Harbinger Capital Partners, the main financial backer of beleaguered satellite/terrestrial venture LightSquared, has appointed law firms Kirkland & Ellis and Latham & Watkins.
The lawyers are reportedly looking into the possibility of filing a lawsuit…
Harbinger Capital Partners, the main financial backer of beleaguered satellite/terrestrial venture LightSquared, has appointed law firms Kirkland & Ellis and Latham & Watkins.
The lawyers are reportedly looking into the possibility of filing a lawsuit against the FCC and GPS industry.
Kirkland & Ellis is advising on the litigation side, while Latham & Watkins is advising on regulatory issues.
The Wall Street Journal reported that the lawyers are weighing up the merits of a potential lawsuit.
The newspaper also reported that hedge funds owning some of LightSquared’s loans have also sought advice regarding potential litigation.
According to media reports, Harbinger has also appointed investment bank Moelis & Company as a restructuring adviser.
Earlier this week the FCC released a public notice calling for comments on a report on LightSquared by the NTIA, the president’s adviser on technology and telecoms policy.
The NTIA concluded that there is currently no practical way to mitigate the GPS interference problems.
The deadline for comments to the FCC is 1 March.
If LightSquared were to make an appeal against a decision by the FCC, the case would likely go to the Court of Appeal for the DC circuit, which has traditionally shown deference to the FCC on spectrum matters.
