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Thursday, January 16, 2014

Falcone says he didn't know Ergen was buying LightSquared debt, (NASDAQ: DISH)

Phil Falcone, the billionaire investor whose Harbinger Capital Partners owns wireless satellite company LightSquared, said Thursday he expended considerable energy in 2012 and 2013 trying to work out who was buying up LightSquared's debt. The purchases, which later turned out to have been made by Dish Network Corp Chairman Charles Ergen, are at the center of a trial in the U.S. bankruptcy court in New York this week.LightSquared and Falcone accuse Ergen of hiding his identity as the purchaser to overcome restrictions on competitors such as Dish from buying LightSquared debt. Ergen, who testified in the trial earlier this week, said he bought the debt on his own behalf and not for Dish.In court on Thursday, Falcone described efforts by himself and associates to determine the identity of the buyer, saying it was a volatile and fluid process in which hunches changed frequently, sometimes in the span of a few minutes.In a string of emails in 2012 and 2013 with bankers, investors and journalists, Falcone speculated the buyer could be anyone from Ergen to Mexican billionaire Carlos Slim to AT&T, Cablevision and others.

DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH fell by 2.24% or $-1.27/share to $55.36. In the past year, the shares have traded as low as $33.79 and as high as $58.55. On average, 2459520 shares of DISH exchange hands on a given day and today's volume is recorded at 2163784.