Pay-TV network operator Dish Network Corp. is aborting its bid for bankrupt telecom firm LightSquared Inc. Dish Network initially offered to buy LightSquared and its wireless spectrum for $2.2 billion.
Harbinger Capital Partners, controlled by American investor Philip Falcone, has asked the US Bankruptcy Court in Manhattan to reject Dish Network Corp.'s $2.2 billion takeover bid for bankrupt satellite firm LightSquared Inc.
LightSquared, which has been in bankruptcy last year, may get $2 billion to $2.5 billion in financing backed by Fortress Investment Group. JPMorgan Chase & Co. in talks with lenders, who would need to commit by January 8.
Fidelity and Guaranty Life has raised $165.75 million in its New York initial public offering. The Harbinger-backed insurer sold 9.75 million shares priced at $17 per share.
Harbinger Group, Philip Falcone's investment firm, jumped in value as it sold off shares to a consortium headed by Leucadia National Corp.
Leucadia National Corp bought USD 158 million worth of Harbinger Group Inc shares from Philip Falcone's hedge funds.
Billionaire Philip Falcone agreed to a five year ban in the securities industry and admits wrongdoing in the allegations filed by the US Securities and Exchange Commission.