Saturday, 26 July 2014
Last updated 21 hours ago
Sep 26 2011 | 1:48pm ET
Harbinger Capital Management's planned wireless venture is fighting back.
Beset by complaints that its system will interfere with global positioning systems and under fire from Republicans who aren't thrilled about Harbinger founder Philip Falcone's political leanings, LightSquared took out full-page newspaper ads across the country today to defend itself. In the ads, LightSquared said that its system isn't to blame for the interference problems, blaming them instead on the "inappropriate use" of its spectrum by other companies.
LightSquared also said that its latest plan, which it says would eliminate interference for all but 0.5% of GPS users, "can be implemented simply, quickly and inexpensively into GPS devices."
The open letter from LightSquared CEO Sanjiv Ahuja ran in such broadsheets as The New York Times and The Wall Street Journal.
Several groups, including a number of federal agencies, have expressed concerns that LightSquared will hamper precision GPS, including that used in air traffic control, agriculture and weather prediction.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…