TerreStar Networks, Inc. provides satellite terrestrial mobile broadband network services. It offers mobile voice, data, and video services. It also provides TerreStar Genus, an integrated satellite and cellular smartphone; and TerreStar Ground Based Beam Forming, a system to employ ground based calibration and beam forming. The company serves government, emergency responders, enterprise businesses, and rural communities. It offers its services through a network of partners and service providers to users in the United States and Canada. The company was founded in 2002 and is based in Reston, Virginia. As of March 9, 2012, TerreStar Networks, Inc. operates as a subsidiary of Dish Network Corp...
12010 Sunset Hills Road
One Discovery Square
Reston, VA 20190
Founded in 2002
Elektrobit Inc. Receives Settlement Payment in Liquidation Case of Terrestar Networks
Aug 29 14
Elektrobit Inc. received the settlement payment in the liquidation case of TerreStar Networks Inc. On August 28, 2014, Elektrobit Inc. (EB), received a cash payment of USD 1,075,000 (EUR 0.8 million as per exchange rate of August 28, 2014) in full and final satisfaction of its claim against TerreStar Networks Inc. (TSN) and in resolution of all disputes between EB and The Liquidating Trust (Trust) of TSN, which was formed in connection with TSN's Bankruptcy Court-approved Chapter 11 liquidation plan (Plan). Upon receipt by EB of the Settlement Payment, certain mutual releases of liability and other agreements set in the Settlement have become effective, and it is anticipated that EB's participation in the TSN Chapter 11 cases is concluded. The Settlement Payment will result in a non-recurring positive effect of approximately EUR 0.8 million on Elektrobit Corporation's operating result and a positive effect on Elektrobit Corporation's cash flow of approximately EUR 0.8 million on the third quarter 2014. This payment supplements a USD 650,890 distribution received by EB under the Plan in March, 2012, on that portion of its claim entitled to payment priority under U.S. bankruptcy law. Earlier, on August 12, 2014 U.S. time the United States Bankruptcy Court formally approved the motion seeking approval of a conditional agreement of settlement (Settlement) between EB and the Trust of the various disputes between EB and the bankruptcy estate of TSN and certain of its subsidiaries and affiliates. The Settlement follows a settlement previously entered into between EB and TerreStar Corporation (TSC) and certain of its preferred shareholders in TSC's Chapter 11 reorganization cases. Pursuant to that settlement, on August 28, 2012 TSC made a cash payment to Elektrobit Inc. of USD 13.5 million in full and final satisfaction of EB's claim against that entity and the parties exchanged mutual releases. That settlement did not include TSN and did not include any distribution from the TSN Chapter 11 cases.