Tuesday, 22 July 2014
Last updated 3 hours ago
Dec 14 2011 | 3:54am ET
Harbinger Capital Partners’ proposed wireless Internet venture when on the offensive yesterday in the wake of a devastating report on government tests.
LightSquared said yesterday that it would delay one planned power increases for its receivers and abandon another entirely as it seeks to mitigate interference with global positioning systems. The move comes days after the results of recent government tests were leaking, showing that LightSquared’s system interfered with 75% of tested GPS devices.
LightSquared took issue with those results, arguing that a proper analysis of the tests indicates that only 15% of GPS devices suffered interference, and even those were “completely operable with no impact on the user’s experience.” The company is also demanding an investigation into the leak.
LightSquared said its new power-increase plans demonstrate “that an engineering solution to the interference issues with GPS devices is possible.”
The company’s opponents remain unconvinced. “LightSquared insists on using its own self-serving definition of what constitutes harmful interference,” Dale Leibach of the Coalition to Save Our GPS said.
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…