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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...