[aprssig] LightSquared investors sue GPS industry
Bob Burns W9BU
w9bu_lists at rlburns.net
Sat Aug 24 11:39:54 EDT 2013
Just when you thought the LightSquared situation was over, Harbinger
Capital Partners, and other investors who backed LightSquared, has
filed a $1.9 billion (yes, billion with a "b") lawsuit against Deere
& Company, Garmin International, and Trimble Navigation, plus the
U.S. GPS Industry Council and the Coalition to Save Our GPS.
You can read more about the suit here:
Trimble has already announced that they will "vigorously" defend the suit.
Harbinger has also sued Dish Network Corp. and its chairman Charlie
Ergen for $4 billion over allegedly improper purchases of
LightSquared debt. Ergen reportedly bid over $2 billion last month to
LightSquared filed for reorganization under Chapter 11 of the U.S.
Bankruptcy Code in May 2012.
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