Feds To Approve Harbinger Wireless Plan

Jan 26 2011 | 2:45am ET

The Federal Communications Commission is poised to award a crucial waiver to the Harbinger Capital Management's planned nationwide wireless network, giving the embattled hedge fund a much-needed victory.

The FCC is likely to grant the waiver to LightSquared, allowing it to lease its satellite airwaves to cellular phone companies, today, The Wall Street Journal reports. The regulator is set to do so despite the opposition of four U.S. Cabinet departments, which earlier this month urged stricter scrutiny for LightSquared and fears that its service might interfere with global positioning satellites.

But an FCC official told the Journal it would have LightSquared and "the GPS community… work together to resolve the interference issue on an expedited basis." While granting the waiver, the official said, LightSquared would have to address the interference issue before it was permitted to begin selling it service to cell phone companies.

Harbinger has invested some 40% of its assets into the ambitious plan, which is set to begin trials in four cities this year. The investment has caused a good deal of concern for investors and may have contibuted to redemptions at the firm, which manages just $7 billion today, down from $20 billion in 2008.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…