LightSquared Asks FCC for More Time as It Sticks to Plans
LightSquared Inc., the satellite company that filed for bankruptcy after the U.S. said its proposed mobile data network would disrupt navigation gear, is seeking to keep its permits.
The business backed by Philip Falcone still intends to deploy a nationwide wireless system, Executive Vice President Jeffrey Carlisle said in a May 10 meeting with Austin Schlick, the Federal Communications Commission’s general counsel, according to a disclosure filing posted today on the agency’s website. The FCC shouldn’t revoke permits as proposed in February, according to the filing.
“LightSquared stands ready to continue to work with federal government stakeholders and the GPS community to find a solution that will placate all affected constituencies,” the filing stated.
LightSquared, based in Reston, Virginia, filed for Chapter 11 protection from creditors yesterday in New York. U.S. officials had concluded its proposed service would interfere with gear that uses the global-positioning system.
The filing gives LightSquared time to resolve regulatory issues, Falcone said in an e-mailed statement yesterday. He is chief executive officer of Harbinger Capital Partners, which has invested about $3 billion in LightSquared
Tammy Sun, an FCC spokeswoman, declined to comment in an e- mail.
To contact the reporter on this story: Todd Shields in Washington at tshields3@bloomberg.net;
To contact the editor responsible for this story: Bernard Kohn at bkohn2@bloomberg.net
LightSquared Bankruptcy
The bankruptcy filing gives LightSquared Inc. time to resolve regulatory issues, Philip Falcone said in an e-mailed statement yesterday. He is chief executive officer of Harbinger Capital Partners, which has invested about $3 billion in LightSquared. Photo: Jacob Kepler/Bloomberg
The bankruptcy filing gives LightSquared Inc. time to resolve regulatory issues, Philip Falcone said in an e-mailed statement yesterday. He is chief executive officer of Harbinger Capital Partners, which has invested about $3 billion in LightSquared. Photo: Jacob Kepler/Bloomberg
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