ShellStockReview.com

Member Login

Forum - Latest Posts

  • No posts to display.
Welcome, Guest
Username: Password: Remember me
  • Page:
  • 1
  • 2

TOPIC: ZPCM - Zap.com Corp

Lightsquared back in business? 3 years 8 months ago #1733

  • Editor
  • Editor's Avatar
  • OFFLINE
  • Administrator
  • Posts: 140
  • Thank you received: 2
  • Karma: -2
The first press release from LightSquared in quite some time...

LightSquared and ViaSat Enter Strategic Relationship

www.lightsquared.com/press-room/press-re...ategic-relationship/
The administrator has disabled public write access.

Dish Pulling Its Bid for LightSquared 3 years 10 months ago #1716

  • Editor
  • Editor's Avatar
  • OFFLINE
  • Administrator
  • Posts: 140
  • Thank you received: 2
  • Karma: -2
According to WSJ ... Dish Network Corp. is officially pulling its bid for LightSquared Inc., the telecommunications firm in bankruptcy that has wireless spectrum Dish has been coveting.

online.wsj.com/news/articles/SB100014240...04579309350419432082

I OWN SHARES IN ZPCM PURCHASED IN THE OPEN MARKET.
The administrator has disabled public write access.

Ergen Group May Drop LightSquared Bid 3 years 10 months ago #1715

  • Editor
  • Editor's Avatar
  • OFFLINE
  • Administrator
  • Posts: 140
  • Thank you received: 2
  • Karma: -2
Ergen Group May Drop LightSquared Bid, Lender Lawyer Says

An entity owned by Charlie Ergen, chairman of Dish Network Corp. (DISH), may withdraw its $2.22 billion offer to buy the wireless spectrum of Philip Falcone’s LightSquared Inc. over a technical matter, a lawyer said.

The lawyer, Thomas Lauria, who represents a group of LightSquared lenders with plans to reorganize the company around an auction led by the bid, told U.S. Bankruptcy Judge Shelley Chapman in Manhattan court today about Dish’s concerns.

“Dish has raised a technical issue they believe is serious and if not fixed would impair utility of LightSquared’s spectrum,” Lauria said. He said that while LBAC, the Ergen entity offering to buy the spectrum, hasn’t yet withdrawn its bid, it has the right to do so and is considering the move.

The lenders are still in talks with LBAC and Dish, and they believe LightSquared can be reorganized through an auction that sells to another party if the Dish affiliate drops out, Lauria said.

LightSquared filed for bankruptcy in 2012 after the Federal Communications Commission blocked its initial proposal to use wireless spectrum, saying it would interfere with satellite-based navigation gear.

Retain Control

Since the filing, LightSquared has been battling Ergen to retain control of its assets, which it has said are worth as much as $10 billion. The Reston, Virginia-based company has said it’s close to getting the regulatory approval necessary for it to reorganize on its own terms.

Dish, based in Englewood, Colorado, fell 1.5 percent to $57 at 10:49 a.m. in New York.

Chapman was scheduled to hear an update in court today on a lawsuit that LightSquared brought against Ergen over how he bought debt in the company.

“We have a quandary,” Chapman said. She said that without the Ergen bid on the table, the company is in danger of ceasing operation due to a lack of cash.

Rachel Strickland, a lawyer for the Ergen entities, told Chapman her clients may withdraw their offer tonight, when the last in a series of deadline extensions runs out.

“To the extent there is a breakdown in communication, it is a possibility LBAC will exit the agreement tonight,” Strickland said.

The case is In re LightSquared Inc., 12-bk-12080, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

www.bloomberg.com/news/2014-01-07/ergen-...der-lawyer-says.html

I OWN SHARES IN ZPCM PURCHASED IN THE OPEN MARKET.
The administrator has disabled public write access.

LightSquared Files New Plan to Keep Ergen Away 3 years 10 months ago #1711

  • Editor
  • Editor's Avatar
  • OFFLINE
  • Administrator
  • Posts: 140
  • Thank you received: 2
  • Karma: -2
LightSquared Files New Plan to Keep Ergen Away: The Deal

NEW YORK (TheStreet) -- Philip Falcone-backed wireless telecom LightSquared Inc. will ask a bankruptcy judge on Monday, Dec. 30, for permission to amend its reorganization plan without re-soliciting votes from creditors.

LightSquared filed a stand-alone reorganization plan on Christmas Eve, with support from Fortress Investment Group LLC, JPMorgan Chase & Co., Melody Capital Advisors LLC and Falcone's Harbinger Capital Partners LLC.

The financing underlying the plan is part of Falcone's efforts to keep LightSquared intact, and out of the hands of Charlie Ergen, CEO of Dish Networks (DISH_). The revised plan contains a $2.5 billion senior secured exit facility, a $250 million senior secured loan and at least $1.25 billion in new equity contributions. The deal came shortly after a refinancing deal with Centerbridge Partners LP fell apart.

An affiliate of Dish has submitted a $2.22 billion offer for the assets of the LightSquared LP unit, which includes the debtor's most attractive wireless spectrum licenses. LightSquared has been unable to deploy a wireless broadband network on the licenses because of interference with GPS signals that transmit on nearby wavelengths.

The Federal Communications Commission initially backed a waiver that would allow LightSquared to provide wholesale services. The agency withdrew its support in early 2012, however, amidst opposition from GPS providers, The Department of Defense and others who argued that LightSquared's transmissions would disrupt positioning systems.

Uncertainty about LightSquared's ability to reach a spectrum deal with the FCC has complicated efforts to raise financing or sell its assets. A strong point in favor of Ergen's bid is that Dish would buy the assets without approval from the FCC.

LightSquared's new backers have conditioned the plan on FCC approval of the debtor's application to modify its application to use spectrum. Melody Capital Advisors would provide $285 million or more in debtor-in-possession financing to repay a prior DIP loan and to fund operations while the debtor awaits approval.

The regulatory scrum has intensified in recent days. FCC Chairman Thomas Wheeler and senior staff members met with LightSquared officials, new investors and others on Dec. 19 to discuss the review, according to agency filings.

Reed Hundt, a former FCC Chairman, represented LightSquared at the meeting. The entourage included LightSquared Chairman and CEO Doug Smith; independent board members Alan Carr, Chris Rogers and Neal Goldman, and their counsel Paul Basta of Kirkland and Ellis LLP; Fortress co-Chief Investment Officer Dean Dakolias, and vice president Jack Neumark; JP Morgan Managing Director Patrick Daniello and debtor's counsel Matthew Barr of Milbank, Tweed, Hadley & McCloy LLP, among others.

Not to be outdone, a group of GPS industry figures met with FCC staffers a day later. Counsel for Trimble Navigation Ltd., Garmin International Inc. and Deere & Co. discussed interference with FCC strategic planning and policy analysis chief Jonathan Chambers and other staff.

LightSquared says its plan will fully repay all equity holders and creditors, with the exception of Ergen. The satellite TV mogul has purchased LightSquared claims through a personal investment vehicle. Harbinger and LightSquared have argued that Ergen skirted rules that prevent competitors from buying its secured debt.

Judge Shelley Chapman will consider LightSquared's request for streamlined consideration of its revised plan at a Monday hearing in the U.S. Bankruptcy Court for the Southern District of New York.

Because it is improving the payouts to creditors, LightSquared suggested that it should be able to update the plan without soliciting new votes from creditors. Alternatively, the debtor suggested a Dec. 30 deadline for votes and objections to the new plan. LightSquared advisor Moelis & Co. values the reorganized company at $8.4 billion, based on the latest plan. The valuation does not include proceeds of legal actions against GPS providers or Ergen.

Harbinger has estimated that litigation against GPS companies could yield $6 billion in proceeds for the estate, and that disallowing Ergen's claims would add $1 billion in value to creditors.


www.thestreet.com/story/12181966/1/light...n-away-the-deal.html

I OWN SHARES IN ZPCM PURCHASED IN THE OPEN MARKET.
The administrator has disabled public write access.

LightSquared Seeks Approval of New Plan ... 3 years 10 months ago #1709

  • Editor
  • Editor's Avatar
  • OFFLINE
  • Administrator
  • Posts: 140
  • Thank you received: 2
  • Karma: -2
LightSquared Seeks Approval of New Plan With Fortress Bid

Philip Falcone’s LightSquared Inc. seeks court approval for a new bankruptcy plan that would include a reorganization supported by Fortress Investment Group LLC (FIG), JPMorgan Chase & Co. (JPM) and Melody Capital Advisors LLC.

The standalone plan would avoid a sale to an entity owned by Charlie Ergen, chairman of LightSquared rival Dish Network Corp. (DISH) It would include a $2.5 billion exit loan and at least $1.25 billion in new equity contributions, according to papers filed Dec. 24 in U.S. Bankruptcy Court in Manhattan.

LightSquared’s prior plan rested on an auction led by a $2.22 billion bid from Ergen’s entity. Falcone and Ergen have been battling for control of the satellite broadband provider and Falcone’s investment firm, Harbinger Capital Partners LLC, sued Ergen over the way he bought debt in the bankrupt company.

LightSquared has refused to meet with Ergen and consider his offer, lawyers for Ergen have said. LightSquared said a special committee of its board pursued alternative transactions so it could maximize value for all the company’s stakeholders.

“Whether it has been in connection with a sale process or separate discussions regarding a standalone reorganization, the special committee has explored and evaluated all value-maximizing possibilities,” lawyers for LightSquared wrote. “These efforts have been productive.”
Photographer: Jacob Kepler/Bloomberg

Philip Falcone, chairman and chief executive officer of Harbinger Group Inc.

FCC Approval

The new plan will be conditioned on approval by the Federal Communications Commission of LightSquared’s application to modify the license for its spectrum. The company filed for bankruptcy last year after the FCC blocked its initial proposal to use wireless spectrum, concluding it would interfere with GPS navigation gear.

LightSquared seeks a hearing Dec. 30 to win court approval of the new plan before sending it to creditors to vote.

A group of lenders that includes an Ergen-owned fund said Dec. 19 that all other offers to pay for a reorganization had “vaporized.” LightSquared also failed to make any progress on regulatory issues or raise enough financing for a standalone plan in the past 20 months, while the lenders bore all of the company’s risks, they said in court papers.

That group, which once included Fortress, has shifted during LightSquared’s bankruptcy as new parties have bought the company’s debt.

Ergen Fund

One buyer was SP Special Opportunities LLC, a fund owned by Ergen, which held $824.3 million of LightSquared debt, according to court papers filed in July. Members also included Capital Research & Management Co., with $331.2 million of the debt, and Cyrus Capital Partners LP, with $134.5 million worth.

Harbinger and LightSquared sued Ergen over the way SP bought the debt before making an offer for the wireless company’s assets. They said that Ergen shouldn’t have been able to make the purchases because his two companies, Dish and EchoStar Corp. (SATS), are direct competitors of LightSquared.

Harbinger invested about $3 billion in Reston, Virginia-based LightSquared, which listed assets of $4.48 billion and debt of $2.29 billion in its Chapter 11 filing.

The case is In re LightSquared Inc., 12-bk-12080, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

www.bloomberg.com/news/2013-12-26/lights...uptcy-exit-plan.html

I OWN SHARES IN ZPCM PURCHASED IN THE OPEN MARKET.
The administrator has disabled public write access.

Philip Falcone case settled... 4 years 6 months ago #1668

  • Editor
  • Editor's Avatar
  • OFFLINE
  • Administrator
  • Posts: 140
  • Thank you received: 2
  • Karma: -2
NOTE: Philip Falcone is the CEO and owner of the ZPCM shell

WASHINGTON (AP) -- Billionaire hedge fund manager Philip Falcone and his firm have agreed to pay $18 million to settle civil fraud charges that he used fund money to pay his taxes and favored some clients over others.

Falcone would be barred for two years from working as an investment adviser or broker under the agreement in principle between the Securities and Exchange Commission, Falcone and Harbinger Capital Partners, according to a filing Thursday by Harbinger Group Inc. That is a publicly traded company of which Falcone is chairman and CEO.

Under the settlement, Falcone and Harbinger Capital would neither admit nor deny the SEC's allegations.

Falcone, a prominent figure on Wall Street, could continue to own New York-based Harbinger Capital. But it would be overseen by an independent monitor. Falcone would not be able to make investments for the fund or raise money for it.

The agreement must be formally approved by a majority of the SEC commissioners. The SEC sued Falcone and Harbinger Capital in June.

Harbinger is best known for investing in distressed companies. In 2007, it bet against bonds that were used to finance risky subprime mortgages and posted huge gains when the bonds fell in value. But the firm began to struggle in 2008, and it tightened its rules about when and how much money investors could withdraw.

The SEC alleged in its lawsuit that from 2006 through early 2008, Falcone manipulated the market for high-yield, high-risk bonds issued by a company called Maax Holdings Inc. Using fund money, Falcone bought many of the bonds to shrink the supply on the market and drive up prices, the SEC asserted.

The SEC also said Falcone and Harbinger secretly gave some key investors in the fund the right to cash out of their holdings. In exchange, the favored investors gave Falcone and the fund permission to bar the other investors from being able to cash out, according to the SEC. It said that arrangement was hidden from Harbinger's directors.

Last year, the SEC reached a settlement with Harbert Management Corp., a firm with ties to Harbinger. The SEC said Harbert had the power to control Falcone and Harbinger but failed to stop the bond manipulation scheme.

Harbert and two related firms agreed to pay a $1 million civil fine. They, too, neither admitted nor denied wrongdoing.

Harbinger Group's consumer products division includes Spectrum Brands, the company behind products such as Rayovac batteries and George Foreman grills.

finance.yahoo.com/news/hedge-fund-manage...ettle-153248158.html
The administrator has disabled public write access.
  • Page:
  • 1
  • 2
Moderators: Editor
Time to create page: 0.142 seconds