Tag - LightSquared
Dish Network will soon be ending a bid to acquire LightSquared, according to a report. The proposal, originally placed in May last year and said to be worth $2.2 billion, would have seen the satellite TV provider take control of LightSquared's L-band satellite spectrum and potentially use it for an LTE cellular network, though this is apparently no longer going to happen.
LightSquared, the company that attempted to build out a nationwide 4G network, has filed for bankruptcy in a Manhattan court on Monday. The project was met with resistance from regulators, who argued that the proposed spectrum would interfere with GPS signals. The company was facing other troubles, with its chief Philip Falcone, stepping down at the end of April at the request of the company's shareholders.
After what seems like nothing but job cuts and execs leaving, Canadian smartphone maker Research In Motion (RIM) on Tuesday announced it is naming two new executives to its team. The new Chief Operating Officer is Kristian Tear, while Frank Boulben has become the Chief Marketing Officer. Both are said to bring an abundant amount of mobile computing experience to the table. RIM President and CEO Thorsten Heins said the two have a strong understanding of the emerging trends in mobile communications and computing.
LightSquarted chief Philip Falcone is said to be stepping down from his position in order to buy time for his hedge-fund Harbinger Capitalís ambitious satellite-powered 4G LTE network. The concession could be enough to avert the likelihood that LightSquared will default on its debts, reports The Wall Street Journal. If supported, LightSquaredís lenders will agree to a one extension of its $1.6 billion in loans that expire on Monday morning.
LightSquared on Friday changed its agreement with Inmarsat, with the latter effectively extending the deadline for the payments LightSquared is responsible for. The company has already missed its $56.25 million Phase 1 payment, with Phase 2 due on April 1, 2014. The extension will give LightSquared time to try and resolve regulatory issues that are keeping it from launching its 4G LTE network.
Two senators have requested that the FCC allocate a new band of frequencies for LightSquared's national 4G network. Sen. John Kerry and Sen. Lindsey Graham have suggested to the FCC that they should allocate a seperate part of the spectrum for LightSquared to avoid the issues associated with sharing the GPS band in a letter received by The Hill.
Sprint on Friday lived up to rumors and ended its LightSquared deal. The carrier decided against more than a second extension on the 4G startup's attempts to get its LTE network started. As part of the "contingencies" related to backtracking on the deal, Sprint would pay back the $65 million LightSquared had given to cover costs in advance, which Sprint said hadn't been used yet.
Corroborating recent leaks, Sprint has reportedly decided to put an official end to its collaboration with wireless broadband startup LightSquared. Unnamed sources have told (sub. required) The Wall Street Journal that Sprint will formally move to terminate the contract on Friday and refund LightSquared's $65 million prepayment.
Dish Network has now completed its court-approved purchases of satellite operators TerreStar and DBSD. The satellite TV provider plans to use the operators' wireless licenses to offer 4G cellular access and thus compete with cable TV and phone companies. This would be a first for a satellite provider, as they can't provide Internet access to many homes and when they can, the speeds aren't as fast as those offered by cable providers.
Sprint may simply drop its deal with LightSquared next week after its partner's troubles grew too large, a leak indicated Wednesday morning. Bloomberg had heard from sources that Sprint's extension to mid-March for the multi-billion dollar 4G deployment deal would likely be the last. Barring a last-minute reprieve, LightSquared would have to deploy its LTE network on its own after March 15.
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Seagate 3TB unreliability suit expands
The Seagate 3TB class-action hard drive lawsuit has been expanded to more devices. The expanded suit, filed today, now includes Seagate's Barracuda 3TB Hard Disk Drive,¬†Desktop HDD 3TB, Backup Plus 3TB External Hard Disk¬†Drive,¬†GoFlex 3TB External Hard Disk Drive, or any other Seagate hard drive with model number ST3000DM001. The law firm, Hagens Berman, is seeking information from consumers such as time in service, purchase price, and the nature of any drive received in return from Seagate as a replacement for a failed unit. http://bit.ly/1Pc34Cq