Harbinger suied for LightSquared denial
LightSquared faced even deeper possible consequences from its revoked 4G network permission Friday after investors sued its parent company, Harbinger Capital Partners, for allegedly wasting money in the deal. Movie producer Lili Schad and others accused Harbinger of being "deceptive and misleading" by promising the LTE-based network only to have it rejected by the FCC over GPS interference concerns. Harbinger founder Philip Falcone (pictured) and his company either knew or were careless in ignoring that GPS would be a problem, the lawsuit said, and were costing investors "substantially all" of the money they had invested.
LightSquared investor cries foul
Harbinger fund manager Philip Falcone claims AT&T and Verizon are secretly collaborating to undermine LightSquared. The companies are accused of unfairly using their power to kill LightSquared's chances of successfully completing its plans to build an LTE network, which would directly compete with 4G networks from major wireless providers.
Sprint waits for Q2 results to back Lightsquared
Sprint will wait until it reveals its latest fiscal results to confirm its LightSquared sharing deal, insiders explained Wednesday. The cell carrier should use its July 28 financials to confirm that LightSquared will be paying to use Sprint's cell sites while it grows its 4G LTE network. Terms weren't divulged to CNET but are rumored to involve $20 billion over 15 years.
Investment over past 12 months tops $2.3 billion
Infrastructure provider LightSquared has secured an additional $265 million in financing to help the company continue to build out its wholesale 4G LTE wireless broadband and satellite network. This is in addition to the over $2.1 billion that the company has already raised in the past 12 months. The financing was funded by current investor Harbinger Capital Investors, as well as additional existing and new partners.
T-Mobile only bidder left for Clearwire spectrum
T-Mobile is the only major contender left to buy Clearwire spectrum, multiple tips said Thursday. Others have backed out on any major deals and would leave T-Mobile the only one buying large pieces of the spectrum, worth up to $2 billion. The Reuters informants said that a deal hadn't been reached partly as T-Mobile was still looking at a possible deal for Harbinger's national 4G network, LightSquared.
FCC to grab mobile satellite bands for cell use
The FCC on Friday outlined a strategy to switch 90MHz of wireless spectrum over to cellular Internet access. Spectrum Task Force members at the FCC hope to take up a portion of the mobile satellite service band that had largely gone unused. Flipping the space should provide more bandwidth without cutting into mobile satellite use across the country.
Harbinger may provide LTE network to T-Mobile
US wireless provider T-Mobile's parent company, Deutsche Telekom, may form a partnership with a New York hedge fund, Harbinger Capital Partners, to roll out 4G service. The financial firm is known to be planning launching an LTE network, as it owns radio spectrum, but unnamed sources for FT indicate it wants to talk to the carrier about cooperating on the build out. The talks are said to be early and with no decisions having been made.
Harbinger Capital Partners to launch 4G network
Harbinger Capital Partners, a New York-based hedge fund, has last week revealed it plans to build a nationwide LTE network using terrestrial spectrum that is owned by satellite networks. The firm filed its plans with the FCC on Friday, after getting approval to purchase North American satellite network operator SkyTerra. The company plans on being wholesale only and offer data services exclusively, and use an open access platform. It could become a competitor to LTE networks from established wireless providers that include AT&T and Verizon Wireless.