Dish steps away form purchase
LightSquared is a company that filed bankruptcy last year that tried to bring broadband internet to the masses using wireless spectrum. The problem for the company was that the FCC torpedoed the plans the company had for wireless broadband. Dish Network was one of the companies that have been circling the company wanting to pick up the wireless spectrum that was never used.
Dish offered $2.2 billion for LightSquared, but the deal was turned down. The main shareholder in the bankrupt LightSquared company, Harbinger Capital Partners, said that offer undervalued the assets. Reports now indicate that dish has backed away from any purchase of LightSquared.
Reuters reports that Dish Network could disclose its letter of termination for the company today. There is no indication of whether or not LightSquared has any more suitors looking to purchase its assets. No official comments have been made by Dish or LightSquared at this time.