Thursday, 29 September 2016
Last updated 8 min ago
Dec 3 2013 | 12:36pm ET
Some of Harbinger Capital Management founder Philip Falcone's peers may covet the electromagnetic spectrum owned by his wireless Internet venture.
Centerbridge Partners and Fortress Investment Group have show interest in LightSquared, which Falcone put into bankruptcy last year and which is now preparing to auction off its assets. It isn't clear how interested the two firms are; a $2.2 billion bid for the spectrum from Dish Network will be the leading offer at the auction.
The deadline for submitting a bid was last Monday.
Separately, a judge in Nevada last week blocked another effort—the time by Dish shareholders—to keep Dish Chairman Charlie Ergen from participating in Dish's attempt to buy the spectrum. Ergen owns more than $1 billion in LightSquared debt and stands to profit handsomely if the deal is consummated.