WASHINGTON, D.C. — A financial and business valuation consulting boutique focused solely on the telecommunications, media, and satellite industries, and partners JP Morgan Chase & Co. and law firm Lerman Senter PLLC have been selected by the FCC to serve as the Relocation Payment Clearinghouse for impacted parties and new licensees of the repurposed 3.45 – 3.55 GHz spectrum band.
Introducing “Team Summit Ridge,” a name resulting from the role of Summit Ridge Group, which will manage the clearinghouse and direct its operations.
J.P. Morgan will hold and disburse relocation and incentive payments, while Lerman Senter will serve as legal counsel for the clearinghouse.
As such, “Team Summit Ridge” forms what the three organizations call “a neutral and independent clearinghouse.”
Summit Ridge Group has worked on such FCC initiatives as the TV Broadcaster Reimbursement Fund and the Rip & Replace program for U.S. telecommunications providers’ networks.
For the Clearinghouse services, FCC Auction 110 License winners or Licensees will be reallocated the use of the 3.45 GHz Band.
The two qualifying incumbents, Nexstar Media Group and Comcast’s NBC Universal, will be reimbursed for the repurposed spectrum.