Tuesday, 28 June 2016
Last updated 3 hours ago
Jan 11 2012 | 4:01pm ET
Harbinger Capital Partners founder Philip Falcone has jumped into the fray, asking the Federal Communications Commission for help to solve the interference problems that have kept the same FCC from approving a Harbinger-backed wireless Internet venture.
Falcone and two representatives of LightSquared met with FCC staffers on Jan. 4, the agency said. The trio explained that "significant investment" has already been made in LightSquared's proposed network—Harbinger is already in for $3 billion, more than half of the hedge fund's total assets and sought the FCC's help to resolve interference concerns.
From the FCC, Edward Lazarus, its chief of staff, special counsel Amy Levine, and Paul de Sa, head of the FCC's Office of Strategic Planning and Policy Analysis, met with the Harbinger-LightSquared delegation.
"We discussed various alternative technical solutions that will effectively and economically allow GPS devices to work as intended, and still allow the deployment of the LightSquared network," LightSquared said.