Posted on 02/18/2012 6:25:45 PM PST by opentalk
Phil Falcone, the billionaire hedge fund manager whose firm made $11bn (£6.9bn) from the sub-prime crisis, is being sued by investors after a $3bn bet to create a US-wide mobile broadband service appeared to hit the buffer.
Mr. Falcone, chief investment officer of Harbinger Capital Partners, stands accused of misleading investors over its decision to invest in the service through its acquisition of LightSquared. Court filings lodged in New York accuse him and one of the firm's investment funds of investing in LightSquared even though the original aim of the fund was to invest in distressed debt and sub-prime mortgages.
...The suit is claiming breach of fiduciary duty to investors, gross negligence, breach of contract, and fraudulent misrepresentation. According to reports, during a conference call with investors last Friday, Mr Falcone said he is sticking with plans to build the mobile broadband service despite the FCC setback.
(Excerpt) Read more at telegraph.co.uk ...
AT&T blasts ‘unfair’ FCC report on merger - Gov’t blocked company’s merger with T-Mobile
The FCC sent a copy of its report to the Department of Justice, which is pursuing an antitrust case against AT&T’s bid to buy its rival. That case — a make-or-break milestone for AT&T — is slated to go to trial in February.
Lightsquared: The Next Big Obama Scandal
http://www.humanevents.com/article.php?id=46227
Thanks opentalk.
Apparently lighsquared's transmission scheme screws and interferes with GPS>>>
FCC has finally state so...
Even liberals don’t want their GPS’s messed with!
Even liberals don’t want their GPS’s messed with!
LightSquared screwed the pooch ...
FCC just recently denied LS’s appliction for a license to provide Internet access via satellites.
Turns out that government studies indicate that the spectrum LS was going to use is TOO CLOSE to the GPS spectrum. LS will whack out the GPS system since it needs to operate at a shitload of power in order to deliver its Internet service.
LS FIRST claimed that its system DID NOT interfere with GPS - but at least 2 government studies showed otherwise. LS THEN tried to contend that the GPS services could modify THEIR systems and hardware to be compatible with LS.
NOW, I suspect that LS is gonna try to get Obama to try to circumvent the application process with the FCC - BUT THAT AIN’T GONNA HAPPEN ...
Obama is laffin’ all the way to the bank with LS’s cash donations ...
Dodd/Frank smell test just got worse?
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