Tue, Apr 24, 2018
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. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its