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Harbinger Capital Files $4 Billion Lawsuit Against Dish Network

4GHoward

By 4GHoward
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4GHoward Member Level: eHRPD

4GHoward

Posted
Posted

Well now Ergen is in another mess. He is being sued for $4 Billion for trying to buy the assets of LightSquared.

 

Source:

http://www.scribd.com/doc/158494237/Philip-A-Falcone-s-complaint-in-Lightsquared-s-bankruptcy-case

http://dealbook.nytimes.com/2013/08/06/billionaires-battle-over-lightsquared-breaks-into-the-open/?_r=0

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JeffDTD Member Level: 4G WiMax

JeffDTD

Posted
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I have zero pity for a company who files bankruptcy.  Lightsquared filed bankruptcy to run away from debt obligations, but believes their debt should be prohibited from changing hands?   Ergen's motives are always a bit insidious, but that is just his nature.   As much as I want to see Ergen eat shat, an entity who doesn't need to file bankruptcy to escape its debt should own this unusable spectrum.   

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linhpham2 Member Level: 1x Advanced

linhpham2

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Commentary from Ergen from the WSJ: http://blogs.wsj.com/moneybeat/2013/08/06/charlie-ergens-dish-has-long-list-of-potential-ma-moves/

 

"Ergen’s personal entity SP Special Opportunities LLC has been buying up debt of the bankrupt wireless telecom company and made a bid to buy it out of bankruptcy. That pits himself in a battle with Phil Falcone of Harbinger Capital Partners, which has poured millions into LightSquared. Harbinger on Tuesday sued Ergen over the move.

Ergen said Tuesday the spectrum LightSquared has is drawing his interest and also touting Dish’s ability to manage spectrum that is based on satellites.

“Because we have our history as a satellite company, we understand that part of it a little bit better and we think that fits together pretty well with what we’re doing,” Ergen said, adding. “It’s obviously a long-term play. It’s obviously something [that] has a lot of hoops to jump through in terms of a regulatory point of view and in terms of a technical point of view on the spectrum.”

As for Falcone’s claims that by buying debt via a personal entity Ergen was skirting the rules, Ergen said he would defend his actions and Dish’s.

“All I can tell you is I’ve personally followed all the rules. I think Dish has followed all the rules,” he said."

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  • 2 weeks later...
njjdnt Member Level: eHRPD

njjdnt

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Falcone is in more trouble now

 

"...Philip Falcone, a billionaire who runs the hedge fund Harbinger Capital Partners, must admit wrongdoing in addition to paying an $18 million penalty to settle two June 2012 enforcement actions by the Securities and Exchange Commission.

Falcone also agreed to be barred from the securities industry for at least five years.

“Falcone and Harbinger engaged in serious misconduct that harmed investors,..."

 

http://www.latimes.com/business/money/la-fi-mo-falcone-admits-wrongdoing-in-sec-case-20130819,0,87073.story

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