Friday, 31 July 2015
Last updated 9 hours ago
Sep 13 2011 | 1:31pm ET
Despite a growing chorus of critics, Harbinger Capital Management's planned satellite-based wireless Internet network could be approved within a month.
LightSquared, into which Harbinger founder Philip Falcone has poured a substantial chunk of his hedge fund's assets, expects final approval of its plan "in the next month," Martin Harriman, an executive vice president at the Reston, Va.-based company, said at the Mobile Future Forward conference in Seattle.
Harriman's comments come despite growing concern that LightSquared's network—which would be the first wholesale long-term evolution 4G network—could interfere with global positioning systems, potentially imperiling important agricultural, air-traffic and weather systems. But he told the MFF conference that the company has "made some big concessions."
LightSquared has already contracted with Sprint Nextel to build and manage its 4G network. "Sprint wouldn't sign this big deal if it didn't expect it to be resolved," Harriman said.
Sprint has scheduled a press conference for Oct. 7, when it plans to unveil its plans for LightSquared.
Separately, LightSquared yesterday announced that it has signed its 14th partner agreement, with voice-over Internet-protocol provider VoX Communications.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…