NEW YORK Dish may back off of its bid to buy LightSquared's spectrum, according to reports from Bloomberg and Forbes. Dish subsidiary L-Band Acquisition Corp. has a $2.2 billion offer on the table to buy LightSquared's assets out of bankruptcy. An attorney for Dish told a federal bankruptcy court judge on Tuesday morning that there was a technical issue with LightSquared's spectrum that may impair its utility, the reports said.
Dish became the lead bidder for LightSquared last month when Centerbridge Partners backed away from their $3.3 billion bid. Centerbridge had saved LightSquared from going to the auction block on Dec. 11. The investment firm pulled out about a week later.
LightSquared has been fending off bids in an effort to reorganize and emerge from bankruptcy. The company filed for Chapter 11 protection in May of 2012, listing more than $1 billion in debts and assets. The start-up was a brainchild of Phil Falcone, head of Harbinger Capital, a New York-based hedge fund.
Falcone sunk more at least $3 billion of Harbinger's $9 billion into LightSquared, a venture seeking to build a nationwide, wholesale wireless broadband network on spectrum reserved for satellite operations. The project hinged entirely on a conditional waiver issued in early 2011 by the Julius Genachowski-led Federal Communications Commission. The waiver allowed LightSquared to conduct terrestrial transmissions in the satellite spectrum. The operation was to be built around some 40,000 land-based transmitters.
The condition of the FCC waiver was the LightSquared's network would not interfere with other operations in the satellite band. The much-stronger terrestrial signals proved too much for adjacent global positioning systems. The GPS community from boaters to surveyors to military generals rallied to stop LightSquared. The condition could not be satisfied. The FCC moved to withdraw the waiver in February of 2012. LightSquared filed Chapter 11 three months later.
In the aftermath, Falcone was charged with Securities fraud. A settlement reached last August with the Securities and Exchange Commission barred Falcone from the securities industry for at least five years, and levied an $18 million fine on him and Harbinger.
Meanwhile, Dish's Charlie Ergen was quietly manufacturing a sort of reverse hostile takeover in which it would own enough of LightSquared's debt to manage it to the competition's advantage, according to a lawsuit brought against Dish by LightSquared. That suit is set to go to trial Thursday, Forbes said.
Also see
December 17, 2013, LightSquared Buyer Backs Out
Centerbridge Partners will not be buying LightSquared out of bankruptcy.
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, Lig
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