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: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

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.