Friday, 27 November 2015
Last updated 1 day ago
Sep 14 2011 | 12:52pm ET
The Federal Communications Commission has a message for Harbinger Capital Management's wireless venture: Not so fast.
The agency yesterday ordered more testing of LightSquared's network, which previous tests have shown interferes with global positioning systems. LightSquared, into which Harbinger has poured a substantial chunk of its assets, has since made a series of changes designed to limit its system's impact.
The FCC decision means that LightSquared may not get final approval to move forward with its plans until the end of this year or early next year. Just this week, the company said it expected that approval to come within a month.
"Additional targeted testing is needed to ensure that any potential commercial terrestrial services offered by LightSquared will not cause harmful interference to GPS operations," the FCC said in a notice. The agency cited concerns that LightSquared would continue to interfere with precision GPS devices, including those used for air-traffic control and hurricane tracking.
For its part, LightSquared said it was "grateful that the FCC acknowledged today the significant improvement achieved by LightSquared's decision to move to new spectrum for the launch of its 4G LTE broadband network."
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…