Sunday, 30 August 2015
Last updated 1 day ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…