Mon, Jul 25, 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. Opalesque Exclusive: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. Europe - European hedge funds shrink and shutter as turmoil hurts returns, Investors go bargain-hunting for U.K. property after Brexit vote, Brexit: Guidance for fund directors - what to know and what to ask[more]

    European hedge funds shrink and shutter as turmoil hurts returns From Bloomberg.com: Europe’s hedge-fund industry contracted for a sixth straight quarter as the U.K.’s decision to leave the European Union and concerns that China’s growth is slowing caused losses and forced some money man

  4. Platinum Partners starts liquidation of hedge funds following municipal union kickback scandal[more]

    Komfie Manalo, Opalesque Asia: Platinum Partners, the hedge fund in the middle of a New York City municipal union kickback investigation, is reported to be liquidating two of its funds, the New

  5. SWFs - Abu Dhabi wealth fund says long-term investment gains fell[more]

    From Bloomberg.com: The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said its long-term gains dropped in 2015. The fund’s 20-year annual rate of return slowed to 6.5 percent at the end of 2015, from 7.4 percent a year earlier, it said in its annual review. Over