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Friday, January 3, 2014

Harbinger knocks Dish's bid for LightSquared's spectrum, (NASDAQ: DISH), (NYSE: JPM)

Phil Falcone's Harbinger Capital Partners, which controls bankrupt satellite company LightSquared, has asked a judge to reject a takeover effort by Dish Network Corp, saying its $2.2 billion bid for a chunk of LightSquared's spectrum is a "Trojan horse". In a court filing on Thursday, Harbinger said the bid undervalues LightSquared's assets, laying out its opposition to the takeover ahead of a hearing scheduled for next Thursday in the U.S. Bankruptcy Court in Manhattan.In a separate filing, LightSquared itself also called for the rejection of the Dish plan, calling it a "short-sighted" liquidation that benefits only its proponents.The filings are the latest salvoes in a fierce battle for LightSquared's wireless spectrum. The company is fending off the Dish bid while it pursues a standalone restructuring under which it would receive $2.75 billion in fresh loans and at least $1.25 billion in equity investment from private equity firms Fortress and Melody Capital Advisors LLC, as well as JPMorgan Chase & Co and Harbinger.But that plan is contingent on LightSquared obtaining certain regulatory approvals, while Dish's competing takeover bid is not.

DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH traded higher by 0.09% or $0.05/share to $57.80. In the past year, the shares have traded as low as $33.79 and as high as $58.30. On average, 2361300 shares of DISH exchange hands on a given day and today's volume is recorded at 1374865.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.77% or $0.45/share to $58.66. In the past year, the shares have traded as low as $44.44 and as high as $58.55. On average, 18269800 shares of JPM exchange hands on a given day and today's volume is recorded at 14153515.



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