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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of