LightSquared Buyer Backs Out
17/12/2013
Essentially it means that Dish has been re-established as the lead bidder for Lightsquared's assets, without having to increase its offer, she said in an investor note. Barring another firm or fund stepping in to take over' Centerbridge's proposal which we view as highly unlikely we would expect the original auction for Lightsquared to take place, beginning with Dish's stalking horse' bid of $2.2 billion.
LightSquared filed for bankruptcy in May of 2012 after nearly two years of trying to appease the global positioning system contingent. LightSquared holds spectrum licenses adjacent to that used for GPS in the band designated for satellite transmissions. LightSquared applied for and was granted a waiver by the Federal Communications Commission in 2010 to use the spectrum to create a wholesale, hybrid satellite-terrestrial wireless broadband network.
It would have been the first of its type in the nation, but test after test indicated the network would interfere with GPS operations, which are inherent in everything from in-car navigation systems to guided missile systems. LightSquared's signals were not actually bleeding into the GPS band, rather, GPS devices were not developed with filters capable of rejecting LightSquared signals. The company, funded by Phil Falcone's Harbinger Capital, fought unsuccessfully to rectify the situation.
Ryvicker said the auction likely will now take place on Thursday, Dec. 19.
We view today's news as the best possible outcome for Dish as it has regained its status as the frontrunner to acquire Lightsquared, without having to increase its bid, she wrote. At the end of the day, we think Charlie's bid will hold up, adding valuable spectrum to the company's portfolio. Charlie being Ergen, CEO of Dish.
In separate news, Dish announced that it would partner with Sprint to test wireless broadband in Corpus Christi, Texas.
See
December 17, 2013 Dish and Sprint to Test Wireless Broaband
Sprint and Dish Network have announced plans to jointly test a fixed wireless broadband service in Corpus Christi, Texas.
May 8, 2013 LightSquared Tests Spectrum Sharing
LightSquared is testing the feasibility of sharing spectrum with federal users.
December 20, 2012 FCC Suspends LightSquared Build-Out Conditions
The Federal Communications Commission is giving LightSquared a break on its build-out conditions since the company is currently enjoined from using its spectrum as it intended
September 21, 2012 McAdams On: Why LightSquared Still Matters
Writing off LightSquared would be a mistake. The venture is an object lesson in how spectrum allocation is meaningless without consistent receiver standards, and how one industry strategically avoided them by coopting adjacent spectrum.
September 14, 2012 LightSquared Waiver Subject of House Hearing
he subcommittee, headed by Rep. Cliff Stearns (R-Fla.), will follow up on a February request directed at FCC Chairman Julius Genachowski seeking an explanation for the waiver and the process leading up to it.
May 14, 2012 LightSquared Files for Bankruptcy
LightSquared has filed for Chapter 11 bankruptcy in Manhattan, listing more than $1 billion in debts and in assets.
February, 27, 2012 Boaters Gang Up on LightSquared
The boating public is lining up against LightSquared, if comments on the latest Federal Communications Commission public notice are any indication.
February, 16, 2012 LightSquared Comments Due March 1
Comments are due to the FCC March 1 on the Commerce Department's recommendation that LightSquared not be allowed to launch a terrestrial network.
February 14, 2012 LightSquared Vows to Continue Despite Terrestrial Network Nix
LightSquared is not giving up on its proposed wireless broadband network despite losing its authority to launch on a terrestrial infrastructure.
January 30, 2012 FCC Takes LightSquared Petition to the People
The FCC is turning to the public regarding LightSquared's request to operate in its own spectrum and not grant interference protection to global positioning systems.
January 23, 2012 LightSquared Submits Alcatel Lucent Tests Results to FCC
LightSquared continues to assert that its proposed wireless broadband system will not upset global positioning systems, citing test results from Alcatel Lucent.
January 18, 2012 LightSquared Says GPS Tests Rigged'
LightSquared says government tests of its network were rigged by manufacturers of global positioning systems, and charged the test committee advisory board with conflict of interest.
December 12, 2011 LightSquared's Travails Mount
LightSquared's troubles are mounting with lawmakers and regulators lining up against the company's proposed satellite-terrestrial LTE wireless broadband network.
October 24, 2011
LightSquared Announces Brightstar as Preferred Supply Chain Services Provider
Brightstar will provide LightSquared's partners with a comprehensive set of supply chain services so they can deliver their products to market faster, LightSquared says.
October 11, 2011 LightSquared to Present at the 2011 Deutsche Bank Securities Leveraged Finance Conference 10/11/2011
Michael Montemarano, chief financial officer and Frank Boulben, chief marketing officer of LightSquared, will s
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