Tuesday, 1 December 2015
Last updated 7 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.
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…