LightSquared Optimistic Plan Will Be Approved Soon

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.


In Depth

Direct Lending: What’s Different Now?

Mar 14 2017 | 8:43pm ET

Senior direct lending funds have become riskier over the past four years, with leverage...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of