Friedman Kaplan Seiler & Adelman LLP represented AT&T Wireless Services, Inc. in its purchase of $200 million of Series AA preferred stock from Dobson Communications Corporation. FKSA partners Gary D. Friedman and Lance J. Gotko and associate David I. Tanenbaum worked on the transaction.

The Series AA preferred stock is exchangeable for Series A convertible preferred stock. If the Series AA preferred stock is exchanged into Series A preferred stock, AT&T Wireless will increase its ownership in Dobson, on a fully diluted basis, from the current 4.6 percent to approximately 11.8 percent.

The Series AA convertible preferred stock has a liquidation preference of $1,000 per share. Dividends on the preferred stock will accrue at 5.96 percent.

Prior to the completion of the preferred stock sale, AT&T Wireless owned 4.5 million shares of Dobson's common stock. The two companies are equal owners in a joint venture that acquired American Cellular Corporation in the first quarter of 2000. FKSA also represented AT&T Wireless in connection with that transaction. As of September 30, 2000, American Cellular served 514,500 subscribers and covered markets with a total population of 4.9 million.

AT&T Wireless operates one of the largest digital wireless networks in North America. With more than 15 million subscribers, including partnerships and affiliates, and revenue exceeding $10 billion, AT&T Wireless offers customers high-quality wireless communications services, mobile and fixed, voice and data, to businesses and consumers in the United States and internationally.

Dobson Communications is a leading provider of cellular phone services to rural markets in the United States. Headquartered in Oklahoma City, Dobson owns or manages wireless operations in 19 states.