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Ergen says LightSquared could be worth $8.9 billion


By Nick Brown and Billy Cheung NEW YORK (Reuters) – Dish Network Corp Chairman Charles Ergen, the largest creditor of bankrupt wireless company LightSquared, said on Wednesday he believed LightSquared could be worth as much as $8.9 billion if it gained regulatory approval of its planned wireless network. Testifying in U.S. Bankruptcy Court in New York, Ergen faced tough questions from LightSquared lenders who believe he had visions of effecting a Dish takeover at a lowball price. Ergen then acquired about $1 billion of the companys senior loan debt, giving him a controlling stake in LightSquareds capital structure. His motivations for amassing the debt are crucial to weeks of court hearings in which LightSquared is seeking court approval of a bankruptcy exit plan that would subordinate Ergens claims.

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