Pactel Corp

The new Pactel Corp. made an impressive debut as a public company Friday as investors eager for a pure play in the fast-growing cellular phone business bid up the share price more than 10% to $25.50 in heavy trading. Late the day before, underwriters of the new issue--a spinoff of Pacific Telesis Group encompassing its cellular phone and paging operations--had priced the offering at $23 a share and placed 60 million shares, or about 12% of the company, with investors. On Friday, 25.

PacTel Execs Stand to Gain in Merger: The San Francisco-based firm's top seven executives could receive "golden-parachute" payments totaling $25.2 million if they lose their jobs after the telecommunications company is acquired by SBC Communications Inc. Pacific Telesis Group Chairman and Chief Executive Philip J. Quigley could receive as much as $7.9 million, according to a Securities and Exchange Commission filing.

Freedom, spontaneity, ubiquity, interconnection. Highly personal. Perfect. Advertising copy for a new fragrance? A brochure for a self-improvement workshop? No. It's PacTel Corp. chief Sam Ginn, describing the new name for his $12-billion wireless communications company: AirTouch Communications. Forgive Ginn for using language that would make a seasoned wine critic blush ruby red. PacTel just spent a lot of time and money to come up with its new moniker. And it's not alone.

A worldwide consortium of 10 telecommunications companies, including PacTel Corp., announced plans Thursday to invest in a $1.8-billion satellite-based telephone network aimed at undercutting competitors' costs by simplifying the connections between Earth and space. Led by Loral Corp. and Qualcomm Inc.

PacTel Announces Name Change: PacTel Corp., the soon-to-be independent cellular subsidiary of Pacific Telesis Group, said it will call itself AirTouch Communications once the spinoff is complete. Trading in PacTel stock began in December, raising $1.38 billion in one of the largest initial public offerings ever. The spinoff will free the wireless communications business from regulatory constraints it faced as part of a regional Bell operating company.

Pactel Corp.

Pacific Telesis' top two executives--Donald E. Guinn and Theodore J. Saenger--have remained true to vows they each made years ago to retire early. Guinn, 54, said Tuesday that he will step down as chairman and chief executive of the holding company sometime next year. And Saenger, 59, said he will retire at the end of this year as president and CEO of Pacific Bell, the company's principal operating company.

A worldwide consortium of 10 telecommunications companies, including PacTel Corp., announced plans Thursday to invest in a $1.8-billion satellite-based telephone network aimed at undercutting competitors' costs by simplifying the connections between Earth and space. Led by Loral Corp. and Qualcomm Inc.

ABI American Businessphones, spurning a takeover offer made by a company director, agreed Friday to be acquired by PacTel Corp. in a stock-swap transaction valued at $18.8 million. In accepting the PacTel offer, ABI rejected director Jean R. Stiegemeier's cash offer to purchase the Irvine supplier of business telephones.

Freedom, spontaneity, ubiquity, interconnection. Highly personal. Perfect. Advertising copy for a new fragrance? A brochure for a self-improvement workshop? No. It's PacTel Corp. chief Sam Ginn, describing the new name for his $12-billion wireless communications company: AirTouch Communications. Forgive Ginn for using language that would make a seasoned wine critic blush ruby red. PacTel just spent a lot of time and money to come up with its new moniker. And it's not alone.

Pactel Corp.

The new Pactel Corp. made an impressive debut as a public company Friday as investors eager for a pure play in the fast-growing cellular phone business bid up the share price more than 10% to $25.50 in heavy trading. Late the day before, underwriters of the new issue--a spinoff of Pacific Telesis Group encompassing its cellular phone and paging operations--had priced the offering at $23 a share and placed 60 million shares, or about 12% of the company, with investors. On Friday, 25.

William Sobieski of Mission Viejo was sentenced Monday in federal court to seven months in jail for mail fraud. Sobieski, 48, pleaded guilty in June to extorting kickbacks from a Minnesota concern that sells telephone equipment for a PacTel Products unit called Great Technologies Inc. Sobieski was a vice president for national sales and marketing at Great Technologies.

Pacific Telesis, whose Pacific Bell and Nevada Bell phone companies serve 22 million customers in California and Nevada, has reached tentative contract settlements with its labor unions, the two sides announced Wednesday. The proposed settlement calls for a 12% wage increase over three years, a 13% hike in pension benefits and a wage bonus of 5% if the company meets its financial goals.