Sunday, 1 March 2015
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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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…