Satellite Co. Says LightSquared Failed To Pay Up
Harbinger Capital Management's embattled—and reportedly cash-strapped—wireless Internet venture has a new headache.
A British satellite company that Harbinger chief Philip Falcone once dreamed of combining with LightSquared has now accused the latter of failing to make a scheduled payment. Inmarsat said this week that LightSquared had defaulted on a $56.25 million payment due under a four-year-old agreement between the two companies.
Inmarsat, of which Harbinger once owned nearly 30%, said that LightSquared was due to make the payment following completion of "Phase 1" of the 2007 agreement. "I can say categorically that we have fulfilled what was required on Phase 1 of the agreement," Inmarsat spokesman Chris McLaughlin told the New York Post....MORE
