Fri, Sep 30, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Harbinger's LightSquared announces new public outreach initiative and the political clout behind it

Thursday, July 07, 2011

Byron Dorgan
Opalesque Industry Update - Hedge fund manager Philip Falcone may not be thrilled with one politician for alluding to him as a serial violator of securities laws, (Source), but that doesn’t mean that Falcone doesn’t value political ties. Falcone’s enormous investment, 4G wireless telecommunications network, LightSquared announced on Thursday that former North Dakota Senator Byron Dorgan, along with former Texas Representatives George Nethercutt and Charlie Stenholm were joining Empower Rural America Initiative that the firm created.

According to a statement the initiative will work to:

  • Resolve any GPS related problems related to precision agriculture and other areas;
  • Ensure that the LightSquared satellite network can help rural markets augment their broadband and GPS services
  • Address public safety concerns
  • Help close the broadband adoption gap in rural America

The announcement of the initiative comes on the heels of a $265m asset raise announced this week (bringing the firm’s total one year asset raising to $2.3bn).

Byron Dorgan served in the United States Senate from 1992 through early 2011. Amongst the things he was known for while serving public office was his strong position backing Net Neutrality legislation, and was one of only 8 senators who voted not to appeal Glass-Steagall in 1999, saying “I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past, and that that which is true in the 1930s is true in 2010.”

Regarding his involvement in the Initiative formed by LightSquared, Doran said, ““There is an overwhelming need for reliable wireless broadband for public safety, education, healthcare and economic development in rural America. We can have a robust, accurate GPS network and also create a substantial new resource for rural America in the form of a wireless network that reaches areas that still don’t have broadband access.”

Kirsten Bischoff

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. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  2. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  3. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  4. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style

  5. Eden Rock buys Gottex stake in ERG Asset Management[more]

    Matthias Knab, Opalesque: Eden Rock Group announced the purchase of Gottex’s stake in ERG Asset Management and so the firm is now wholly owned by Eden Rock. The two firms established the joint venture in 2011 to focus on providing cost effective solutions to funds holding illiquid investments, as