursement process,” said Armand Musey, president and founder of Summit Ridge Group. “We will leverage our past relocation experience and established ‘playbook’ for planning and organizing an effective reimbursement fund.”
Summit Ridge Group has considerable experience with managing and consulting for various FCC programs, including the TV Broadcaster Reimbursement Fund and the Rip & Replace program for U.S. telecommunications providers’ networks. The firm also brings in-depth experience across all aspects of the communications sector, having provided business valuation, financial consulting, and litigation support in all areas of the industry, including satellite communications, wireless, and wireline. This experience, along with appropriate procedures from prior transitions, will aid Summit Ridge Group in achieving a fair and effective Clearinghouse process.
J.P. Morgan has extensive capabilities in payment solutions and treasury services while Lerman Senter is a law firm with extensive experience in the telecommunications industry that will serve as legal counsel.
For the Clearinghouse services, FCC Auction 110 License winners or Licensees will be reallocated the use of the 3.45 GHz Band, and the two qualifying incumbents, Nexstar and NBC Universal, will be reimbursed for the repurposed spectrum.
About Summit Ridge Group
Summit Ridge Group is a financial consulting and business valuation firm focused solely on the satellite, telecommunications, and media sectors, with deep, industry-recognized expertise in all aspects of the satellite communications sector. Its projects include matters for transactional purposes, litigation support, including expert witness testimony, FCC reimbursement services, and restructuring, with particular expertise in wireless spectrum and satellite communications. Summit Ridge Group is also the publisher of a leading telecommunications reference text, The Spectrum Handbook 2018.
