Thursday, 2 October 2014
Last updated 1 hour ago
Oct 3 2011 | 12:39pm ET
Harbinger Capital Management's wireless venture claims it has struck upon a solution for possible interference with global positioning systems—and that some GPS users should pay for it.
LightSquared said that it has already committed to pay $160 million to cover the costs of filters to fix the problem. But the company's general counsel said Friday that it shouldn't have to bear those costs alone.
"The GPS industry has to bear responsibility," Curtis Lu told reporters on a conference call. According to Lu, Trimble Navigation and other high-precision GPS users and manufacturers, have known about the potential problem since 2003 and should have acted earlier to prevent them.
In a statement, LightSquared further attacked its opponents, who warn that the company's planned 4G network will disrupt critical agricultural, weather and flight-tracking systems. The release extensively quoted Trimble and others, noting that as early as 2001, Trimble wrote in a Securities and Exchange Commission filing that "emissions from mobile satellite services and other equipment operating in adjacent frequency bands… may materially and adversely affect the utility and reliability of our products."
LightSquared, which has already agreed to use a different spectrum than it originally planned to reduce GPS interference, also accuses GPS makers of using spectrum bands that they are not licensed to use.
"The GPS industry has known since our spectrum plan was approved in 2005 that it would need to begin building inexpensive filters into GPS devices to keep their devices from reaching our spectrum," LightSquared wrote. "They did nothing because they thought LightSquared would never move from concept to reality."
LightSquared's plans have most recently been attacked by Republican members of Congress, who note that Harbinger founder Philip Falcone has been a donor to President Barack Obama. But the company noted that it was "the Republican officials who led the FCC" in 2005 who originally approved its plans.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...