Reuters: Bankruptcy News: Dish eyes LightSquared's Spectrum for $2 bln - Bloomberg

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Dish eyes LightSquared's Spectrum for $2 bln - Bloomberg May 20th 2013, 23:24 Mon May 20, 2013 7:24pm EDT May 20 (Reuters) - U.S. satellite company Dish Network Corp has offered to buy bankrupt broadband company LightSquared Inc's radio frequencies for $2 billion, Bloomberg said, quoting people familiar with the bid. Dish Chairman Charlie Ergen made the offer on May 15 and LightSquared has until May 31 to accept or reject it, the news agency said. LightSquared, which declared bankruptcy in May 2012, was bankrolled by one of the hedge fund industry's most powerful figures, Philip Falcone. Falcone's plans to introduce a new wireless network in the United States fell apart when the U.S. Federal Communications Commission said it would revoke permissions as the new network would interfere with global positioning systems used by the military. Dish declined to comment and LightSquared could not be reached for comment outside regular U.S. business hours.

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