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Ahead of bankruptcy hearing, LightSquared seeks finding against Ergen

18
Mar
2014

By Nick Brown NEW YORK (Reuters) – Broadband company LightSquared on Monday urged a judge to find that its largest creditor, Dish Network Corp Chairman Charles Ergen, acquired his debt holding improperly. U.S. Bankruptcy Judge Shelley Chapman was hearing closing arguments in a trial over whether Ergen concealed his identity to acquire his controlling stake of LightSquareds debt. The outcome of the trial is likely to determine the fate of LightSquareds wireless rights after it emerges from Chapter 11. Theres no question that Ergen was a competitor of LightSquared, and should not have been able to buy its debt, a lawyer for LightSquared, Andrew LeBlanc, told Chapman.

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