Sat, Nov 18, 2017
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. Middle East - Saudi-Iran war would create this domino effect of global disaster, Saudi billionaires said to move funds from region to escape asset freeze[more]

    Saudi-Iran war would create this domino effect of global disaster From CNBC.com: Events appear to be spinning out of control in the Middle East, and the threat a Saudi-Iranian war is looking increasingly credible. Make no mistake, an out and out conflict between the two nations would be

  2. Paradise Papers - Robert Mercer's effort to avoid taxes appears in Paradise Papers, Tycoon made $41m from 'people's fund', Oxford and Cambridge 'investing millions of pounds offshore', Paradise Papers reveal[more]

    Robert Mercer's effort to avoid taxes appears in Paradise Papers From Therealnews.com: The Guardian has reported that conservative billionaire and Trump backer Robert Mercer "appears as a director of eight Bermuda companies in the Paradise Papers," the trove of documents reviewed by the

  3. Wall Street hedge fund veteran hits highs with copycat tactics[more]

    From FNLondon.com: A Wall Street veteran who has made big returns for wealthy clients by piggybacking on the strategies of well-known hedge funds is taking his novel approach to stock-picking to institutional clients. Dixon Boardman, chief executive of $2.5bn fund of hedge funds Optima Fund Ma

  4. Launches - Eaton Vance, Oaktree to launch diversified credit NextShares fund, FIM launches Nordic AI-powered fund[more]

    Eaton Vance, Oaktree to launch diversified credit NextShares fund Eaton Vance Management, a subsidiary of Eaton Vance Corp., announced the expected mid-November launch of Eaton Vance Oaktree Diversified Credit NextShares, a new Eaton Vance-sponsored exchange-traded managed fund. Eaton Va

  5. Outlook - Gundlach's stock market warning comes true[more]

    From Bloomberg.com: Jeffrey Gundlach has been warning something's got to give. Based on the past two days, looks like we have our answer. Stocks fell around the world a second day and high-yield bonds headed for a fourth straight loss, resuming a historic correlation that the hedge fund manager on W