A pair of hedge funds are complicating Charlie Ergen’s bids to take control of two struggling satellite companies that are reorganizing in bankruptcy.
Harbinger Capital Partners and Solus Capital Management are bidding to buy the two companies, which Ergen’s Dish Network and EchoStar appeared to be on the verge of acquiring a few weeks ago."
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Now, according to Credit Suisse, Harbinger/Solus has counterbid for TerreStar, too.
The reason appears to be to gain control of the 40 megahertz of broadcast spectrum that DBSD and TerreStar control.
The spectrum could be used for mobile broadband, voice, video or a combination of services
Harbinger is the fund behind LightSquared, a company trying to launch wireless voice and data services nationwide.
LightSquared plans to launch its service in a couple test markets, including Denver, this year.
It’s said to be in talks with Sprint, letting Sprint use some of its spectrum, Chaplin wrote. He theorized Harbinger/Solus may want to combine the spectrum assets of TerreStar and DBSD and make them part of LightSquared.
LightSquared used to be part of TerreStar years ago, but was spun off to become a independent company."
"Further complicating the situation: LightSquared leases its spectrum from TerreStar, while TerreStar uses broadcast technology that it licenses from a LightSquared subsidiary."
http://www.bizjournals.com/denver/blog/boosters_bits/2011/03/ergens-takeover-bids-are-running-into.html
Also Note that Sprint is in a constant "Objection" and "Spar" over something in the TerreStar Bankrtuptcy.
And seems to always be in some stir in the DBSD Bankruptcy
http://www.law360.com/topnews/articles/125734/judge-nixes-1-9b-in-sprint-claims-in-dbsd-ch-11
Much More on All this Coming Soon.
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