Showing posts with label LightSquared. Show all posts
Showing posts with label LightSquared. Show all posts

Friday, December 4, 2015

After 3 1/2 Years, LightSquared's Case Takes a Step Forward

The U.S. Federal Communications Commission (FCC) approved LightSquared’s Change of Control application, paving the path toward emergence from Chapter 11 as well as the installation of new leadership committed to collaborating with industry and government to spur economic growth by bringing the company’s mid-band spectrum to market.

The company described the FCC grant as a significant milestone.  LightSquared originally filed for bankruptcy protection in May 2012, and its reorganization plan was confirmed by Judge Shelley C. Chapman on March 26, 2015.

“We are very appreciative for today’s FCC action which will allow LightSquared to begin anew and recommit to work with all stakeholders to resolve important technical matters, identify necessary solutions, and remove regulatory uncertainty that the company has faced over the past three and-a-half years,” said Doug Smith, LightSquared chief executive officer. “We will emerge from restructuring with new owners representing some of the world’s top investors, and they have committed significant new capital to give the company the runway it needs to grow and operate the business. The new Board of Directors will be a group of highly-skilled and deeply experienced individuals, and I am excited to work alongside each of them to reach consensus and enable use of this mid-band spectrum.”

  • LightSquared acquired a block of spectrum (1525-1559 MHz) in the L-Band and sought to build a nationwide 4G-LTE network integrated with satellite coverage but ran into objections of potential interference, financial and legal difficulties. 

Tuesday, June 26, 2012

SEC Charges for Philip A. Falcone and Harbinger

The Securities and Exchange Commission filed fraud charges against New York-based hedge fund adviser Philip A. Falcone and his advisory firm, Harbinger Capital Partners for illicit conduct that included misappropriation of client assets, market manipulation, and betraying clients.

In the networking industry, Falcone is best known for the LightSquared initiative, which was ultimately blocked in its attempt to build a nationwide LTE + satellite wholesale network.

Thursday, April 19, 2012

LightSquared and Inmarsat Amend Agreement

LightSquared and Inmarsat announced an amended cooperation agreement providing LightSquared additional time and flexibility to use its spectrum to deploy a terrestrial 4G wireless network once all regulatory authorizations have been secured.

“This new agreement allows LightSquared an opportunity to focus its efforts on obtaining the necessary regulatory approvals to begin building the nation’s first, coast-to-coast wireless broadband system," said Doug Smith, LightSquared’s interim chief operating officer and chief network officer. “We remain committed to fulfilling our business vision to bring world-class wireless broadband connectivity to millions of Americans.

Thursday, March 15, 2012

Sprint Calls Off Spectrum Hosting with LightSquared

Sprint cancelled a spectrum hosting agreement that was signed with LightSquared in June 2011, citing LightSquared's inability to resolve its regulatory issues. Sprint has returned $65 million in prepayments LightSquared made to cover costs that were not ultimately incurred by Sprint.

“Sprint has been and continues to be supportive of LightSquared’s business plans and appreciates the company’s efforts to find a resolution to the interference issues impacting its ability to offer service on the 1.6 GHz spectrum. However, due to these unresolved issues, and subject to the provisions of the agreement, Sprint has elected to exercise its right to terminate the agreement announced last summer. We remain open to considering future spectrum hosting agreements with LightSquared, should they resolve these interference issues, as well as other interested spectrum holders."
  • In June 2011, Sprint and LightSquared announced a 15-year agreement that includes spectrum hosting and network services, 4G wholesale, and 3G roaming. The deal would have given Sprint $9 billion in cash to build out its 4G network and provided LightSquared with a Tier-One partner for bringing its wholesale-only, nationwide LTE + L-Band broadband satellite service to market, should the FCC approve its GPS terrestrial interference mitigation proposals. Specifically, LightSquared agreed to pay Sprint to deploy and operate a nationwide LTE network that hosts L-Band spectrum licensed to or available to LightSquared. As a wholesale-only carrier with separate core network operations, LightSquared was planning to sell its 4G broadband capacity produced through this spectrum hosting relationship to Sprint, other wireless carriers, and retail partners.