LightSquared intervened in the lawsuit filed by its...
LightSquared intervened in the lawsuit filed by its largest investor against Dish Network Chairman Charlie Ergen and Dish Network Corp. for allegations of a fraudulent scheme to become the biggest lender for LightSquared. LightSquared intervened as a plaintiff against Ergen’s…
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Sound Point, seeking declaratory relief “on whether the issue of whether the Sound Point defendants’ purchase of LightSquared’s debt was in compliance with the credit agreement,” the complaint said. The complaint was filed in the U.S. Bankruptcy Court in Manhattan. The wholesale satellite capacity company intervened “to ensure that these claims are fully and efficiently resolved,” it said. LightSquared “reserves the right to seek any appropriate remedy following resolution of the requested declaratory relief,” it said. Harbinger Capital Partners filed the initial complaint this month and seeks damages, including $2 billion in compensation and $2 billion in punitive damages, a separate complaint said. Harbinger also filed a $1.9 billion lawsuit against members of the GPS industry on charges that they didn’t disclose potential interference concerns between LightSquared spectrum and GPS equipment (CD Aug 21 p22). Harbinger and its CEO Phil Falcone agreed to an $18 million settlement with the SEC on charges of illicit conduct (CD Aug 21 p22). Dish had no comment on the lawsuit.