Thu, Feb 02, 2012
Sprint Nextel Has Given The Company Another Six Week
Extension
LightSquared has until mid-March to resolve its issues with the
FCC over its proposed 4G broadband network under an extension of
its deal with Sprint Nextel. The move comes after a 30 day
extension was granted to the company at the end of 2011. Approval
of the service from the FCC is a condition of a 15 year agreement
between the wireless provider and the start up broadband company.
Under the agreement, the two would share spectrum, as well as
network construction and equipment costs.
The Wall Street Journal reports that the FCC is
accepting public comment on LightSquared's case that legacy GPS
devices are not entitled to protection from interference because
they do not meet government manufacturing standards. Many
independent studies have shown that LightSquared's transmissions
would cause existing GPS receivers to be virtually useless when
near one of LightSquared's terrestrial transmitters. The company
has been harshly criticized by a group of nine government agencies
which all agree that the existing GPS system and LightSquared can
not coexist.
The Sprint deal is important to LightSquared, as it could save
the company some $13 billion in expenses through the end of the
decade, according to the paper.
Meanwhile, as ANN
reported in January, some think the startup
company will run out of money before they can get the system up and
operating. Carl Icahn, who has a history of acquiring interests in
distressed companies he expects to go bankrupt, then seizing
control after they actually file, has reportedly been buying up
LightSquared debt, which sunk to trading at about 40 cents on the
dollar in December after delays in FCC approval of the 4G network
made earlier investors edgy.
But even if LightSquared fails, it won't be the end of the
story. The radio spectrum the company controls will only be back in
play.
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