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About half of the cash was intended to pay various claims and settlements. Previous bondholders ended up being paid 35.7 cents on the dollar, in bonds and stock in the new MCI company. The previous stockholders' stock was cancelled. [24] It had yet to pay many of its creditors, who had waited for two years for a portion of the money owed.
MCI was founded as Microwave Communications, Inc. on October 3, 1963, with John D. Goeken being named the company's first president. The initial business plan was for the company to build a series of microwave radio relay stations between Chicago, Illinois, and St. Louis, Missouri.
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William G. McGowan (December 10, 1927 – June 8, 1992) was an American entrepreneur, and founder and chairman of MCI Communications.He played an important role in the breakup of AT&T while growing MCI into a US$9.5 billion in revenue entity that controlled 16% of the American domestic and international long distance market.
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