Judge Sean H. Lane of U.S. Bankruptcy Court in Manhattan Says TerreStar's Public Parent Can Keep Tapping Loan

"By Joseph Checkler
Of DOW JONES DAILY BANKRUPTCY REVIEW

NEW YORK -(Dow Jones)- A judge on Wednesday granted final approval for the public parent company of TerreStar Networks Inc. to continue tapping a $13.4 million bankruptcy loan from creditor Solus Alternative Asset Management, about a month after the entity filed for bankruptcy protection in New York.

Judge Sean H. Lane of U.S. Bankruptcy Court in Manhattan approved the loan for the parent, TerreStar Corp. (TSTRQ), which will use the proceeds to pay operating costs, professional fees and satisfy pre-bankruptcy claims.

Also at Wednesday's hearing, Lane approved TerreStar Networks Inc.'s deal with creditors to extend by 75 days the amount of time it can control its own bankruptcy case. Without the agreement, TerreStar Networks' exclusivity would have ended Wednesday.

"We are pursuing at least three alternatives," said TerreStar lawyer Arik Preis, of Akin Gump Strauss Hauer & Feld. Preis said that along with exploring a sale of the company, TerreStar is considering filing a plan of reorganization and also has begun exploring a third option.

That one is related to hedge fund manager Phil Falcone's Harbinger Capital Partners and Solus' joint bid last week for another satellite company in U.S. Bankruptcy Court, DBSD North America Inc.

As part of its bid for DBSD, the Harbinger/Solus group said in a letter that a tieup between DBSD and TerreStar Networks is a possibility.

"We have actively pursued and followed up with counsel to Solus," Preis said Wednesday.

TerreStar Networks last month scrapped a plan to reorganize into the hands of EchoStar Corp. (SATS), which is controlled by satellite-television mogul Charles Ergen.

Ergen is seeking to use his other publicly traded company, Dish Network Corp. (DISH) to buy DBSD.

In light of the Harbinger/Solus offer for DBSD, Judge Robert E. Gerber of U.S. Bankruptcy Court in Manhattan last week held off ruling on the Dish/DBSD offer until March 15, so creditors and the companies could discuss the merits of both deals.

Reston, Va.-based TerreStar Networks, which is trying to build the first satellite smartphone, filed for Chapter 11 protection in Manhattan in October with a plan calling for secured noteholders such as EchoStar to swap more than $850 million in debt for nearly all the equity in a reorganized TerreStar. More junior creditors, however, would have received just pennies on the dollar, and existing equity holders would have gotten nothing.

Even with that deal canceled, the debtor-in-possession financing for TerreStar Networks will remain in place, although the company will no longer be required to meet certain "milestones" depicted in that financing agreement.

The public parent TerreStar Corp. and other affiliates filed for Chapter 11 in February, and are working on plans of reorganization separate from TerreStar Networks.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)

-By Joseph Checkler; Dow Jones Newswires; 212-416-2152; joseph.checkler@dowjones.com"

Source

http://www.automatedtrader.net/real-time-dow-jones/51688/judge-says-terrestar039s-public-parent-can-keep-tapping-loan

DBSD Bankruptcy - DIP Financing

"James H. M. Sprayregen, P.C."

Christopher J. Marcus

Kirkland and Ellis LLP

and

Marc J. Carmel

Lauren M. Hawkins

Kirkland and Ellis LLP

DBSD North America Inc - Chapter 11

"NOTICE OF DEBTORS’ MOTION FOR ENTRY OF AN ORDER (A) AUTHORIZING

THE DEBTORS TO OBTAIN POSTPETITION FINANCING ON A SECOND LIEN,

SECURED SUPERPRIORITY BASIS AND (B) GRANTING RELATED RELIEF"

More on This Document Coming Soon..

Read Full Document Click Below

http://www.docstoc.com/docs/72949769/DBSD-Bankruptcy---DIP-Financing


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Miller Tabak LLC, Solus Alternative Asset Management LP Research

New York, United States
Miller Tabak Llc (216.139.140.4) [Label IP Address]
www.investigativeblogger.com/2011/03/solus-alternative-asset-management-lp.html
www.investigativeblogger.com/2011/03/solus-alternative-asset-management-lp.html
www.google.com/search?hl=en&q=solus alternative asset management

Was the DBSD - TerreStar Bankruptcy Bids a "Staged Event"

"Ergen’s takeover bids are running into interference

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."

"

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."

Source of Philip Falcone Harbinger Capital Partners Post

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.bloomberg.com/news/2010-12-07/dbsd-s-bankruptcy-reorganization-plan-is-partly-reversed-by-appeals-court.html

http://www.shearman.com/files/Publication/8098ce13-e98f-416f-ac04-d6def4e03642/Presentation/PublicationAttachment/3f1ac906-aec2-4dec-95a9-9b46af0ee3f1/BR-021511-Second-Circuits-DBSD-Decision-Rejects-Gifting.pdf

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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Crystal@CrystalCox.com

Solus Alternative Asset Management LP and other Web Stats of Interest Today.

Todays Web Stats of Interest

Solus Alternative Asset Management LP Googles
Sanjiv Ahuja and Scours this Site Today.

New York, United States

Solus Alternative Asset Management LP

(63.116.196.10) [Label IP Address

www.sanjivahuja.com/

Solus Alternative Asset Management LP
"NEW YORK -(Dow Jones)- A judge on Wednesday pushed back a ruling on whether DBSD North America Inc. can move forward with its $1.1 billion sale to Dish Network Corp., (DISH) giving DBSD and its creditors time to discuss details of the Dish plan and a competing plan by Phil Falcone's Harbinger Capital Partners hedge-fund firm and fellow investment company Solus Alternative Asset Management."
http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201103021523dowjonesdjonline000547&title=harbinger-offer-sets-back-dbsd-11-billion-sale-to-dish-network


East Setauket, New York, United States
Advanced Testing Technologies (204.194.109.98) [Label IP Address]
www.investigativeblogger.com/2011/02/t-mobile-partners-with-lightsquared.html
www.investigativeblogger.com/2011/02/t-mobile-partners-with-lightsquared.html
www.google.com/search?=lightsquared and t-mobile


Tarpon Springs, Florida, United States
Verizon Internet Services (108.9.0.128) [Label IP Address]
www.investigativeblogger.com/2011/02/terrestar-networks-inc-bankruptcy-what.html
www.investigativeblogger.com/2011/02/terrestar-networks-inc-bankruptcy-what.html
www.tweetmemes.com/article/terrestar-networks-inc-bankruptcy


New York, United States
Paul, Weiss, Rifkind, Wharton (208.226.153.28) [Label IP Address]
www.investigativeblogger.com/2011/02/paul-weiss-rifkind-wharton-googles.html


Toronto, Ontario, Canada
Fraser And Beatty (199.246.153.2) [Label IP Address]
www.investigativeblogger.com/2011/02/fraser-milner-casgrain-llp-terrestar.html?
WoW 3 Hours on Site

Washington, District Of Columbia, United States
Dow Lohnes Pllc (65.246.125.13) [Label IP Address]
www.sanjivahuja.com/2011/02/lightsquared-inc-lightsquared.html

Columbus, Ohio, United States
Jpmorgan Chase & Co. (159.53.110.147) [Label IP Address]
www.sanjivahuja.com/
www.sanjivahuja.com/
www.google.com/search?sourceid=navclient&ie=UTF-8&rlz=1T4GGLS_enUS408US408&q=sanjiv lightsquared

Aurora, Colorado, United States
Xo Communications (66.239.250.209) [Label IP Address]
www.investigativeblogger.com/2011/03/dbsd-bankruptcy-sprint-nextel.html
www.investigativeblogger.com/2011/03/dbsd-bankruptcy-sprint-nextel.html
www.google.com/search?hl=en&source=hp&q=dbsd bankruptcy&aq=3&aqi=g10&aql=&oq=DBSD

East Setauket, New York, United States
Advanced Testing Technologies (204.194.109.98) [Label IP Address]
www.investigativeblogger.com/2011/02/t-mobile-partners-with-lightsquared.html
www.investigativeblogger.com/2011/02/t-mobile-partners-with-lightsquared.html
www.google.com/search?sourceid=navclient&ie=UTF-8&rlz=1T4GPTB_enUS400US401&q=lightsquared and t-mobile

Solus Alternative Asset Management LP Links

http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=3339900&SessionID=crUVHWRH7jIjXR7

Fibertower/First Avenue/Solus/Terrestar Connections

 
Solus Alternative Asset Management LP
http://www.investigativeblogger.com/2011/03/
solus-alternative-asset-management-lp.html

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