Satellite mogul Charlie Ergen bid $2 billion for certain spectrum from LightSquared Inc., the wireless venture spearheaded by financier Philip Falcone that is currently navigating bankruptcy proceedings, said people familiar with the offer.
A hedge fund with ties to satellite mogul Charlie Ergen is headed for a bankruptcy-court showdown with Wall Street financier Philip Falcone over the fate of his LightSquared Inc. wireless venture, opening up yet another front in the battle for ownership of the airwaves needed to launch future mobile networks.
Hedge-fund manager Philip Falcone’s LightSquared Inc. venture is preparing for a potential bankruptcy-protection filing, as negotiations with lenders to avoid a potential default faltered, according to people familiar with the matter.
Hedge-fund manager Philip Falcone agreed to step aside eventually as the public face of his LightSquared Inc. venture, a concession that may keep the wireless-telecommunications company from defaulting on its debt, people familiar with the negotiations said.
Some of LightSquared Inc.’s lenders want hedge-fund manager Philip Falcone to step aside as the public face of the wireless communications firm as a condition for avoiding a looming debt default, said people familiar with the matter.
Billionaire Phil Falcone’s wireless start-up, LightSquared Inc., made a $56.25 million payment to Inmarsat to resolve a default under their spectrum cooperation agreement, giving the troubled company more time to gain approval for a wireless service.