LightSquared, Opponents Agree To Provide Docs. To Senator

Jan 12 2012 | 12:33pm ET

Harbinger Capital Partners' wireless Internet venture has agreed to provide records of its contacts with U.S. government officials and agencies after its chief opponent on Capitol Hill agreed to, in its eyes, play fair.

LightSquared said it has established "a two-stage process for providing the requested documents" to Sen. Charles Grassley (R-Iowa), who is leading an investigation into whether the company received favorable treatment from the White House or Federal Communications Commission.

"LightSquared completed the first stage several weeks ago, per our agreement with the senator's office, and we will be working with the senator's office to complete our production," LightSquared spokesman Terry Neal said.

The deal includes Grassley's making similar document requests to LightSquared's bitterest detractors, global positioning system manufacturers. Grassley did so, making requests to Garmin, Deere & Co. and Trimble Navigation, albeit reluctantly.

"I am simply making this request consistent with the statement my office made," Grassley wrote to the GPS makers. The three have agreed to comply with the requests.

"Ultimately, the FCC needs to be open and transparent," Grassley wrote. "There are still numerous questions about the FCC's decision to grant a waiver without transparency."

The FCC has still refused to grant LightSquared the final approvals it needs, leaving the project, in which Harbinger has invested $3 billion, in limbo. Its system has been shown to interfere with GPS devices; LightSquared has said that a solution to the problems is within reach.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR