Tue, Feb 21, 2012
Had Owed The UK-Based Satellite Spectrum Owner Over $56
LightSquared has reportedly defaulted on a $56.25 million
payment to UK-based Inmarsat, and in keeping in character, has
partly blamed the satellite provider and spectrum owner for the
reports that LightSquared had entered into an
agreement in 2007 with the satellite spectrum owner, but the recent
ruling by the FCC that it could not operate in its existing form
without interfering with GPS has brought its plans to deploy a
nationwide 4G-LTE broadband network to a screeching halt.
In a statement, LightSquared continues to insist that it will be
successful in its efforts. "LightSquared has received a notice of
completion from Inmarsat relating to the first phase of the
companies' 2007 multi-phase agreement to reallocate spectrum
resources," the statement reads. "As part of the first phase,
Inmarsat is required to fulfill certain obligations important to
the deployment of LightSquared's 4G-LTE integrated terrestrial and
satellite network and protection of their respective customers.
"LightSquared has raised several matters that require resolution
before the first phase comes to a close. The terms of the agreement
allow for additional time to resolve pending questions before phase
one is complete and the final payment is due.
"LightSquared is committed to fulfilling its business plan to
bring world-class wireless broadband connectivity to millions of
Americans and believes that Inmarsat will remain an important
partner in the company's future endeavors."
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