Posted on 12/30/2013 11:28:11 AM PST by Brad from Tennessee
The wireless communications company LightSquared may have a path out of bankruptcy that lets its biggest shareholder, the billionaire hedge fund manager Philip Falcone, retain some of the control he has sought.
Lawyers for LightSquared filed documents in a New York bankruptcy court late Tuesday, outlining a plan to bring in at least $1.25 billion in new equity and $2.75 billion in loans. The plan is backed by Fortress Investment Group, Harbinger Capital Partners, JPMorgan Chase and Melody Capital Partners.
The move caps a tumultuous year for LightSquared. The company has been at the center of a continued feud between Mr. Falcone, who runs Harbinger, and Charles Ergen, the satellite television mogul and the chairman of Dish Network.
Mr. Falcone and Mr. Ergen have spent months jockeying for LightSquared after it filed for bankruptcy last year. LightSquared began an auction process that drew a $2.2 billion bid from Dish in the summer. . .
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LightSquared’s bankruptcy filing came after the Federal Communications Commission forbade the company from creating a 4G LTE network, which the regulator feared would interfere with GPS navigation. Those plans would have transformed LightSquared into a broadband network that could compete with major players including AT&T and Verizon. . .
(Excerpt) Read more at dealbook.nytimes.com ...
General Reported He Was Pressured on Testimony About White House-Backed Project, Sources Say
Thanks for link.
You mean LightSquared was just another money laundering operation for the Democrat party using tax payer dollars just as Solyndra was? I wonder just how many of these ‘operations’ there were or are. Oh yeah, the BILLION $$$ it took to build a website (healthcare.gov).. Hmmmm.. I wonder where THAT tax payer’s money went as well? I can’t imagine just how STUFFED Hillary’s pockets are for 2016.
They are stuffed by stolen tax dollars and borrowed billions, not to mention union dues and kickbacks from cronies who get contracts and launder them back to the candidates.
Hillary will have every ACORN, crooked union, crooked political machine, vote machine rigging, lawsuit, Voter ID-fighting, 24/7 ads and media blitz to beat whatever RINO the GOP digs up to get blasted, again.
These guys are thieves and liars.
They should be summarily shot.
With Dish Network, Mr. Falcone has his own problems to worry about.
Charlie Ergen is definitely an Obama crony.
Anybody know about Falcone?
The federal government has committed itself to destroying once-favored Democratic political donor Philip Falcone, turning its back on a man whose investment efforts were aided by the Obama administration’s use of political and regulatory muscle.
On Wednesday, the Securities and Exchange Commission (SEC) alleged that Falcone — who made billions betting against subprime mortgages during the housing crisis — and his investment firm, Harbinger Capital Partners LLC, had “fraudulently obtained $113.2 million from a hedge fund that he advised and misappropriated the proceeds to pay his personal taxes.”
Interesting...thanks
Yes, he did! They were trying to get the SPACE COMMAND CC to suggest that L2 signals would not pose a big problem for GPS. Funny how this story never made the front page of the NYT.
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