LightSquared's lenders are up in arms over the bankrupt company's proposal for a format to sell off its prized cache of wireless spectrum, saying the move could block DISH Network's offer to buy the assets for $2.22 billion. The creditors object to LightSquared's plan to let Harbinger Capital Partners -- the hedge fund that runs the company -- sit on a committee that would decide its fate. They want an independent panel to decide how to distribute the assets, arguing that Harbinger does not want to auction them off.

Related Summaries