Friday, 19 December 2014
Last updated 5 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.