Reuters: Bankruptcy News: UPDATE 1-Dish's Ergen eyes LightSquared spectrum

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UPDATE 1-Dish's Ergen eyes LightSquared spectrum May 21st 2013, 02:26 Mon May 20, 2013 10:26pm EDT May 20 (Reuters) - Charlie Ergen, the chairman of U.S. satellite company Dish Network Corp, has offered to buy bankrupt broadband company LightSquared Inc's wireless airwaves, a source close to Ergen told Reuters. Ergen's offer for LightSquared spectrum is valued at $2 billion, Bloomberg reported citing people familiar with the bid. 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 outside regular U.S. business hours.

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