LightSquared: Ergen Sounds Like Nixon

Feb 27 2014 | 12:09pm ET

Harbinger Capital Management’s wireless internet venture thinks that Dish Network founder Charles Ergen is sounding a lot like President Richard Nixon.

LightSquared is seeking to have Ergen’s purchases of its debt declared illegal, arguing that competitors were barred from buying it. Ergen has said he bought the debt as a “personal investment” before Dish became interested in acquiring LightSquared’s share of the electromagnetic spectrum.

LightSquared called that “the type of ‘non-denial denials’ the Nixon White House offered when confronted by the Watergate break-in.” The company said Ergen merely sought to “sow confusion and have the bankruptcy process collapse, so that he could swoop in and pick up the pieces.”

Ergen allegedly bought up about $1 billion in LightSquared debt through a hedge fund, without disclosing that he was behind the purchases.

Dish last month dropped its $2.2 billion bid for LightSquared’s assets.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    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…

 

Futures Magazine

September 2014 Cover

The profitable power of confluence

The trading world is inundated with strategies and techniques. Here’s one way traders can get a handle on information overload.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.