LightSquared Seeks Stay From FCC

Feb 27 2012 | 1:40pm ET

Grasping at straws and perhaps merely postponing the inevitable, Harbinger Capital Management's wireless Internet venture has asked the Federal Communications Commission for an extension on its death sentence.

LightSquared asked the FCC, which earlier this month said it would revoke the company's preliminary waiver to use satellites to provide mobile Internet services. A comment period on that decision is set to expire on Friday. But LightSquared asked the regulator to extend that period to March 30.

The FCC said it would pull LightSquared's approvals because its system has been shown to interfere with global positioning systems. LightSquared has objected to those tests and findings and has said it is still working towards a solution of the interference problem.

LightSquared said the FCC is in a "rush to judgment" of its system.

Harbinger has invested more than $3 billion in LightSquared.


In Depth

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note