Bankrupt wireless firm LightSquared burned through $81.4 million in August, and the company has now lost $1.6 billion since it filed for bankruptcy protection in May 2012. The losses are piling up as Philip Falcone and his Harbinger Capital Partners hedge fund struggle to maintain control of the firm as it seeks to exit bankruptcy.
The fight for control of bankrupt wireless firm LightSquared continues to drag on, with Philip Falcone's Harbinger Capital Partners hedge fund submitting a new reorganization plan days after it seemed Falcone would be cut out of the company in a competing restructuring plan.
Dish Network Chairman Charlie Ergen said he remains open to a partnership with T-Mobile US or another wireless carrier. He also said that Sprint's reported decision to abandon merger talks with T-Mobile increases Dish's options for entering the wireless market.
In a reversal, bankrupt LightSquared settled a disagreement with Dish Network Chairman Charlie Ergen over his debt claims in the company, setting the stage for LightSquared to emerge from bankruptcy with Ergen as one of its largest creditors. That could put even more pressure on Philip Falcone, the billionaire hedge fund manager who had been backing LightSquared.
LightSquared, the bankrupt wireless firm that had been controlled by hedge fund Harbinger Capital Partners, tentatively agreed to a new $3.05 billion restructuring plan that would give 74 percent ownership to JPMorgan Chase, Fortress Investment Group and Cerberus Capital Management.
Verizon Wireless is not talking to Dish Network about any kind of deal, according to Verizon Communications CEO Lowell McAdam.
AT&T's announcement that it will buy DirecTV in a $49 billion deal leaves Dish Network once again without a potential partner or suitor. However, analysts say the deal could be what pushes Dish and its Chairman Charlie Ergen to find a long-term wireless partner.
Bankrupt wireless firm LightSquared and Dish Network Chairman Charlie Ergen face court-ordered mediation if they can't figure out their differences over LightSquared's restructuring, a federal bankruptcy court judge ruled.
Dish Network Chairman Charlie Ergen reiterated his decision not to get into a bidding war with Sprint over T-Mobile US, but indicated that he would be ready to move if Sprint tried to make a bid for T-Mobile and failed.
Dish Network Chairman Charlie Ergen said he personally thought that he bankrupt LightSquared could be worth as much as $8.9 billion if it gained FCC approval for its long-planned and currently-stalled wireless network.