Friday, 29 August 2014
Last updated 14 hours ago
Feb 15 2012 | 3:00pm ET
The Federal Communications Commission has dealt a potentially fatal blow to Harbinger Capital Management's wireless Internet venture—a serious, if not fatal, blow to the hedge fund itself.
The regulator said it would withdraw the preliminary approval it granted to LightSquared last year after a series of government tests found that LightSquared's network would interfere with global positioning systems. The decision puts in jeopardy the more than $3 billion—more than half of its total assets—that Harbinger has invested in LightSquared.
"The commission clearly stated from the outset that harmful interference to GPS would not be permitted," FCC spokeswoman Tammy Sun said. "The commission will not lift the prohibition on LightSquared."
LightSquared has called the validity of the negative tests into question and said that interference issues could be resolved. Before the FCC announced its decision yesterday, the company said that it remained "committed to finding a resolution with the federal government and the GPS industry."
LightSquared was responding to a letter from National Telecommunications and Information Administration chief Lawrence Strickling telling FCC Chairman Julian Genachowski, "there are no mitigation strategies that both solve the interference issues and provide LightSquared with an adequate commercial network deployment."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...