Fri, Apr 29, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

LightSquared offers plan to solve problem of GPS interference following last week's Sprint deal

Monday, June 20, 2011
Opalesque Industry Update – As Philip Falcone reportedly faces $1bn in redemption requests LightSquared, the broadband company that his firm has bet enormous stakes on, announced on Monday that it has “a comprehensive solution to the problem of interference with Global Positioning System (GPS) receivers.”

This makes for the second round of positive news for Falcone, who saw investors leave in the wake of a personal loan he took out of a fund earlier this year, and then again this spring as his investment in LightSquared has faced numerous hurdles, including the recent reports that it interferes significantly with global positioning services. However, Falcone’s luck may have turned as late last week LightSquared announced a $20bn/15 year deal with Sprint and this week the firm has announced the plan to solve the GPS problem. “This is a solution which ensures that tens of millions of GPS users won’t be affected by LightSquared’s launch. At the same time, this plan offers a clear path for LightSquared to move forward with the launch of a nationwide wireless network that will introduce world class broadband service to rural and underserved areas which still find themselves on the wrong side of the digital divide,’’ said Sanjiv Ahuja, LightSquared Chairman and CEO in a statement released by the firm.

LightSquared has explained that there is another block of 10MHz that the firm can use, which will not create the interference risk caused by the initial block it was using. “LightSquared recently reached an agreement with Inmarsat that will allow the rollout of its wireless network in a timeframe that keeps to the original business plan and is in accordance with regulatory requirements. As part of this revised plan, LightSquared will modify its FCC license to reduce the maximum authorized power of its base-station transmitters by over 50%. This action will limit LightSquared to the power it was authorized to use in 2005, which will provide additional protection to GPS,” says the firm.

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Hedge funds see $14.3bn outflows in Q1, CTAs and multi-strategy lead net inflows[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry saw net outflows of investor capital in the first quarter of the year, totaling $14.3bn, data from Preqin showed. This continues from the $8.9bn overall net outflows that funds recorded in Q4

  2. Performance - Blackstone profits plunge 77% as performance fees dive, Hedge fund stars' fortunes hostage to market swings, Hedge fund manager goes from billionaire to millionaire in profits plunge, Hedge funds biggest losers in SunEdison's 'magic money machine'[more]

    Blackstone profits plunge 77% as performance fees dive From FT.com: Blackstone, the world’s biggest manager of alternative investments from private equity to real estate, suffered from sharply lower performance fees amid turbulent markets in the first three months of the year, even as it

  3. Third Point calls Q1 "catastrophic" for hedge funds[more]

    Bailey McCann, Opalesque New York: The first quarter of this year was rocky for hedge funds based on aggregate performance from the industry, but now we are beginning to hear what the managers thought of it as quarterly letters make their way to investors. Dan Loeb, CEO of New York-based $17 bill

  4. Asia - Stabilization of China's capital outflows may hinge on Janet Yellen, Fink says China to do well this year as bubble threat postponed, Chinese hedge fund to invest in India’s infrastructure[more]

    Stabilization of China's capital outflows may hinge on Janet Yellen From Bloomberg.com: Whether China’s recent stabilization of its currency and capital outflows continues -- or downside pressure reignites -- may hinge in large part on Janet Yellen. If the Federal Reserve chair sticks to

  5. …And Finally - After all, judges are human too[more]

    From Newsoftheweird.com: In March, one District of Columbia government administrative law judge was charged with misdemeanor assault on another. Judge Sharon Goodie said she wanted to give Judge Joan Davenport some files, but Davenport, in her office, would not answer the door. Goodie said once the