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Thursday, March 26, 2015

LightSquared bankruptcy exit plan earns court approval, (NASDAQ: DISH)

Wireless venture LightSquared on Thursday concluded three years of litigation with creditors, securing U.S. Bankruptcy Court approval of a plan to end its Chapter 11 case and repay in full its largest creditor, Dish Network Corp Chairman Charles Ergen.The ruling ends one of the longest and most litigious bankruptcies in recent years, and will yield a hefty profit for Ergen, who other stakeholders portrayed as the villain for his unwillingness to take a haircut on his debt."I am excited to get back to work," LightSquared Chief Executive Officer Doug Smith said in a statement, calling the approval a "new day for the company."LightSquared's case has been closely watched because its main asset, wireless spectrum, is considered very valuable. Just how valuable it is, and what it can be used for, has been fiercely debated among stakeholders vying for control.

DISH Network Corporation, is a pay-television (TV) provider, with approximately 14. Shares of DISH fell by 0.61% or $-0.43/share to $70.33. In the past year, the shares have traded as low as $55.45 and as high as $80.75. On average, 1691780 shares of DISH exchange hands on a given day and today's volume is recorded at 717802.